Philadelphia State of the Market

Bruce Toll, who is a resident of Florida, earned a Bachelor of Arts degree from the University of Miami in 1965 and attended graduate school of business at the University of Miami in 1966. In 1967 Bruce Toll co-founded Toll Brothers, Inc. (NYSE: TOL), which went public on the New York Stock Exchange on July 7, 1986 and is today the nation's premier builder of luxury homes. Mr. Toll served as President of the Company from 1967 until 1998, at which time he became Vice Chairman. He resigned as Vice Chairman in March of 2016. Toll Brothers has been honored with numerous awards, including Builder of the Year from Professional Builder Magazine, America's Best Builder from the National Association of Homebuilders and Builder Magazine, and the National Housing Quality Award from the National Association of Homebuilders. In 2017 Mr. Toll was inducted into the Builder Hall of Fame. The Company’s master-planned communities, golf courses, active living communities, and city living properties are located in 51 markets and 20 states across the U.S. and Toll Brothers has sold over 100,000 homes since its beginning in 1967. Mr. Toll co-founded, served on the Board of Directors, and was the largest shareholder of UbiquiTel, Inc., a publicly traded company which provided Sprint PCS digital communication services to mid-size markets in the western and mid-western United States, until it was acquired by Sprint in 2006. He was also the largest investor and served on the Board of Directors of Fifth Street Capital, a business development corporation founded in 2000. In 2006 Philadelphia Media Holdings LLC, of which he was Chairman, acquired the Philadelphia Inquirer. He resigned this position in August of 2009. Mr. Toll was the former Chairman and majority owner of Aquilent, a leading provider of web development and IT services to the federal government. Mr. Toll is the owner of BET Investments, Inc. BET and its affiliates own, develop, and manage over 7 million square feet of shopping centers, 2 million square feet of office properties and over 4,000 apartment units in 12 states. He is also the owner and operator of five automobile agencies, Reedman-Toll Auto World in Langhorne, Pennsylvania, the largest automobile dealer in the country which sells Chrysler/Dodge/Jeep/Ram, Chevrolet, Fiat, and Subaru products; Reedman Toll of Downingtown, Pennsylvania which sells Honda and Subaru products; Reedman Toll of Exton, Pennsylvania which sells Chevrolet products; Reedman Toll of Jenkintown, Pennsylvania, which sells Dodge/Jeep/Ram products; and Reedman Toll of Springfield, Pennsylvania which sells Dodge/Jeep/Ram, and Chevrolet products. He is also the Owner and Chairman of Puresyn Corp., a biotech company located in Malvern, Pennsylvania. In addition, Mr. Toll is the owner of BET Associates which is a mezzanine lender for various types of businesses. Mr. Toll is also the lead investor in many private companies. As a board member of these companies he helps guide strategic development to insure continued growth of shareholder value. Some of Mr. Toll’s current private equity investments include: Premier Kids Care, a provider of specialized pharmacy services pursuant to agreements with biotechnology drug manufacturers relating to the treatment of pediatric growth hormone deficiency; and Colonial Management Group, the second largest chain of outpatient substance abuse treatment centers in the U.S. Colonial uses methadone to help drug-dependent individuals overcome their addiction to heroin, opium and opiate-based prescription medications. Mr. Toll is also the Chairman of Lehigh Natural Resources, the largest anthracite coal mine in Pennsylvania. In addition, Mr. Toll is a partner in Sidney Kimmel Entertainment which produces movies. Mr. Toll served on the Chairman’s Advisory Board of the Ben Franklin Technology Center of Southeastern Pennsylvania; he is a Member and the Treasurer of the Board of Trustees of Abington Memorial Hospital; he is a Member of the Executive Board of the Philadelphia Museum of Art; he is an Honorary Trustee of the Barnes Foundation; and he also served on the Boards of Beth Sholom Synagogue, the University of Miami, and the Jewish Federation of Palm Beach County. Mr. Toll is also the Founder and President of the Abington Township Industrial and Commercial Development Authority. He is a former member of the Young Presidents' Organization and a current member of the World Presidents' Organization and Chief Executives Organization. He is also a former member of the Board of the Pennsylvania Nursing Home Loan Agency, the Board of Directors of Philmont Country Club, the Board of Directors of the Foundation of the Philadelphia Heart Institute, the Fannie Mae Housing Impact Advisory Council, and the Board of the Homebuilders Association of Bucks/Montgomery Counties.

