UC Booth Real Estate Alumni Group (REAG)

Moderated by:
Joseph L. Pagliari, Jr. Clinical Professor of Real Estate, University of Chicago Booth School of Business
Joseph L. Pagliari Jr. is both a certified public accountant and a chartered financial analyst, with a research focus on joint ventures, the strategic aspects of leverage, the pricing and return-generating process, option-pricing, portfolio management and public-/private-market arbitrage as they apply to commercial real estate investing. His article "The Pricing of Non-Core Real Estate Ventures" was published in The Journal of Portfolio Management; "Public versus Private Real Estate Equities: A More Refined, Long-term Comparison" written with Kevin Scherer and Richard Monopoli was published in Real Estate Economics; "Public v. Private Real Estate Equities: A Risk/Return Comparison" written with Kevin Scherer and Richard Monopoli appeared in The Journal of Portfolio Management; and "Twenty Years of the NCREIF Property Index" written with Frederich Lieblich, Mark Schaner, and James R. Webb, was published in Real Estate Economics.

Based on over 25 years of industry experience, Pagliari's research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing.

He co-authored several chapters in The Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing and Megatrends in Retail Real Estate. Pagliari serves on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management.

He is also active in numerous professional associations including the American Real Estate Society, the American Real Estate and Urban Economics Association, and the National Council of Real Estate Investment Fiduciaries. He has presented papers at a variety of academic and professional meetings, including ARES, AREUEA, NAIOP, NAREIM, NAREIT, NCREIF and PREA.

Pagliari earned a bachelor's degree in finance from the University of Illinois-Urbana in 1979. He earned an MBA from DePaul University in 1982 and a Ph.D. in finance from the University of Illinois-Urbana in 2002. His interests include sports of most every kind - some of which he still plays.


Kent Born, Senior Managing Director, PPM America, Inc.
Kent Born is a Senior Managing Director of Real Estate Securities for PPM America. As such, he oversees all CMBS and REIT investments for the company. Mr. Born also is a voting member on the committee responsible for approving all commercial mortgage and real estate equity investments made by PPM. Prior to joining PPM in October of 1995, Mr. Born spent two and one-half years in the commercial mortgage group at Fitch Investors Service, L.P., rating all types of CMBS. Before that, he spent one and one-half years in real estate asset management with The Mutual Life Insurance Company of New York. Mr. Born’s other experience includes two and one-half years in commercial mortgage origination with Travelers Realty Investment Company, and one and one-half years in leasing and property management with Equitec Properties Company.

Mr. Born has a BA in Economics from Northwestern University and an MBA in Finance and Marketing from the University of Chicago Booth School of Business. Mr. Born was appointed to the CMSA Board of Governors in June of 2002. He served as President of the Association from 2006-2007 and is a member of the Executive Committee.

Dan Fasulo, Managing Director, Real Capital Analytics
Mr. Fasulo is Managing Director and head of research for Real Capital Analytics (RCA), a global research firm that provides real time data concerning the capital markets and values for commercial property. He is an active contributor to RCA’s industry leading reports, the Capital Trends Monthly and Global Capital Trends. Mr. Fasulo is a noted source for information on the global real estate capital markets with credits in the Wall Street Journal, New York Times, Financial Times, Bloomberg, Reuters and Australian Financial Review among others.

Mr. Fasulo is responsible for tracking current property sales globally and assists in analyzing and interpreting the data to provide insight on the dynamic capital environment for real estate. He also acts as a consultant to RCA clients, providing support for transaction due diligence, investment location analysis and market research reporting. Personally, he has acquired, owns and manages investment property in the NYC area. Previously, Mr. Fasulo was the head of research for Cushman and Wakefield for the state of New Jersey. He also spent several years with GVA Williams as the Director of Research and Marketing.

Mr. Fasulo is an active member of several industry organizations such as the Pension Real Estate Association (PREA), Urban Land Institute (ULI), Cornell Real Estate Council and the Real Estate Board of NY. He is also on the editorial advisory board for Real Estate New York magazine.

Mr. Fasulo earned his Bachelors degree with concentrations in economics and organizational behavior from Cornell University. Residing on the Upper West Side of Manhattan, Mr. Fasulo enjoys boating, traveling, architecture, and world history.

