Washington D.C. State of the Market

Winell Belfonte is a partner in CohnReznick’s Affordable Housing and Not-for-Profit and Education Industry practices. She serves as the partner in charge of the Firm's New York office affordable housing practice. In this capacity, she is the lead service provider and business advisor to her clients and accountable for the dissemination and implementation of technical issues for affordable housing and not-for-profit clients. Winell has 30 years of experience providing services to a broad range of clients. Her extensive experience comes in the areas of audit, accounting, and tax for not-for-profit and for-profit clients including real estate developers, investors, syndicators, contractors, and property managers, as well as charities and foundations. Her business advisory expertise includes strategic planning, the design and implementation of internal control structures, financial analysis, budgets, regulatory compliance, and investor requirements. As a frequent speaker, Winell has become well known for her technical expertise. She has spoken to many not-for-profit and affordable housing audiences and graduated from a nine-month community leadership program with Leadership of Greater Washington in 2010.

Jon McAvoy joined PRP REI in 2024 as the Chief Investment Officer in support of the firm’s ongoing growth initiative. Founded over twenty years ago, PRP REI maintains over $3b in assets under management and focuses on strategies that produce strong current, durable and distributable cash flows through value creation business plans leveraging internal subject matter expertise. Mr. McAvoy oversees three vertical business lines both in strategy and execution – NNN Industrial and Manufacturing, Multifamily Residential, and Special Situations – in addition to focusing on capital markets activities. Prior to his current role, Mr. McAvoy previously enjoyed a thirteen year career at the Washington, D.C. based development firm Hoffman & Associates, Inc. Prior to leaving the firm in 2024, Mr. McAvoy served as the Chief Investment Officer leading the company’s financial division including accounting, acquisitions, asset management, as well as corporate and project capitalization for the company’s portfolio, including The Wharf, Seaboard Station in Raleigh and West Falls in Virginia. During his career, he worked to procure and capitalize over $6B in projects throughout the Mid-Atlantic and North Carolina regions. In preparation for his current roles, Mr. McAvoy previously worked for multiple Fortune 500 corporations, including Harman International, Bearing Point, and Freddie Mac. His experience includes banking operations, multi-national corporate investment portfolio management, mortgage-backed securities trading, product development and credit analysis. Jon graduated from Georgetown University’s McDonough School of Business with a Master of Business Administration and Bachelor of Science in Business Administration.

Mr. Dooley originally joined Tishman Speyer in 2001 to lead its regional leasing efforts in the DC Metro area. Since rejoining in 2019, he has been responsible for leading leasing and asset strategy for our DC Metro portfolio and our expansion markets in the Southeast: Atlanta, Charlotte, Raleigh-Durham and Nashville. Prior to rejoining Tishman Speyer, Mr. Dooley was the Chief Operating Officer with Carr Properties where he ran their Leasing, Marketing, Property Management, Asset Management and Construction Management groups. With over 35 years of experience in real estate, Mr. Dooley has also held roles with Trammell Crow, JMB Realty Corporation, LaSalle Partners/JLL and Savills.  Mr. Dooley currently serves on the board of CREBA, the regional association for commercial real estate brokers.  He is also active on the programs committee with CoreNet. Previously, he served on the board of Jubilee Support Alliance, an affordable housing non-profit located in the Adams Morgan neighborhood of Washington, DC.  He also serves as a mentor for the Rubenstein Scholars Program, an affiliate of the Economic Club of Washington, DC and CREBA.  He graduated from Southern Methodist University with a BBA in Finance.  He holds broker’s licenses in DC, MD and VA.

Andrew is Senior Managing Director and City Head of the Hines Washington D.C. office. He is responsible for new business procurement, development, acquisitions, asset and property management activities in the Mid-Atlantic region. Andrew has an extensive background in land development, office and multifamily, and has brought strong relationships with investors, landowners, brokers, and other real estate professionals—cultivated through years working in the sector—to the firm, since joining Hines in 2020. Prior to joining Hines, Andrew was Vice President, Development at Fairfield Residential, responsible for managing and directing all development, construction, and property management functions for the Mid- Atlantic Region. He spent his early career at Toll Brothers and Monday Properties. He is also a veteran, having spent the first five years of his career as an officer in the U.S. Navy. Andrew is a member of the Urban Land Institute, a LEED Accredited Professional, and former NAIOP VA chapter board member. He earned a Bachelor of Science, Economics, from the United States Naval Academy, Master of Science, Organizational Dynamics from University of Pennsylvania, and MBA at Sloan School of Management from Massachusetts Institute of Technology (MIT).

