Overview

We are a performance driven company that leverages the collective experience, entrepreneurial spirit, and execution capabilities of our people to create long-term value for our partners, employees, and the communities in which we operate.
Purpose

To be a best-in-class organization that is most admired for its people, performance, and professionalism.

Mission

Attract, develop and retain highly motivated people with integrity, aptitude, and the desire to make meaningful contributions in a team environment.

 

Generate superior risk-adjusted investment returns.

 

Inspire the confidence and loyalty of our investors.

Values

Building long-term partner relationships based on transparency, mutual trust, and respect.

 

The safety, health, and work-life balance of our people.

 

Treating investors as true partners, and their money as if it were our own.

 

Fostering a culture of optimism, opportunity, teamwork and resourcefulness for our people where everyone can make a difference.

 

Conducting our corporate activities with the highest ethical and professional standards.

 

Innovation in the fields of property search, marketing, and management.

 

Being known for consistently doing the little things and the big things, well.

At Chatham Bay our core focus is converting or repositioning underutilized properties into high quality assets, in high barrier-to-entry markets, at a stabilized cost basis well below their competitive set.

 

Our theory on adding value is simple: we believe adding value in real estate is about superior deal identification & execution skills and not just about cap rate compression and access to inexpensive debt. Our approach to adding value is driven by the following philosophy:

Be Disciplined

We pay little attention to newfangled trends in the real estate industry. Fundamentals of supply & demand, the existence of a compelling competitive advantage, and our assessment of our ability to execute are the paramount factors in project selection. Our ability to underwrite the underlying collateral value prior to investment is fundamental to our success.

 

We seek to identify opportunities and inefficiencies within a given real estate market through an extensive network of real estate professionals, property owners, and municipal officials. Once a potential opportunity is identified, our team will begin a rigorous and systematic analysis of demographic trends, supply/demand fundamentals, and the competitive set in an effort to identify a clear and compelling competitive advantage. Once identified, we will design a value enhancement program to acquire, redevelop, stabilize, and refinance out initial investor equity. We rely on the expertise of our in-house management and operating affiliates for hands-on execution from inception to completion.

Mitigate Risk

Whenever possible, obtain attractive third-party contributions such as historic tax credits, New Market Tax Credits, governmental programs such as TIFFs, TADs, CDDs, and seller financings to further reduce cost basis and to enable an asset to be the low-cost provider of space in its given market.

 

Mitigate risk through phasing, pre-selling, pre-leasing, and re-tenanting
Create dual liquidity options of recapitalization and disposition upon stabilization.

Create Value at Every Stage

Target disinterested sellers & markets with high barriers-to-competition.

 

Acquire at a discount to the competitive set.

 

Add value through entitlements & assemblage.

 

Create income streams rather than acquiring them.

Our Principles

Patrick Duffy

FOUNDER & CEO

Mr. Duffy founded The Chatham Bay Group in 2006. As CEO he leads the company’s general investment initiatives and provides strategic direction.

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Prior to founding Chatham Bay in 2006, Mr. Duffy worked in the development group at Pennsylvania Real Estate Investment Trust (PREIT), a NYSE-listed equity REIT in Philadelphia from 2001 to 2006. In that capacity Mr. Duffy was responsible for market and site selection, and managing all aspects of the retail development process from acquisition to turnover. While at PREIT, Mr. Duffy worked on over $2.7 billion worth of real estate transactions, including the $2.1 billion portfolio acquisition of Crown America Realty Trust, the disposition of a $400 million multifamily portfolio, and the entitlement and ground-up development of several hybrid shopping centers. Mr. Duffy has over 15 years of professional real estate experience.

 

Mr. Duffy also serves as CEO of American Residential, a joint venture with Dr. Peter Linneman’s KL Realty Fund, which was formed in 2012 to deploy institutional capital into the single family real estate (SFR) space throughout the United States. The company has acquired over $55,000,000 worth of single family assets since inception.

 

Mr. Duffy earned his B.S. from the University of Delaware and has completed post-graduate course work at the Wharton School at the University of Pennsylvania.

