SB FRIEDMAN DEVELOPMENT ADVISORS - Key Persons
Adam has a background in financial analysis, community development and transportation planning. He has worked with both the public and private sectors to support future development via the creation of Business Districts and TIF districts across Illinois and assisted in the execution of the Employment Sites Program on behalf of Pinellas County (FL). Additionally, he has conducted qualitative and quantitative analysis for catalytic projects, such as the CTA Red Line Extension. Prior to joining SB Friedman, Adam worked with community stakeholders and leadership in East-Central Indiana to coordinate eviction prevention resources during the COVID-19 pandemic, including tenant-landlord mediation services and training of community advocates on the Delaware County Renter's Book. Adam attained his Bachelor of Science in Finance from Butler University, and a Master of Urban and Regional Planning and Graduate Certificate in Real Estate Development from Ball State University, where his capstone project analyzed the efficacy of municipal tax and financing incentives on historic preservation. He is a member of Landmarks Illinois' Skyline Council and Reinvestment Committee and the Urban Land Institute.
Alex has a background in tax accounting and finance. His role at SB Friedman includes providing key services to clients through both the New Markets Tax Credit (NMTC) financial closing process and post-closing compliance window. Prior to joining SB Friedman's NMTC practice, he worked in public accounting, where he prepared and reviewed tax compliance projects. He specialized in partnership compliance and focused on investment entities such as real estate, private equity and hedge fund clients. Alex graduated with High Distinction from Indiana University Bloomington with Bachelor of Science degrees in both Finance and Accounting.
Alfonso brings valuable experience in marketing and communications and has a background in policy, economics and sustainability. His work at the firm includes compiling materials for proposal and qualifications submissions, social media and newsletter support, and proofing deliverables. Prior to joining SB Friedman, he worked for the communications team at Tufts University's Office of Sustainability. He helped boost the sustainability, recycling and waste management initiatives of the university by managing digital communications channels and creating informational brochures and signage. Alfonso graduated magna cum laude from Tufts University in Medford, MA, with a Bachelor of Arts in Economics and Environmental Studies.
Since joining SB Friedman, Andrew has conducted market studies for various real estate products, advised on public land disposition strategies, and assisted in structuring public-private partnerships to support catalytic infrastructure and community development investments. Select experience includes: a market/affordable housing analysis along a future bus rapid transit route in Charleston, SC; an evaluation of the economic conditions of commercial corridors in Chicago's North Side to identify public-sector strategies for economic growth and development; and the assessment of public financial assistance requests for catalytic mixed-use developments through the Transformational Brownfield Plan program in Michigan. Andrew previously worked at the Texas A&M Transportation Institute publishing research on the public health implications of transportation and urban planning. He graduated from Texas A&M University with a Bachelor of Science in Urban and Regional Planning and earned a Masters of Science in Community and Regional Planning from the University of Texas at Austin. Andrew is a member of the Urban Land Institute.
Audrey brings expertise in housing and urban policy, real estate market analysis, financial underwriting, and tax incentives. At SB Friedman, she conducts financial deal reviews and TIF projections and designations. Prior to joining the firm, Audrey was an associate underwriter for J.P. Morgan's Tax Oriented Investments group, where she underwrote market, development and financial risk for over 60 affordable housing developments across the U.S. During graduate school, Audrey supported multiple projects at the Chicago Community Trust, including a grant program funding pre-development expenses for commercial real estate development projects that catalyze economic activity in disinvested communities. She also worked at the Metropolitan Planning Council where she researched equitable financial incentives for development in Chicago. Audrey has a Master of Public Policy and certificates in municipal finance and international development from the University of Chicago Harris School. She was also a Kreisman Graduate fellow at the Mansueto Institute, recognized for her work in affordable housing and homeownership. Additionally, she holds a Bachelor of Arts in Economics with a minor in Applied Mathematics from Lehigh University. Audrey is a member of Chicago Youth Center's Auxiliary Board and the Urban Land Institute.
