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


We are the leading national
provider of high-quality
property valuations and research
in the small-cap commercial
real estate market.


Founded in 2003, Boxwood Means is the leading national provider of high-quality property valuations and research in the small-cap commercial real estate market. Our core FieldSmart Evaluations and FieldSmart Restricted Appraisals are complemented by Property Inspection, Environmental Inspection, and Appraisal Review services that are designed to serve a wide variety of collateral valuation and risk assessment needs for clients. Over 300 commercial banks, credit unions, and private lenders and investors rely on us to better understand their markets, investments, and financial risks.




    CEO / 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.

  • Adam Hardej


    Principal of the BOXWOOD X BAAR Alliance & CEO, BAAR Realty Advisors

    Adam is CEO and president of BAAR Realty Advisors. He has more than three decades of commercial real estate valuation and investment experience and founded BAAR in 2002. BAAR performs due diligence, analysis, and appraisal work on all property types across the continental U.S. market.

    The BOXWOOD X BAAR joint venture was an evolutionary step beyond the firms’ informal working relationship over many years that has expanded Boxwood’s portfolio of valuation and risk assessment services to full USPAP Appraisals. This collaboration delivers a seamless client experience and solutions in appraisal ordering and fulfillment with service coverage in 30 of the most populous states.

    Before founding BAAR, Adam worked as a practicing appraiser for CBRE, Property Sciences Group, and Hanford/Healy. In a variety of other former roles, he was a co-founder and senior member of a specialty asset investment division of, and venture at KeyBank, and elsewhere gained valuable experience in real estate investment banking, mortgage brokerage, investment sales, and real estate development. Adam is a designated member of the Appraisal Institute (MAI), the American Society of Appraisers (ASA), and is a State Certified General Licensed Appraiser in multiple states. Adam graduated with a B.A. in Economics from Bowdoin College and has an MBA in Real Estate/Finance from the University of California (Berkeley).

  • 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.



    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.



    Senior Managing Director, Appraisal Review

    Greg has overall responsibility for Boxwood's appraisal review services. He has a 40+year career span in the commercial real estate appraisal profession including 22 years as a member of the senior management team of Wells Fargo Bank where he supervised appraisal ordering, appraisal reviews, and compliance operations. Greg brings to Boxwood's leadership team extensive knowledge of FIRREA and OCC appraisal law requirements along with a global array of appraisal review experience on all types of commercial real estate properties both domestic and internationally.

  • 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 Director, Client Services

    Ryan joined Boxwood in early 2024 with extensive sales, product, and client services experience in support of the commercial real estate due diligence activities of financial institutions, private lenders, mortgage servicers, and government agencies. Previous to coming onboard, Ryan held increasingly responsible client service and business development roles at the appraisal management company, LRES, and a former property valuations firm acquired by it. During his tenure there, he built strong, trusted client relationships by drawing on his deep knowledge of commercial evaluation and appraisal report products, their respective compliance requirements, as well as his well-versed understanding about the lending, asset management, and servicing operations of banks, credit unions, and other CRE lenders.


That's super, we are glad to have you and your team in our solution set, and as expected have found a nice niche for the use of Boxwood's products and services. Keep up the great work!

David B.
Chief Commercial Appraiser
Rockland Trust

My team is delighted with your company's reports and procedure quality. The reports were well documented and convincing. The most impressive point to me is the processing time. The report was pulled out before the deadline we expected. In contrast, many appraisers have failed to meet their deadlines. I referred your company to the head office of Woori America Bank, and hopefully, other regional offices will reach out to you for evaluations. Thank you so much for your team's service and effort in the projects.

Jin L.
V.P., Head of Loan Team
Woori America Bank

And it’s been a pleasure working with you and your firm over the last 3 years. These evaluations have been a godsend for the Bank.

Matt S.
Vice President, Credit Administration Manager
Fidelity Bank

I previously utilized Boxwood for commercial evaluations at my former bank. Now at WaFd Bank, we needed a consistent provider to help us in this space, and Boxwood was my obvious choice. The Boxwood team has been a great partner for us, and we appreciate the care that they take with our orders and the superior quality of reports they produce.

Justin S.
VP, Chief Appraiser
WaFd Bank

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 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

I am already a client, and I wanted to take the time to provide some feedback.

I work mostly with Lorean Gonsalves, and I just wanted you to know that working with her is an absolute delight. She is always ready to help and goes above and beyond to make sure all parties have everything that they need. Every email I have sent over the past year is responded to in a more than timely matter, which is really important for the work that I do as a reviewer.

She is always a pleasure to work with, and I'm greatly appreciative to have someone so knowledgeable and patient as my contact.

Lissa B.
Review Appraiser

WOW! You completed that inspection in the matter of only a few days. Very impressive and helpful. I look forward to engaging you again.

Ryan B
Loan Originator

You are the best!! Thank you. Great teamwork and customer service always.

Vicki B.
Evaluation & Appraisal Reviewer
Midland States Bank

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