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ElmTree Funds

We believe our professionals’ experience and, more importantly, their passion and collaborative spirit allow them to source some of the best opportunities, determine optimal financing structures and see investments through to completion.

CEO & FOUNDER

James G. Koman

JAMES G. KOMAN

CEO & Founder

LEADERSHIP

David Leavitt

DAVID LEAVITT

Partner

Kerry Gawrych

KERRY GAWRYCH

Partner

Jason Ridgway

JASON RIDGWAY

Partner

The foundation of ElmTree’s success is the strength of our team.

TEAM

MICHAEL CARREON

MICHAEL CARREON

Managing Director

MACAULEY STUDDARD

MACAULEY STUDDARD

Managing Director

WESLEY T. WALKER

WESLEY T. WALKER

Managing Director

Matt Innes

Matt Innes

Managing Director

Jessica Brandom

Jessica Brandom

Managing Director

STEPHEN BAXTER

STEPHEN BAXTER

Director

Emily Stahr

EMILY STAHR

Director
CHRIS LAMPRECHT

CHRIS LAMPRECHT

Director

Andrew Truetzel

ANDREW TRUETZEL

Director

JACK HARRIS

JACK HARRIS

Vice President

STEPHANIE SAUR

Vice President

John Odum

JOHN ODUM

Vice President

ANNIE HERR

Vice President

IKENNA NWADIBIA

Vice President

CLAIRE VAUPEL

CLAIRE VAUPEL

Vice President

Tim Wadley

Tim Wadley

Vice President

AMIE RICHTER

AMIE RICHTER

Senior Associate

HOPE WEBER

HOPE WEBER

Senior Associate

SCOTT ALAIMO

SCOTT ALAIMO

Assistant Vice President

MARK CLINTON

MARK CLINTON

Assistant Vice President

MICHAEL BOWER

MICHAEL BOWER

Senior Associate

AUSTIN DAVIS

AUSTIN DAVIS

Senior Associate

ANDREW LUISETTI

ANDREW LUISETTI

Senior Associate

Jared Doelling

Jared Doelling

Associate

Keegan McHugh

Keegan McHugh

Associate

CHRISTINE MATTINGLY

CHRISTINE MATTINGLY

Executive Assistant to the CEO
Misti McKinley

Misti McKinley

Executive Office Manager
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A private equity real estate firm with an established track record in the commercial real estate net-lease sector.

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MICHAEL CARREON

Michael Carreon

Managing Director

Michael Carreon serves as Managing Director of Acquisitions at ElmTree. He is responsible for the origination, evaluation, underwriting and acquisition of net lease industrial, office, and healthcare real estate investments throughout the United States, with a primary emphasis on build-to-suit transactions with investment grade tenancy. Mr. Carreon brings twelve years of net lease real estate experience to ElmTree. Prior to rejoining ElmTree, Mr. Carreon spent two years at Oak Street Real Estate Capital, LLC, and five years at VEREIT, Inc./Cole Real Estate Investments where he was responsible for net lease industrial, office and healthcare originations across the US. Prior to VEREIT, Inc./Cole Real Estate Investments, Mr. Carreon spent two years with PricewaterhouseCoopers where he consulted corporate clients and private equity firms on real estate valuation arising from mergers, acquisitions and leveraged buyout transactions.

Mr. Carreon holds a Bachelor of Science degree in Mathematical Economics from Arizona State University’s W.P. Carey School of Business and Barrett Honors College as well as a Master of Accounting degree from the University of Southern California’s Leventhal/Marshall School of Business. Additionally, Mr. Carreon is a Certified Public Accountant, an active member of the Urban Land Institute (ULI), National Association of Industrial and Office Properties (NAIOP) and the International Council of Shopping Centers (ICSC).