Caitlin has a background in real estate economics, public-private development finance and economic development. She specializes in market analysis and redevelopment strategy as well as special district eligibility studies/designation. She utilizes a data-driven approach to guide the use of public funds to support redevelopment and inform land use decisions, often focusing on the interplay between transportation and land use. Her experience at SB Friedman includes providing market and economic development/land use strategy advice as part of various comprehensive, master, corridor and subarea plans throughout the country including communities in the Chicago, Tampa Bay and Atlanta greater metro regions. Her experience includes conducting market analyses to inform high-level policy solutions to support equitable, transit-oriented development along a proposed bus rapid transit route in Tampa/Hillsborough County, FL. She also provided market-driven insight and analysis to the Village of Schaumburg, IL, to help create an implementable land use plan for the Motorola Campus. Caitlin holds a Master of Science in City Design and Social Science from the London School of Economics and Political Science, a dual Master of Business and Master of Arts in Community Development and Planning from Clark University, and a Bachelor of Arts in Economics from Wheaton College (MA). She is a member of the American Planning Association.
Caren specializes in urban economics, land use planning and real estate development. Her experience at SB Friedman includes a financial analysis to assist in the negotiation and structuring of a public-private partnership for redevelopment of the former Michael Reese Hospital site in Chicago and market assessments for two Urban Renewal Districts in Boise, Idaho, which were used during a public improvement feasibility planning process. Prior to joining SB Friedman, Caren spent time working as a Mayoral Fellow in the Chicago Mayors Office where she was involved with the launch of the Retail Thrive Zone Program and prepared preliminary research for the Industrial Growth Zone Program. Caren holds a Master of Regional Planning from Cornell University with a concentration in Economic Development Planning, and a Bachelor of Arts in Public Administration and Urban and Regional Planning from Miami University. She is a member of the American Planning Association (Illinois and Ohio Chapters), and is a licensed real estate broker in Illinois.
Carlos brings a background in financial planning and analysis, asset management, and economic development research to the NMTC practice. His role at SB Friedman includes managing and servicing our portfolio of NMTC transactions, tracking the construction payments process of new projects to ensure conformity with NMTC program requirements, and providing ongoing compliance support to mission-driven clients. Prior to joining the firm, Carlos worked with business informatics and finance teams at AdventHealth to produce financial profitability reports that supported the decision-making of the Chief Financial and Chief Medical Officers. Additional experience includes working as a Research Assistant in the economics department at Walla Walla University, where he provided original data-driven analysis on developing economies in Africa. Carlos graduated with the highest distinction from Walla Walla University with a Bachelor's degree in Business Administration and a concentration in Finance and Business Analytics.
Carolyn has been with SB Friedman for 20 years. She ensures the smooth operational functioning of our office, both financial and physical. She manages accounts payable and receivable, and provides support on IT and HR-related issues. Carolyn holds a Bachelor's degree in Computer Science from DeVry University.
Christine has a background in policy analysis, econometrics, and economic and community impact evaluation. She excels in quantitative analysis and project management- skills that she honed in her previous experience at Northwestern University where she managed projects for the Board of Trustees and developed data visualizations for the program review process. Christine holds a Master of Public Administration, with concentrations in social policy and nonprofit management, from Syracuse University, and a Bachelor of Science in Architecture from the University of Michigan.
Certified in Public Health, Danielle is passionate about improving social determinants of health in low-income communities through community development efforts. Her role at SB Friedman is to analyze and synthesize community impacts on behalf of Community Development Entities and project sponsor clients to support all aspects of New Markets Tax Credit applications and deals. Prior to joining SB Friedman, Danielle interned at Enterprise Community Partners, where she supported the design and implementation of equitable housing solutions in communities across the country. Danielle holds a joint Master of Urban Planning and Policy + Master of Public Health from the University of Illinois at Chicago and a Bachelor of Arts in Architecture from Clemson University.
Elena specializes in economic development, real estate economics, market feasibility and affordable housing. Since joining SB Friedman, she has focused on helping clients reach their economic and community development goals. Her work includes conducting financial feasibility analysis and pre-development planning for large-scale infrastructure projects, identifying housing needs and strategies to address unmet needs, and conducting financial due diligence to determine the appropriate level and structure of public financial assistance. Select projects include: Chicago's Central Area Plan Update, a financial feasibility analysis of the Red Line Extension for the Chicago Transit Authority and designation of the Red Line Extension Transit TIF District; preparation of TIF and other funding applications for affordable housing clients in Chicago; and housing studies, strategies and implementation in Glen Ellyn and Naperville, IL, Sun Prairie, WI, and the Charleston, SC region. Elena graduated magna cum laude from Barnard College at Columbia University with a Bachelor of Arts in Urban Studies and summa cum laude from the Jewish Theological Seminary of America with a Bachelor of Arts in Ethics. She is on the Tutoring Chicago Associate Board and a past participant of Bonfire, a talent accelerator program for women.
