Sr. Management
James W. Rappaport
Timothy J. Medlock
James P. Kelleher
Michael J. Buckley
Michael J. Doherty
Pryse R. Elam
Jonathan D. Gillman
Gary J. Hofstetter
Charles E. Nolfi
Patrick J. Shooltz
Kirk A. Sykes
Helen Topor
Eric VanDusen
Board of Directors
Jerome L. Rappaport
James W. Rappaport
Phyllis E. Rappaport
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Senior Management
James W. Rappaport - Chairman & CEO
As Chairman, CEO, and board member of New Boston Fund, Jim Rappaport provides overall direction for New Boston Fund. As a 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 and Strategic Planning Committee.
Jim has more than 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 more than $40,000,000 in annual revenue. During the 1980s, he personally purchased, repositioned, and sold several properties in Hawaii, including the Kauai Resort Hotel. From 1991 to 1994, Jim served as President of Charles River Properties, Ltd., overseeing company operations, investments, and public affairs.
Jim 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. He is a member of both the Massachusetts and Vermont Bar.
He holds a B.S. from the Wharton School of the University of Pennsylvania and a J.D. from the Boston University School of Law.
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Timothy J. Medlock - President & Chief Operating Officer
Tim Medlock is responsible for providing strategic leadership and direction to advance the company's mission and objectives. As President & COO he runs all facets of the business including execution of the strategic and operational plans of the company. Tim participates in the development of the company's investment strategy and ensures its implementation across the business platform. He also focuses on leadership development and creating an environment of growth, high performance and reward. Tim leads the Executive Committee and is a member of the firm's Investment Committee.
Prior to his current position Tim served as 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 directed human resources, office management, technology, and information services.
Tim has extensive experience in real estate investment management. Prior to joining New Boston Fund in 1999, he was Vice President and Treasurer of PaineWebber Properties in Boston, Massachusetts for more than 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).
Tim holds a B.A. with a concentration in Mathematical Economics from Colgate University and a M.A. degree from New York University.
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James P. Kelleher - Chief Investment Officer
As Chief Investment Officer and Chairman of the Investment Committee, Jim Kelleher is responsible for developing and implementing the diversified investment strategy for the New Boston Fund's family of real estate funds with in excess of $1.2 billion of assets under management. In this capacity Jim identifies, analyzes, and evaluates acquisition and development opportunities in the New England, Mid-Atlantic and Southeast U.S. markets. He is a real estate professional with more than 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. in 1998, Jim 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. His 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 Sawyer Companies and Pannell Kerr Forster.
Jim is a member of the National Association of Real Estate Investment Managers (NAREIM), Real Estate Finance Association (REFA) and the Urban Land Institute (ULI).
He received a B.S. from Cornell University.
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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. Michael is a member of the firm's Investment Committee.
Mike'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. He also has experience investing in public real estate securities as a Principal at AEW Capital Management, L.P. In this role, Mike assisted in raising and investing more than $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.
Mike is active in the Real Estate Finance Association (REFA) and National Association of Real Estate Investment Trusts (NAREIT).
He received his B.S. 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 and Chief Financial Officer
Mike Doherty is primarily 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 develops 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 and Market Research teams, Mike 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.
Mike has more than 30 years of real estate and financial reporting experience. Prior to becoming Chief Financial Officer, he served as Senior Vice President of Portfolio Strategy at New Boston Fund. Prior to joining New Boston Fund, 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.
Mike 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).
He earned his B.A. 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
Pryse Elam serves as the Regional Director - Southeast and is responsible for all of New Boston's real estate investments and developments in the Southeastern United States. Prior to joining New Boston, Pryse was the President and CEO of Washington Real Estate Partners, a development and investment management firm with offices in Washington, D.C. and Florida. He was a Managing Director and partner for Faison and Greystar. Pryse 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 and investment sales efforts in the state of Florida and leading all of Crow's various brokerage and management businesses in South Florida. He has extensive development experience in all types of real estate, having developed in excess of $500 million of office, industrial, retail and multi-family residential projects in South Florida, the Carolinas and Washington, D.C.
