About Us
Net Lease Capital is a leading investment and advisory firm in the single tenant net lease arena. The majority of our team has been with the firm for over 10 years.
Net Lease Capital is a leading investment and advisory firm in the single tenant net lease arena. The majority of our team has been with the firm for over 10 years.
My interaction and business relationship with Net Lease Capital has been extremely positive. In addition to the professionalism and quality service offered by the firm, the people are outstanding and are a pleasure to work with at all levels. They are smart, honest and responsive, whether structuring complex issues or solving problems.
Richard Berlinghof, President
Target Rock Partners
Karen works in operations with involvement in financial reporting, investor relations, and asset management. She maintains books and records for all assets owned or managed by Net Lease Capital.
Karen brings twenty years of business finance experience. Raised in Japan, she came to the United States during high school and went on to study operations management at California State Polytechnic University. After graduating, she combined her bilingual and financial skills, in various positions at firms including TRW, Alpine Electronics and Toyota Corporation. Mid-career, she redirected her energy toward philanthropy as a youth minister to high school and college students. She later returned to business, joining AirPro Environmental Solutions, for which she served as Director of Finance.
Karen is a wife of 19 years and a mother of three. She is active as a school room parent, teaching Japanese, and coaching soccer along with her husband.
In 1996, Doug, and Partner, Bruce S. MacDonald, founded Net Lease Capital Advisors, developing tax-strategic applications for net lease products. Doug is the chief architect of the firm’s proprietary strategies. Today, Doug structures the firm’s acquisitions, financings and sales.
Doug attended Purdue University, graduating summa cum laude in Engineering in three years. Declining admission to the Harvard Business School, he pursued a passion to work in the ministry. Upon his return to business and finance, he focused on the acquisition and financing of apartment complexes in the Northeast. In 1994, he joined NAI James E. Hanson, Inc., a New York area real estate development firm, where he acquired sale-leaseback portfolios using innovative financing based on the tenants’ credit, in addition to traditional real estate financing.
Doug is the father of four adult daughters and enjoys whisking away family and friends on excursions to wild frontiers, most recently Madagascar and Iceland.
Jim is responsible for all the financial affairs of the company and its affiliates. Jim supervises the accounting staff, works with auditors to prepare tax returns and ensure compliance, and provides regular reports to lenders, investors and management.
Jim’s career began at Bell Laboratories in North Andover, MA where he worked as a Member of Technical Staff. In 1984, Jim left Bell Labs to enter the ministry, and he and his family served as missionaries in Mumbai, India and London, England from 1986-1993. Eventually, Jim took on an administrative role, ultimately serving as Chairman of the Board for a large international missions organization. Jim joined Net Lease Capital in 2005.
Jim attended Washington University in St. Louis, where he received his Bachelor’s Degree in Mechanical Engineering Summa Cum Laude in 1981. After graduation, Jim moved to Boston where he attended the Massachusetts Institute of Technology as a Bell Laboratories Fellow, and graduated with his Master’s Degree in 1982.
Jim and his wife, Donna have been married for 35 years and have two sons and one grandson. Their younger son is autistic, and they volunteer with several organizations that provide supports to individuals with disabilities. They are both still involved in missions, and Jim serves as the Treasurer for two missions organizations based in the Boston area.
Jim has been with the firm for 12 years, and is focused on 1031 applications for net lease properties. He helps clients to evaluate net lease assets for tax and investment purposes. A student of this market, Jim advises buyers, sellers and brokers on the net lease asset class, particularly in the zero-cash-flow sector.
Jim has been married for 17 years and has three sons. He is active in the community coaching baseball and basketball for his sons’ teams. Jim also enjoys camping and fishing with his family, as well as a good round of golf.
Chris publicizes Net Lease Capital’s strategic capabilities to familiar and unfamiliar audiences. He creates ads, print material, social media and additional material for branding and presentations. Chris also works to generate speaking engagements for his colleagues and other promotional opportunities for the firm.
Chris came to Net Lease Capital in 1996 out of institutional banking at Mellon, where he served as the Global Custody Department’s liaison to other departments of the bank. There, he published a number of highly visible reports and manuals and served as the chief explainer of regulations for holding equity and currency accounts in 50-odd countries. Previously, Chris worked at New England Medical Center as the Administrative Assistant to the Chairman of its Orthopedics Department.
