Net Lease Capital is a leading investment and advisory firm in the single tenant net lease arena.
A team of seasoned professionals offers leading experience in triple net lease and GSA transactions, the capital markets, tax code provisions in real estate, and the sponsorship of Delaware statutory trusts
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
In November of 2021, Craig came to Net Lease Capital Advisors’ cash flowing DST group to oversee financial reporting for investors.
He came to the firm out of an accounting role at related entity, NLC Energy, where, since 2020, he had transitioned that firm from a joint venture to a wholly owned subsidiary, building out its financial operations.
Prior to joining NLC Energy, Craig was an Assistant Controller and Vice President at EverWest Funds Advisors (formerly Guggenheim Real Estate) responsible for investor and fund level financial reporting.
In 2014, Craig was Assistant Vice President at State Street Bank & Trust, and, before that, at Brown Brothers Harriman and Co., in both roles providing accounting and administrative services for hedge fund and private equity fund clients.
Craig is a graduate of the University of Massachusetts, Boston, where he also played four years of Division 3 lacrosse and was the President of the Student Athlete Advisory Board in his senior year.
Karen brings thirty 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.
After returning to the business world, Karen came to Net Lease Capital and, today, works in operations with involvement in financial reporting, investor relations, asset management and human resources. She maintains books and records for all assets owned or managed by Net Lease Capital.
As a Managing Director at Net Lease Capital Advisors, Brandon oversees marketing and sales efforts for cash flowing 1031 exchange offerings.
Brandon comes to Net Lease Capital from Orchard Securities where he was a securities & marketing consultant for various real estate firms and sponsors with investment funds and 1031 exchange offerings. He was also the Managing Director of Mountain Dell Consulting, which has tracked the securitized 1031 market since 2003.
Working previously at The Boeing Company for 17 years, he held senior positions in aerospace business development, corporate strategy, change management, marketing, and national level advocacy.
Brandon serves as Board Member and President of the Foundation for the Alternative & Direct Investment Securities Association “ADISA.” He holds a bachelor’s degree from Brigham Young University with post graduate studies at Pepperdine University, Japanese business language studies at University of Washington, and an MBA from City University of Seattle.
In 1996, Doug, and Partner, Bruce S. MacDonald, founded Net Lease Capital Advisors, developing tax-strategic applications for net leased properties.
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.
Today, Doug structures the firm’s acquisitions, financings and sales, and oversees new strategic initiatives.
Jesse heads up IT at Net Lease Capital and also performs critical accounting and employee retirement account administration functions.
Raised in Mumbai and then in London, Jesse developed an interest in computer programming which followed him back to the U.S. where he studied computer science engineering at Ohio State.
Previous to coming to Net Lease Capital, he worked for twelve years for Costco Wholesale Corporation with responsibility for inventory, scheduling, budget, and the management of a team of employees in the retail area.
Jesse began work at Net Lease Capital as an Operations Analyst. His role has evolved to providing company-wide IT support.
Jim oversees the financial administration of the company and its affiliates, supervising the accounting staff, working with auditors to prepare tax returns and ensure compliance, and providing regular reports to lenders, investors and management.
Jim attended Washington University in St. Louis, where he received his Bachelor’s Degree in Mechanical Engineering Summa Cum Laude in 1981. After graduation, he 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’s career began at Bell Laboratories in North Andover, MA where he worked as a Member of the 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 a church administrative role, ultimately serving as Chairman of the Board for a large international missions organization associated with his church, before joining Net Lease Capital in 2005.
Justin leads our Investor Services Team. Before joining Net Lease Capital, he worked for broker dealers such as Convergex, Cowen and Robinhood, helping to assure the successful interface between diverse financial platforms.
His experience includes transactional operations in both developed and emerging financial markets. Over the course of his career, he has worked directly with investors in markets across Asia, Europe, Africa, the Middle East, and the Americas.
He attended Northeastern University and received a Bachelor’s degree in Finance and Insurance with Honors. Justin later attended the University of Florida for a Master’s of Business Administration.
Chris publicizes Net Lease Capital’s strategic capabilities to familiar and unfamiliar audiences through ads, print material, social media, website content like the bio you are reading now, and numerous additional 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.
In over two decades with the firm, Carl has become an authority on the net lease market and on strategic tax applications for net lease property and credit tenant finance. He oversees the firm’s Property Management, Asset Management and Acquisitions groups. He also helps manage the firm’s own net lease portfolio.
Carl has developed and refined economic models to forecast the outcomes of transactions with different strategic treatments. He has spoken to audiences including the AICPA, the Net Lease Summit and numerous legal and accounting continuing-education seminars about net lease strategies for enhancing after-tax outcomes of property transactions.
Before coming to Net Lease Capital, Carl played professional soccer and was named by Sports Illustrated as 28th 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.
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 during 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.
Pat joined Net Lease Capital in 2014 as a member of the Acquisitions Group. As a Director, his roles include overseeing the financial analysis, researching, underwriting, and sourcing of new investment opportunities. He also helps in the marketing and dispositions of the firm’s assets.