Ellie brings a background in community development research, economic analysis and education to the New Markets Tax Credit (NMTC) practice. Her role at SB Friedman includes providing asset management services through the financial closing process and post-closing compliance window for various NMTC projects. Previously, she worked with the Village of Lynwood (IL), The Christian Alliance for Inclusive Development, and By the Hand Club for Kids, where she developed strong quantitative and qualitative research and synthesis skills. Ellie completed an undergraduate senior thesis that analyzed the potential role of thrift stores as actors in place-based economic development. She graduated summa cum laude from Wheaton College with a Bachelor of Arts in Economics and a second major in Sociology.
Emma has a background in community and economic development and affordable housing. As a Senior Associate, her work includes developing housing, economic resiliency and comprehensive plans, conducting real estate market analyses, and analyzing financial considerations related to public-private partnerships. Select projects include: an economic resiliency and diversification strategic plan for the Little Traverse Bay Bands of Odawa Indians (MI), a downtown master plan for the City of Little Rock, AR, a commercial corridors assessment for the City of Chicago Northwest Planning Region, and a housing study for the City of Clearwater, FL. Prior to joining the firm, Emma worked at Karp Strategies supporting economic and workforce development planning and at Enterprise Community Partners assisting mission-based organizations assess the market and financial feasibility of affordable housing development projects. She holds a Master in Urban Planning with Distinction from the Harvard University Graduate School of Design as well as a Bachelor of Music in Vocal Performance from DePaul University, and is a member of the American Planning Association. Prior to her career in urban planning, Emma spent almost a decade as a professional opera singer.
As a Partner at SB Friedman, Fran guides clients nationwide in reaching their community, economic and real estate development goals. She brings 15 years of experience in the field and innovative thinking to develop creative and implementable solutions to improve communities. Her expertise in analyzing market scenarios and recommending strategic redevelopment options have been key to informing numerous planning, policy and development decisions. Fran led the research effort for the We Will Chicago citywide framework plan as well as the first phase of the Chicago Central Area Plan, assisted the Chicago Transit Authority in obtaining Transit TIF revenues to support the extension of the Red Line to Chicago's Far South Side, crafted workforce and industrial real estate retention strategies for a mixed-use district in Atlanta, Georgia, and prepared a regional housing strategy in Dane County, Wisconsin. She has underwritten or structured over $2 billion in public assistance for a diverse mix of projects across the country. Fran holds a Master of Urban Planning and Policy degree from the University of Illinois at Chicago and a Bachelor of Arts degree in Public Policy from the University of Chicago. She is a member of the American Planning Association, Lambda Alpha International-Chicago Region Chapter, and the Urban Land Institute, where she serves on the ULI Chicago Advisory Board.
Gabriel has a background in real estate and sustainable economic development. Prior to joining the firm, Gabriel interned with the Discovery Partners Institute, where he supported the advancement of their flagship headquarters at The 78 near downtown Chicago. His work included considering potential research uses for the headquarters building, modeling operating budgets to assess reasonable lab rent rates, and identifying opportunities for community engagement. Gabriel graduated from the University of Illinois at Urbana-Champaign with a Bachelor of Arts in Urban and Regional Planning and a minor in Business. He is also a member of the Urban Land Institute.
Job Titles:
- Partner
- Real Estate and Economic Development Advisor
Geoff is a real estate and economic development advisor with expertise in the designation, use and administration of special taxing districts (tax increment finance (TIF) districts, urban renewal districts, community redevelopment areas, business districts and special service areas), market and financial feasibility studies, public-private development partnership assessment and formation, development strategy formulation, and project implementation advisory services. Geoff has led numerous projects for clients across the country, including: feasibility assessments for the establishment of three urban renewal areas in and around Pocatello, Idaho; a market assessment for an equitable transit-oriented development plan along a proposed bus rapid transit corridor in Tampa and Unincorporated Hillsborough County, Florida; and a market assessment as part of a redevelopment plan for the State-owned Glenwood Resource Center campus in Iowa. He has also advised the Village of Mount Prospect, Illinois, for many years, providing development advisory and TIF consulting services to support various strategic economic development initiatives. Geoff is a Series-50 Qualified Municipal Advisor Representative. He holds a Bachelor of Arts in History from Northwestern University, and a Master of Urban and Regional Planning degree from the University of Michigan. He is a member of the American Planning Association and Lambda Alpha International-Chicago Region Chapter, and serves on the board of the Illinois Tax Increment Association.
