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Our Team
Ranadip has deep expertise in real estate market analysis, financial analysis, economic and fiscal impact studies, and urban economic development strategy. He excels in tackling various urban economic issues and delivering research-based implementation strategies to clients. He has led a consulting effort to foster economic development in the manufacturing sector under the Chicago Sustainable Industries initiative, and evaluated the effectiveness of various value capture mechanisms for transit improvements for the Chicago Metropolitan Agency for Planning. Other experience includes a market analysis and implementation of the lakefront area in downtown Cleveland, redevelopment strategies in connection with the Michael Reese Hospital site in Chicago, and a sector-based market analysis and master planning process for the Milwaukee 30th Street Industrial Corridor. Ranadip is a Series-50 Qualified Municipal Advisor Representative. He 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 the American Planning Association, Lambda Alpha International-Ely Chapter, and Urban Land Institute, where he serves on the Public-Private Partnership Product Council.
312.384.2407 | email
Edgar brings experience in financial planning and analysis, residential and commercial real estate research, and investment operations to his role in asset management within SB Friedman’s New Markets Tax Credit practice. Prior to joining SB Friedman, Edgar worked for a global asset management firm where he focused on managing portfolio cash levels, transitioning new accounts, global operations, and client special reporting. He has experience in benchmarking profitability, performing property appraisals, and conducting real estate market research at previous firms. Edgar graduated from the University of Southern California where he obtained a Bachelor of Arts in Human Biology and two minors in Business Finance and Entrepreneurship. During his time at school, Edgar was an active member of the Trojan Real Estate Association.
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.
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.
Irene has a background in asset management, urban policy analysis and economic development. At SB Friedman, she develops financial and community impact analyses to support the New Markets Tax Credit (NMTC) practice. Her work is informed by her previous experience in finance and policy: creating an investment prospectus and economic impact analysis for Opportunity Zone investment in the Illinois Medical District; evaluating housing policies and programs at the University of Chicago Urban Labs; and providing investment, credit and banking services at J.P. Morgan. Irene holds a Master of Public Policy with certificates in Finance & Policy and Municipal Finance from the Harris School at the University of Chicago and a Bachelor of Arts in Politics with honors from Princeton University. She is a Co-Chair of the Deborah’s Place Young Professional Board and member of the Urban Land Institute and Women in Planning and Development.
Elena has experience in economic development, real estate economics and market feasibility. At SB Friedman, she has evaluated the market potential for all major land uses including as part of major TOD planning efforts in Charleston, South Carolina and Rochester, Minnesota, completed TIF projections to assess projects’ need for public assistance, completed financial projections related to the use of TIF to help assess proposed developments, supported Chicago-based affordable housing clients prepare TIF and other funding applications, and conducted financial feasibility analyses for various projects, including the CTA Red Line Extension. Prior to joining SB Friedman, Elena worked at AECOM in New York City where her team focused on brownfield redevelopment projects nationwide. She also previously interned at the City of Chicago Department of Planning and Development where she assisted in the execution of the Neighborhood Opportunity Fund. Elena graduated from Barnard College at Columbia University with a Bachelor of Arts magna cum laude in Urban Studies and from the Jewish Theological Seminary with a Bachelor of Arts summa cum laude in Ethics. For her senior thesis in Urban Studies, Elena completed an analysis of the economic impact of Chicago’s two major league ballparks on their surrounding neighborhoods.
Geoff is a real estate and economic development advisor with expertise in public-private finance partnerships, special taxing district (TIF, business district/special service area) establishment, market and financial feasibility, development strategy, and project implementation advisory services. While at SB Friedman, Geoff has assisted Presence Health in securing TIF and New Markets Tax Credit funding to help pay for the relocation of its affiliate, Resurrection University, from Oak Park to Chicago. He has also led numerous projects throughout the country, including a market analysis and development strategy related to the proposed US 19 Corridor roadway improvements in Pinellas County, Florida, redevelopment planning and the formation of public-private partnerships for the City of Joliet, Illinois, and a redevelopment plan and implementation strategy for the Playland Park site in Council Bluffs, Iowa. 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-Ely Chapter, and serves on the board of the Illinois Tax Increment Association.
312.384.2404 | email
Alejandro’s background is in urban planning, government administration and ecological sustainability. At SB Friedman, Alejandro provides geospatial analysis and data visualization for projects in addition to other key research and analysis. Prior to joining the firm, Alejandro worked at the Forest Preserve District of Cook County, supporting ecological restoration efforts as an administrator with the Department of Resource Management. He also worked as a GIS Researcher at the Metropolitan Planning Council, where he focused on effective governance, water resources and Equitable Transit-Oriented Development, as well as a modernization plan for the Calumet Planned Manufacturing District on behalf of community groups in Chicago’s 10th Ward. Alejandro holds a Bachelor’s degree in Urban and Regional Planning from the University of Illinois at Urbana-Champaign, with concentrations in Ecological Sustainability and World Cities.