Outside the office, Chris facilitates workshops in nonviolent conflict resolution for the Alternatives to Violence Project, which works in conflict areas around the world from Rwanda to Indonesia. He also competes in the sport of ultimate frisbee, at the local and national levels. Chris graduated with a B.A. from Harvard University.
In his 19 years with the firm, Carl has become an authority on the net lease market and on strategic tax applications of net lease property and credit tenant finance. He provides strategic ideas to tax sensitive clients considering property sales, and also helps manage the firm’s own net lease portfolio. He has spoken to audiences including the AICPA, the Net Lease Summit and numerous legal and accounting continuing education seminars about strategies to enhance the after-tax outcomes of property transactions. Carl has developed and refined economic models forecasting the outcomes of transactions with different strategic treatments.
Before coming to Net Lease Capital, Carl played professional soccer, and was named by Sports Illustrated as number 28 on the list of Athletes of the Millennium from Vermont. He then coached soccer at Tufts University and worked in the Christian ministry prior to entering the business world, where he pursued marketing in the sports media and health care fields.
Carl is a widower and the father of three young adults. He is active as an Elder in his church. Carl holds a B.S. in education from the University of Vermont.
The talented Mr. Christensen has been a part of Net Lease Capital in a full time capacity since 2013. After assisting the firm as a Data Entry Technician throughout his high school years, Sam has returned in his adult life to fill various support roles in asset management, debt underwriting, and financial analytics.
Sam attended The University of New Hampshire where he studied Community Service and Leadership, and Business Administration, specializing in 501(c)(3) operation. He is continuing his education to earn CCIM accreditation.
A collector of traditional Nordic artifacts, Sam enjoys building his own “Viking” shields. He has studied eastern and western martial arts, enjoying Medieval armored combat and Tai Chi. Also a wilderness survival enthusiast, Sam is also working towards a Scout designation through the Tom Brown Junior Tracker School.
Pat joined Net Lease Capital in 2014 as a member of the Acquisitions Group. His role encompasses conducting financial analysis, researching, underwriting and sourcing of new investment opportunities.
Pat has over five years of analyst experience. He began in the U.S. Air Force, working as an intelligence analyst on an MQ-1 Predator crew with top-secret clearance. Pat supported over 500 special operations missions in Iraq and Afghanistan totaling 3000 hours of combat intelligence support. Some of those missions included hostage rescues, combat raids, troops in contact and kinetic engagements. He was promoted to Intelligence Instructor where he trained and led new analysts. During his service, Pat was awarded the Air Force Good Conduct Medal, Meritorious Unit Award, and Volunteer Service Member of the Year Award.
Pat majored in Real Estate at American Military University. He is a husband of 1 year. Along with his wife, he leads youth groups at their local church. Pat is also a staff member for the Christian Outdoor Leadership School which takes kids ages 11-18 on wilderness adventures in locations from the White Mountains of New Hampshire to the Colorado Rockies.
Bill cultivates the national network of Net Lease Capital’s strategic business relationships, often attending conferences and professional association meetings. He has been with Net Lease Capital since 2002. He serves on the Board of the Real Estate Finance Association of Boston, where he co-Chairs the Education Committee. He also sits on the Planning Committee of the “ICSC Idea Exchange” in Boston, and consults with the AICPA on their National Real Estate conference.
Bill is a graduate of the Catholic University Washington D.C., where he majored in architecture. Though he retains an interest in design, his career has primarily been in the world of operations and business development. He worked as a Junior Fund Accountant for Putnam Investors, later transitioning to the Deloitte and Touche Consulting Group, and eventually becoming Controller of that international consulting firm’s 100 person Boston operations.
Bill’s enjoys playing golf, travel (most recently to England and Scotland with his family.) A life long learner, he reads routinely on business and personal interests. The father of two teenage girls, he has been married for 24 years.
Andra has been with the firm since 2006. She has been involved on the operational side of Net Lease Capital, in the sourcing of property for acquisitions, in business development and document management. Her primary areas of current focus are sourcing NNN deals, developing new business relationships, property management and document management.