MACAULEY STUDDARD

MaCauley Studdard

Managing Director

MaCauley Studdard serves as Managing Director for ElmTree Funds. In this role, Mr. Studdard manages and oversees the firm’s Underwriting and Research department, which focuses on the underwriting and valuation of investment opportunities, fundamental real estate analysis, tenant credit underwriting, and financial modeling. In addition to serving on the firms investment committee, Mr. Studdard works alongside the firm’s senior management team on complex transactions and special situations, including portfolio acquisitions and dispositions, recapitalizations, and business strategy. Prior to serving as Managing Director, Mr. Studdard served as Vice President of Investments for three years and as an Analyst for two years. In those roles, Mr. Studdard underwrote approximately $5 billion of net lease transactions for the firm. Mr. Studdard’s prior experience includes M&A consulting with CBIZ Valuation Group, a national valuation advisory firm, and equity research with Kennedy Capital Management, Inc. Mr. Studdard graduated summa cum laude from Webster University where he received his Bachelor’s Degree in Finance and Accounting. Mr. Studdard received his MBA from Washington University in St. Louis where he graduated with high distinction of Beta Gamma Sigma.

WESLEY T. WALKER

Wesley T. Walker

Managing Director

Wesley T. Walker acts as Managing Director for ElmTree Funds. As Managing Director, Mr. Walker’s main role is investor relations and institutional capital raise. Mr. Walker was formerly President and COO of Bridge Trading Company, an institutional brokerage firm, with $150 million in revenues and in excess of 500 institutional clients. Mr. Walker was Chairman of the Board of Directors of Bridge Trading from 2000-2005. Following the Bridge/Instinet merger, Mr. Walker managed the Midwest regional offices of Instinet/Nomura and was responsible for $200 million in revenue. Mr. Walker holds a Bachelors Degree in Neuroscience from Oberlin College.

Matt Innes

Matt Innes

Managing Director of Investor Relations

Matt Innes is Managing Director and head of Investor Relations with ElmTree responsible for the capital formation activities at the firm. Prior to joining ElmTree, Mr. Innes was a Director at Lazard’s Private Capital Advisory group with a focus on private equity real estate and real assets capital formation, fundraising and investor coverage across the United States and Canada. Previously, Mr. Innes was a Managing Director at Jadian Capital, where he was responsible for capital raising and business development. Prior to joining Jadian, Mr. Innes was a member of Hodes Weill, covering institutional investors in North America. During his tenure at Hodes Weill, Mr. Innes also worked on the project management team where he was responsible for the origination, due diligence, structuring and project management of the firm’s institutional capital raising and advisory mandates. Before Hodes Weill, Mr. Innes was with Building and Land Technology (“BLT”), a Connecticut-based vertically integrated real estate private equity, development, and management firm. At BLT, Mr. Innes focused on the originations, acquisitions, asset management and overall growth of the third-party investment management platform. Prior to BLT, Mr. Innes was involved in the investment sourcing and property management at Camden Securities after beginning his career at CB Richard Ellis, where he focused on institutional property sales. Mr. Innes holds a Bachelors of Arts degree in Government from Hamilton College.

Jessica Brandom

Jessica Brandom

Managing Director

Jessica Brandom is the Managing Director of Operations at ElmTree Funds. As Managing Director, Ms. Brandom is responsible for the coordination and alignment of the firm’s operations, including capital markets, asset management, investor relations, portfolio management, and acquisitions. Prior to joining ElmTree, Ms. Brandom served as Senior Vice President and Team Lead for Associated Bank, where she transacted on over $8.5 billion in asset value. Prior to joining Associated Bank, Ms. Brandom served as Vice President with Regions Bank, where she was responsible for managing existing and new client relationships as well as operational oversight. Ms. Brandom holds a BSBA degree in Finance and a minor in Real Estate from the University of Missouri.