Pryse has served as the 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.
He holds a B.A 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.
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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 is a member of the firm's Investment Committee.
Jon has more than 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.
Jon 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).
He earned a B.A. from Boston University and an MBA from Columbia University Graduate School of Business.
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Gary J. Hofstetter - Senior Vice President - Regional Director, Northeast & President, New Boston Management Services
As Northeast Regional Director, Gary Hofstetter is responsible for staff development and assessment, personnel training and supervision, asset acquisitions and development, due diligence for sales and acquisitions, regional operating plans, budgets, the review of management reports, and the coordination of marketing, leasing and construction management projects. Gary, as President of New Boston Management Services, Inc. is responsible for overseeing the management company business plan development and implementation for all New Boston Fund assets. Mr. Hofstetter is also a member of the firm's Executive Committee.
Gary has more than 30 years of asset and property management experience which includes managing multi-site portfolios of more than 15 million square feet of commercial assets and 8,000 residential units throughout the eastern United States. Gary is an active member of the Building Owners and Managers Association (BOMA), National Association of Industrial and Office Properties (NAIOP), Rental Housing Association (RHA), National Apartment Association (NAA) and Co-chairman of the Combined Jewish Philanthropies (CJP) Real Estate and Design team.
Mr. Hofstetter holds both a B.S. and M. Ed from Northeastern University.
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Charles E. Nolfi - Senior Vice President, Investor Relations
Charles Nolfi leads the Investor Relations team and is responsible for marketing the firm to prospective high net worth and institutional clients. He provides on-going client management to both investors and consultants, and manages the firm's client communications and marketing strategy. He is directly responsible for all new business development and client management throughout the United States.
Charles has more than 19 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. Charles 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 B.S. from Providence College and a MBA from Babson College Graduate School of Business, and is a member of the Pension Real Estate Association (PREA) and the Investment Management Consultants Association (IMCA).
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Patrick J. Shooltz - Senior Vice President and Regional Director, Mid-Atlantic
Patrick 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 Fund and its The Urban Strategy America Fund.
Pat has been actively developing real estate in the Washington D.C. and Mid-Atlantic region since 1985. Prior to joining New Boston, Pat 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. He was also 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 holds a B.A. from 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 investments and developments, and management of the day-to-day business operations of New Boston's Urban Strategy America Fund.
Kirk 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 as a member of Bank Boston's & Fleet Banks 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.
Kirk is Vice Chairman of the Federal Reserve Bank of Boston, Vice Chairman of Real Estate Executive Council, Co Chair of the Urban Land Institute's (ULI) Responsible Property Investment Council and a member of ULI's New England Executive Committee. Kirk is on the advisory boards for Northeastern University's School of Urban and Public Policy and The Rappaport Institute of Public Policy at Suffolk School of Law and the Initiative for a Competitive Inner City.
Kirk 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 Hayden Topor - Senior Vice President, Chief Administrative Officer
Helen Topor is the Chief Administrative Officer where she oversees human capital management, office management, compliance, technology, and information services. This includes leadership development, executive coaching, business continuity, talent recruitment and management, and organizational effectiveness. As a member of the firm's Executive committee, Helen assists in the development and implementation of corporate strategic planning and leads all long range human capital strategies and programs to create alignment of human resources with the organization's mission and vision.
Helen has held human resources and operational leadership positions for the past 20 years. Prior to joining New Boston Fund, she 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 included the organic build of a Fixed Income team, succession planning, performance management and learning and development. Helen 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.
Helen 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.
She received her B.A. from Regis College.
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Eric VanDusen - Senior Vice President, Capital Markets-Development
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. Ericworks 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.
Eric holds a B.A. from Clark University, and a MBA from Babson College.
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