Gillian brings expertise in real estate development, urban policy and community engagement. Since joining SB Friedman, she has conducted demographic and market analyses and helped communities utilize economic development incentives to reach their goals. Previously, Gillian worked as a Project Manager at OneHealth Capital in Little Rock, Arkansas, where she focused on multifamily development and real estate acquisitions. She also served on the Mayor of Little Rock's Downtown Development Task Force whose goal is to promote and revitalize the downtown. During graduate school, she worked with the Downtown Little Rock Partnership to identify policies and strategies for responsible growth by performing stakeholder outreach and best-practice research; supported international development programs at Winrock International; and conducted land use planning research at Habitat for Humanity. Gillian holds a Master of Public Service from the Clinton School of Public Service and a Bachelor of Arts in International Studies and Latin American Studies from the University of Arkansas Honors College. She is a member of the American Planning Association.
Job Titles:
- Marketing Director
- Vice President
Grace has over 15 years of experience in marketing and communications for both professional service firms and not-for-profits. At SB Friedman, she collaborates with the senior management team to develop and carry out marketing strategy, and identify new business development pursuits. She is also responsible for managing all proposal and qualifications submittals, and leading the firm's branding across all marketing and communications platforms. Grace received a Bachelor of Arts degree in the College of Letters and French Studies from Wesleyan University (CT). She is a member of the American Planning Association-IL Chapter.
James is an accomplished community development professional with over 12 years of experience in the New Markets Tax Credit (NMTC) industry. Prior to rejoining SB Friedman in 2023, James was an Executive Director and Senior NMTC Originator at JPMorgan Chase, where he closed over $1 billion in NMTC financing across 70 projects and developed strong relationships with Community Development Entities (CDEs) across the country. James previously worked for SB Friedman as a Project Manager in which capacity he assisted qualified borrowers seeking NMTC allocation and provided structuring, underwriting, closing and asset management support to CDE clients like Chicago Development Fund. He holds a Bachelor of Science in Civil Engineering with a minor in Political Science from Marquette University where he was a Burke Scholar. He also holds a Master of Science in Urban Planning from Columbia University where he focused on real estate development and wrote his thesis examining how early NMTC allocation awards were deployed across the nation's most distressed low-income communities.
Joe has a background in land use, public policy and sustainability. At SB Friedman, he has supported large-scale planning efforts in Chicago, analyzed the effects of sales tax reform on transit funding in Illinois, projected market demand along a distressed retail corridor in Lewisville, TX, and assisted multiple public-sector clients throughout the Midwest in reviewing the financial feasibility of various public incentive projects. Prior to joining the firm, Joe was a land use planner for Waukesha County, WI. He graduated from Western Washington University with a Bachelor of Science in Environmental Science and earned a Master of Urban Planning from the University of Wisconsin-Milwaukee. Joe is a member of the American Planning Association.
Kathleen brings a background in economic analysis, qualitative research and journalism to the New Markets Tax Credit (NMTC) practice. Her role at the firm includes assessing community benefits to create impact-focused narratives for NMTC applications and deals. She excels at synthesizing complex policy and research into compelling reports - skills that she sharpened during her time at the United States Global Change Research Project and the Interagency Arctic Research Policy Committee. Prior to joining SB Friedman, Kathleen also provided program support and analyzed student outcomes as an AmeriCorps member at College Bound, a non-profit college access organization. Kathleen graduated magna cum laude from Washington University in St. Louis with a Bachelor of Arts in Economics, and a second major in International Development.