Mark Franceski is a managing director of research and securities at Zelman & Associates, based in Bethesda, Maryland. In his role, he is responsible for leading multifamily industry and REIT research for the firm. He has nearly 20 years' experience as a commercial real estate market research expert and data strategist specializing in the multifamily sector. Prior to Zelman, Mr. Franceski served as executive director of multifamily analytics at global brokerage Avison Young and spent 10 years as head of research at Bozzuto, a national mixed-use investor, developer, builder, and operator, where he focused on market research, business intelligence, and data analytics. Mr. Franceski earned his bachelors degree in economics from Washington and Lee University and his masters degree in business administration from George Mason University. Outside of the company, he serves as adjunct faculty for Georgetown University’s master’s in real estate program, teaching real estate market research and analysis. Mr. Franceski lives in Alexandria, Virginia, with his wife and four children.

Pillsbury partner James Bobotek concentrates his practice on a variety of construction and insurance matters. Jamie guides clients through all phases of development and construction of commercial properties, including preparation, review and negotiation of development, design, construction, design-build, and related agreements. Jamie also counsels clients in analyzing insurance coverage claims, formulating risk management strategies, and developing contractual insurance requirements. Jamie has secured many favorable outcomes for commercial policyholders on CGL, builder's risk, commercial property, business interruption, E&O, cyber, professional liability, D&O, pollution, fidelity and other claims. Representative Experience Drafted and negotiated construction, design, and development contracts for projects totaling billions of dollars. Represented public-private partnerships with respect to construction, design, and ancillary agreements relating to United States military housing privatizations across the country, including projects in California, Arizona, Maryland, Virginia, West Virginia, Nevada, Georgia and Missouri. Drafted form construction and design contract packages for owners, developers and contractors for use throughout the United States. Achieved partial summary judgment against AIG entity in connection with property insurance coverage dispute for multinational university arising from the 2010 earthquakes in Chile. Obtained a summary judgment ruling in a Student Financial Corp. bankruptcy legacy case for an additional insured/policyholder under a fidelity bond (financial institution bond) in connection with alleged Ponzi-scheme losses. Obtained a dismissal of first-filed insurance carrier declaratory judgment action, allowing an iconic brand company's $18 million flood loss claim to proceed against carrier in carrier's home forum of Tennessee. Deployed novel theory to defeat insurance carrier effort to align parties to create federal court jurisdiction, creating favorable new law in removal disputes with insurance carriers. Represented a telecommunications provider in successful prosecution of its claims against its E&O insurer confirming coverage for class action claims alleging cyber-related activities. Obtained significant recovery under a builders risk policy on behalf of a contractor for a delay claim arising out of a subcontractor's provision of defective materials. Procured multi-million dollar defense and indemnity recovery under "personal injury" CGL coverage relating to a discrimination suit brought by the U.S. Department of Justice on behalf of multiple claimants. Obtained recovery under an event cancellation policy for two class action suits brought as a result of logistical difficulties in connection with a client's presidential inauguration-related experiential student conference. Obtained full property loss and business interruption coverage, as well as defense and indemnity coverage for third-party suits, arising out of a catastrophic fire at a defense contractor's warehouse facility. Attained defense and indemnity coverage for an international construction company arising out of concrete plant emissions. Obtained defense and indemnity coverage under a professional liability policy for an engineering company faced with excess exposure. Recovered full pre-suit indemnity for a government contractor in a construction claim related to faulty subcontractor work. Protected a commercial developer's interests under a builders risk policy in connection with a faulty workmanship claim. Represented clients in various industries in structuring and negotiating the terms of their cyber insurance programs. Professional Highlights Member of the Insurance Recovery & Advisory practice, named by Law360 as a Practice Group of the Year in 2015 and 2016. Member of the ABA's Insurance Coverage Litigation Committee, co-chair of its Construction Subcommittee and appointed vice-chair of the Committee's 2017 Annual CLE Seminar and Meeting. Authored "Builders Risk Insurance," New Appleman on Insurance Law Library Edition, Chapter 50 (updated 2016) and "Understanding Product Liability Insurance," New Appleman Insurance Law Practice Guide, Chapter 30B (2013). Presented "Mind the Gaps: Potential Gaps Between Cyber and Other Commercial Policies," at the ABA Insurance Coverage Litigation CLE Seminar, March 2016.

Vicki Davis is responsible for managing the acquisition, planning, design, and implementation of all Urban Atlantic projects, and asset management of properties that the company owns and its Mid-City Community CDE investment portfolio. With over 28 years of experience in real estate development, she formerly served as Deputy Director of the Maryland Housing Fund and Maryland DHCD -Division of Credit Assurance. Her experience also includes portfolio management for MNC Financial-South Charles Realty and multifamily development for Trammell Crow Residential. As President of Urban Atlantic Development, Ms. Davis has managed development of over $2 billion in real estate projects and asset managed over $4 billion in real estate investments. She has developed over 6,000 multifamily residential units and 600,000 commercial square feet for Urban Atlantic, including eight HOPE VI mixed-finance public housing redevelopment projects, as well as transit-oriented mixed-use projects.  Ms. Davis holds a MBA in Finance from American University, an MS in Engineering & Construction Management from University of Texas, and a BS in Civil Engineering from the University of Maryland. She taught for 12 years in the Johns Hopkins Real Estate MBA program and is a LEED AP.

