Philadelphia 2019 Forecast and The Future of Opportunity Zones

Todd Monahan joined Keystone Property Group in 2018. As Regional Director, Todd oversees Keystone’s portfolio in and around Philadelphia, as well as Moorestown Corporate Center in Moorestown, N.J., using his extensive industry experience to develop and implement strategies to effectively and efficiently operate each property. Todd brings nearly 30 years’ experience in real estate to Keystone. Most recently, he served as Senior Vice President at Jones Lang LaSalle (JLL) where he oversaw leasing activity at the Public Ledger Building and represented numerous corporate entities, law firms and non-profit organizations in a variety of real estate transactions. During his time with JLL, Todd was also responsible for business development, marketing JLL corporate services to major occupiers and employers and actively representing tenants in both Center City and the western suburbs. He promoted the JLL brand, prepared presentations, and generated new business from start to close. Todd graduated from University of Richmond’s Claiborne Robbins School of Business with a Bachelor of Science in Business Administration, with concentrations in finance and marketing.

Katherine Quigg, P.E. is a Structural Steel Specialist in the Philadelphia market for the American Institute of Steel Construction (AISC), where she serves as an expert and resource on structural steel construction for the building construction and design community. She previously worked in the AISC Steel Solutions Center answering technical questions. Before joining AISC, she worked as a project and construction manager for a steel producer. She earned her BS in Civil Engineering from Rose-Hulman Institute of Technology and a Masters in Structural Engineering from Illinois Institute of Technology.

Mike Petrizzi is a managing director at Wells Fargo in the Real Estate Capital Markets group (RECM), based in New York City. RECM provides a broad range of financial products to commercial real estate (CRE) operators and investors. RECM products include non-recourse fixed- and floating-rate senior secured debt, subordinate debt, structured debt, and CRE loan purchases for the Commercial Mortgage Backed Securities (CMBS) conduit and large loan origination and portfolio lending programs. Mike has a bachelor’s degree in real estate from Baruch College.

Harris Heller is a Managing Director at Hunt Real Estate Capital, a subsidiary of Hunt Companies. Mr. Heller originates Hunt Real Estate Capital’s full range of debt products for multifamily and other commercial assets nationwide. He has expertise in all Fanni Mae, Freddie Mac, and FHA executions, in addition to expertise in Hunt Real Estate Capital’s proprietary fixed and floating rate loan programs. Mr. Heller joined Hunt Real Estate Capital in July 2017 to open a new production office in Philadelphia, Pennsylvania focusing on originating business in the Mid-Atlantic region of the United States. Prior to joining Hunt, Mr. Heller was a Managing Director-Loan Originations at Greystone & Co., where he sourced a wide variety of commercial real estate deals, including agency, FHA, CMBS, and proprietary multifamily bridge loans. Before that, he served as a Managing Director with RAIT Financial Trust, where his primary responsibilities were to source CMBS loans, proprietary floating rate loans and mezzanine debt across all major commercial real estate asset classes. Earlier in his career, he held positions at Bond Street Capital, CIBC World Markets and Madison Realty Group, Inc. Mr. Heller has been involved in more than $1.5 billion of commercial real estate debt and equity transactions. Since 2013, he has originated over $500 million of commercial real estate debt. Mr. Heller has a Bachelor’s Degree from the University of Pittsburgh.

Mr. Rodio is a Senior Managing Director and co-head of the Philadelphia office alongside senior managing director Mark Thomson, who has served as an office head since the opening of the Philadelphia office in December 2013. Additionally, Mr. Rodio focuses on office investment sales in Greater Philadelphia and throughout the northeastern United States. During the course of his more than 13-year commercial real estate career, Mr. Rodio has been involved in more than 200 investment sale and financing assignments covering a wide range of office, industrial, retail and multi-housing totaling more than $6 billion in volume and 30 million square feet. Mr. Rodio joined HFF in July 2016. He was previously with Jones Lang LaSalle (JLL) where he was a managing director and co-head of the Philadelphia Capital Markets Group. Priorto joining JLL in 2010, Mr. Rodio held senior office investment sales positions at CBRE and Marcus & Millichap where he was consistently a top producer. He was elected to the National Board of Directors for NAIOP in 2014 and is also an active member of the Urban Land Institute. Mr. Rodio has served as a guest lecturer at the Daniel M. DiLella Center for Real Estate at Villanova University and attended Penn State University where he was a member of the varsity baseball team.

