Sr. Management
Michael J. Buckley
Michael J. Doherty
Pryse R. Elam
Jonathan D. Gillman
Gary J. Hofstetter
James P. Kelleher
Timothy J. Medlock
Charles E. Nolfi
James W. Rappaport
Patrick J. Shooltz
Kirk A. Sykes
Helen Topor
Eric VanDusen
Board of Directors
Jerome L. Rappaport
James W. Rappaport
Phyllis E. Rappaport
Jerry Rappaport, Jr.
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Senior Management
Michael J. Buckley - Senior Vice President, Finance/Capital Markets
Michael Buckley is responsible for executing all capital market activity related to New Boston Fund's acquisitions, developments, and joint ventures,
and manages the Fund's investment activity in distressed debt and mezzanine loans.
Mr. Buckley's previous experience includes managing and negotiating national and international investments with both publicly traded real estate
investment trusts and private equity firms. Before New Boston Fund, he was managing director of Boston-based Tremont Realty Capital, LLC, where he
led the development of a principal investment platform specializing in mezzanine capital transactions. Mr. Buckley also has experience investing in
public real estate securities as a Principal at AEW Capital Management, L.P. In this role, Mr. Buckley assisted in raising and investing over $350
million of institutional capital targeted towards originating private placement and secondary market investments in public and private real estate
companies. He was also a Senior Investment Officer at CEENIS Property Fund, L.P., investing in transactions in the former Soviet Union, and a Vice
President in the Real Estate Department at The First National Bank of Boston.
Mr. Buckley is active in the Real Estate Finance Association (REFA) and National Association of Real Estate Investment Trusts (NAREIT).
Mr. Buckley received his BS in Engineering from the University of Massachusetts at Amherst, and his MBA from the Fuqua School of Business at Duke University.
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Michael J. Doherty - Senior Vice President, Portfolio Strategy
Mike Doherty is primarily responsible for developing short and long-term real estate strategies for each Partnership and for the overall New Boston Fund
portfolio. Working closely with the Asset Management, Property Management, Finance, Accounting and Market Research teams, Mr. Doherty synthesizes relevant
information and makes strategy recommendations to the Investment Committee and the Board of Directors. He plays a key role in reviewing annual property
budgets, developing five-year capital plans and analyzing the impact of potential sales/property re-financings on Partnership level cash reserves and
investor distributions. He also helps to improve the quality of reporting to investors and to senior management.
Mr. Doherty has over 20 years of real estate and financial reporting experience. Prior to becoming Senior Vice President of Portfolio Strategy at New Boston
Fund, Mr. Doherty served as a Vice President of Acquisitions at the firm. Prior to joining New Boston, he was a co-founder of Taylor Doherty, Inc., a real
estate advisory firm that provided consulting and asset management services to institutional and corporate clients including Lend Lease, Morgan Stanley Realty
and Charles Bank Capital Partners.
Mr. Doherty is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants (AICPA) and Massachusetts Society of
Certified Public Accountants (MSCPA). He is also active in the National Association of Industrial and Office Properties(NAIOP) and Real Estate Finance
Association(REFA).
Mr. Doherty earned his BA from the University of Massachusetts at Amherst and his MBA from Babson College Graduate School of Management.
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Pryse R. Elam - Senior Vice President and Regional Director, Southeast
Mr. Elam serves as the Regional Director - Southeast and is responsible for all of New Boston's developments in the Southeastern United States. Prior to
joining NBF, Mr. Elam was the President and CEO of Washington Real Estate Partners, a development and investment management firm with offices in Washington,
D.C. and Florida. Mr. Elam was a Managing Director and partner for Faison and Greystar. Mr Elam was also with Trammell Crow Company for more than 14 years
where he held numerous leadership positions, including leading all of Trammell Crow's development efforts in the State of Florida and leading all of
Crow's various brokerage management businesses in South Florida. Mr. Elam has extensive development experience in all types of real estate, having developed
in excess $500 million of office, industrial, retail and multi-family residential projects in South Florida and Washington, D.C.
Mr. Elam holds a BA from Washington & Lee University; a J.D. from Southern Methodist University, where he served as Editor of the Southwestern Law Review; and
an MBA from Southern Methodist University. Mr. Elam is currently Chairman of the Florida Chapter of the Young Presidents Organization, and Senior Warden of St.
