leading national provider of quality valuations and data analytics for the small-cap CRE space

ABOUT US

We are a leading national
provider of high quality
valuations, data analytics and
research for the small-cap
commercial real estate space

THE SMALL-CAP CRE EXPERTS

Founded in 2003, Boxwood Means is the leading national provider of high quality valuations, data analytics and research for the small-cap commercial real estate space. We leverage decades of experience in quantitative methods, large datasets and leading-edge technology to help lenders and investors comprehend and seize market opportunities that benefit clients and themselves. Our commercial evaluations, appraisals and AVMs were designed to serve a wide variety of collateral valuation needs in the small-cap market. And banks, non-bank lenders and investors rely upon our proprietary small balance loan origination research, commercial price indices and ad-hoc consulting services to gain a deeper understanding of their markets, investments and financial risks.

When small-cap CRE lenders and investors need answers, they turn to Boxwood Means.

LEADERSHIP TEAM

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  • RANDY FUCHS

    RANDY FUCHS

    Principal / Co-Founder

    Randy Fuchs has 30 years of experience as a CRE market analyst. Prior to co-founding Boxwood Means, Randy served as senior vice president of the research unit of GMAC Institutional Advisors LLP/Realpoint (now Morningstar, Inc.) and senior vice president and head of product development and marketing at Reis, Inc. Randy has authored numerous articles for Mortgage Banking magazine and RMA Journal and his market analyses are frequently cited in business and industry trade publications. He has served as an expert legal witness on CRE market/leasingconditions and is a regular speaker at industry conferences. A Cornell alum, Randy also holds an MBA from Fordham University and a Master’s in Regional Planning from the University of Massachusetts (Amherst).

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  • MICHAELL TAYLOR

    MICHAELL TAYLOR

    Principal / Co-Founder

    A veteran quantitative analyst and researcher with more than 25 years of experience, Michaell oversees the development and maintenance of all databases, analytical products and IT systems at Boxwood Means. Prior to co-founding the company, he developed multiple quantitative hedge funds for UBS Asset Management and risk-return models for commercial mortgage loans and portfolios on behalf of GMAC Commercial Mortgage Corp. As a senior economist at Reis, Inc., Michaell built several of the firm's forecasting models, including its Monte Carlo simulation of asset and portfolio performance. Michaell’s articles on real estate research have been published in Real Estate Finance Today, the RMA Journal and other trade publications. A tenured Associate Professor at Norwegian University of Science and Technology (NTNU-Trondheim), Michaell has taught quantitative methods and statistics at several major universities and institutions. He graduated from Texas A&M and he holds PhDs in Political Economics and Quantitative Methodologies from the University of Houston.

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  • DAVID COLONNA

    DAVID COLONNA

    Managing Director, Sales

    A sales leader with more than 12 years of commercial real estate and data expertise, David oversees all product sales and customer service activities. Armed with strong knowledge of collateral due diligence and regulatory compliance guidelines, he has helped many of the nation's leading lenders streamline their commercial evaluation policies and procedures. Prior to joining Boxwood Means, David served as a regional manager for Environmental Data Resources (EDR) overseeing sales in Texas and Oklahoma, some of the company's most competitive markets. He is an active member of the Appraisal Institute, the Risk Management Association and the Mortgage Bankers Association, and is a former Membership Chairman for the North Texas Association of Environmental Professionals. David received his BA from the University of Rhode Island.

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  • THOMAS MULLINS

    THOMAS MULLINS

    Senior Managing Director, Valuations

    A certified general appraiser licensed in 30 states, Tom oversees the company’s appraisal operations. Over the years, Tom has completed hundreds of appraisal assignments on almost every type of commercial and residential property throughout the U.S. and Puerto Rico. He has also served as an expert legal witness on real property issues. Tom has worked as an appraiser and analyst for-- and consultant to-- multiple banks, lenders, municipalities, religious organizations, utility companies and developers. Prior to joining Boxwood Means, he worked as a senior appraiser specializing in HUD properties and affordable housing.

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  • JESSICA RUST

    JESSICA RUST

    Managing Director, Systems Development

    A veteran project and technology systems manager and a quantitative analyst, Jessica plans and oversees product development and works with vendors and support staff to coordinate in-house programming resources, web development, and mathematical modeling talent. Prior to joining Boxwood, Jessica was a senior managing consultant for Computer Sciences Corporation (CSC), where she led multiple teams on projects for Fortune 500 clients and received a CSC Values award as a top performer. She also served as a consultant and financial analyst at Accenture, where she managed post-merger IT integration projects as well as project and operating budgets. While at Accenture, Jessica worked on three international projects to develop uniform financial forecasting and budgeting tools and global management accounts. She graduated from Florida State University with a BS in Finance.

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  • BEN STEPHENS

    BEN STEPHENS

    Director, FieldSmart Operations

    As FieldSmart operations manager, Ben maintains a broad portfolio of responsibilities for Boxwood’s commercial evaluations including scheduling and production, client support, training, product development, inspection coordination and report review. Ben’s well-rounded knowledge of commercial property valuation combines with an astute appreciation of the firm’s systems and data infrastructure to render the strong support and service that Boxwood’s clients seek. Ben initially joined Boxwood in 2012 as a junior real estate analyst shortly after graduating from the University of Connecticut (Storrs) with a specialization in real estate investment and urban economics.

