Sr. Management
Jerry Rappaport, Jr.
Phillip H. Bakalchuk
Peter K. Barber
Michael J. Buckley
Michael J. Doherty
John E. Dragat
Pryse R. Elam
Jonathan D. Gillman
Gary J. Hofstetter
David H. Keiran
James P. Kelleher
Timothy J. Medlock
Charles E. Nolfi
John M. Pavan
Jerry Pucillo
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
Jerome L. Rappaport, Jr. - President and Chief Executive Officer, Director
Jerry Rappaport Jr. defines and directs the company's vision, strategic planning and implementation initiatives. He is responsible for establishing the overall investment strategy of the Fund, directing the acquisition and development activities of the Fund, and co-management of the day-to-day business operations of New Boston Fund. As head of the Investment Committee, he is responsible for reviewing and approving all major transactions of the company. He is also Chairman of the Urban Strategy America ("USA") Fund, New Boston's affiliate investment and development initiative focused in urban transitional neighborhoods.
Mr. Rappaport has over 25 years of real estate investment and development experience. From 1981 to 1989 he served as Director of Development/Senior Associate for Halcyon, Ltd. in Hartford, CT, where he oversaw a number of development projects, including the redevelopment of Union Station in Hartford, CT. Mr. Rappaport also served as a consultant to the US Department of Housing and Urban Development's Urban Development Action Grant (UDAG) program from 1981 - 1988. From 1989 until 1992, he served as Senior Vice President, Acquisitions and Finance for Charles River Properties, Ltd in Boston, MA. In 1992, Mr. Rappaport founded the New Boston Fund and became its President.
Mr. Rappaport has served as Past President of the Greater Boston Real Estate Board. He is also a Member of the Board of Directors for the MA Chapter of NAIOP and founding co-Chairman of the Commonwealth Housing Taskforce. He has filled long term Steering Committee and Program Committee leadership roles at the local and national levels. He is also active in the Rental Housing Association, Building Owners and Managers Association (BOMA), Pension and Real Estate Association (PREA), National Association of Real Estate Investment Managers (NAREIM), Real Estate Finance Association (REFA), and MIT Center for Real Estate. Mr. Rappaport has been a long term visiting lecturer at the Kennedy School of Government and is a founding member of the Harvard Real Estate Academic Inititative.
Mr. Rappaport received an AB from Harvard College and an Master of City and Regional Planning from the Kennedy School of Government and Harvard Graduate School of Design at Harvard University.
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Phillip H. Bakalchuk - Senior Vice President, Acquisitions
Phillip Bakalchuk is responsible for identifying acquisition and development opportunities in the apartment, office, and industrial property sectors in the Southeast, working directly with the Chief Investment Officer and Director of Acquisitions. Mr. Bakalchuk is a real estate executive with extensive experience in the acquisition and disposition of real estate assets, with a particular focus on multifamily properties.
Prior to New Boston Fund, Mr. Bakalchuk served as Director of Acquisitions for SSR Realty Advisors, where he was integrally involved in the sourcing of investment opportunities for that firm's commingled funds and separate account clients. Before SSR, he served as Vice President of Acquisitions for Boston Financial, which subsequently merged with Lend Lease Real Estate Investments, where he served as an investment analyst for tax credit development and bond-financed deals. He has also served as a project architect with I.M. Pei & Partners.
Mr. Bakalchuk is a registered architect in New York, Florida, and Massachusetts. He also serves on the National Multi-Housing Council.
Mr. Bakalchuk earned his BA from the University of Florida, a Masters in Architecture from Columbia University and an MBA from the Wharton Business School at the University of Pennsylvania.
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Peter K. Barber - Senior Vice President, Development
Peter Barber is a Senior Vice-President of New Boston Fund, Inc. and President of New Boston Development Partners, New Boston's development affiliate. He is responsible for overseeing the day-to-day activities of New Boston Development Partners' development projects, from strategic planning and financing to permitting, design, and construction management. He also participates in the strategic planning and investment decisions of New Boston Fund, Inc. Mr. Barber remains President of NDC Development Associates, Inc., overseeing all fee-for-service, third-party development management services for that firm.
Mr. Barber has over 30 years of experience in commercial real estate development. He served as a senior executive for Northland Investment Corporation from 1971 to 1995 and in 1995, together with his commercial development group, he formed what is now NDC Development Associates, Inc. He has directed the development and rehabilitation of well over 4.0 million square feet of commercial projects.
Mr. Barber has served as Past President of the Massachusetts Chapter of National Association of Industrial and Office Properties (NAIOP) and is active in both the Urban Land Institute (ULI) and Real Estate Finance Association (REFA).
Mr. Barber holds an AB from Harvard College.
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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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John E. Dragat - Senior Vice President, Development
John Dragat is Senior Vice President of New Boston Fund, Inc. and Co-Managing Director of New Boston's Urban Strategy America ("USA") Fund, an investment vehicle targeting acquisition and development opportunities in under-served neighborhoods in America's cities. Mr. Dragat is responsible for the identification of development opportunities with a focus in the Southeast and oversees the management of the firm's developments through the approvals and construction process to ensure proper execution of each project.