Kyle brings a background in policy analysis and community impact evaluation to the New Markets Tax Credit (NMTC) practice. His focus is on creating compelling community impact narratives for all aspects of NMTC applications and deals. Prior to joining SB Friedman, Kyle specialized in the intersection of policy and planning issues affecting urban areas. He researched and assessed the feasibility and impact of development projects while at the Cook County Department of Transportation and Highways and at a Chicago-area real estate consultancy. Kyle holds a Master of Public Policy from the University of Michigan and a Bachelor of Arts in Political Science from American University.
Lance specializes in public-private partnership finance, market and financial feasibility analysis, and redevelopment strategy. Since joining SB Friedman, Lance has focused on applying his data-driven technical capabilities to evaluate development opportunities, guide the use of public incentives, and inform land use decisions. He regularly advises public and private sector clients regarding highest and best use, the location of catalytic projects, and implementation strategies to achieve development goals. Lance's experience includes analyzing the financial feasibility of redeveloping key catalytic sites along a proposed extension of the Milwaukee Streetcar; assisting in the formulation of an investment fund focused on preserving naturally-occurring affordable housing in the Chicago region; and conducting financial due diligence to determine the appropriate level and structure of public financial assistance for public-sector clients throughout the country. Lance holds a Master of Real Estate Development degree from the University of Maryland, and a Bachelor of Arts with a focus in Urban Planning and Development from the University of Wisconsin-Milwaukee. He is a board member of Community Desk Chicago and a member of Urban Land Institute, where he serves on the National Public-Private Partnership Product Council and a local Chicago Product Council.
Michael specializes in public-private partnership finance and market analysis for large-scale planning projects. Since joining SB Friedman, he has focused on combining quantitative and qualitative approaches to help municipalities evaluate policy decisions, responsibly manage public funds, and create walkable, mixed-use communities. Select experience includes: providing market analysis and implementation strategies as part of transit-oriented development plans for bus rapid transit corridors in Florida and North Carolina; evaluating the impact of various policy decisions on market feasibility for a catalytic site in Bloomington, Indiana; and conducting financial due diligence to determine the appropriate level and structure of public financial assistance for major redevelopment projects around the country. Michael holds a Bachelor of Arts in History and Economics from Northwestern University and a Master of Urban and Regional Planning from UCLA.
Promit has a background in architecture, data science and transportation infrastructure planning with a focus on freight and aviation systems. His work at SB Friedman includes conducting tax increment financing (TIF) district designations and deal reviews. Prior to joining the firm, Promit worked in the Office of Freight and Aviation Planning at the Delaware Valley Regional Planning Commission (DVRPC). At DVRPC, his work included evaluating the impact of e-commerce and freight network activity on the region's transportation infrastructure. He holds a Bachelor of Architecture from the Indian Institute of Engineering Science and Technology and a Master of City Planning from the University of Pennsylvania.
Job Titles:
- Partner
- Economic Development Advisor
Ranadip is an economic development advisor dedicated to the creation of inclusive, high-quality urban environments. He brings over 20 years of experience in market and financial feasibility analysis, economic impact analysis, and development strategy across the country. His experience in Chicago includes co-leading the City's Central Area Plan Update as well as the research phase of the We Will Chicago Citywide Framework Plan, and providing redevelopment strategies and deal structuring assistance for the transformation of the former Michael Reese Hospital site. He has also led numerous market analyses and strategy work as part of TOD planning efforts in Rochester, MN, Chapel Hill, NC, Charleston, SC and Jacksonville, FL. Additionally, he directed the development of an economic resiliency and recovery plan in the Charleston, SC region. Ranadip has a Master's degree in Urban and Regional Planning from the University of Illinois at Urbana-Champaign and a Bachelor's degree in Architecture from Jadavpur University, India. He is a member of American Planning Association, a member of the Urban Land Institute, where he serves on the National Public-Private Partnership Product Council, and a board member of Lambda Alpha International-Chicago Region Chapter.
Ryan is a specialist in tax credit finance, nonprofit real estate and community development. At SB Friedman, he is deeply involved in New Markets Tax Credit (NMTC)-related assignments, where he structures complex financial transactions, underwrites proposed projects, and conducts asset management and compliance monitoring for NMTC programs controlled by the cities of Chicago, Dallas and Atlanta. He also assists nonprofit clients access NMTC financing by marketing projects nationally to community development entities and investors. His previous experience includes analysis of smart growth development in metro Atlanta, econometric forecasting for real estate markets across the country, and real estate asset management in Shanghai, China. Ryan holds a Master of City and Regional Planning, with concentrations in land and economic development, from Georgia Tech, and a Bachelor of Science in Business Administration, with a concentration in finance, from Boston University. He is a member of the Urban Land Institute.
