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


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


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.



    Principal / Co-Founder

    Randy Fuchs is responsible for Boxwood's growth strategies and directs several of the firm's operations including sales and marketing, product development, and administration. Additionally, with his more than 30 years of experience as a CRE market analyst, Randy authors much of the firm's real estate-related research for clients and the public. 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 the 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/leasing conditions 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).



    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.

  • Clay Rodgers


    Senior Managing Director

    Clay joined Boxwood in 2019 with a broad background in the appraisal profession, spanning nearly 40 years. He has experience with virtually all types of commercial real estate including mixed-use planned developments, industrial, office, retail, multifamily residential, and special-purpose properties. His appraisal career began in 1981 after graduating from the University of Florida, assisting in the growth of the largest privately held appraisal firm in the Southeast, ultimately consisting of five office locations and 200 employees throughout the State of Florida. He then founded Rodgers Appraisal Services in 2000. In addition to providing appraisal services to his clients, he also became certified as a National USPAP Instructor by the Appraiser Qualifications Board of The Appraisal Foundation, authoring and teaching 100+ hours of continuing education courses for real estate appraisers and mortgage brokers. Clay also has appraisal experience in the public sector, expert witness testimony experience, and he is a State-Certified General Appraiser in Florida.



    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, Massachusetts, New York and New Jersey. Joe also holds a Master of Science degree in Real Estate Finance from New York University.



    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.



    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.

  • Steven Makowski


    Managing Director

    Steve joined Boxwood as a senior real estate analyst in 2015. For 15 years preceding his present tenure at Boxwood, Steve performed investment due diligence, market research, site selection analysis and lease and sale transactions in both independent consultant and corporate roles. Steve’s initial work in the field involved analyzing CRE investments for national and private investors including First Allied Corp. He later specialized in retail sector market research which included property and demographic analysis for several national and regional retailers (both corporate and franchise-owned) such as: Maxx Fitness Clubs; Wakefern Food Corporation (Shop Rite and Price Rite Supermarkets); Sprint Wireless; Choice Pet Supply; Subway Restaurants; Dunkin’ Donuts; and Planet Pizza, among others. For many of these retail clients, Steve also assisted in the negotiation of lease terms which included, but was not limited to tenant improvement allowances, landlords’ premise improvements, free rent and environmental remediation. He also dealt extensively with city zoning, building and health departments to ensure compliance with town/city codes. Steve graduated from the University of Connecticut (Storrs) with a B.A. in Economics with concentrations in finance and real estate.



    Senior Account Executive

    With nearly a decade of experience in business development, Chris is responsible for Boxwood’s product sales and account management activities. He joined Boxwood in 2021 after roughly three years in banking and commercial real estate roles at Santander Holdings. This banking experience, with heavy exposure to appraisal and environmental processes, products, and vendors, enables Chris to excel at developing and maintaining exceptional client relationships with a diverse set of commercial lenders and staff. Before joining Boxwood, Chris was a business development associate for Cloud Provider USA, a large data and technology solutions provider. He earned his BA in Business with a Finance Concentration from Regis College.



    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.



    Senior Real Estate Analyst

    Zach is a senior real estate analyst who joined the Boxwood team as a junior real estate analyst in 2013. Zach has more than nine years of experience performing commercial real estate evaluations. He got his start in the industry as junior appraiser for Connecticut-based Kerin & Fazio. Now living in Austin, Texas, Zach pleases a wide range of the firm's clients with his attention to the details of our FieldSmart Evaluations and his commitment to delivering a superior product. Zach earned his B.S. in Real Estate Finance and Urban Economics from the University of Connecticut (Storrs) and holds a Texas Appraisal Licensing Certificate and the Mortgage Bankers Association's CRE Certificate.



    Senior Real Estate Analyst

    Matt joined Boxwood in 2020 with a diverse real estate background spanning nearly 30 years that includes market research, property and loan analysis, credit analysis, investment sales, construction loan supervision, and institutional portfolio management. With his extensive background, Matt effortlessly transitioned into a senior real estate analyst role with the Boxwood team to produce FieldSmart Evaluation reports. Previously, Matt served in senior commercial real estate positions with Chemical Bank, New York Life Investment Management, Commerce Bancorp, Morgan Stanley, and Marcus & Millichap. He graduated from Dartmouth College with his BA in Geography.



    Senior Real Estate Analyst

    Dan has 10 years of commercial real estate experience specializing in property valuations. He rejoined Boxwood in 2021 as a senior real estate analyst after a two-year stint as an asset manager specializing in multifamily properties at Community Preservation Corp. He originally joined Boxwood as a junior real estate analyst in 2013 and later advanced to a valuation analyst completing FieldSmart reports. Prior to his employment at Boxwood, Dan spent a bit more than a year as a loan coordinator for Fairfield County Bank. In addition to his valuation expertise, Dan’s breadth of CRE knowledge includes loan portfolio management, risk mitigation and property inspection reviews. This broad skill set serves him well in completing the in-depth research and analysis requirements of Boxwood’s evaluation reports. Dan graduated from Western Connecticut State University with a Bachelor of Business Administration in Finance.



    Senior Real Estate Analyst

    Rachel has 20 years of commercial real estate experience which includes investment analysis and valuation, forecast modeling and budgeting, research, and investment sales. Prior to joining Boxwood in 2018 in a senior analyst role, she served as a senior vice president for a real estate investment banking firm as well as a financial consultant to a regional real estate developer. Rachel leverages this experience and skill set to furnish lender and investor clients with superior property valuation analysis. Rachel graduated from Brown University with a B.A. in American History.



    Real Estate Analyst

    Joe joined Boxwood Means in 2018 as a junior real estate analyst shortly after graduating from Binghamton University's School of Management with a concentration in Finance. Since his promotion to real estate analyst, Joe contributes valuable research and analysis work supporting FieldSmart Evaluation reports including property and land use assessment, comps and market analysis, and county assessor and zoning research. His prior work experience includes lending, construction, and government policy. Joe has completed appraisal coursework through the Appraisal Institute and continues to demonstrate a passion for the CRE asset class.


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​

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
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

Contact us to request a sample report and/or schedule a demo today.