She spent her first seventeen professional years in the medical field working as a Radiologic Technologist in hospitals across the country. Living in 10 states and moving 28 times has given her an appreciation for stability. She transitioned to real estate property management in 1994, working for Property One and then for FMB Properties, before coming to Net Lease Capital in 1996.
The mother of two grown children (Jenna, a senior in college, and Jarin, a freelance videographer) Andra volunteers at the local rescue mission which serves dinner to the homeless, and helps in the administration of COLS, a non-profit outdoor leadership school for teens. Andra enjoys renovating homes, time with her children, and domestic and international travel.
Douglas serves as a Managing Director of Net Lease Capital Energy. In this role, he co-leads the Energy Group’s efforts to identify, produce and sell renewable natural gas derived from organic waste.
Douglas has extensive energy experience, working with firms focused on clean energy, environmental commodities, regulatory environments and project finance. Prior to joining Net Lease Capital in 2015, he worked for Alutiiq, an Anchorage based, Alaska Native Corporation, and for IAP Worldwide Services, a Military Contractor, and owned a consulting services firm providing a holistic approach to energy and environmental impacts analysis. He has worked extensively in real estate and energy markets, both physical and financial, including citing, congestion, land control, pricing, regulatory, environmental and political impact assessment.
Examples of past ventures include his 2012 work with the Kingdom of Saudi Arabia’s Center of Atomic and Renewable Energy, for whom Douglas researched and wrote a proposal chosen to help Saudi Arabia reduce domestic oil consumption through the acceleration of a domestic renewable energy market. The plan included a center of excellence, solar farms, desalinization plants, waste water and integrated micro grid technologies. In 2013, Douglas helped the government of Brazil, working with CAXIA Bank, to develop three levels of high efficiency low income housing in the City of Manaus. The project included roads, energy and waste treatment, and served over 10,000 families. In 2008, in Cote d’Ivoire, Douglas worked with the Office of the Prime Minister, the ex Prime Minister of Niger, and the Mayor of San Pedro , on a slum revitalization project which was a public-to-private partnership addressing the needs of over 500,000 persons in need of clean water and reliable energy.
Douglas is a graduate of the University of Mississippi. Married for 17 years, he has three children. Coaching kids’ soccer and lacrosse, he runs an occasional triathlon himself, and “enjoys a salt life,” including fishing, swimming and sailing.
Nick is an analyst in the Acquisitions Group, providing spreadsheet and research support for underwriting.
Prior to coming to Net Lease Capital, Nick worked as a technician at DSCI Corporation, which provides hosted communications, 24/7-managed IT, and connectivity services for 1500 regional firms. He programmed phones and conference systems for client companies, virtually connecting users to their phones using IP addresses, and helping to install phone and office network systems.
Nick went to Manchester Community College, focusing on business and marketing. When he’s out of the office, he gets way out of the office, regularly heading to the woods to build survival huts and practice target shooting . Nick has restored two trucks for off-roading. “I love anything with wheels and an engine.”
Rick came to Net Lease Capital in 2005. His role encompasses the sourcing, structuring and underwriting of new investment opportunities, as well as oversight of financial reporting on properties in Net Lease Capital’s joint venture portfolio.
Rick has over 25 years of real estate experience, centering in the institutional real estate investment world. He began in the appraisal field, attaining his MAI appraisal designation in 1992, after which he consulted as a valuation underwriter for leading Boston financial firms. In 1994, he joined Copley Real Estate Advisors, now AEW Capital Management, where he led a team in the modernization of the firm’s portfolio valuation process, and ascended to the role of Vice President, responsible for underwriting many of the firm’s pension fund transactions. At AEW, Rick was awarded several core value awards and the prestigious Eastman Award, given annually to an employee showing exceptional character and contribution.
Rick majored in math at Ohio State University. He is a husband of 22 years and the father of two college kids and a middle-schooler. His family has hosted a multitude of foreign exchange and foster kids over the years. Rick also heads up Manchester, NH’s “Food for Children,” a nonprofit which distributes provisions to the economically disadvantaged.
