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Our Team
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
Tony is a specialist in 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. Tony has participated in the origination of over $1.7 billion of public-private financing (including tax credit, TIF, revenue bond, and gap financing loan transactions) in support of over $4.5 billion of project investment. Of this activity, about 86% took place in low-income and disinvested communities as part of economic revitalization efforts. Tony has extensive NMTC-related experience, including the preparation of multiple successful NMTC allocation applications, securing $899 million of allocation and structuring/closing over $1.2 billion in NMTC transactions. Tony is a Series-50 Qualified Municipal Advisor Representative. He holds both Master's and Bachelor of Arts degrees from the University of Pennsylvania. He is a member of the American Planning Association, Urban Land Institute, Lambda Alpha International-Ely Chapter, and the Council of Development Finance Agencies (for which he also serves as national TIF curriculum advisor and instructor and lead editor of CDFA’s 2009 Advanced TIF Guide).
312.424.4254 | email
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 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
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 B.A. 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 serves on the boards of the Illinois Tax Increment Association, Lambda Alpha International-Ely Chapter, and the Presence Health Community Leadership Board for West Town.
312.384.2404 | email
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 degree from the University of Illinois at Chicago and a Bachelor of Arts degree 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
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
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 Midwest. 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
Grace serves as Marketing Director of SB Friedman. She has over 13 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
Caitlin has a background in community and economic development, public-private development finance, and urban planning. She specializes in market analysis and redevelopment strategy as well as special district eligibility studies/designation. Her experience at SB Friedman includes conducting market analyses for the Chicago Metropolitan Agency for Planning, the City of Yankton, South Dakota, and Sarpy County, Nebraska; and TIF/Business District designations and reporting for the Cities of Chicago and Milwaukee, and numerous municipalities in Illinois. She also provided market-driven insight and analysis to the Village of Schaumburg to help create an implementable land use plan for the Motorola Campus. Prior to joining SB Friedman, Caitlin worked for the Downtown Boston Business Improvement District as a policy and planning researcher, where she conducted market and financial analysis to determine feasible financing models for their public realm improvements. 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.
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.
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.
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 Masters in 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.
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.
Ryan’s background is in urban planning, community and economic development, housing, and policy analysis. His experience includes housing market research, policy analysis, plan implementation, land use, and physical planning. Prior to joining SB Friedman, Ryan was the Research and Policy Analyst at the Institute for Housing Studies [IHS] at DePaul University. In this capacity, he analyzed housing market indicators maintained at IHS to advise community development organizations on policy and program development that addressed challenges in Chicago’s neighborhoods. Ryan holds a Master of Urban Planning and Policy from the University of Illinois at Chicago with a focus in economic development and a Bachelor of Urban Planning from the University of Cincinnati. He is a member of the American Planning Association.
Rob has a background in forming strategic public-private partnerships, managing nonprofit and community-based organization capacity-building programs, and running community and economic development initiatives. Prior to joining SB Friedman, Rob worked for the Local Initiatives Support Corporation’s New York City office where he managed the compliance and reimbursement of about $2.5 million in funding for nonprofit and community-based programs. In this same role, Rob also worked closely with a variety of New York City agencies to secure New Markets Tax Credit financing and the NYC Industrial Development Fund capital for projects focused on economic development and investment in the City’s low-income communities. Rob holds a Master of Public Administration with a focus on Urban Development and Sustainability from Baruch College, and a Bachelor of Science in Political Science and Legal Studies from the University of Wisconsin-Madison.
Elena has experience in economic development, real estate economics and market feasibility. 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 and created a database to track the success of this program. 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.
Bailey brings a background in finance and investment operations to the New Markets Tax Credit practice. Prior to joining SB Friedman, Bailey’s experience included portfolio analysis, portfolio accounting, financial reporting, and lifecycle management of various fixed income, equity and derivative products. Her previous roles include the project planning and implementation of a new investment operations team at Guggenheim Partners, investment operations and hedge fund services at Northern Trust, and investment operations and data analytics at Nuveen Investments. Bailey holds a Bachelor of Arts degree in Political Science from the City University of New York – Hunter College and a Master of Business Administration from DePaul University with concentrations in Finance and Management.
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.
Elizabeth has a background in community and economic development, development finance, and urban planning. Since joining SB Friedman, her work has included evaluating the financial feasibility of mixed-use projects throughout the Midwest, as well as creating an in-house database with detailed underwriting metrics for development projects. Elizabeth was previously a Portfolio Management Associate at the Chicago Community Loan Fund, where she supported the management of a $45+ million loan portfolio and oversaw the compliance and social impact reporting of for-profit and not-for-profit clients. She is currently completing her Master of Urban Planning and Policy degree, as well as a Geospatial Analysis and Visualization Certificate, at the University of Illinois at Chicago, and holds a Bachelor of Arts in Political Science and Sociology from Pacific Lutheran 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.
Estefany has a background in economic development and housing policy research. At SB Friedman, her work has included preparation of revenue projections to analyze the feasibility of various local funding mechanisms to support a Metra train line’s service improvements, and developing policy recommendations to preserve affordability in areas adjacent to Chicago Transit Authority (CTA) stations for Elevated Chicago. Prior to joining the firm, Estefany contributed to an economic growth strategy for an Opportunity Corridor in Cleveland, Ohio within her role at RW Ventures. In that capacity, she analyzed public data products and created visualizations to communicate key demographic, housing and occupational trends. Estefany holds a Master of City and Regional Planning degree from the University of North Carolina at Chapel Hill and a B.A. in Environmental Sciences and Policy from Duke University. She serves as the Treasurer of Women in Planning and Development in Chicago.
Pasan’s background is in land use planning, real estate development, policy analysis, and community and economic development. Prior to joining SB Friedman, Pasan was a Development Associate with the Development Finance Initiative, where he worked on projects such as business improvement district implementation in Greenville, North Carolina and establishing a public-private partnership for a hotel development in Bermuda Run, North Carolina. He brings experience in conducting parcel and market analyses, data visualization and community engagement. Pasan holds a Master of City and Regional Planning degree, as well as Bachelor of Arts degrees in Chemistry and Public Policy, from the University of North Carolina at Chapel Hill. He is a member of the American Planning Association.