Gregory's Episcopal Church. Mr. Elam is a past President and Director of NAIOP, a Director for the Miami World Trade Center, and is also a member of the
American Bar Association.
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Jonathan D. Gillman - Senior Vice President, Asset Management
Jon Gillman is responsible for maintaining the performance and profitability of New Boston Fund's portfolio, overseeing and leading the firm's team of regional
asset managers with responsibility for asset performance through the hold period, from acquisition through disposition. He is also involved in strategic
planning at the organizational, portfolio, and property levels in order to create value within the portfolio.
Mr. Gillman has over 20 years of real estate experience. Prior to joining New Boston Fund, Mr. Gillman was Vice President and Director of Properties for RREEF
in McLean, Virginia, where he managed a portfolio valued in excess of $2.1 billion, totaling more than 25 million square feet stretching from Boston to Miami,
Florida. He has also served as Vice President of Asset Management for Chase Bank and the Yarmouth Group.
Mr. Gillman is a member of the National Association of Industrial and Office Properties (NAIOP), Building Owners and Managers Association (BOMA), ICSC and the
National Association of Real Estate Investment Managers (NAREIM).
Mr. Gillman earned a BA from Boston University and an MBA from Columbia University Graduate School of Business.
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Gary J. Hofstetter - Senior Vice President & President, New Boston Management Services
Gary Hofstetter is responsible for overseeing the day-today asset and property management operations for all New Boston Fund assets. Mr. Hofstetter is involved
in management company business plan development and implementation, regional staff development and assessment, training and supervision, preparing operating plans
and budgets, the review of monthly property management reports, coordination marketing, leasing and construction management projects, as well as assisting in the
due diligence stage of an acquisition.
Mr. Hofstetter has 25 years of asset and property management experience which includes managing portfolios of over nine million square feet of commercial assets
and 3500 residential units throughout the eastern United States.
Mr. Hofstetter holds both a BS and M. Ed from Northeastern University.
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James P. Kelleher - Senior Vice President and Chief Investment Officer, Director of Acquisitions
As Chief Investment Officer, Jim Kelleher is responsible for developing and implementing the broadly diversified investment strategy for New Boston Fund's family of real estate investment funds with in excess of $1 billion of assets under management. In this capacity Mr. Kelleher identifies, analyzes, and evaluates acquisition and development opportunities in New England, the Mid-Atlantic and the Southeast U.S. markets. Mr. Kelleher is a real estate professional with over 25 years of broad based commercial real estate experience including the disciplines of property and asset management, development, leasing, acquisitions and dispositions.
Prior to joining New Boston Fund, Inc., Mr. Kelleher was Vice President and Senior Asset Manager for Fleet Real Estate Capital, Inc. where he was responsible for
portfolio analysis and acquisitions, asset management and dispositions since 1993. Mr. Kelleher's background includes acquisitions and development consulting for
institutional investors as well as dispositions, asset management, property management, and development work for Recoll Management Corp., The Swyer Companies and
Pannell Kerr Forster.
Mr. Kelleher is a member of the National Association of Real Estate Investment Managers (NAREIM), Real Estate Finance Association (REFA) and the Urban Land
Institute (ULI).
Mr. Kelleher is a graduate of Cornell University.
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Timothy J. Medlock - Senior Vice President, Chief Operating Officer
Timothy Medlock is Chief Operating Officer at New Boston Fund, where he
oversees the day-to-day operations of the company in partnership with
the President/CEO. His responsibilities include oversight of the Portfolio
Strategy, Asset and Property Management teams, Investor Relations, and
Investment/Development implementation. Working with the CEO, Board of
Directors, and other senior executives of New Boston Fund, Mr. Medlock is
responsible for overseeing company operations and strategic planning
initiatives. He also serves as a member of the Executive Committee,
Strategic Planning Committee and Compliance Committee.
Mr. Medlock is also the Chief Financial Officer, responsible for financial
reporting and tax compliance for all New Boston Fund, Inc. affiliates.
In addition to overseeing all accounting functions of the firm, he also
oversees human resources, office management, technology, and information
services.