Bart Blatstein is the CEO of the privately held development company Tower Developments. Under his guise, Tower Investments has become well known for its aggressive and creative urban investments in major projects, as well as its expertise in all aspects of planning, design, construction, financing and leasing. Most recently, Bart set his development focus on the redevelopment of Northern Liberties and established the neighborhood as the place in Philadelphia, to live, work and play. His redevelopment efforts have created jobs, business opportunities, tax revenues and the impetus for more investment in the Philadelphia. In his more than 30 years in the real estate industry, Bart Blatstein has earned the reputation as one of the region’s most respected and successful developers. Tower transformed vast tracts of post-industrial properties along Columbus Boulevard into flourishing retail, entertainment, and office development, including Riverview Plaza, Columbus Crossing and Dickinson Square. In Manayunk, his company developed the largest contiguous commercial site along the Schuylkill riverfront. Mr. Blatstein is also very active in array of business, civic and charitable groups. He was a founding member of the Waterfront Developers Council, and is the past President of the Jewish Publishing Group board and serves on the Board of Trustees of Community College of Philadelphia, President’s Advisory Board and Board of Visitors of Temple University, Northeast Treatment Centers, Federation of Jewish Agencies as Real Estate Division chairman and Israel Bonds and the Technical Assistance Center for Emerging Contractors. In every sense of the word, Mr. Blatstein is a Philadelphian, with passion and vision for the City, its neighborhoods, and its bright future. And most important, Mr. Blatstein has earned the reputation for “getting the job done.”

As CEO, Michael Pestronk heads all property development and operational activities of the company. Post Brothers Apartments was founded in early 2007 and since that time Mr. Pestronk has focused exclusively on creating a best-in-class enterprise with a current portfolio of in excess of 1,100 class-A apartments throughout Philadelphia, with a total capitalization of approximately $165,000,000. Michael has 12 years of experience in the multi-family real estate industry, having previously worked for NWJ Companies and Historic Landmarks for Living, as well as being a principal of Iron Stone Real Estate Group, where he was collectively responsible for the repositioning, operations and capitalization of over $300,000,000 of real estate. During this time his responsibilities encompassed all aspects of apartment ownership including acquisitions, financing, development, construction, management, and leasing. During 2004-5 he was fully engaged in the property and asset management leadership of Historic Landmarks and was instrumental in the operational turnaround of a large portfolio of urban Class A apartments, where he increased NOI without capital spending, and facilitating a $200mm recapitalization of the portfolio. Michael takes great pride in his focus on identifying the right product to build, building simultaneously with high quality and cost effectiveness, and rapidly renting all of our units at top of the market rents.

Kevin has over 15 years experience in investments and capital placement. Kevin has been closely involved in real estate transactions that span millions of square feet, valued at hundreds of millions, and across all asset classes. His experience ranges from fund raising to acquisitions to structuring financing (debt and equity) to tax credits, leasing and property management. Kevin graduated cum laude with a degree in Accounting from the University of Illinois - Champaign Urbana.

Tawan Davis is the Chief Executive Officer and Managing Partner of The Steinbridge Group, which has structured, executed and invested nearly $1 billion in commercial and residential real estate. Under Mr. Davis’ leadership—which includes managing the investment program and overseeing the day-to-day operations and transaction pipeline—Steinbridge is now investing more than $400 million in the urban single-family home market. The strategy—with a long-term hold commitment—is to acquire and renovate middle income family residences in close proximity to transportation and employment as rental units, helping foster success among working residents in transition neighborhoods. Passionate about making a positive contribution in each neighborhood in which he invests, Mr. Davis works with a dedicated team to supply high quality housing at ‘rent reasonable’ rates in urban settings, while joining with non-profit organizations and local members to form community partnerships in furtherance of these goals. Throughout his career Mr. Davis has held several high-level positions both in the private and public sectors, including as President and CIO of a private developer, as a US and European real estate private equity investor with Prudential Real Estate Investors, as an investment banker Goldman Sachs, and as Head of Public-Private Real Estate Partnerships with the New York City Economic Development Corporation in the Michael R. Bloomberg administration. An adjunct Professor of Finance at New York University’s Shack Institute of Real Estate from 2011 – 2015, Mr. Davis holds a Bachelor of Arts degree in Economics from Georgetown University, a Master of Science degree in Sociology & Economics from Oxford University, and a Master’s degree from Harvard Business School.