 

Memberships/Affiliations:

 

–  Young Presidents Organization (YPO)

 

–  Urban Land Institute (ULI)

 

–  Wharton Zell/Lurie Real Estate Center

 

Mr. Duffy, along with his father Pat Duffy Sr., is a proud Co-Founder and Chairman of the Chatham Bay Foundation (www.chathambay.org).

Jay Freebery

Principal

Mr. Freebery has been with Chatham Bay since the company’s inception in 2006. He shares responsibility for sourcing transactions and oversees…

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construction management, maintaining a leadership role in each project from inception to completion.

 

Prior to joining Chatham Bay in 2006, Mr. Freebery served as the Director of Asset Management for Brandywine Realty Management, a residential investment and property management firm, from 2003 to 2006. In this capacity, Mr. Freebery was responsible for managing all leasing and capital improvements on Brandywine’s 450 plus unit single family portfolio. Prior to joining Brandywine Realty Management, Mr. Freebery was a manager in the Land Use and Code Enforcement Departments of New Castle County from 2000 to 2002, where he managed a team of building inspectors and oversaw the approval of over $1 billion, in commercial projects, as well as the construction of over $250 million of real estate projects. Mr. Freebery has over 15 years of professional real estate experience.

 

Mr. Freebery earned his B.A. from the University of Tampa and his M.B.A. from Wilmington University. Mr. Freebery is a licensed real estate broker in Delaware, Pennsylvania, and Maryland.

 

Mr. Freebery is also a Director of The Chatham Bay Foundation (www.chathambay.org)

Ryan Boll

Principal

Mr. Boll is responsible for the evaluation and analysis of targeted acquisitions and assisting with all aspects of the development process…

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including due diligence, project feasibility, finance, entitlements, and design. Prior to joining Chatham Bay in 2011, Mr. Boll was employed at Capmark Financial Group, a commercial real estate finance company. In this position, he was responsible for financial analysis, surveillance, and collateral assessments within the $240 billion North American servicing portfolio. Mr. Boll has over 6 years of professional real estate experience.

 

Mr. Boll earned his BA in Urban and Regional Planning and Finance, as well as a Master of Real Estate Development (MRED) from the University of Maryland.

Acquisitions

Maverick Force

Analyst – Acquisitions

Mr. Force is responsible for sourcing, analyzing, and underwriting real estate assets. Prior to joining Chatham Bay, Mr. Force was employed at Bridgeforce,

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a consulting company focused on payment and lending systems in financial institutions. In this capacity, he was responsible for developing, redesigning, and implementing new processes throughout the organization.

 

Mr. Force holds a BS in Finance from Juniata College.

Dan Eckhardt

Analyst – Acquisitions

Mr. Eckhardt is responsible for identifying and analyzing investment opportunities within select target markets. Prior to joining Chatham Bay,

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Mr. Eckhardt gained valuable experience as an intern at CBIZ MHM LLC, a professional services company. Within the Forensic and Financial Services department, Mr. Eckhardt was tasked with performing business analysis and valuations.

 

Mr. Eckhardt earned a dual B.S. in Finance and Accounting, as well as his MBA from La Salle University where he was a member of the Division I soccer team.

 

Mr. Eckhardt is currently pursuing designation as a Chartered Financial Analyst.

Business Operations & Strategy

Patrick Duffy

FOUNDER & CEO

Mr. Duffy founded The Chatham Bay Group in 2006. As CEO he leads the company’s general investment initiatives and provides strategic direction.

MORE

 

Prior to founding Chatham Bay in 2006, Mr. Duffy worked in the development group at Pennsylvania Real Estate Investment Trust (PREIT), a NYSE-listed equity REIT in Philadelphia from 2001 to 2006. In that capacity Mr. Duffy was responsible for market and site selection, and managing all aspects of the retail development process from acquisition to turnover. While at PREIT, Mr. Duffy worked on over $2.7 billion worth of real estate transactions, including the $2.1 billion portfolio acquisition of Crown America Realty Trust, the disposition of a $400 million multifamily portfolio, and the entitlement and ground-up development of several hybrid shopping centers. Mr. Duffy has over 15 years of professional real estate experience.