Aakash Thakkar joined EYA in 2004 as a Development Executive and now is a Executive Vice President for Acquisition and Development with EYA. His responsibilities include overall project stewardship, new deal sourcing and acquisition, site selection, and project development through the design and governmental and community approval process. Mr. Thakkar is a member of and guest speaker for the Urban Land Institute and the District of Columbia Building Industry Association. He is a member of the Smart Growth Recognition Award Jury, the Riverdale Park Mixed-Use Town Center Committee, and of the Hyattsville CDC Board. He was a member of the Obama for American Mid-Atlantic Finance Committee and a co-founder (along with his wife) of the Thakkar/Giallourakis Scholarship Fund for St. John's College High School. Mr. Thakkar has a BS in Accounting and Political Science from LaSalle University and holds both an MBA and a Masters in City and Regional Planning from Rutgers University. Mr. Thakkar is a native Washingtonian.

Ms. Hoang serves as Senior Vice President of Development where she oversees all company sponsored real estate investment projects from inception to construction completion. Her responsibilities include master planning and entitlement strategy, ensuring design and construction excellence, adherence to project business plans, team mentoring and training, investor relations and reporting, and implementation of portfolio-wide procedures, standards and reports. She is driven by her passion for the built environment and the ability to develop extraordinary places that connect to the soul of a community. By growing and challenging the teams around her, she is able to successfully deliver complex, sustainable and legacy projects in the region. Ms. Hoang is a decisive and seasoned real estate executive with over 25 years of experience, specializing in the complete life-cycle development of multifamily and mixed-use communities with involvement in the pre/development of approximately 10,000 units valued at nearly $3 billion in the Mid-Atlantic region. Prior to joining Jair Lynch in 2020, Ms. Hoang led the strategic master planning and development of the Merriweather District in Columbia, MD for the Howard Hughes Corporation; and she has previously worked in development for Home Properties, JPI Development, and the National Capital Revitalization Corporation, along with time spent in real estate consulting at Ernst & Young and RCLCO.

Caroline brings over 10 years of hospitality leadership experience with a focus on sales, operations, food and beverage, and event management. She brings multi-market experience having worked in Los Angeles, Washington, DC, and New York City with strengths in creating go-to-market plans for new property openings, operations, implementation, and partnering with key stakeholders on strategy alignment. Caroline brings a unique perspective with her experience in sales and operations and understands how to develop and implement strategic initiatives. She is currently responsible for sales and operational oversight for our CRE Amenity locations with a focus on driving revenue, team management, implementation, and go-to-market strategy planning and deployment.

Christian Lee currently serves as the CEO of Mint House, a leader in flexible living that combines the comfort of home and the convenience and reliability of a hotel. Powered by technology that makes every step of the process easy-to-use and personalized, Mint House is a new option for nightly, short-term, or long-term stays. Lee previously served as Chief Financial Officer of Transfix, a leading transportation solutions provider with digital brokerage capabilities and logistics software offerings, where he oversaw all finance functions and strategic initiatives. In his time at Transfix, the company grew revenue significantly while also launching multiple new product lines and driving cost efficiency across the business. Prior to joining Transfix, Lee served as Managing Director of WeWork Asia, based in Shanghai. He grew the business from four locations to more than two hundred across twenty-five cities in ten countries through a combination of organic growth, acquisitions, and partnerships. He also served as WeWork's Global Chief Financial Officer in New York where he oversaw all finance functions. Previously, Lee led Corporate Development at Time Warner Cable where he played an integral role in Time Warner Cable's spin-off into a public company and the eventual merger with Charter. Lee serves as a trustee of his alma mater, Carleton College, and on the board of Bronxworks, a non-profit serving the needs of residents of the Bronx.

Jessica Lee advises clients in complex commercial transactions, from public-private partnerships to multimillion-dollar construction financing As a member of the Real Estate group, Jessica regularly advises clients on the acquisition and disposition, development, deal structuring, financing and leasing for a wide variety of projects. She has an extensi array of experience in navigating complicated transactions, closing deals and managing risks for her clients, including developers, borrowers, real estate investment trusts and commercial landlords and tenants.

Terence Callahan is President of United’s DC Market, where he leads the team serving the Bank’s largest territory and supports many of its most significant commercial customers throughout the nation’s capital. He joined United in 2013 and has held key positions across the Bank, including Portfolio Manager, Commercial Banking Officer and VP, Commercial Banking. Throughout his career, Terence has executed several major deals at United and been recognized as a top performer. He was notably one of 30 employees selected for United’s coveted Leadership Development Program, an in-depth career development program designed for high-performing employees across United Bank's footprint. Terence currently serves as a Director of Poor Roberts Mission; Member of the Catholic Charities Development and Communication Committee; and Career Leadership Council Member at the Catholic University of America’s Busch School of Business. He earned his Bachelor of Science in Business Administration from the Catholic University of America.