STEPHEN BAXTER

Stephen Baxter

Director

Stephen Baxter serves as Director of Asset Management at ElmTree. In this role, Mr. Baxter is responsible for the asset management functions for ElmTree and its separately managed accounts. Mr. Baxter maintains oversight responsibility of the internal asset management team and external partners, including third party property managers, brokers, attorneys, construction managers, architects, engineers, and various vendors. Prior to joining ElmTree, Mr. Baxter spent four years at McKinley, Inc. where he was responsible for asset management, client relations, and workouts of approximately 2.5 million square feet of distressed third party commercial real estate assets. Prior to joining McKinley, Inc., Mr. Baxter worked at Jones Lang LaSalle in Chicago, Illinois, where he was responsible for advising public sector clients’ real estate portfolio decisions, generating extensive market studies, and brokering office lease transactions for the United States Federal Government.

He holds a Masters in Real Estate from Georgetown University and a Bachelor of Science degree in Economics from DePaul University’s Driehaus College of Business.

Emily Stahr

Emily Stahr

Director

Emily Stahr serves as Director for ElmTree. In this role, Mrs. Stahr is responsible for providing property management leadership through the development and implementation of policies and management strategies. Mrs. Stahr builds and maintains relationships with third party managers, tenants, brokers, consultants, and vendors. She assists with budgeting, reconciliations, capital improvement projects, and ensures lease compliance. Prior to joining ElmTree, Mrs. Stahr spent five years as a General Manager with JLL. She was responsible for a 2.4 million square foot portfolio of industrial and office properties where she managed all aspects of the portfolio from capital improvements, budgeting, financial reporting, tenant relationships, and ensuring assets were maintained at the highest level. She was also responsible for developing and maintaining client relationships. Prior to JLL, Mrs. Stahr was a Property Manager with Hoffmann Commercial Real Estate, a privately held real estate firm in St. Louis, for two years. Before that she was an Assistant Property Manager at Cushman and Wakefield for six years.

Mrs. Stahr has a Masters in Business Administration from Saint Louis University and a Bachelor’s degree in Business Administration from Southeast Missouri State University.

CHRIS LAMPRECHT

Chris Lamprecht

Director

Chris Lamprecht is a Director for ElmTree Funds. In this role, Mr. Lamprecht assists with financial modeling, underwriting prospective acquisitions, and fund management. Mr. Lamprecht also assists with sourcing debt at the property and fund levels for the firm’s capital market initiatives. Prior to ElmTree, Mr. Lamprecht worked at Mercer, where he conducted equity manager research and advised large corporate clients on 401(K) investment structure and strategy. Mr. Lamprecht began his career as an Analyst at Cambridge Associates, where he conducted extensive financial modeling on endowment and foundation investment portfolios. Mr. Lamprecht holds a BS in Finance & Banking from the University of Missouri – Columbia and an MS in Finance from Vanderbilt University. Mr. Lamprecht is a CFA Charterholder and a CAIA Charterholder.

Andrew Truetzel

Andrew Truetzel

Director

Andrew Truetzel serves as a Director at ElmTree Funds. He is responsible for the origination, evaluation, underwriting and acquisition of net lease industrial, office and healthcare real estate investments throughout the United States, with a primary emphasis on build-to-suit transactions with investment grade tenancy. Prior to this role, Mr. Truetzel served as an Analyst where his responsibilities consisted of underwriting property investments by performing thorough credit and market analysis, assisting the Finance Department in various fund management activities, and performing net lease market research. Since joining ElmTree, Mr. Truetzel has underwritten approximately $700 million of net lease investments. Previously, Mr. Truetzel worked at Commerce Bancshares, a regional commercial bank, where he was responsible for underwriting over $600 million in commercial real estate loans. Mr. Truetzel graduated with honors from Miami University where he received his B.S. in Finance.