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  • CRAIG CUSTER

    CRAIG CUSTER

    Senior Managing Director

    Craig joined Boxwood in 2018 with diverse appraisal experience in both institutional roles and as sole practitioner spanning 40 years. His deep knowledge of appraisal practices, policies and regulations is reflected in the quality of his evaluation work on behalf of Boxwood's clients. Craig is a former director of appraisal management at First United Bank and Trust where he created appraisal department policies, programs and procedures in compliance with USPAP, FIRREA and bank regulatory requirements. Also, he held senior review appraiser positions responsible for portfolio credit risk compliance among other duties at Mellon Bank, RBS-Citizens Financial Group and Huntington Bank. Following these institutional positions and immediately prior to joining Boxwood, Craig moved to the private market and worked as senior vice president at an appraisal management company and chief appraiser of his own fee-based commercial consulting business covering four states. He is a Certified General Appraiser in Florida.

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  • LOREAN GONSALVES

    LOREAN GONSALVES

    Assistant Manager, Operations

    Lory stepped into Boxwood's newly created, leadership position in operations during 2018 after 12 years of increasingly responsible positions at Pro Teck Valuation Services. She takes a lead role in Boxwood’s overall operations, performance measurement, staffing, client support and key vendor relations. At the time of her departure from Pro Teck in 2016, she was director of operations with managerial control spanning 100 employees and broad responsibility for various cross-departmental initiatives to improve and automate operations, enhance service quality through new policies and procedures, create new client onboarding processes and strengthen project teams and the company’s overall culture. Prior to this executive position, she was Pro Teck's director of customer service and vendor relations manager among other roles. Lory graduated from the College of the Holy Cross with a B.A. in political science.

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  • BRAD NELSON

    BRAD NELSON

    Senior Managing Director

    After nearly 20 years as president and owner of Certus Appraisal Group, Brad joined Boxwood in 2018 with a wealth of experience for Boxwood clients. With hands-on experience from coast to coast, he has expertise in everything from industrial to private sector valuation. His diverse appraisal portfolio includes residential and affordable housing assignments, mixed-use subdivisions, retail centers, office and industrial buildings, and has depth when it comes to special use properties. His work experience is built upon a 30-year-appraisal career and includes affiliation with multiple financial institutions, review, market and feasibility studies, rent studies, tax assessment appeal and expert testimony in State and Federal courts. He is a Certified General Appraiser in Florida and has been licensed as a Real Estate Broker for over 35 years.

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  • JOE SABELLA

    JOE SABELLA

    Senior Managing Director

    Joe joined the Boxwood team in 2019 with 30+ years of commercial and residential real estate appraisal experience in various senior roles. Prior to his employment with Boxwood, Joe was a CRE portfolio manager for a large regional bank. He was also a former chief appraiser at a couple of other regional banks as well as analyst and consultant for other lenders. For a period of 16 years, Joe owned and operated an appraisal firm performing real estate appraisals and appraisal reviews. He is a Certified General Appraiser in Connecticut and New York and holds the SRA appraisal designation by the Appraisal Institute. In addition, Joe gained a Master of Science degree in Real Estate Finance from New York University.

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WHAT OUR CLIENTS ARE SAYING

We just received your first commercial evaluation on our loan in Covina, CA. You guys hit a home run and we are thrilled! No questions, no issues…it was perfect. The evaluation was detailed, thorough, and essentially has the same content as many appraisals we have used.

Thank you again for the great service, and we look forward to engaging your firm again in the future.

Doug Koerber
EVP/Chief Credit Officer
Friendly Hills Bank​

Boxwood is our go-to company for commercial evaluations. We use their full range of FieldSmart reports including both the sales and sales-income approaches. Their collateral valuations are consistently thorough and reliable – and a solid value for the money.

Charles Persico
Chief Appraisal Officer
Burke & Herbert Bank

Our footprint is west of the Rockies, and we’ve worked with a couple of commercial evaluation providers over the years. In recent times, we’ve worked most closely with Boxwood and have had good success with their products. They have a national footprint, and if the property really isn’t a good fit for an Eval, the Boxwood team has been very upfront about letting us know – rather than just completing and submitting a report that doesn’t really make much sense.

Justin Slack
First Vice President/Commercial Appraisal Manager
HomeStreet Bank

Boxwood Means is a first-class outfit. Their appraisal reports are professionally prepared, the fees are competitive, and their team is fast – all of which helps our company close loans quickly and efficiently. 

Don Pelgrim
Chief Executive Officer
Wilshire Finance Partners, Inc.

As an equity lender, here at Aegis Funding we rely heavily on the valuation piece to our loans, and typically the valuation is the greatest delay in our quick close model. When we recently turned to Boxwood for property valuations on our small-balance commercial loans, it helped immensely with our backlog and added more certainty and speed to close loans. The reports are thorough and well supported with both listings, sales and even rental analysis. It certainly helps that they are also widely accepted valuations for our corporate partners. Just knowing we can count on Boxwood to deliver a high-quality, credible product most anywhere in the country is awesome.

Kip Adkins
President
Aegis Funding

At Conventus, having high quality analytical tools to help us make accurate decisions is incredibly important to our ability to close loans quickly and mitigate risk. Boxwood’s FieldSmart evaluation services exceed our standards on a few different fronts. Their tech platform is easy to use, their reports are detailed and their customer support is super responsive. We enjoy working with Boxwood and look forward to a continued partnership.

Zachary Jacobs
Senior Credit Analyst
Conventus LLC

READY TO FIND OUT MORE ABOUT OUR VALUATION PRODUCTS?
Contact us to request a sample report and/or schedule a demo today.

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