DVO Fund Management Team
DVO has assembled a team of motivated real estate professionals with a combined 150+ years and $10B of industry experience. We execute a disciplined approach at all times, but remain agile with the ability to capitalize on opportunities as they arise. The company culture fosters teamwork and encourages innovation. We are relentless in our pursuit of performance excellence.
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David Valger
President & Founder
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Ryan Shore
Vice President
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Oleg Sabel
Special Counsel
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Nicholas Nesi
Chief Financial Officer
President & Founder
Mr. Valger founded DVO Real Estate and is responsible for the overall management, operations and investing activities of the firm. A seasoned industry veteran, Mr. Valger has with extensive experience in all aspects of real estate investing and finance, including originating, structuring, underwriting and managing real estate and corporate private equity transactions valued at more than $6 billion.
Previously, Mr. Valger was a partner with RCG Longview Debt Funds, a New York-based real estate firm offering structured equity and debt products. At RCG, he specialized in multifamily properties and was responsible for originating, structuring and underwriting a variety of real estate mezzanine and preferred equity investments, including more than 25,000 multifamily units. While there, he developed and led an exclusive Fannie Mae platform. Prior to RCG Longview, Mr. Valger founded Genesys Holdings, a technology based service provider. He is a member of the Board of Directors and the Executive Committee of the UJA/Federation of New York and a Board member of The Jewish Community Relations Council of New York. Mr. Valger received a B.A. from Binghamton University with a Major in Art History and a Minor in Biology. He earned an M.B.A in Real Estate & Entrepreneurial Management from the Wharton School of the University of Pennsylvania.
Acquisitions & Underwriting
Mr. Shore is responsible for DVO’s acquisitions, asset management and dispositions. Mr. Shore has more than eight years of experience in commercial real estate investing and finance, including originating senior debt and mezzanine loans, debt restructurings and equity investments. Throughout his career, he has originated and managed nearly $1 billion in total capitalization of real estate transactions. Previously, Mr. Shore was an associate with Bank of America where he managed a $500 million loan portfolio of retail, office and residential properties, restructured more than $1 billion in senior syndicated notes related to under-performing assets and originated over $140 million in new loans. Mr. Shore received a B.A. in Finance from Boston University’s School of Management and an M.S. in Real Estate Development from Columbia University.
Structuring, Legal Due Diligence & Closing
Mr. Sabel serves as DVO’s outside legal counsel and oversees the legal structuring and closings of DVO’s real estate transactions. Throughout Mr. Sabel’s career, he has represented a wide range of clients, including leading private equity firms, hedge funds, mezzanine funds, REITS and lenders in national commercial real estate acquisitions, dispositions, financings, joint ventures and development transactions. He has extensive experience in structuring complex joint venture agreement, tenant representation, negotiating and conducting legal due diligence in real estate transactions. Mr. Sabel earned a Bachelor of Arts from Cornell and a J.D. from Brooklyn Law School1.
Accounting, Audit, Tax Compliance
Mr. Nesi serves as DVO’s Acting Chief Financial Officer and is responsible for all of DVO’s accounting activities. Mr. Nesi has more than 25 years of public accounting experience as a tax partner with BDO, USA, serving a broad range of industries including real estate and private equity. As the global lead engagement tax partner for a Fortune 200 client, he was responsible for the global coordination and integration of all tax compliance and consulting services on a world-wide basis. Mr. Nesi is a published author in The Tax Advisor, The CPA Journal, and The Journal of Multistate Taxation and Incentives. He is a past chairman of the NYSS CPA’s Multi-State Tax Committee, as well as a member of the AICPA’s State and Local Tax Committee. Mr. Nesi received a B.A from New York University, an LLM in Tax from New York University and a J.D. from New England School of Law.
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Sarah-Jayne Johnston
Assistant Vice President
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Lucian Paone, R.A.
Vice President
Administration, Marketing & Investor Relations
Ms. Johnston oversees DVO’s administration, marketing and investor relations. Prior to joining DVO, Ms. Johnston has worked at television and film production, management consulting and technology companies. Ms. Johnston’s functional experience includes project management, administration and content production at RAW television in London, Walgreens Boots Alliance in New York and Grown Ocean in New York.
Ms. Johnston received her Masters Degree in Social Sciences and Anthropology from the University of Glasgow in Glasgow, Scotland and a Master’s Degree degree in Media Arts and Production form the University of Technology in Sydney, Australia.
Engineering & Construction
Mr. Paone is responsible for physical asset due diligence, renovation & maintenance oversight and administration of capital expenditure reserves. Mr. Paone brings more than 25 years of construction, engineering and architectural experience, including owner representation, development and architectural design work on projects ranging from multi-family residential, commercial and hospitality high-rise projects. Mr. Paone’s prior experience includes multifamily physical asset due diligence, tenant improvement and work letter oversight for office and retail assets, development of hotels and administration of capital expenditures for multifamily assets in over 20 States. Mr. Paone graduated Cum Laude from the Pratt Institute with a Five-year Bachelor of Architecture Degree and is a Registered Architect in New York.
