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Management

The management of SmallBalance.com have extensive experience with commercial real estate market analysis, property valuations, statistical and financial modeling, and database management. Over the past several years, we have focused this expertise on developing data and analytics, and commercial valuation products to support participants in the small-cap CRE space. Biographies of the firm's leadership team are presented below.

Randy Fuchs, President
Michaell Taylor, Ph.D., Executive Vice President
Thomas Mullins, Appraisal Operations Manager
Jessica Rust, Project Manager
David Colonna, Director of Sales

Randy Fuchs, President

Randy Fuchs Randy is a real estate market analyst with 25+ years of experience. At SmallBalance.com, he has overall responsibility for operations, market analysis, report development and marketing. Randy is also a principal of Boxwood Means, Inc., the real estate research and consulting firm he co-founded in 2003. He is recognized as a leading authority on the small-balance lending space, and his market analyses are frequently cited in the business press and trades. Randy has published articles in trade journals such as Mortgage Banking magazine and The RMA Journal and, for two years, wrote the monthly column, "Inside Small Balance", for the commercial edition of the Scotsman Guide magazine. He is also a regular speaker at industry conferences such as the Mortgage Bankers Association, Crittenden's and other client forums.

Previously, Randy was senior vice president of the research unit of GMAC Institutional Advisors LLP (now a division of Morningstar, Inc.) and was also senior vice president at the real estate research firm, Reis, Inc. He has a M.B.A. from Fordham University, a Master's in Regional Planning from the University of Massachusetts (Amherst) and his B.A. from Cornell University.

Michaell Taylor, Ph.D., Executive Vice President

Michaell Taylor Michaell is a veteran quantitative analyst and researcher with 20+ years of experience. He manages development and maintenance of quantitative models and databases that support the research products and tools at SmallBalance.com. He is also a co-founder and principal of Boxwood Means, Inc.

Michaell's real estate research has been published in various academic journals and trade publications including Real Estate Finance, Mortgage Banking and The RMA Journal. He has spoken at academic and industry-related conferences, mostly recently the Mortgage Bankers Association and IMN's High-Net-Worth Real Estate Investing.

Previously with his consulting firm Michaell Taylor Associates (MTA), he developed multiple quantitative hedge funds for UBS Asset Management and developed risk-return models applicable to individual mortgage loans and portfolios at GMAC Commercial Mortgage Corp. Other former clients have included a variety of state, national, and international Agencies and Ministries, as well as major firms in the financial, energy, and healthcare-related fields. Prior to MTA, Michaell was a senior economist at Reis, Inc., where he was responsible for the firm's forecasting and monte carlo simulation models.

Michaell is a tenured Associate Professor at Norwegian University of Science and Technology (NTNU-Trondheim). He has taught quantitative methods and statistics at the University of California (San Diego), University of Houston and the London School of Economics, among other institutions. Michaell's doctorate, in political economy from the University of Houston, included a specialization in quantitative methodologies. He earned his B.A. from Texas A&M University, College Station.

Thomas Mullins, Appraisal Operations Manager

Thomas Mullins Thomas Mullins joined Boxwood Means in 2015 as senior appraiser and manager of Boxwood's appraisal operations. He produces valuations for Boxwood's commercial evaluation and appraisal reports and presently holds Certified General Certifications in 30 states. Tom was instrumental in the initial development of the firm's Streamline Appraisal Report.

Prior to joining Boxwood Means, he was employed as a senior appraiser by a national firm specializing in HUD and affordable housing where he completed appraisals throughout the U.S. and Puerto Rico. Tom began his real estate career in 1986 and has been engaged as a real estate appraiser, analyst and consultant to banks and other lending institutions, local municipalities, religious organizations, utility companies and developers. He was formerly chief appraiser and senior review appraiser with two major banks where he co-authored the appraisal guidelines.

Additionally, Tom has served and testified as an expert witness in NY State Supreme Court, the Twelfth Judicial Circuit Court of Florida and the Twentieth Judicial Circuit Court of Florida.

Throughout his 30-year career, Tom has completed appraisal assignments for a diverse range of commercial, industrial and residential properties including retail stores, apartment buildings, shopping centers, office buildings, assisted living facilities, health care facilities, manufacturing plants, restaurants, hotels/motels, service stations, automobile dealerships, banks, daycare centers, self-storage facilities, subdivisions, single-family dwellings, multifamily dwellings, cooperative apartment buildings, condominium projects and vacant land. Specialty property appraisals completed include theaters, houses of worship, dog kennels, power line corridors, asphalt plants, tennis and fitness clubs, firehouses, watershed and reservoir lands, funeral homes, schools, bowling alleys, horse farms, beach clubs, and marinas.

Jessica Rust, Project Manager

Jessica Rhymes Jessica Rust is a veteran project and technology systems manager and quantitative analyst. She plans and oversees product development for Boxwood by coordinating in-house programming resources, web development, and mathematical modeling talent along with external vendors and support personnel. In addition, she provides continued management and support of new product usage and enhancement after initial launch. She is also charged with overall systems redesign to enhance functionality and client experiences.

Prior to joining Boxwood, Jessica was a senior managing consultant for four years at Computer Sciences Corporation (CSC) where she led multiple teams in delivering technology and process improvement projects at a number of Fortune 500 organizations. She was awarded the CSC Values award as a top performer. Previous to CSC, Jessica was employed for three years as a Senior Consultant and Financial Analyst at Accenture. While there, she also managed multiple teams in successfully integrating IT systems following multiple bank mergers and acquisitions. She also managed a financial team responsible for over $50 million in project and operating budgets including chargeability forecasting, headcount plans and capital planning. While working as a Financial Analyst for Accenture, she was nominated to three Americas-wide special projects charged with development of uniform financial forecasting & budgeting tools and global management accounts.

Jessica earned a B.S. in Finance at Florida State University.

David Colonna, Director of Sales

David Colonna As Director of Sales, David leads our sales team with a strong commitment to client growth and development. He possesses over a decade of commercial real estate and data sales experience.

Since joining the firm in 2010, David has assumed overall responsibility for managing and directing SmallBalance.com's product sales and customer service activities. With a strong understanding of regulatory compliance guidelines promulgated by federal agencies, David has advised a number of the nation's leading lenders on solutions that help streamline internal commercial evaluation policies and procedures.

David began his professional sales career with Milford, CT-based Environmental Data Resources (EDR), a leading provider of environmental risk reports to lenders and environmental consultants. He was rapidly promoted to Regional Manager of Texas and Oklahoma, the company's most competitive market. His keen understanding of collateral due diligence activities and Phase 1 reporting was developed over seven years of employment with EDR.

David is active in several industry organizations including the Appraisal Institute, the Risk Management Association and the Mortgage Bankers Association. Previously for two years David served as the Membership Chairman for the North Texas Association of Environmental Professionals. David received his BA from the University of Rhode Island.