David J. Feldman, Esq. serves as the Senior Vice President of the National Commercial Services Division of First American Title. He oversees business development for commercial title insurance in Pennsylvania, New Jersey and Delaware as well as throughout the United States. David practiced law at Wolf Block, in Philadelphia. After leaving the practice of law, David joined Settlers Abstract Company, a title agency with offices in Pennsylvania and New Jersey as President and Managing Partner. In 1997, Settlers was acquired by First American. David received his J.D. from Boston College and his B.A. from the University of Pennsylvania. David has been active in ULI, ICSC and the Central Philadelphia Development Corporation. David has served on the Board of the Abramson Cancer Center of the University of Pennsylvania, the Corporate Advisory Board of the Barnes Foundation, as well as the Board of Trustees of The Germantown Friends School.

Anne Fadullon is the Director of Planning and Development for the City of Philadelphia. She also chairs the Philadelphia City Planning Commission and the Philadelphia Redevelopment Authority board. Her cabinet-level department has a broad purview. It plans the City’s land use, promotes affordable housing, preserves historic resources, and supports public art. It assists for-profit and nonprofit developers as they move their projects through the approval process. The Department helps develop and implement the City’s zoning code. Most importantly, it engages Philadelphia’s residents. The Department’s mission is to promote well-planned neighborhoods with affordable housing options, protected historic resources and public art. Anne has 30 years of development experience in both the private and public sectors. She has developed affordable, mixed-income, market-rate and mixed-use projects. While in the private sector she was president of the Building Industry Association of Philadelphia. Anne has a bachelor’s degree in urban studies and economics from Lehigh University. She has a master’s degree in city planning from the University of Pennsylvania. When not promoting strong communities, Anne is looking for new places to kayak or wandering through the woods.

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.

Mr. Previdi began his real estate career as a leasing agent and then a partner with Trammell Crow Company. Subsequently, Mr. Previdi was founder and Chief Executive Officer of joint ventures with Goldman Sachs, Lehman Brothers, and a NYSE REIT. Current investors in the Alliance funds include both Blackstone and Goldman Sachs. Mr. Previdi received an MBA from the Wharton School of the University of Pennsylvania (1987), a JD from Georgetown University Law School (1980), and a bachelor’s degree (magna cum laude) in economics from Hamilton College (1977).

As the Vice President, Product & Resource Development, Jennifer Crowther manages the capitalization of PIDC’s existing products and services; develops and capitalizes new products and services to meet market demands; and advances PIDC’s relationships with funders and investors. Since 2008, Jennifer has raised $60 million from private, public, and philanthropic sources and secured $208 million in New Markets Tax Credits. Jennifer has been leading PIDC’s work related to Opportunity Zones, which provide a tax incentive to encourage long term investment in low income communities. From 2003-2006, Jennifer worked for a community development corporation in West Philadelphia and was responsible for managing the development and construction process for several affordable housing projects, raising capital, and conducting all reporting and evaluation activities. Jennifer left Philadelphia in 2006 to pursue a graduate degree at Carnegie Mellon University. While in Pittsburgh, she joined the Sports and Exhibition Authority and participated in a variety of economic development activities. She earned a Master of Science in Public Policy and Management from Carnegie Mellon University and has a Bachelor’s Degree in Political Science from Haverford College. She lives in the Fishtown neighborhood in Philadelphia with her husband and two daughters.