Heather S. Goldman, Partner, Brookfield Financial US, LLC
Heather Goldman is a Partner at Brookfield Financial US, LLC, responsible for new business origination and supporting corporate strategy. Prior to joining the Firm, Ms. Goldman was Senior Vice President at Starwood Capital Group Global responsible for Fundraising and Client Services. Prior to that, Ms. Goldman was Senior Client Partner and Global Sector Leader, Real Estate, at Korn/Ferry International. Previously, Ms. Goldman spent nearly five years as Chairman and CEO of CapitalThinking, a real estate software and risk management company. Ms. Goldman has an eight-year background in investment and corporate banking, including at Bank of Montreal where she was a Director in the Real Estate Capital Markets Group. Previously, Ms. Goldman had served more than three years as a US Peace Corps volunteer in Mali, West Africa.

Ms. Goldman earned her BA in International Relations from the University of Wisconsin, Madison, and her MBA from the University of Chicago Booth School of Business. Ms. Goldman serves as a Director for University Settlement, a social services nonprofit based in New York City, where she also chairs the Development Committee and previously served as Treasurer.

Christopher P. Haley, Principal & Co-Founder, Palladian Realty Capital LLC
Mr. Haley is co-founder of Palladian Realty Capital LLC, a boutique investment- and advisory-firm focused on providing strategic
counsel and transaction execution services to publicly- and privately-held real estate operating companies.

Mr. Haley was previously Managing Director in Wachovia Securities’ Equity Research division. Mr. Haley joined Wachovia (then named Wheat First Butcher Singer, privately-held) in early 1993 to lead its research and investment efforts in the real estate securities sector. Mr. Haley directed the group’s fundamental analysis and research of real estate capital markets, macro- and micro-economic issues impacting publicly-traded real estate securities - including real estate investment trusts (REITs) and operating companies (REOCs). During Mr. Haley’s career at Wachovia, the firm’s real estate research effort improved its third-party quality rankings from 21st to consistently in the top-five among full-service investment/commercial banks (e.g., quality of research, quality of service, access to management, trusted resource).

Additionally, over the course of his career at Wachovia, Mr. Haley has been involved in the issuance of ~$13 billion in debt, hybrid, and equity transactions for various public real estate companies, and pre-IPO and independent assessments of over 23 private property companies.

Prior to Wachovia, Mr. Haley was a Research Associate at Kidder Peabody, a full-service investment banking firm based in New York City, NY.

Mr. Haley is a member of the National Association of Real Estate Investment Trusts, member, and contributing editor to the CFA Institute (AIMR). Mr. Haley also is a member of NAREIT’s Financial Standards Task Force (Best Financial Practices Council), graduate of the accelerated Management/Leadership curriculums from Harvard University. He is a frequent contributor to numerous real estate industry and financial sector publications. Mr. Haley earned his graduate Finance degree from Villanova University’s School of Business, with concentrations in Accounting and Business Law.

Brian Newman, Managing Principal, Ceres Real Estate Partners, LLC
Mr. Newman has extensive management experience successfully overseeing real estate professionals with multi-billion dollar investment mandates covering both high yield debt and opportunistic equity investments. Mr. Newman has been directly responsible for all aspects of investments covering every real estate asset class across five continents, as well as overseeing over $10 billion in real estate investments and participating in over $7.5 billion of private equity investments. Mr. Newman's personal investment focus has been on off-market investments in hospitality, healthcare and distressed situations where value is created by active business operations and strategic legal maneuvering. Mr. Newman was a Managing Director and Head of Real Estate at Madison Dearborn Partners, co-ran Merrill Lynch Global Principal Investments with responsibility for both equity and high-yield debt, was an Acquisitions Principal at Walton Street Capital covering all asset classes, and was an Attorney in the VC/LBO group at Kirkland & Ellis.

Mr. Newman has a M.B.A. from the University of Chicago Booth School of Business, a J.D. Magna Cum Laude from Harvard Law School and a B.S. from the University of Illinois where he was the Lincoln Laureate of the Class of 1993. Mr. Newman is a member of the Real Estate Roundtable in Washington D.C., and a member of the Board of Children's Memorial Hospital.

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UC Booth Real Estate Alumni Group (REAG)

Ken McCaul Plus

The mission of the Chicago Booth Real Estate Alumni Group is to raise and sustain the profile of real estate at the University of Chicago Booth School of Business as well as enhance the school's high quality brand by providing real estate industry expertise,…

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The mission of the Chicago Booth Real Estate Alumni Group is to raise and sustain the profile of real estate at the University of Chicago Booth School of Business as well as enhance the school's high quality brand by providing real estate industry expertise, shared knowledge and leadership. The high impact group will recognize and leverage the extensive network of Booth real estate alumni, as well as foster value-added and life-long relationships for on-going learning and professional growth.

Chicago Booth Real Estate Alumni Group was formed in September 2006. We have initially organized the group domestically with long term expansion plans for Asia and Europe.

Visit their website at ChicagoBooth.edu/alumni/clubs/realestate

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