JACK HARRIS

Jack Harris

Vice President

Jack Harris serves as Vice President for ElmTree’s debt fund, ElmTree Unity Commercial Mortgage. Jack is responsible for loan originations and day to day operation of the debt fund. Jack has been involved in the real estate industry for over 20 years. Prior to joining ElmTree, Jack was Vice President of Underwriting at Busey Bank where he was responsible for underwriting various types of real estate loans, providing structure input and approving loans. Prior to Busey Bank, Jack was Vice President of Loan Origination and Portfolio Manager for Commerce Trust Company. At Commerce, he managed their commercial real estate collective mortgage fund. At Commerce, Jack was responsible or sourcing loans, underwriting loans and managing the day to day servicing of both loans and the overall collective mortgage fund. Before his role at Commerce, Jack was a Portfolio Manager and Underwriter at US Bank where he managed a portfolio of loans of over $400 million, underwrote and assisted in originating in excess of $800 million of new loans. Jack has a Bachelor’s Degree in Business Management with an emphasis in Real Estate from Webster University.

Stephanie Saur

Vice President

Stephanie Saur serves as Vice President at ElmTree Funds. She is responsible for the origination, evaluation, underwriting and acquisition of net lease industrial and office real estate investments throughout the United States, with a primary emphasis on build-to-suit transactions with investment grade tenancy. Ms. Saur’s responsibilities also include due diligence and closing processes within the acquisitions process. Prior to joining ElmTree Funds, Ms. Saur served as Commercial Counsel at a national commercial title company. Ms. Saur began her career clerking for the Missouri Court of Appeals, then working as a litigator in private practice. Ms. Saur received her Bachelor’s of Art in Political Science from Emory University and her J.D. cum laude from St. Louis University School of Law.

John Odum

John Odum

Vice President

John Odum is a Vice President for ElmTree Funds. As Vice President, Mr. Odum assists with all aspects of the firm’s investor relations function. Prior to joining ElmTree, Mr. Odum was Vice President of Investor Relations at BentallGreenOak, where he focused on client, consultant, and prospective investor outreach efforts for a core U.S. real estate fund. Mr. Odum holds a BBA in Marketing from St. Joseph’s College and an MS in Accounting from DePaul University.

Annie Herr

Vice President

Annie Herr is a Vice President at ElmTree Funds. As a Vice President, Ms. Herr is responsible for financial reporting and financial statement review. Her duties also include preparing and reviewing the construction draw process for build to suit properties and assisting in the external audit process. Prior to joining ElmTree Funds, Ms. Herr was a Supervisor in the audit practice at RSM US LLP. Ms. Herr holds both a Bachelor of Science in Business Administration and Master of Accounting degree from Saint Louis University. Additionally, she holds an active CPA license in Illinois.

Ikenna Nwadibia

Vice President

Ikenna Nwadibia is a Vice President for ElmTree Funds. In this role, Mr. Nwadibia assists with investor communication and outreach, capital formation, and equity research. Prior to joining ElmTree Funds, Mr. Nwadibia served as a Capital Markets Associate for Newmark (NASDAQ: NMRK). As an Associate, Mr. Nwadibia’s responsibilities included the valuation, underwriting, and marketing of office and industrial assets for both middle market and institutional property owners. Mr. Nwadibia’s prior experience includes asset underwriting while serving as an Associate with Avison Young, as well as agency brokerage and advisory services with Cushman & Wakefield (NYSE: CWK), a global commercial real estate services firm. During his career, Mr. Nwadibia has been involved in the lease or sale of over 8 million square feet of office, industrial, and medical office space with a total transaction value in excess of $1.5 billion. Mr. Nwadibia holds a Bachelor’s Degree in Political Science from Kenyon College, where he served as the Men’s Varsity Basketball team captain and was voted a D-III All-American. Upon graduation from Kenyon College, Mr. Nwadibia attended Georgetown University and received his Master’s Degree in Real Estate Finance.

CLAIRE VAUPEL

Claire Vaupel

Vice President

Claire Vaupel is a Vice President of ElmTree Funds. As Vice President, Ms. Vaupel is responsible for financial reporting and financial statement review. Her duties also include preparing and reviewing the construction draw process for build to suit properties and assisting in the external audit process. Prior to joining ElmTree Funds, Ms. Vaupel was a Senior Associate in the audit practice at PricewaterhouseCoopers. Ms. Vaupel is a graduate of Saint Louis University with a B.S. degree in Accounting. Additionally, she holds a CPA license in Missouri.