Mr. Killinger is responsible for leading a team of experienced development and construction professionals for National Real Estate Development, National Real Estate Advisors’ (National), wholly-owned development management subsidiary. National Development provides development and construction related management of selected projects across the country on behalf of National. In this role, Mr. Killinger oversees a $1 billion project portfolio, comprising two million square feet of mixed-use and residential space in Los Angeles, San Francisco and Philadelphia. Prior to this, he oversaw National Development’s East Market project in Philadelphia, PA as Director of Development. Mr. Killinger has diverse experience as a real estate professional in both the oversight of the design and development of urban, mixed-use projects as well as in the investment and asset management of residential and office buildings. Prior to joining National Real Estate Development, Mr. Killinger was a Managing Director for Goldman Properties in New York, NY. At Goldman, he oversaw several development projects including 25 Bond Street and the repositioning of 110 Greene Street, both in New York, NY. He also consulted on numerous mixed-use urban development projects along the east coast. Mr. Killinger later joined Edison Properties in Newark, NJ as the Executive Vice President for Real Estate Planning and Development. At Edison, he was responsible for the entitlement, design and feasibility for the development of a portfolio of mixed use residential buildings in New York, NY and Newark, NJ. Mr. Killinger began his career as an architect with Kohn Pederson Fox Associates in New York, NY. Mr. Killinger received a Master of Science in Real Estate Development from Columbia University and is a frequent participant in Columbia’s Real Estate Round Table series. He also received a Master of Architecture from the University of Pennsylvania and his Bachelor of Arts from Bucknell University.

As a Vice President, Leasing and Development for Liberty Property Trust, Anne oversees all aspects of the acquisition and development of The Camden Waterfront, a mixed use urban development including over one million square feet of office space, a 180 unit hotel, 188 residential units, ground floor retail and associated infrastructure, structured parking and an expanded public waterfront park. Liberty Property Trust is a $8.5 billion publicly traded real estate investment trust that acquires, develops, leases and manages properties with the mission to enhance people's lives through extraordinary work environments. With 15 years of experience in developing commercial real estate including office, residential, hotel, mixed-uses and their related infrastructure, Anne started her real estate career as a developer for The DeMutis Group, a small-scale, mixed-use urban developer focusing on the redevelopment of downtown Phoenixville, Pennsylvania. Anne serves on the Urban Land Institute Philadelphia Council Advisory Board, where she is Co-Chair of the Technology and Competitiveness Local Product Council, and she is on the national Public Private Partnership Gold Flight Product Council. She is on the board of the Phoenixville Area Economic Development Corporation and is a member of the New Jersey Corporate Wetlands Restoration Partnership. She received her MBA from the University of Pennsylvania’s Wharton School, with a concentration in Real Estate. She received her BA in International Relations and French from Bucknell University. She resides with her husband and two sons in Phoenixville, Pennsylvania.

Howard Grossman is senior counsel in Cozen O’Connor’s Real Estate Practice. A nationally recognized real estate attorney, Howard has been representing developers, operators, investors, and lenders in their most complex real estate transactions for more than 30 years. He has broad experience, handling investment activities from ground-up development to acquisition, financing and disposition of existing properties. Principal focuses of Howard’s practice include structuring sophisticated joint venture agreements and guiding development of urban mixed-use projects that include hotel, apartment, retail, and/or office space. His expansive work in the joint venture arena extends to structuring multi-party agreements and negotiating transactions involving diverse capital sources such as private equity, public finance, preferred equity, and senior debt. Prior to joining Cozen O’Connor, Howard spent nearly 10 years as a senior executive at two well-known Philadelphia-area real estate firms. Howard served as director of acquisitions for a top 50 multifamily owner and operator, and he served as chief investment and chief operating officer of a regional multifamily owner and operator whose portfolio included more than 30 assets in eight states. Howard received his B.A. from Rutgers University, his J.D., from the University of Florida, and holds an LL.M. in taxation from New York University.