Lisa Starczewski is a trusted business advisor who focuses her practice on several areas of transactional tax law. She works closely with pass-throughs, corporate and real estate clients in structuring business transactions, drafting tax provisions, and solving complex tax issues. Because of Lisa’s reputation for listening carefully to clients and providing smart, clear, and actionable answers to tough questions, she has become the principal client relationship manager and team leader for one of the firm’s largest institutional clients. She is co-chair of the firm's Tax section and co-chair of the firm's Opportunity Zones Team. Lisa is well known for her exceptional tax-technical understanding. Prior to joining Buchanan, she practiced tax law with Morgan, Lewis & Bockius and Schnader, Harrison, Segal & Lewis. She was also self-employed as a tax consultant and writer/speaker. In 2001, Lisa developed TaxCruncherPro, a software program designed to compute complex business and personal tax planning calculations. From 1997 to 1999, Lisa was a developer at Tax Management, Inc., where she focused on efforts to integrate tax and technology to add interactivity and web-based delivery to its educational products. What Clients Can Expect To Lisa, the two most important elements of her work are the relationships that she develops with clients and colleagues and the opportunity to help clients by employing “cutting edge” knowledge of new and existing tax rules to deliver efficient, focused and meaningful solutions. Lisa is a great advocate, easy to talk to, and an effective presenter, who – according to client accounts – consistently exceeds expectations. Proof Points · Lisa serves as the Technical Director of the Bloomberg BNA Portfolios and has authored several Portfolios herself, which are highly respected as the “go-to” resource on tax law. Her titles include, among others, T.M. 714: “Partnerships – Allocation of Liabilities; Basis Rules” and T.M. 565: “Installment Sales.” · BNA Tax Management Portfolios are written by the nation’s leading federal tax authorities and are often cited in federal tax cases as containing the most persuasive thinking on critical tax topics. She has also written portfolios on the at-risk rules, real estate leases, IRS National Office Procedure, alternative minimum tax, scholarship & educational expenses, and deductibility of legal fees. · In the Accounting Series, she focuses her writing on revenue recognition and leasing. · Lisa is also a frequent speaker at webinars and CLEs on various tax issues. She has received the Tax Management Distinguished Author Award and is the chair of the new Tax Management Pass-Throughs Advisory Board. · Lisa has served as a member of the adjunct faculty at Villanova University School of Law, where she taught courses in the graduate tax program. · Lisa authored, "No Risk, No Reward: New Pass-through Rules Significantly Limit the Usefulness of Leveraged Partnerships and Bottom Dollar Guarantees," 10/15/2016 Outside the Office When not guiding clients through thorny tax issues, Lisa may often be found following and sharing her passion for the theater. She sings, acts, teaches performing arts and musical theater, and has founded a nonprofit community theater to provide performing arts education. She is married with five children whom she homeschooled; and she says that if she were not a practicing attorney, she would be a college professor. Affiliations Member, ABA Tax Section Civic & Charitable Founder, executive director and board president of Facetime Theater, a nonprofit theater focused on providing performing arts education to the community

With more than 25 years in public accounting, George devotes most of his time serving clients in the Real Estate Industry. These include developers, commercial and residential operators, hotels, property and asset managers, home builders, private equity funds, and individual investors. In 2009, he took on the lead role of the legacy LarsonAllen firm’s Real Estate practice and has brought that experience forward focusing on further developing the firm’s capabilities in advisory, assurance, and tax services available to clients in the real estate and hospitality space. He also is a lead resource in the firm helping clients in real estate workout transactions. Technical experience: • Assists clients in selecting entity status, advises on partnership and LLC formations, helps with modeling IRR calculations and waterfall provisions, and forecasting distributions and allocations under IRC Subchapter K • Provides consulting and expert services related to performance, cash flow, and operations of commercial real estate and hotel operations, including litigation support • Helps clients assess the benefits of cost segregation studies, repair studies, change in accounting methods, as well as help facilitate closely-held business strategic planning initiatives, and design and implementation of succession plans Education/professional involvement: • Bachelor of business in accounting from Temple University, Philadelphia, Pennsylvania • American Institute of Certified Public Accountants • Certified Public Accountant in the state of Pennsylvania Speaking engagements: • Pennsylvania Bar Institute panelist on Distressed Real Estate transactions • Testified in Federal Bankruptcy Court (Trenton, NJ) on feasibility of petitioner’s plan.