Thor Jacobs is part of the Advisory Group, which specializes in tax and 1031 strategies for real estate investors. He is also the NLCA lead with the Dunamis Sports Group, which strives to be the premier provider of indoor track and field events, nationwide.
A Cincinnati native, Thor started his career in I/T, selling computer hardware for NCR Corporation. He moved into I/T professional services with Convergys, where he served in a variety of business development roles, including as International Marketing Manager for Latin America. In addition to extensive travel to Latin America and Europe, Thor has lived in Iraq, the United Arab Emirates and Lebanon.
He received his BSBA from the Ohio State University in Economics and an MBA from the Linder School at the University of Cincinnati. He later earned an MA from The American University of Beirut in International Relations; his thesis, The Curse of Oil explores the deleterious effects that petroleum extraction has had on the Arab states’ economic, social and political development.
Betrothed to Ingrid since 2004, Thor has a son, Shareef, and daughter, Alessandra, both active in school and sport. Thor enjoys hiking and playing tennis with his children as well as golf and bowling. His spare time is spent working as a board member for the non-profit, The CYSTEM, which helps inner city boys develop life skills through the vehicle of sports.
Toby joined Net Lease Capital in 2014 and works as a member of the legal team. His responsibilities include assisting with the firm’s due diligence and with acquisitions, closings and financings. He also helps manage the firm’s real estate portfolio, including drafting and negotiating documents and management agreements.
With a B.A. in Political Science at Boston College, Toby went on to get his law degree there as well, and became a member of the Massachusetts Bar in 2012. Before joining Net Lease Capital, he worked as an associate for a small law firm in the Boston area.
Toby has been married to his high school sweetheart Bridget since 2007. They have two young daughters. Toby spends the bulk of his free time with his family, and he and Bridget also volunteer with their church’s children’s ministry. In quieter moments, Toby is an avid sports fan and also enjoys hiking and reading.
Tom creates customized data bases, and upgrades and maintains the firm’s technology infrastructure. He is responsible for corporate technology policy and also for providing individual and system-wide technical solutions.
He brings with him over 30 years of information technology experience, beginning at Fidelity Investments. He later worked for Ocean Spray Cranberries, APEX Property Exchange, JPMorgan, Braver Technologies and Irinox USA, the world leader in blast chilling and shock freeze technology for the restaurant industry.
Tom is an avid golfer, competitive dart player and active reader. He has been the volunteer Chairman of the Deutsche Bank Golf Championship, managing over 1800 volunteers for one of the PGA Tour’s FedEx Cup events, which has raised over $20 million for charity in its 11 year history. Tom can be heard on TV and on the radio each year, announcing the golfers, including many celebrities, on their first tee. Tom lives with his wife Cindy and their two cats, whom they rescued from New Orleans after Hurricane Katrina.
Bruce cofounded the firm with his partner Douglas F. Blough in 1996. He is active in overseeing and coordinating the various business units within the firm. Under his leadership, Net Lease Capital has closed over $9 billion in net lease transactions, and has earned recognition for its expertise in strategic net lease investment and capital gains tax solutions in commercial real estate. Bruce, has four times been named Honorary Net Lease Executive of the Year by Commercial Investment Real Estate Magazine. He was featured on a panel of “Legends and Leaders in Net Lease” at the Net Lease Summit in 2007, and he frequently speaks about the net lease industry to professional audiences.
Bruce has spent the last 26 years in the real estate investment field. Along with his partner Doug Blough, he worked for New Jersey real estate firm, NAI James E. Hanson, Inc. with a focus on the acquisition and financing of credit tenant properties, prior to starting Net Lease Capital Advisors, in 1996. There, they applied the expertise they had developed as net lease investors to tax solutions for property owners and to principal investments.
An outdoor sports enthusiast, Bruce has been involved in a number of mountaineering expeditions, including five trips to the Alaska Range. He founded an outdoor leadership school for youth, which takes kids age 11-16 on wilderness adventures in locations from the White Mountains of New Hampshire to the Rockies. Bruce has been married to his wife, Beth, for 29 years and is the father of one teen age boy, Brinton.