Tim Wadley

Tim Wadley

Vice President

Tim Wadley serves as Vice President of Asset Management at ElmTree. In this role, Mr. Wadley is responsible for the asset management functions for ElmTree and its separately managed accounts. Mr. Wadley manages day-to-day activity for ElmTree’s assets, including working with external partners, such as 3rd party property managers, brokers, construction managers, architects, engineers, and various vendors. He assists with budgeting, reconciliations, capital improvement projects, and ensures lease compliance. Prior to joining ElmTree, Mr. Wadley spent six years as a General Manager with JLL. He was responsible for a 3.9 million square foot portfolio of industrial assets, where he managed all aspects of the portfolio, from capital improvements to budgeting, financial reporting, tenant relationships, and ensuring assets were maintained at the highest level. He was also responsible for developing and maintaining client relationships. Prior to JLL, Mr. Wadley was a Property Manager at Intelica CRE, where he managed office, retail, and industrial properties.

AMIE RICHTER

Amie Richter

Senior Associate

Amie Richter is a Senior Associate for ElmTree Funds. Ms. Richter is responsible for construction draws for build to suit properties, financial reporting and statement preparation. She has over 10 years of accounting experience in the commercial real estate industry, which includes retail, office, industrial and multi-family properties. Previously, Ms. Richter was the Senior Accountant for Colliers International, where she was responsible for the operating accounting for a portfolio of retail, office and industrial properties. Her previous experience includes Koch Development Co. Ms. Richter graduated from the University of Missouri – St. Louis where she received her B.S. in Accounting.

HOPE WEBER

Hope Weber

Senior Associate

Hope Weber is a Senior Associate at ElmTree Funds with more than twenty years of accounting experience in both the private and public sectors. Her experience includes ten years with a real estate management company. Ms. Weber’s duties include the daily operations of general accounting and financial reporting. Ms. Weber received her MBA from Keller Graduate School of Management of DeVry University.

SCOTT ALAIMO

Scott Alaimo

Assistant Vice President

Scott Alaimo serves as an Assistant Vice President for ElmTree Funds. Mr. Alaimo is responsible for asset management functions for ElmTree’s Fund’s portfolios. Mr. Alaimo manages day-to-day activity for all of ElmTree’s assets, including working with external partners, such as 3rd party property managers, brokers, attorneys, construction managers, architects, engineers and various vendors. Prior to joining ElmTree Funds, Mr. Alaimo served as a Transaction Coordinator for Cushman & Wakefield within their Corporate Services department, where he was responsible for lease negotiation and project management of new office implementation for a Fortune 500 company. Mr. Alaimo holds a Bachelor of Science degree in Business Administration from Murray State University.

MARK CLINTON

Mark Clinton

Assistant Vice President

Mark Clinton is an Assistant Vice President at ElmTree Funds. As an Assistant Vice President, Mr. Clinton assists in underwriting and evaluating potential investment opportunities, which includes preparing financial models, performing fundamental real estate analysis, completing detailed market research, participating in the due diligence process of acquisitions and dispositions, and tenant credit underwriting. Prior to ElmTree, Mr. Clinton worked in Commercial Real Estate Underwriting at Stifel, where he assisted in underwriting nearly $1 billion of real estate portfolios. Prior to Stifel, Mr. Clinton worked at KP Development where he completed market research and due diligence on real estate development opportunities across the U.S. Mr. Clinton received a BBA from Southern Methodist University with a major in Finance and a Concentration in Real Estate.