Mr. Medlock has extensive experience in real estate accounting and reporting.
Prior to joining New Boston Fund, Mr. Medlock was Vice President and
Treasurer of PaineWebber Properties in Boston, Massachusetts for over twelve
years. At PaineWebber, he was responsible for oversight and direction of all
financial operations of a $3 billion real estate investment subsidiary.
During that time he was responsible for information systems, corporate financial
and management reporting, banking relationships, cash management, shareholder
servicing, and dividend distributions.
He is a member of the National Association of Real Estate Investment Managers (NAREIM).
Mr. Medlock holds a Bachelors of Arts degree with a concentration in Mathematical
Economics from Colgate University and holds a Masters of Accounting degree from New York University.
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Charles E. Nolfi - Senior Vice President, Investor Relations
Charles Nolfi is responsible for marketing the firm to prospective high net worth and institutional clients, providing on-going client management to both
investors and consultants, and managing the firm's client communications and marketing strategy. He is directly responsible for new business development and
client management in the New England, Mid-Atlantic, Mid-West, Northern California, Pacific Northwest regions of the United States.
Charles Nolfi has over 17 years of experience in client management, marketing and business development primarily in the investment management industry. Prior
to joining New Boston Fund, Mr. Nolfi, was Vice-President of Investor Relations and Marketing for Yankee Advisers, an alternative investment manager, where he
was responsible for all aspects of sales and client management for both retail and institutional clients. At Fidelity Investments he spent many years as a
Director level manager and registered principal working with Fidelity's largest institutional retirement plan clients including General Motors in the areas of
strategic marketing and investment education. Mr. Nolfi also served as a Relationship Manager/Sales Executive with Noosh, Inc. managing the global equity and
sales relationship with the company's largest client, GE Capital. He has held his Series 6, 7, 24, & 63 securities licenses.
Mr. Nolfi holds a Bachelors of Science degree in marketing from Providence College and an Masters of Business Administration from Babson College Graduate School of
Business, and is a member of the National Association of Real Estate Investment Managers (NAREIM) and the Investment Management Consultants Association (IMCA).
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James W. Rappaport - Chairman, CEO and Director
As Chairman, CEO, and board member of New Boston Fund, Jim Rappaport
provides overall direction for New Boston Fund. As a voting
member of the Investment Committee, he reviews and approves major
investment transactions of the various funds and is an active member
of the Executive Committee, Strategic Planning Committee and the New
Boston Advisory Board.
Mr. Rappaport has over 25 years of real estate investment experience.
Beginning in 1982 he was a General Partner in Charles River Park,
where he managed the daily operations of the mixed-use development
which generated over $40,000,000 in annual revenue. Also during the
1980s, he personally purchased, repositioned, and sold several
properties in Hawaii, including the Kauai Resort Hotel. From 1991
to 1994, Mr. Rappaport served as President of Charles River Properties,
Ltd., overseeing company operations, investments, and public affairs.
Mr. Rappaport is actively involved in numerous civic and charitable
organizations, including serving in a number of leadership positions
for the Combined Jewish Philanthropies. He is also a member of the
Board of Trustees for the Dana Farber Cancer Institute as well as the
Board of Overseers of Boston's Children's Hospital. He is the current
Chairman of Specialty Hospitals of America, LLC, which owns and manages
two long-term acute care hospitals (LTACHs) in Washington, DC.
Specialty Hospital of Washington and Hadley Memorial Hospital have over
140 LTACH beds and 180 skilled nursing beds. Mr. Rappaport is a
member of both the Massachusetts and Vermont Bar.
Mr. Rappaport holds a BS from the Wharton School of the University of Pennsylvania and a JD from the Boston University School of Law.
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Patrick J. Shooltz - Regional Director, Mid-Atlantic Region and Senior Vice President, Development
Mr. Shooltz is New Boston Fund's Regional Director for the Mid-Atlantic Region and Senior Vice President for New Boston Fund. As such he oversees all of the regional
acquisition and development investments for New Boston and its The Urban Strategy America Fund.