David has worked closely with the founders of Net Lease Capital since 1995 and officially joined the firm in 2015 to head up its energy investment division.
Since 2002, David has invested his own capital extensively in the clean energy space, including in seven different wind developers, over a dozen clean energy firms, and a variety of energy focused funds. He is also the founder of General Compression, an energy storage company, for which he raised over $100M.
As a co-founder of APEX Property Exchange, David completed over $100 billion in 1031 transactions for his clients in the real estate, aviation, equipment leasing, and automotive industries. He counts among his past clients many Fortune 500 Companies, some of the highest net worth individuals in the US, and many of the largest institutional real estate owners, developers, and REITs.
David and his wife Julie have three children, one in college and two in high school, and a golden retriever. David graduated Magna Cum Laude from Princeton University, and is an avid skier, home brewer, and hiker.
Michael has worked closely with the founders of Net Lease Capital since 1995 and officially joined the firm in 2013. He has a deep knowledge of IRC Section 1031 like kind exchanges.
Over his career, he has completed over $100 billion in 1031 transactions for his clients in the real estate, aviation, equipment leasing, and automotive industries. He counts among his past clients many of the top Fortune 500 Companies, some of the highest net worth individuals in the US, and many of the largest institutional real estate owners, developers and REIT’s.
He was a founder of APEX Property Exchange, Inc. which grew to be both the market leader, and a pioneer of applications of IRC Section 1031 across the real estate, aviation, automotive and equipment leasing arena. When APEX was sold to JPMorgan in 2002, it was processing in excess of B$25 in transactions annually.
Michael and his wife Jennifer moved to Martha’s Vineyard year-round to start and raise a family. Three children, two Portuguese Water Dogs, and nine egg laying hens later, they have embraced the predominantly rural culture of their island home.
Jim joined Net Lease Capital in 2003. His focus is providing strategic tax planning for property owners and their tax advisors. He consults with some of the firm’s most sophisticated clients, analyzing the tax consequences of contemplated transactions and helping to make strategic choices actionable. He designs transaction structures to achieve maximal return while honoring investor-specific objectives, and assuring compliance with guidelines of the Tax Code, of treasury regulations, and of tax court rulings.
Jim has a 25-year background in financial services and corporate finance, with a focus in investment operations and business process improvement. He began his career at State Street Bank & Trust, where he came to supervise accounting services for international equity, debt, and swap portfolios, and to direct international trade settlement for institutional equity portfolios. He transitioned to Fidelity Investments, where built and managed a team of 30 to support diverse global investment products offered to institutional investors. From 1995 to 2002, Jim served as Director of Finance and Administration, and then as COO, of an international non-profit organization.
Jim and his wife of 31 years have four adult children and two beloved granddaughters. Jim is a church leader and volunteers actively in the community, currently supporting the Boston Securities Analysts Society’s financial literacy initiative, which aims to educate the public in personal finance and investment. Jim studied English at Duke University and later earned an MBA degree from Boston University with a concentration in International Finance.
Jon works as a member of the accounting team and is involved in the day-to-day operations of the company. He is responsible for investor distributions and investor relations, helping oversee company cash, and maintaining the books for financial reporting.
Raised in New Hampshire, he attended the University of Florida where he received a Master’s Degree in Accounting in 2013. Before coming to Net Lease Capital, he worked as an Audit Associate at PricewaterhouseCoopers’ Boston office, focusing primarily on companies managing mutual funds and hedge funds. During that time, he also earned his license as a Certified Public Accountant in Massachusetts.
Outside of the office, Jon enjoys playing several sports and cheering for the New England professional teams. He and his wife, Nikki, have been married for two years. They are active in their church’s “young marrieds” ministry and volunteer actively, recently focusing on visiting the physically disabled.
Steve joined the firm in 2003 and has worked on all facets of the Net Lease Capital’s real estate investment activities. His primary responsibilities include underwriting, structuring, negotiating and closing acquisitions, financings and sales. Steve is also actively involved with our asset management team in executing refinancings and day-to-day portfolio management.