Lance has a background in both commercial and residential real estate. At SB Friedman, Lance performs market research, data analysis and geospatial analysis for a variety of projects. Prior to joining the firm, Lance worked as a Deal Desk Coordinator at Compass, where he assisted with structuring economic deals and contracts for agents being onboarded. Additionally, he was an intern at REATA Real Estate in San Antonio, Texas, where he shadowed a team of commercial brokers and supported senior members in evaluating potential investment opportunities across various property types and markets. Lance graduated from the University of Wisconsin – Madison with a Bachelor of Business Administration in Real Estate & Urban Land Economics and International Business.
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 member of the Urban Land Institute and is active in the Chicago Central Area Committee.
312.424.4255 | email
Maggie has experience in marketing, communications and non-profit development, and a background in civic engagement advocacy and research. Prior to joining SB Friedman as a Marketing Coordinator, she worked at the Institute for Policy and Civic Engagement at the University of Illinois at Chicago, where she managed Institute communications, planned events for campus and community members, and assisted on research projects. She also previously worked with The Wabash Lights, a non-profit public art and STEAM organization, and interned with the Frank Lloyd Wright Trust and the Bloomington Economic and Sustainable Development Department. Maggie graduated from Indiana University Bloomington with a Bachelor of Arts in International Studies and a certificate in Political and Civic Engagement. For her senior thesis in International Studies, Maggie analyzed Copenhagen urban planners’ response to a shift in population demographics through the design and creation of a public park in the Nørrebro neighborhood.
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.
Steve brings more than 40 years of experience in real estate and development advisory services. He leads SB Friedman in providing a broad range of services from visioning and feasibility analysis to financing, strategy and implementation. Steve works closely with public, private and institutional clients to formulate innovative public-private partnerships and development strategies, and advises on the use of financing tools for a wide range of projects. Steve has also been recognized as a thought leader and active participant in civic, professional and educational organizations. He is a Counselor of Real Estate, a member of the College of Fellows of the American Institute of Certified Planners, and a member of the Urban Land Institute (ULI), where he has served in District Council and national leadership positions. He recently served as primary editor of the ULI publication “Successful Public Private Partnerships: From Principles to Practices,” and authored sections along with other Council members. Steve is a director of The Civic Federation and of Family Focus, and is on the University of Illinois at Chicago College of Urban Planning and Public Affairs Board of Visitors. In 2013, he received the James Felt Creative Counseling Award of the Counselors of Real Estate for his development advisory role on The Shops and Residences of Uptown Park Ridge project. Steve is a Series-50 Qualified Municipal Advisor Representative. He holds a Master of Science in Urban and Regional Planning from the University of Wisconsin at Madison, and a Bachelor of Arts from Goddard College in Vermont.
312.424.4260 | email
Andrew has experience in qualitative and quantitative research, urban planning, and community engagement. Prior to joining SB Friedman as an Associate, he worked at the Center for Sustainable Development at the University of Texas at Austin, where he contributed to affordable housing plans and environmental suitability analyses for new development. He also previously worked at the Texas A&M Transportation Institute, publishing research on the public health implications of transportation planning, urban planning and urban development patterns. Andrew graduated from Texas A&M University with a Bachelor of Science in Urban and Regional planning and earned a Master of Science in Community and Regional Planning from the University of Texas at Austin.
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.
312.424.4258 | email
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.
Terry brings a background in real estate development, housing and transit planning to his role as Associate. His experience at SB Friedman includes analyzing the financial feasibility of a Red Line extension for the Chicago Transit Authority and conducting analyses to assess developer requests for public financial assistance. Prior to SB Friedman, Terry worked at U3 Advisors, a real estate and economic development consulting firm, where he assisted in the evaluation and re-design of a university’s employer-sponsored housing assistance program and the financial feasibility analysis for a $150M mixed-use development in the Mid-Atlantic region. He also provided support for several multimodal transit initiatives as a long-range planning intern at the Southeastern Pennsylvania Transportation Authority (SEPTA). Terry holds a Master of City Planning degree from the University of Pennsylvania with a concentration in Public-Private Development, and a Bachelor of Arts in Sociology with minor in Statistics from the University of Chicago. While at Penn, Terry helped to lead a studio tasked with the mixed-finance and mixed-income redevelopment of a 75-acre public housing project in San Juan, Puerto Rico. He is a member of the Urban Land Institute.
Will’s background is in community development, urban planning and housing, where he has focused on policy analysis, applied research and data visualization. At SB Friedman, Will provides research and analysis for projects with an emphasis on geospatial analysis and data visualization. Prior to SB Friedman, Will worked with the Institute for Housing Studies at DePaul University where he utilized the Institute’s database of regional property records to provide research and technical assistance to community organizations, agencies and governments working on housing and community development initiatives. Will has been a researcher with Place Lab at the University of Chicago, the Illinois Housing Development Authority, and North Branch Works. He holds a Bachelor of Arts in Sociology from the University of British Columbia and a Master of Urban Planning and Policy degree from the University of Illinois at Chicago, where he focused on economic development and geospatial analysis.