Investment Commitee
The following are members of DVO's Investment Commitee.
Emiritus Professor of Real Estate
Dr. Peter Linneman is a Principal of Linneman Associates, KL Realty, and American Land Funds, and is the Albert Sussman Emeritus Professor of Real Estate, Finance, and Business Public Policy at the Wharton School of Business at the University of Pennsylvania. He was a member of Wharton's faculty for 32 years, founding Wharton's Real Estate Department and the Zell-Lurie Real Estate Center. He is the founding co-editor of The Wharton Real Estate Review and has published over 80 articles during his career. Dr. Linneman is widely recognized as a leading strategic thinker and investor, and has been cited as one of the 25 Most Influential People in Real Estate by Realtor Magazine, and one of the 100 Most Powerful People in New York Real Estate by the New York Observer. He is a highly sought-after speaker, appearing as the keynote speaker at numerous major industry conferences. Dr. Linneman, holds both Masters and Doctorate degrees in economics from the University of Chicago.
Walker & Dunlop
Mr. Edelson is a 28-year veteran of the commercial real estate industry and a 23-year veteran in multifamily real estate finance. He is currently a Managing Director with Walker & Dunlop and previously he spent just over 18 years with CWCapital and Deutsche Bank Berkshire Mortgage (DBBM). Over the past 23 years he has originated over $13.8 billion in loans. He is one of the few originators in the country that has originated more than $3 billion directly for both Fannie Mae and Freddie Mac. This loan volume was generated from approximately 773 mortgages. During his tenure, Mr. Edelson has been consistently one of the top loan generating originators nationally. Despite generating industry leading volume, the aggregate loan loss over his $13.8 billion in loans has been less than 2 bps per loan. This high volume and extremely low loan loss record over two decades provides an unparalleled track record in the Agency origination industry. Mr. Edelson’s areas of expertise include structured transactions, portfolio transactions, large one off loans, affordable housing, as well as, senior housing loans. He has proven himself to be an industry leader and innovator, as exemplified with his many firsts. He was the first individual to execute a DMBS loan and or a variable rate loan on a senior housing transaction. He was the first individual to structure a non-crossed facility. He was the first individual to design many features found in large structured deals. He was the first to implement the float to fix to float structure. He was the first individual to restructure a performing Freddie Mac loan from amortizing to interest only. Mr. Edelson has been successful at identifying arbitrage opportunities between the capital markets and the Agency loan programs in ways that consistently add value to his clients. This has earned him a loyal client base that returns time and again with their financing needs. Mr. Edelson holds a Bachelor of Science degree from the University of Maryland, where he graduated Magna Cum Laude and received his Master’s degree in Business Administration from Harvard University. Additionally, Mr. Edelson received his CPA designation from the State of Maryland.
Board of Advisors
The following are members of DVO's Advisory Board.
Founding Partner of RCG Longview
Jay Anderson is Chief Operating Officer of The Feil Organization and a Founding Partner of RCG Longview. He has been, along with Mr. Feil, the lead investment professional of many of the Feil investments over the last 23 years. He has purchased over $2 billion of property during his 35-year tenure. Mr. Anderson also oversees the in-house financing, accounting and management at Feil. Prior to joining The Feil Organization, he spent four years in both the audit and tax departments at Deloitte Haskins and Sells, servicing such clients as Merrill Lynch and Rapid American Corporation. Prior to that, he worked in the finance department of W. R. Grace & Company’s Consumer Services Group. Mr. Anderson currently serves on the real estate advisory board of M&T Bank, is a trustee to the enCourage Kids Foundation and was a trustee of Kean University of the State of New Jersey. Mr. Anderson is a Certified Public Accountant and holds a Master’s degree in taxation and finance from New York University Stern School of Business. He earned his Bachelor’s degree in accounting at Brooklyn College.
Director at Bank of America Merrill Lynch
Charles Manna is managing Director at Bank of America Merrill Lynch. Previously he was a Managing Partner at G2 Investment Group. He was also a Managing Director at Lehman Brothers for 11 years.
Partner of Priderock Capital Partners (PRC)
PRC was founded to manage and generate above-average returns for third-party institutional and high net worth investors and to improve the local communities in which they acquire assets. The PRC senior management team has acquired and managed over 15,000 multi-family units and developed over 24,000 units in Arizona, California, Colorado, Florida, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Texas, Virginia and Washington DC. David Worley is the Chairman of FirstCity Bank of Commerce of North Palm Beach, FL. For 8 years he was Chief Risk Officer of the Multifamily Division of the Federal National Mortgage Association. He was formerly a Senior Executive in capital markets and financial services, with proven leadership skills and a long track record of achieving results. Mr. Worley graduated from the University of Texas at Austin.