Pat majored in Business and Government at Liberty University and received an Undergraduate Certificate in Real Estate Management from American Military University. Prior to joining Net Lease Capital, Pat worked for the U.S. Air Force as an intelligence analyst with a top-secret security clearance. During this time, he was responsible for training new analysts and for supporting multinational military intelligence operations across the globe.
Bill cultivates the national network of Net Lease Capital’s strategic business relationships, attending conferences and professional association meetings across the country on the firm’s behalf. He has also taken a leading role in managing the significant portfolio of real property and loan assets owned by the company’s retirement plan. He has been with Net Lease Capital since 2002.
Bill is a graduate of The Catholic University of America, in 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.
Once President of the Real Estate Finance Association of Boston, he continues serving on its Board. He also sits on the Planning Committee of the “ICSC Idea Exchange” in Boston, and has consulted with the AICPA on their National Real Estate conference.
As a member of the accounting team, Jared conducts daily financial operations, including complex payables, booking the proceeds of property and DST sales to various investment entities within the firm, and making monthly distributions to investors. “I always liked puzzles. Now do them at work.”
He attended Hesser College until 2007, and then plunged into the accounting field in the automotive industry. He took on roles including payroll, accounts receivable and payable, costing, and internal audit. Over the next decade, he grew his accounting skills but struggled against a culture in his field which he describes as negative and critical. “I wanted a change but was hesitant to move on because I couldn’t see past the front door of my office.”
In 2016, Jared took a role in property management accounting – for one month – before he was approached by RR Keller Associates, an outsourced accounting agency that serves companies in construction, manufacturing and installations. He found his stride as an accountant there until an old friend invited him to take a look at Net Lease Capital, where a growing accounting department was hiring.
Andra spent her first seventeen professional years in the medical field working as a Radiologic Technologist in hospitals across the country. She transitioned to real estate property management in 1994, working for Property One and then for FMB Properties.
Andra came to Net Lease Capital in 2006, and manages the extensive documents involved in each of the firm’s complex transactions, also contributing to Net Lease Capital’s property management function.
Aly works on the investor services team, having interned with the firm periodically since 2012.
She attended the University of Toronto where she received a Master of Teaching in 2018, and then taught in the Boston Public Schools system for three years before coming to Net Lease Capital full time.
Tim started work at Net Lease Capital in September of 2021 as a staff accountant, processing accounts payable and receivable, and performing bank reconciliations, cash management, quarterly compliance reporting, 1099 processing, and yearly audits.
Before coming to Net Lease Capital, Tim worked at STS Consulting, a small company providing administrative support to over 25 churches. He administered bookkeeping, accounts payable, expense reports and bank reconciliations, and also produced monthly forecasts.
Previously, Tim worked for On Call International LLC as an accounting assistant responsible for all accounts payable functions, annual reconciliations and reporting, 1099 processing, and assisting with annual audits.
Tim graduated from Southern New Hampshire University with a 4.0 GPA in Accounting.
Jay joined Net Lease Capital in 2020 and leads the origination and acquisition of government-leased cash flow investments, as well as joint venture opportunities. He brings over 35 years of experience in real estate investment, investment banking, brokerage, appraisal and consulting, and over 20 years in net lease and sale leaseback investments.
Before Net Lease Capital, Jay was Managing Partner at Taurus Corporate Properties, a subsidiary of Taurus Investment Holdings, a global real estate private equity firm with approximately $3 billion of assets under management. Previously, he worked as Managing Director of Equity at CRIC Capital, a joint venture with Prudential Real Estate Investors, and as Acquisitions Manager of multifamily properties at Corcoran Jennison.
In an independent collaboration, Jay also worked on investment banking projects which raised $160 million of debt and JV equity capital for a senior housing campus development, and secured $80 million of debt to recapitalize an apartment portfolio.
Jay received an AB, Economics from Harvard College and an MS, Real Estate Development from MIT. He is a member of the National Federal Development Association, serving on its Membership Committee. He is also a member of the Real Estate Finance Association.
Thor is part of the Advisory Group, which specializes in tax and 1031 strategies for real estate investors. He is also the NLCA lead for two of the firm’s external investments.
FasTrak Athletix is an indoor track and field enterprise that works in partnership with the renowned University of Houston’s track organization. FasTrak runs world class meets during the indoor track season from the confines of Yeoman Fieldhouse on the campus of the University of Houston.
Alumni Alliances is software platform designed to facilitate professional networking for and among alumni of a participating academic institutions.
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 of 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.
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.
Bruce cofounded the firm with his partner Douglas F. Blough and oversees the various business units of the firm. Under his leadership, Net Lease Capital has closed over $14 billion in transactions.
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 has spoken frequently about the net lease industry to professional audiences.
Bruce has spent over 30 years in the real estate investment field. Along with his partner Doug Blough, he worked previously for New Jersey real estate firm, NAI James E. Hanson, Inc., with a focus on the acquisition and financing of credit tenant properties. Applying the expertise they had developed investing in this arena to the tax-driven exchange market, MacDonald and Blough came to specialize in tax-advantaged transactions for property owners and sellers. They began Net Lease Capital Advisors in 1996, earning recognition for leading expertise in net lease investment and in the strategic application of net lease property for partnerships and 1031 exchange tax strategies.
