Rosario has a background in affordable housing development and water infrastructure and security. Prior to working at SB Friedman, Rosario interned at Preservation of Affordable Housing, where she helped complete multiple 2021 Qualified Allocation Plans for Low Income Housing Tax Credit applications. She also previously worked at the United States Army Corps of Engineers, where she conducted research on novel water infrastructure, security and resilience projects. Rosario graduated from the University of Illinois at Urbana Champaign where she received both her bachelor’s and master’s degrees in Urban and Regional Planning through an accelerated program, with a minor in Latina/Latino Studies. For her master’s capstone, Rosario analyzed the disparities of affordable housing developments in Chicago's Latino neighborhoods.
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
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.
Elena has experience in economic development, real estate economics and market feasibility. Since joining SB Friedman, Elena has focused on helping clients progress their goals responsibly by conducting financial feasibility and pre-development planning for large-scale infrastructure projects, identifying housing needs and strategies to address those unmet needs, and conducting financial due diligence to determine the appropriate level and structure of public financial assistance. At SB Friedman, she has conducted financial feasibility analyses, supported the designation of a Transit TIF, and prepared a feasibility study for the Transit TIF revenues for the CTA Red Line Extension. Elena has also worked on several housing related projects, including local and regional housing assessments and funding application support for Chicago-based affordable housing clients. She has evaluated the market potential for all major land uses including as part of a major TOD planning effort in Charleston, South Carolina. Prior to joining SB Friedman, Elena worked at AECOM in New York City and interned at the City of Chicago Department of Planning and Development. She graduated from Barnard College at Columbia University with a Bachelor of Arts in Urban Studies and from the Jewish Theological Seminary with a Bachelor of Arts in Ethics. Elena is a member of Women in Planning & Development and participated in Bonfire, a talent accelerator program for women in the Summer of 2021. She is also a member of the Tutoring Chicago Associate Board.
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 sties, 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.
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.
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 the Urban Land Institute and Landmarks Illinois' Skyline Council.
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
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
Danielle has a background in urban planning and public health with a focus on the intersection between community development practice and the social determinants of health. Prior to joining SB Friedman, she worked in affordable housing policy advocacy and provided technical assistance on the design and implementation of equitable housing solutions to communities across the country while at Enterprise Community Partners. 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.
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.
Isaiah specializes in community development finance – particularly in structuring and closing deals, and providing ongoing asset management for our New Markets Tax Credit (NMTC) practice. He leads the portfolio management of SB Friedman’s Community Development Entity clients and provides key services during the NMTC financial closing process. Isaiah has worked with numerous community-focused organizations on successful real estate and working capital projects across a diverse geography. Prior to joining SB Friedman, Isaiah focused on the analysis and lifecycle management of various derivative and fixed-income products while working as an investment analyst. 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 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.
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.
312.384.2423 | email
Joe has experience in qualitative and quantitative research, land use regulation, and public policy. Prior to joining SB Friedman, he worked in Waukesha County’s (WI) Planning and Zoning Division, where he administered the County’s Zoning Ordinance and Shoreland and Floodland Protection Ordinance, as well as consulted local communities on long-range planning processes. He also previously worked for the Wisconsin Policy Forum where he published research on public investment in local sustainability and environmental protection programs. Joe 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. He is certified by the Institute for Sustainable Infrastructure as an Envision Sustainability Professional.
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.
Samantha brings expertise in real estate market analysis and land use economics. Prior to joining SB Friedman, Sam was a senior associate at Strategic Economics, an urban economics consulting firm in Berkeley, CA. In that role, she specialized in market, feasibility and housing affordability analyses with a focus on urban infill contexts. She led various analyses for the City of San José, including an affordable housing plan for Diridon Station and a citywide “Missing Middle” feasibility analysis, and worked with transit agencies, such as Bay Area Rapid Transit, in implementing joint development policies. She has also contributed to transit-oriented development strategies in St. Louis, Charlotte, and Fort Lauderdale. Sam has a Master of Science in Community and Regional Planning from the University of Texas at Austin, where she analyzed density bonus policies to incentivize family-sized units in Austin’s residential neighborhoods. She also holds a Bachelor of Arts in History from University of Wisconsin-Madison.
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
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
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.
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.
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.
Kathleen brings a background in economic analysis, qualitative research and journalism to the NMTC practice. Her role at the firm includes assessing community benefits to create impact-focused narratives for NMTC applications and deals. Prior to joining SB Friedman, Kathleen worked directly with underserved communities as an AmeriCorps member at College Bound, a non-profit college access organization. She also previously interned with the United States Global Change Research Project and the Interagency Arctic Research Policy Committee, where she synthesized complex policy and research into compelling reports. 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. For her senior thesis in Economics, Kathleen analyzed the effect of bicycle infrastructure on median home values in American cities.