Chris Caltabiano joined Shorenstein in 2016, and is responsible for overseeing asset management activities and developing and executing investment strategies for a portfolio of the company’s assets located in Atlanta and Pittsburgh. Prior to joining Shorenstein, Mr. Caltabiano was a vice president at AIG Global Real Estate where he was responsible for sourcing new equity investments and managing the East Coast asset management team. Prior to AIGGRE, Mr. Caltabiano served as an associate for Rockwood Real Estate Advisors, and as an analyst and consultant at Bloomberg Financial Markets. Mr. Caltabiano graduated from St. Johns University with a B.S., and from NYU Schack Institute of Real Estate with an M.S. He is an Adjunct Assistant Professor at the NYU Schack Institute of Real Estate and a frequent lecturer on real estate, corporate finance, valuation and risk management at the New York Institute of Finance, Technical University of Berlin and University of Amsterdam. His research on these subjects has been published in the Real Estate Review.

Lauren Gilchrist is the Executive Vice President and Market Leader of the Greater Philadelphia Region. Gilchrist oversees Newmark Real Estate’s (Newmark’s) full suite of service offerings, managing strategic planning, revenue growth and profitability, recruitment and business development in the company’s Philadelphia, Wayne, Southern New Jersey and Delaware offices. Based in the Philadelphia CBD office, Gilchrist holds appointments to the Board of Directors for the Philadelphia Facilities Management Corporation/Philadelphia Gas Works, Philadelphia Orchestra, Old City Community Fund, M&T Bank Advisory Board and the Greater Philadelphia Chapter of NAIOP—where she served as Chapter President from 2019 to 2020. In addition, Gilchrist has been recognized by the Philadelphia Business Journal as a 40 Under 40 honoree and a Woman of Distinction, and a Philly Power Woman by Bisnow. Prior to joining Newmark, Gilchrist was the Managing Director of Research at Longfellow Real Estate Partners, where she directed research strategy, content creation and thought leadership, and provided market research to drive project underwriting and execution. Previously, Gilchrist also held roles as Senior Vice President of Research at JLL, Manager of Research & Analysis at the Center City District and Program Manager at the Center for Regional Economic Competitiveness.

Mr. Ade is a Managing Director of the Philadelphia office of HFF with more than 15 years of experience in commercial real estate finance. He is primarily responsible is for placing debt and equity for owners of retail, multi-housing, industrial and office properties. Throughout the course of his career, Mr. Ade has completed more than $2 billion in commercial real estate transactions. Mr. Ade joined the firm in April 2014. Prior to HFF, he was a Managing Director of Loan Originations at Wells Fargo Commercial Mortgage Banking since 2009. Prior to that, he was a Vice President at Wachovia/Maher Partners and an Analyst/Production Manager at First Union/Maher Partners.

Leslie started her real estate career at the Goldenberg Group, a regional mid-sized real estate development firm located in Blue Bell, PA, as an Associate Development Director. During her 7-year tenure, she was promoted three times ultimately achieving the position of Senior Vice-President of Development. Leslie led the development of a $50 million, 342,000 square foot shopping center, the largest single development in West Philadelphia and the largest development in a Federal Empowerment zone located in the Commonwealth of Pennsylvania. In 2008, Leslie and her partner Gregory Reaves, established Mosaic Development Partners. Since its founding, Mosaic has developed over $54 million in real estate projects and has created over 200 construction jobs and 100 full-time jobs. Leslie is a graduate of Brown University and Villanova School of Law.

Michael Prifti is an architect of significant diversity with architectural experience in new construction and adaptive re-use projects for institutional and development clients, with single-purpose and mixed-use programs. Mr. Prifti is proficient in complex project management and taking plans from concept to completion. Mr. Prifti and BLTa recently completed the Revel Resort and Casino in Atlantic City, NJ. He led the team responsible for ensuring that all 65 architecture, design, and construction partners worked together to deliver Revel on time and within budget. Additionally, he was crucial in the design of the back-of-house facilities, making it one of the most impressive and efficient in the industry. Additionally, Mr. Prifti has extensive mixed-use experience which includes the design of DC USA, a transit-oriented retail complex in Washington, DC and the in-progress One-2-FiveLIVE a 28,000 square foot retail and entertainment complex in Harlem, NY. DC USA has revitalized an area that had seen a troubled economic environment and One-2-Five LIVE anticipates to do the same. Mr. Prifti has received a number of honors and awards, including the Thomas Ustick Walter Award in 2010, the College of Fellows of the American Institute of Architects in 2005, Architect of the Year from the Coalition of Commercial Real Estate Association in 2004 and 1999, and the Richard Upjohn Fellowship from the American Institute of Architects in 2002. He earned both his Master of Architecture and BA degrees from The University of Pennsylvania.