Isaiah brings a background in finance, investment operations and economic research to his position in asset management within our New Markets Tax Credit practice. Prior to joining SB Friedman, Isaiah specialized in the analysis and lifecycle management of various derivative and fixed-income investment products. He has experience creating detailed reports on financial activity, writing economic commentary, and servicing loan portfolios for trading desks at previous firms. Isaiah graduated with Honors and Highest Distinction from Indiana University-Indianapolis. He holds a Bachelor of Arts in Economics and a minor in Africana Studies. As a part of the university’s Olaniyan Scholars Program, he completed undergraduate research on barriers to entry for minority entrepreneurs in the state of Indiana – with a focus on professional service, retail and construction firms.
312.384.2415 | email
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.
312.384.2403 | email
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, Urban Land Institute and the Illinois Housing Council.
312.424.4268 |email
Grace is the Marketing Director of SB Friedman. She has over 15 years of experience in marketing and communications for both professional service firms and not-for-profits. Grace 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.
312.384.2423 | email
Michael has experience in economic impact analysis, transportation policy and planning, and economic development. He has conducted feasibility studies on large-scale transportation projects in Pittsburgh, Pennsylvania, and created platforms to analyze various Pittsburgh economic development indicators such as entrepreneurship and energy efficiency. Prior to joining SB Friedman, Michael worked at the American Postal Workers Union in Washington, DC, where he performed cost analyses on their vast transportation and logistics network. He also worked as an intern at the Pittsburgh Department of City Planning where he spearheaded a bicycle/pedestrian data collection and analysis program in support of data-driven, long-range infrastructure planning. Michael holds a Master of Science in Public Policy and Management from Carnegie Mellon University and a Bachelor of Arts in Economics from the University of Michigan. He is a member of the Urban Land Institute.
As Senior Vice President, Fran offers customized development advice grounded in her understanding of real estate markets and extensive experience in guiding clients to reach their development and community goals. Her ability to analyze various market scenarios and recommend strategic redevelopment options that work for both the public and private sectors has been key to informing numerous policy and development decisions. She is also skilled in evaluating the financial feasibility of development projects and has underwritten over $1.6 billion in public assistance for a broad range of projects. Fran’s work includes creating a downtown revitalization strategy in Midland, Michigan for the Michigan Baseball Foundation, providing market analyses and development strategies for the Cleveland lakefront and Cleveland Hopkins International Airport, and leading financial deal reviews to determine the need for public assistance for various clients, including the Economic Development Corporation of Kansas City (MO) and the Redevelopment Authority of the City of Milwaukee. She has led the designation of a new type of Tax Increment Financing (TIF) district to generate revenue for $2.1 billion of transit improvements for the Chicago Transit Authority. Fran is a Series-50 Qualified Municipal Advisor Representative. She holds a Master of Urban Planning and Policy from the University of Illinois at Chicago and a Bachelor of Arts in Public Policy from the University of Chicago. Fran is a member of the American Planning Association, Council of Development Finance Agencies, The Goldie Initiative, Illinois Housing Council and Lambda Alpha International-Ely Chapter, and is active in the Illinois Tax Increment Association.
312.424.4253 | email
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.
Michael has a background in affordable housing, economic development and land use planning. His work at SB Friedman includes conducting market analyses to support site redevelopment and TIF district designations. Prior to joining the firm, Michael worked in the Los Angeles Housing + Community Investment Department, where he focused on evaluating publicly-owned sites for the purpose of developing affordable housing. He holds a Bachelor of Arts in History and Economics from Northwestern University and a Master of Urban and Regional Planning with a concentration in community economic development from UCLA. For his Master’s thesis, Michael evaluated public financing strategies to support green business improvements in industrial districts.
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.
312.424.4254 | email
Lille has a background in urban planning and community and economic development. At SB Friedman, she compiles data from various sources and uses a variety of platforms to conduct market and demographic analyses. She has contributed to federal infrastructure grant applications, fiscal & economic impact assessments, comprehensive plans, and market studies. Prior to SB Friedman, she worked as an independent subcontractor for LandUse USA | Urban Strategies, a real estate consulting firm, compiling databases that captured current residential market conditions for further analysis. She was also a Global Cities intern at the Chicago Council on Global Affairs, producing briefs and articles on global trends and best practices in urban development and governance. In addition, she brings on-the-ground experience in neighborhood-scale economic development from interning at the North River Commission, a community development corporation in the Albany Park neighborhood in Chicago. She graduated magna cum laude from Bryn Mawr College with a Bachelors of Arts in Growth and Structure of Cities with a minor in Political Science. For her senior thesis, she analyzed redevelopment plans along the Chicago River from 1985-2019.