Mr. Dragat has well over 20 years of real estate development experience with a particular focus on urban, mixed-use and large-scale complex commercial and residential projects. He has extensive experience managing developments in Manhattan, Washington, DC, Florida, and throughout New England, and also has significant experience creating successful, innovative public/private partnerships and in obtaining federal, state, and local permits and approvals.
Mr. Dragat is an active member of numerous industry associations including the Urban Land Institute (ULI) and NAIOP.
Mr. Dragat is a graduate of Boston University.
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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 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 President's Organization, 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, totalling 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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David H. Keiran - Senior Vice President, Investor Relations
David Keiran is responsible for marketing the firm to prospective high net worth and institutional clients and providing on-going client service to both investors and consultants. He is directly responsible for marketing and client management in the Northeast, South and Southeast regions of the United States. In addition, he is the Portfolio Advocate for the Urban Strategy America ("USA") Fund, serves as Chairman of the New Boston Compliance Committee and is a member of the Investment Committee.
Mr. Keiran has over 20 years of experience in all facets of real estate investment, including marketing, client service, asset and portfolio management, acquisitions, accounting, taxation and finance. Prior to joining New Boston Fund, he was a Partner of TA Associates Realty, a national Boston-based real estate investment advisory firm where he was responsible for marketing and the asset management of a large portfolio of commercial and multi-family assets. Prior to TA Associates Realty, Mr. Keiran worked with Price Waterhouse where he specialized in real estate, banking and investments.
Mr. Keiran is a member of the Pension Real Estate Association (PREA) and National Association of Real Estate Investment Managers (NAREIM).
Mr. Keiran received his BS with honors from Northeastern University and his MBA with honors from Bentley College, McCallum Graduate School of Business.
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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 the New Boston Fund's Roman Numeral Funds, a family of 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 the New England, Mid-Atlantic and South Eastern U.S. markets. Mr. Kelleher is a real estate professional with 25 years of broad based commercial real estate experience including the disciplines of property and asset management, development, leasing, acquisitions, development 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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 John M. Pavan - Senior Vice President and Regional Director, Northeast Region
John Pavan is responsible for providing leadership, oversight, and day-to-day management of New Boston’s Northeast U.S. real estate development initiatives. He identifies and selects appropriate development investments for New Boston Fund, evaluates their feasibility, and oversees their implementation.
Mr. Pavan possesses more than 20 years of real estate development experience in New England. As a principal or senior officer, Mr. Pavan has been responsible for developing a variety of residential housing formats and has experience in acquisitions, entitlements, asset and property management, finance, and operations. He was a founding partner of The Northbridge Companies in Burlington, MA; Chief Executive Officer of The Stabile Companies in Nashua, NH, and Senior Vice President and Principal of Benchmark Assisted Living, LLC in Wellesley, Massachusetts.
While at AEW Capital Management, LP, Mr. Pavan managed the controlling partnership interests of $350 million in institutional investments in a portfolio of large master-planned communities in southern California. He was instrumental in repositioning the developments through debt and management restructuring, as well as implementing aggressive homebuilding and asset sales strategies.
Mr. Pavan has been Chairman of the Acton, Massachusetts Planning Board, and over a period of 9 years he served in numerous regional, planning and economic development roles.
Mr. Pavan holds a Bachelor of Science Degree in Civil & Environmental Engineering from Clarkson University.
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 Jerry Pucillo - Senior Vice President, Development Project Engineer
Jerry Pucillo is directly responsible for responsible for advancing development projects through their design and construction phase. As a senior member of the Development Group he will provide team leadership and executive oversight to several development projects. He also will be responsible for bringing sustainable development best practice to New Boston Fund's development projects and departments.
Mr. Pucillo has over 27 years of real estate development, and program and project management experience in all aspects of real estate and business development. He has primarily been involved in residential development and strategic planning regarding sustainability initiatives and rehabilitation of historic structures. Prior to joining the New Boston Fund, he was President of Centergreen LLC, a sustainable development and strategic consulting firm. As a private consultant, Mr. Pucillo has provided strategic consulting for both private and institutional clients seeking to maximize the value of their real estate assets.
Mr. Pucillo previously held the positions of CEO of Keen Development Corporation, where he was responsible day to day operations as well as senior project oversight for several development projects, Senior Vice President of the RISE group, Senior Vice President of the Program Management group for the Bovis Lend Lease Construction Company, and Director of Housing Development for the Archdiocese of Boston.
Mr. Pucillo is a Harvard University Loeb Fellow in Advanced Environmental Design. He received a Bachelors Degree in Philosophy from St. John's Seminary College and a Masters in Theological Ethics from Boston College.
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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 finance, accounting, administration and information technology for all NDC Development Associates projects. He has been associated with NDC since 1987. He is responsible for structuring and administering all financing activity, at both the corporate and the project level.
Over the course of his career he has been involved in over $120 million of financing transactions with both public and private sources. In addition to his role as the real estate finance officer, he has been actively involved in all aspects of development projects, including project management.
Mr. VanDusen is currently 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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