Sam has expertise in real estate market analysis and land use economics. At SB Friedman, she is dedicated to supporting clients' decision-making processes with nuanced technical and qualitative insights. Select projects include: analyzing the housing market and developing affordable housing strategies for Dane County, Wisconsin; assessing characteristics of commercial corridors throughout Chicago's North and West Sides; and evaluating public financial assistance requests for planned mixed-use developments as part of the State of Michigan's Transformational Brownfield Plan program. Prior to joining SB Friedman, Sam was a senior associate at Strategic Economics, an urban economics consulting firm in Berkeley, California. In that role, she specialized in market, feasibility and housing affordability analyses for projects that primarily served municipalities and other public agencies in the state, including Bay Area Rapid Transit and the City of San José. Sam has a Master of Science in Community and Regional Planning from the University of Texas at Austin, and a Bachelor of Arts in History from the University of Wisconsin-Madison.
Steve is a national expert in real estate and public-private development partnerships. During his over 40 years of experience, he has led SB Friedman in providing a broad range of services from visioning and feasibility analysis to financing, strategy and implementation of plans and redevelopment projects. Steve has worked closely with public, private and institutional clients to formulate innovative public-private partnerships and development strategies, and advised on the use of financing tools for a wide range of projects. His reputation for providing objective and implementable advice and his passion for high-quality economic development has made him a trusted advisor.
Tony has a background in real estate, geography, transportation and affordable housing development. Since joining SB Friedman, he has evaluated the fiscal impacts of specialty housing projects in suburban communities and evaluated the financial feasibility/need for public assistance for multiple redevelopment projects across the country, including shopping centers, industrial sites, and pioneering residential and mixed-use developments. In addition, he has produced TIF projections and sales tax projections to assist clients in structuring public-private partnerships, evaluated the real estate and economic implications of industrial redevelopment and freight movements in the City of Atlanta, and worked on several cleantech incubator feasibility studies. Prior to joining the firm, Tony worked in affordable housing development and contributed to the development of Low-Income Housing Tax Credit properties throughout the Midwest. Tony graduated from the University of Arizona with a Bachelor of Science in Urban and Regional Development. He earned a Master's in Urban Planning and Public Policy from the University of Illinois at Chicago where he specialized in economic development and has published research on evaluating transportation equity in the City of Chicago. He is a member of the American Planning Association and a Certified Planner with the American Institute of Certified Planners.
Tony's consulting experience is focused on the feasibility, strategy and financial aspects of community and economic development. While at SB Friedman, he has led numerous assignments including TIF analyses and eligibility studies, area revitalization strategies, feasibility-testing for redevelopment scenarios, negotiation and structuring of public-private financing for high-impact projects, and a range of New Markets Tax Credit (NMTC)-related services. He founded and leads SB Friedman's NMTC consulting practice, which has prepared successful applications securing over $1 billion of NMTC allocation from the US Treasury, and structured/closed over $1.5 billion in NMTC transactions. Many of the structured finance assignments Tony has consulted on include local, state, and federal financing tools such as historic tax credits, housing credits, state tax credits, below-market loans, and TIF. He has particular expertise in navigating the complexities that come with combining multiple subsidy tools to fill challenging financing gaps. Tony is a Series-50 Qualified Municipal Advisor Representative. He holds both a Master's degree and Bachelor of Arts from the University of Pennsylvania. He is also a member of the Chicagoland Opportunity Zones Consortium, Lambda Alpha International-Ely Chapter, Urban Land Institute, and the Council of Development Finance Agencies (for which he is a frequent speaker, serves as national TIF curriculum advisor and instructor, and was lead editor of CDFA's 2009 Advanced TIF Guide). Additionally, he is on the LISC Chicago Board of Advisors.
Tracy has been with the firm for 22 years and provides general administrative and marketing support to the firm. She welcomes visitors to the office, fields incoming calls and packages, coordinates office supplies and catering, maintains our office contact database, and assists in the production of deliverables, proposals and other marketing collateral.