Trump Era Forecast

Mr. Manning is one of the two original founders of Boston Capital Corporation, which was formed in 1974. From its beginning, Boston Capital’s goal was to focus on providing equity investment capital for the development of apartment properties throughout the country. Under Mr. Manning’s leadership as CEO for the past 43 years, Boston Capital has grown into one of the largest owners/investors in apartment properties in the United States. Through a number of affiliated partnerships, Boston Capital’s present portfolio is comprised of approximately 1,855 properties with an original development cost in excess of $18.7 billion. These properties are located in 49 states, the Virgin Islands and Guam, both of which are U.S. territories. As CEO of Boston Capital, Mr. Manning continues to oversee the company’s business development goals. Capitalizing on its core competencies of tax credit investment underwriting, those business development goals include an expansion of investment capital for market rate real estate investment as well as providing mortgage financing for a limited and exclusive number of property acquisitions. Mr. Manning is a recognized leader in the housing and real estate industries, and has served on the boards of a number of national housing organizations and governmental commissions. In 1997, President Clinton appointed Mr. Manning to the President’s Export Council, a board comprised primarily of Fortune 500 CEOs that advised the President on government policies and programs that affect U.S. trade performance. He was also a Presidential appointee to the President’s Advisory Committee on the Arts. Mr. Manning serves on the boards of numerous organizations and charities including The Alliance for Business Leadership, the American Ireland Fund and the John F. Kennedy Presidential Library Foundation, where he is Chairman of the Distinguished Visitors Program. Mr. Manning is also a member of the Board of Directors of Liberty Mutual Group, the parent company of Liberty Mutual Insurance Company, and sits on Liberty Mutual’s investment and compensation committees. Mr. Manning is a graduate of Boston College.

Bruce A. Percelay is chairman and founder of The Mount Vernon Company, a real estate investment firm considered among the leading apartment landlords in Massachusetts. The company has grown over the past 30 years to include approximately 1,600 apartments, 5 hotels, as well as select commercial and vacation properties. The company received the Community Excellence Award from the Rental Housing Association of the Greater Boston Real Estate Board, the Paragon Award for Industry excellence by the National Apartment Association, Best Landlord in Boston by Boston Magazine and Best Places to Work in Boston by the Boston Business Journal. Percelay created the Allston Green District, an eleven building assemblage which was the largest new construction project in Allston in over half a century. The three centerpiece buildings in the Green District set a new standard for environmentally sensitive living and have won over nine awards for their forward- thinking sustainable design. Percelay began his career in advertising and helped manage the marketing efforts for Parker Brother's Games, Keds Sneakers, and Converse Athletic Shoes. He is also credited with the development of the idea for Sunkist Orange Soda, the most successful new soft drink launch in the history of the industry. Combining his marketing savvy with his real estate experience, Percelay next authored the top selling business book, Packaging Your Home for Profit, published by Little Brown and Company. The success of the book prompted appearances on CNN, Good Morning America and over 50 newspapers and magazines around the country. Percelay pioneered the concept of marketing and staging homes for sale and has used the theories in his book to build The Mount Vernon Company to where it is today. Percelay has recently created a boutique hotel division of The Mount Vernon Company including 21 Broad, rated by Conde Nast as the top new boutique hotel in the world. The hotels are strategically located in resort communities including: Nantucket, Newport, Portsmouth, New Hampshire and Camden, Maine as well as a 200- room hotel in Boston. Extremely active in support of the communities in which he lives, Percelay was the driving force behind the construction of Nantucket's new whaling museum, the most significant new building on the island in the last 100 years and is chairman of the $120 million capital campaign for the new Nantucket hospital. He is also a Presidents Council Board Member of Massachusetts General Hospital. Percelay was the chairman of the Massachusetts chapter of the Make-A-Wish Foundation, helping it to become the most successful in the country, and chairman of Habitat for Humanity in Boston where he launched the largest urban project ever built in America during his tenure. Percelay is the publisher of N Magazine, a publication he co-founded 15 years ago. The magazine is the leading publication of its kind on the island, has won national awards for its quality and boasts the highest income demographic of any seasonal magazine in America In recognition of his significant service to his community, Percelay was the recipient of the Ten Outstanding Leaders award from the Boston Chamber of Commerce, as one of Boston’s top leaders in The Boston Globe’s Leaders of Boston book and received the Outstanding Achievement Award from YouthBuild Boston. Percelay received a special commendation by former Senator John Kerry for his contributions to Boston which appear in the permanent archives of the United States Congressional Record and was recently honored by the Children’s Advocacy Center for his support of children’s issues. Percelay currently serves on the board of the Rappaport Institute at the Kennedy School of Government at Harvard University and is honorary chairman of the Nantucket Cottage Hospital capital campaign. Bruce shares his time between Nantucket and Boston with his wife Elisabeth and two sons William and Charlie. He is an avid boater, tennis player, and is a collector of vintage automobiles.