MICHAEL BOWER

Michael Bower

Senior Associate

Michael Bower is a Senior Associate at ElmTree Funds. He is responsible for the research, evaluation, underwriting and acquisition of net lease industrial and office real estate investments. Prior to ElmTree Funds, Mr. Bower worked at Jones Lang LaSalle within their Corporate Finance and Net Lease team, where he was responsible for the underwriting and disposition of retail, industrial and office assets across the United States on behalf of institutional and private clients. Mr. Bower graduated with honors from the University of Michigan – Ann Arbor where he received a B.A. in Economics.

AUSTIN DAVIS

Austin Davis

Senior Associate

Austin Davis is a Senior Associate for ElmTree Funds. In this role, Mr. Davis assists in underwriting and evaluating potential investment opportunities. This process includes preparing financial models to value properties and forecast returns, perform fundamental real estate analysis and detailed market research, participating in the due diligence process of acquisitions and dispositions, and tenant credit underwriting. Prior to ElmTree Funds, Mr. Davis worked as an Acquisitions Analyst for StorageMart LLC where he forecasted cash flows and conducted valuations of commercial real estate across the US, Canada, and United Kingdom. During his tenure with the acquisitions team, Mr. Davis underwrote successful closings in excess of $150 million. Mr. Davis graduated Magna Cum Laude from the University of Missouri – Columbia where he received his B.S. degree in Finance & Banking.

ANDREW LUISETTI

Andrew Luisetti

Senior Associate

Andrew Luisetti serves as a Senior Associate for ElmTree Funds. As a Senior Associate, Mr. Luisetti is responsible for asset management functions for ElmTree’s Fund’s portfolios. Mr. Luisetti manages day-to-day activity for all ElmTree’s assets, including working with external partners, such as 3rd party property managers, brokers, construction managers, architects, engineers, and various vendors. Prior to joining ElmTree Funds, Mr. Luisetti worked as a Property Administrator for Cushman & Wakefield within their Asset Services department, where he was responsible for lease analysis and project management of existing and new tenants at Westport Plaza in St. Louis Missouri. Prior to joining Cushman & Wakefield, Mr. Luisetti served as a Valuations Analyst for Jones Lang LaSalle in St. Louis, Missouri, where he was responsible for underwriting and creating opinions of value for various property types across the United States. Mr. Luisetti graduated from the University of Missouri – Columbia where he received his B.S. degree with a dual emphasis in Finance and Banking and Real Estate.

Jared Doelling

Jared Doelling

Associate

Jared Doelling serves as an Associate for ElmTree Funds. Mr. Doelling is responsible for Lease Administration functions for ElmTree Funds’ portfolios. Mr. Doelling works closely with both Accounting and Asset Management departments to update and maintain critical information regarding ElmTree Funds’ assets. Prior to joining ElmTree Funds, Mr. Doelling served as a Portfolio Administration Associate Manager for Cushman & Wakefield within their Global Occupier Services sector, where he was responsible for Lease Administration and Accounts Payable functions for all locations of a Fortune 500 company. Mr. Doelling holds a Bachelor of Science degree in Business Administration from Southeast Missouri State University.

Keegan McHugh

Keegan McHugh

Associate

Keegan McHugh is an Associate for ElmTree Funds. In this role, Mr. McHugh assists with all aspects of the capital markets and portfolio management processes. Mr. McHugh also assists with sourcing debt at the property and fund levels for the firm’s capital markets initiatives.

Prior to ElmTree Funds, Mr. McHugh worked as a Credit Officer for Bank of America’s Global Wealth & Investment Management division where he was responsible for leading the end-to-end credit process for UHNW clients of the bank. During his tenure with Bank of America, Mr. McHugh underwrote successful closings in excess of $250 million and served as a member of the division’s subscription finance and derivates groups.

He began his career as a Private Bank Analyst at Stifel Bank & Trust where he conducted extensive credit analysis on UHNW clients of the bank in addition to portfolio monitoring and management responsibilities.

Mr. McHugh holds a B.S. in Economics & Finance from Southern Illinois University of Edwardsville, where he served as the NCAA Division I Men’s Soccer team captain.

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