Mr. Shooltz has been actively developing real estate in the Washington DC and Mid-Atlantic region since 1985. Prior to joining New Boston, Mr. Shooltz was the Senior
Vice President of Business Development for WEST GROUP, responsible for the acquisition of real estate assets within the Mid-Atlantic region which had development or
redevelopment potential consistent with the investment quality of the WEST GROUP portfolio. Prior to joining WEST GROUP he was the President of Hucklebee Consulting
Group, and prior to that Vice President and Regional Partner for Cabot, Cabot and Forbes. He has developed urban and suburban office buildings, suburban office parks,
suburban flex buildings, warehouse, distribution and industrial parks in Virginia, Maryland and DC.
Prior to moving to Virginia in 1985, Mr. Shooltz practiced real estate law in New York for ten years. He is a graduate of Fordham University, Bronx, New York and
Hofstra Law School, Uniondale, New York.
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Kirk A. Sykes - Senior Vice President and President of Urban Strategy America Fund, L.P.
Kirk Sykes is responsible for supervision of the partnership equity placement, the identification of potential and actual investments and developments, and management
of the day-to-day business operations of New Boston Urban Strategy America Fund.
Mr. Sykes combines his professional training and hands-on experience in the areas of development, design and construction to create customized responses to the complex
issues of urban real estate development. His approach is grounded in the bottom-line driven perspective gained during his tenure at Harvard Business School and
experience as member of BankBoston's First Community Bank Advisory Board and various other for-profit and non-profit board affiliations. His combination of business
and community-based experience allow him to bridge the competing concerns that sometimes block urban projects from moving forward. His specialty is the creation of
urban mixed-use developments.
Mr. Sykes is a member of the Urban Land Institute (ULI), American Institute of Architects, Boston Society of Architects, and the National Council of Architectural
Registration Boards. He is a Founding Member and President of the Robert Taylor Society of Black Architects, serves as Outreach Committee Co-chair, and sits on the
Federal Reserve Bank New England and Fleet Boston Community Advisory Boards and the WGBH Board of Overseers. He is also active in the Massachusetts Economic Development
and Industrial Corporation.
Mr. Sykes attended the Harvard University Business School, Owner and Presidents Management Program, the MIT Center for Real Estate Development, Commercial Development
Executive Program and the L'Ecole Polytechnique in Paris, France. He earned his Bachelor of Architecture from Cornell University.
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Helen Topor - Senior Vice President, Human Resources
Helen Topor is responsible for all aspects of human capital management and administrative operations across the organization which includes leadership development, executive
coaching, business continuity, talent recruitment and management, and organizational effectiveness. As a member of the firm's Executive committee, Ms. Topor assists in
the development and implementation of corporate strategic planning and leads all long range human capital strategies and programs to create alignment of HR with the
organization's mission and vision.
Ms. Topor has held Human Resources leadership positions for the past 15 years. Prior to joining New Boston Fund, served as the Head of Human Resources for the North American
Region of Fortis Investments, a global investment firm where she was responsible for various initiatives which include the organic build of a Fixed Income team, succession
planning, performance management and learning and development. Ms. Topor has also served as an independent Consultant as well as both Vice President of Global Human Resources
and Vice President of Corporate Operations for Converge.
Ms. Topor brings a broad range of experience in human resources from recruitment and employee relations to organizational design and development. A unique background in such
areas as strategic planning, project management and process improvement compliments her experience.
Ms. Topor received her BA from Regis College.
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Eric VanDusen - Senior Vice President, Development Financial Officer
Eric VanDusen is responsible for overseeing the financing, including loan administration, and financial controls for all development activity. He is experienced with all
types and facets of real estate and brings his extensive knowledge of the development process to his financing and financial control role to ensure among other things
transparent lender reporting. Mr. VanDusen works closely with the Regional teams in their implementation efforts.
He has been associated with New Boston Fund since 2001 and has over 25 years of total real estate experience. Prior to joining New Boston Fund he was the Chief Financial
Officer of NDC Development Associates, Inc. where as a founding partner he directed all financing activity and financial reporting, including overseeing numerous joint
ventures. Over the course of his career he has been involved in close to $1 billion of financing transactions with both public and private sources.
Mr. VanDusen is a member of the National Association of Industrial and Office Properties (NAIOP).
Mr. VanDusen holds a Bachelor of Arts degree from Clark University, and a Master of Business Administration degree from Babson College.
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