Jonathan Davis is the Founder, Chief Executive Officer and Chief Investment Officer of TDC. He oversees firm-wide operations, the development and execution of the Fund’s investment strategy, the management of the Fund’s investment activities and serves on the Fund’s Investment Committee. Mr. Davis has over 40 years of real estate management and development experience and plays a central role in the identification and evaluation of new opportunities, capital raising and management of the existing investment portfolios. He is actively involved with numerous business and civic organizations in the Boston area. He was the 2008 President of the Massachusetts Chapter of the National Association of Industrial and Office Properties (“NAIOP”) and the 2009 Board Chair. Mr. Davis has received numerous awards. In 2000, he was chosen by Ernst & Young as New England Entrepreneur of the Year in the real estate and construction category. In 2003, he was honored by the Association of Fundraising Professionals with the individual “Leader in Philanthropy” award. In 2006, the company was named recipient of the Distinguished Real Estate Award by the Massachusetts chapter of NAIOP. In 2014, the United Way of Massachusetts Bay honored Mr. Davis with the Norman B. Leventhal / Edwin N. Sidman leadership award. In 2015, The Boston Preservation Alliance honored Mr. Davis with the President’s Award for Excellence. Mr. Davis also has been involved as a leader on the Boards of Directors and the Executive Committees of several nonprofit organizations including Brandeis University, where he serves a Vice Chair of the Board, The Boys and Girls Clubs of Boston, where he serves as a board member and former past Board Chair, The Combined Jewish Philanthropies of Greater Boston, and public radio station WBUR, where he serves as a board member. Mr. Davis graduated from Brandeis University.

Joe joined Goldman Sachs as a managing director in 2015. He currently serves as a portfolio manager in the Real Estate Investment Group (REIG), which is a part of the Alternative Investments & Manager Selection Group within the Investment Management Division. Joe also serves as a member of the REIG Investment Committee. REIG invests both in direct commercial real estate and in fund managers on behalf of Goldman Sachs Asset Management and Private Wealth Management clients. Joe has more than 20 years of real estate investing experience. From 2009 to 2015, Joe served as a managing director at Rockwood Capital in New York City. During his tenure with Rockwood, he was responsible for acquisitions and asset management of the firm’s national office portfolio. Prior to joining Rockwood, Joe held senior acquisition positions with Equity Office Properties (2000 to 2007) and GE Real Estate (2007 to 2009). He began his real estate investing career with Cornerstone Properties in 1995, prior to their merger with Equity Office Properties in 2000. Joe is a member of the Urban Land Institute (ULI) and the incoming Chairman of ULI’s Office Development Council. He holds a bachelor’s degree in business and government from Skidmore College in Saratoga Springs, New York.

Leslie Cohen is the COO and Head of Asset Management for Samuels & Associates. She is responsible for executing the strategic vision of the firm across numerous multi-billion dollar developments in Boston and the surrounding communities. Since joining Samuels & Associates in 2002, she has successfully overseen the rise of major projects like Pierce, a 30-story luxury residence in The Fenway and Continuum, a pioneering mixed-use development in the heart of North Allston, MA. Cohen served as the President of CREW Boston (formerly NEWiRE); she is currently on the NAIOP MA Board Management Committee, and is a member of ULI. Cohen serves on the Board of Trustees and the building committee at the West End House in Allston, on the Building and Grounds Committee at Tufts University, and volunteers at the Heath School. In 2013, Cohen was selected as a Boston Business Journal’s 40 under 40 honoree, and in 2014 she was chosen as a recipient of Bisnow’s 2014 Top 50 women in commercial real estate award.

Hayley Suminski, Vice President and Senior Multifamily Mortgage Banker with KeyBank Real Estate Capital. With over 20 years of well-rounded commercial real estate experience on both the private equity and debt sides of the business, Ms. Suminski draws on a variety of loan programs including Fannie Mae, Freddie Mac, FHA, CMBS, life company, bridge and balance sheet executions to finance properties in the Northeast, as well as, nationally. Prior to KeyBank, Ms. Suminski led the Boston office for Hunt Mortgage Group where she originated multifamily financing nationally. She was also previously part of the Deutsche Bank Berkshire Mortgage platform where she oversaw and managed a portfolio totaling $6.4 billion of loans nationwide. Before that she was a Vice President at TriSail Capital Corporation, a wholly owned subsidiary of Bank of America Merrill Lynch. While at TriSail Capital, Ms. Suminski underwrote, structured and negotiated deal terms to originate more than $120 million in new mezzanine and participating equity loans. In addition, she managed a portfolio of $80 million of mezzanine and participating equity debt structures subordinated to $900 million of senior debt across all property types. Prior to TriSail, Ms. Suminski worked as an Acquisition Analyst at GID Investment Advisers and was responsible for project managing and financially modeling all multifamily development deals. Ms. Suminski began her career in commercial real estate at Berkshire Property Advisors where she was a financial analyst in the acquisition and disposition groups. Ms. Suminski graduated Cum Laude with a BA in economics and a minor in finance from Simmons College.