Steve is one of the most experienced attorneys in the net lease industry. He studied at Cornell Law School, and, early in his career, was drawn to corporate finance, pursuing leveraged lease financings for equipment, and representing lessees and equity investors while an associate at the Milbank, Tweed, Hadley & McCloy law firm. This led to his employment with pioneering sale leaseback syndicator, Integrated Resources, where he transitioned to originating and closing net lease real estate acquisitions. After a large net lease real estate portfolio was spun-off, Steve managed this portfolio for the publicly-traded, and NYSE-listed firm, American Real Estate Partners, his responsibilities including negotiating leases, debt restructurings and re-financings. Immediately prior to joining Net Lease Capital, Steve worked for U.S. Realty Advisors, a registered investment advisor, buying net leased properties for public pension funds and other institutional clients.
Fifteen years ago, Steve took up cycling for charity rides. Now an avid cyclist, he still meets the same posse each morning at a local firehouse for a ride before work. “Having a red bike is really your best chance to be a kid again.” Steve is a husband of 37 years and the father of two adult children, both living and working in New York City.
Dean has been with the firm since 2014, and is focused on 1031 strategies using net lease properties. He helps clients to evaluate net lease assets for tax and investment purposes with a primary focus on the zero cash flow sector.
Dean comes from a sales background. Prior to coming to Net Lease Capital, he worked for a retail e-commerce business specialized in sports equipment, where he was personally involved in all aspects of the day-to-day operations, including buying, building and maintaining relationships with vendors and sales reps, price negotiations, logistics, managing inventory and customer service.
Previously, he was a sales rep for a national industrial materials supply company, and before that, he worked for a Fortune 500 company managing 200 direct buying accounts and supervising 15 telemarketers conducting market research.
Married for 17 years, and father of five, Dean reports: “I used to enjoy fishing and golf, but, now I pretty much help little people with showers, give big people driving lessons, supervise homework, read children’s literature, and attend more kid sporting events in one year than most people do in a lifetime.”
Mark manages assets in the Net Lease Capital Advisors retirement account with a focus on investment grade credit, long-term, net lease properties nearing lease rollover. He works with tenants – in their notification periods and lease extensions, with lenders – in loan payoffs, defeasance, and refinance, and, in some cases, repositioning assets in the marketplace. Net Lease Capital has $3 million of assets under management.
Along with his wife Johnna, Mark moved to New Hampshire in 2016 from the Midwest, where, for twenty-five years, he was Managing Partner of Ross & Kuhlman, an Indianapolis law firm. As part of his general practice, Mark set up a number of corporations, partnerships and LLCs. In his real estate practice, Mark litigated landlord-tenant disputes, executed the purchase and sale of commercial real estate assets, and wrote legal opinions in commercial real estate law. He also was a lecturer for the National Business Institute instructing attorneys in the area of Estate Administration.
Mark earned a Bachelor degree from the Indiana University Kelly School of Business, majoring in business analysis and marketing, and later earning a Doctor of Jurisprudence degree.
Prior to joining Net Lease Capital Advisors, Mark knew Co-Founder Bruce MacDonald as climbing partner. The duo climbed Mt. McKinley in 1997, and have shared numerous summits across North America and the Alaska Range. Mark is also a three-time state champion in the sport of disc golf.
In 2004, Mark married Johnna, a Massachusetts girl, yogi, and world class musician. They have a son, a daughter and a grandson.
Michael is part of the 1031 securities sales team at Net Lease Capital Advisors, focusing on broker dealer relations and new transaction securitization.
Michael worked in the capital markets for 25 years. He built out and headed up the equity sales and trading platforms for ING Barings, ABN AMRO and Morgan Joseph investment firms. For 12 years prior, he worked as a trader at Goldman Sachs, also cultivating an institutional client base and developing a front-end trading system there.
In the last three years before he joined Net Lease Capital, Michael worked raising money for the Children’s Aid Society of New York’s Carrera Adolescent Program as that organization’s Head of Development. The organization works with urban teenagers, providing social and educational supports to instill healthy life habits, reduce teen pregnancy, and participants’ academic careers.
Michael coaches the soccer teams of his three kids, and, along with his family, works actively for Family Promise of Bergen County, a program that assists working families with children who are temporarily homeless.