Jim joined Net Lease Capital in 2003. He provides strategic analysis and tax planning insight 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. Jim is expert at structuring transactions to honor particular partner objectives while maximizing after-tax returns, all within compliance to the Tax Code, to treasury regulations, and to tax court rulings.
Jim has a 30-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 and 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 he 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 studied English at Duke University and later earned an MBA degree from Boston University with a concentration in International Finance.
Krista manages accounting for NLC Property Management and for Net Lease Capital Advisors’ government leasing portfolio, including 9 VA Outpatient Clinics.
She came to Net Lease Capital from U.S. Federal Properties (USFP) where she culminated a 19-year accounting career that began straight out of the University of Kansas and which has led her through the medical, service, retail, tech, and real estate development industries.
At USFP, she managed the General Ledger including tax basis depreciation and amortization, monthly financial statement reporting, accounts payable and receivable, and the preparation of year-end reporting for three associated companies and more than fifty properties, including 12 VA clinics. She also performed the accounting for over twenty build-to-suit projects.
Christen joined Net Lease Capital’s finance and operations team in 2021, where she serves as Note Pool Controller. She oversees the administration of the firm’s mezzanine note portfolio which consists of over 800 notes collateralized by about 300 properties, with a combined value at maturity of nearly $2 billion.
She also provides administration and reporting for the firm’s profit sharing plan which holds note positions and mutual funds on behalf of 62 current and former employees and about 100 other IRAs and partnerships.
Christen attended Harvard University, where she received her Bachelor of Arts with a concentration in Art, Film and Visual Studies in 2008. After graduating, she worked as a minister, serving youth, families and university students in New England and Germany.
Returning from Germany in 2015, she worked in non-profit administration with the European Missions Society, focusing on international human resources and financial operations. Throughout these years she also worked as an instructional designer, developing interactive web-based safety and risk-management training courses for staff and volunteers of non-profits like the YMCA.
Jon helps lead the Finance and Accounting team and is closely involved in day-to-day operations. His primary responsibilities include managing investor relationships, strategic cash planning, and supporting the financial reporting function.
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.
As Investor Operations Manager, Jay works with the sales, finance, and operations teams serving investors in NLCA properties.
Jay attended the University of Massachusetts, Boston where he earned a Bachelor of Science in Management with a concentration in Finance in 2013.
For 10 years before coming to Net Lease Capital, Jay worked at Bank of America as a Private Bank Associate in the Wealth Management Division. He provided investment, banking, credit, and trust and estate services to high and ultra-high net worth clients. Becoming a Portfolio Manager in the Private Bank Institutional Investment Division, he managed the service of large investment portfolios of the company’s institutional clients which included performance reporting, account trading, asset allocation and portfolio rebalancing.
In 2018, Jay earned the First One Award for work to advance college affordability in underprivileged and low income communities.
In 2018, Forrest earned his Bachelor’s degree in Finance at Lipscomb University in Nashville, Tennessee, with a minor in pure mathematics. While at school, he participated with a group of students in the management of a $500 million equity fund for the Tennessee Valley Authority. Starting in 2015, he also interned at Net Lease Capital, where he assisted in real estate financial modeling and analysis.
In 2018, he came on full time with the Acquisitions Group, and today conducts financial analysis, sourcing, and underwriting of real estate acquisitions and dispositions.
Steve 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 in day-to-day portfolio management.
Steve graduated from Cornell Law School, and, early in his career, was drawn to corporate finance. He represented lessees and equity investors in ship, airplane and other leveraged lease equipment financings, while an attorney at the Milbank, Tweed, Hadley & McCloy law firm. This led to his employment with the 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, NYSE-listed firm, American Real Estate Partners. His responsibilities included 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 for other institutional clients.
Steve joined the Net Lease Capital in 2003 and is considered one of the most experienced attorneys in the net lease industry.
Mark oversees $750 million of Net Lease Capital’s $3 billion pool of assets under management. His focus is on investment grade credit, long-term, net lease properties which are nearing lease rollover. He works with tenants – in their notification periods and lease extensions, with lenders – in loan payoffs, defeasance, and refinancings, and, in some cases, repositioning assets in the marketplace.
Along with his wife Johnna, Mark moved to New Hampshire in 2016 from the Midwest, where, for twenty-five years, he had been 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.
Dean came to Net Lease Capital in 2014 from a sales background, working previously for a Fortune 500 company, managing 200 direct buying accounts; as a sales rep for a national industrial materials supply company; and then for a retail e-commerce business specialized in sports equipment, where he was personally involved in all aspects of operations, including: buying, vendor and sales rep relations, price negotiations, logistics, managing inventory and customer service.
Today, Dean helps clients to evaluate net lease and GSA assets for direct investment and in 1031 exchanges, guiding them through the process of acquiring these assets.
Michael is part of the 1031 securities sales team, focusing on broker dealer relations and new transaction securitization.
Michael worked in the capital markets for 25 years before coming to Net Lease Capital. 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 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 propel participants’ academic careers.