 

Mr. Duffy also serves as CEO of American Residential, a joint venture with Dr. Peter Linneman’s KL Realty Fund, which was formed in 2012 to deploy institutional capital into the single family real estate (SFR) space throughout the United States. The company has acquired over $55,000,000 worth of single family assets since inception.

 

Mr. Duffy earned his B.S. from the University of Delaware and has completed post-graduate course work at the Wharton School at the University of Pennsylvania.

 

Memberships/Affiliations:

 

–  Young Presidents Organization (YPO)

 

–  Urban Land Institute (ULI)

 

–  Wharton Zell/Lurie Real Estate Center

 

Mr. Duffy, along with his father Pat Duffy Sr., is a proud Co-Founder and Chairman of the Chatham Bay Foundation (www.chathambay.org).

Jay Freebery

Principal

Mr. Freebery has been with Chatham Bay since the company’s inception in 2006. He shares responsibility for sourcing transactions and oversees…

MORE

 

construction management, maintaining a leadership role in each project from inception to completion.

 

Prior to joining Chatham Bay in 2006, Mr. Freebery served as the Director of Asset Management for Brandywine Realty Management, a residential investment and property management firm, from 2003 to 2006. In this capacity, Mr. Freebery was responsible for managing all leasing and capital improvements on Brandywine’s 450 plus unit single family portfolio. Prior to joining Brandywine Realty Management, Mr. Freebery was a manager in the Land Use and Code Enforcement Departments of New Castle County from 2000 to 2002, where he managed a team of building inspectors and oversaw the approval of over $1 billion, in commercial projects, as well as the construction of over $250 million of real estate projects. Mr. Freebery has over 15 years of professional real estate experience.

 

Mr. Freebery earned his B.A. from the University of Tampa and his M.B.A. from Wilmington University. Mr. Freebery is a licensed real estate broker in Delaware, Pennsylvania, and Maryland.

 

Mr. Freebery is also a Director of The Chatham Bay Foundation (www.chathambay.org)

Ryan Boll

Principal

Mr. Boll is responsible for the evaluation and analysis of targeted acquisitions and assisting with all aspects of the development process…

MORE

 

including due diligence, project feasibility, finance, entitlements, and design. Prior to joining Chatham Bay in 2011, Mr. Boll was employed at Capmark Financial Group, a commercial real estate finance company. In this position, he was responsible for financial analysis, surveillance, and collateral assessments within the $240 billion North American servicing portfolio. Mr. Boll has over 6 years of professional real estate experience.

 

Mr. Boll earned his BA in Urban and Regional Planning and Finance, as well as a Master of Real Estate Development (MRED) from the University of Maryland.

Liam Sullivan

Project Manager

Mr. Sullivan is responsible for field operations and property management related to the company’s single family rental platform throughout Pennsylvania,

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Delaware, and Maryland. Prior to joining Chatham Bay in 2013, Mr. Sullivan was a senior investigator at Auld and Associates. Prior to Auld, Mr. Sullivan spent 30 years in law enforcement, including 10 years on the FBI Violent Crimes Task Force in Wilmington, Delaware.

Gwen Arroyo

Associate – Business Operations & Strategy

Ms. Arroyo supports the acquisitions and construction management groups in a variety of ways including monitoring target acquisitions from the time of offer

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acceptance, Dto closing, through start of construction. Her responsibilities include reviewing title packages, coordinating property insurance policies, monitoring deed recordation, establishing applicable licenses, and managing master utility accounts.

 

Prior to joining Chatham Bay in 2015, Ms. Arroyo was employed at Barclays Banks. In this position she was responsible for assessing credit risk, client viability, and analyzing financial statements.

 

Ms. Arroyo earned her BS in Behavioral Science from Wilmington University.

Colleen Shiflet

Senior Associate – Business Operations & Strategy

As a senior associate in the logistics group Ms. Shiflet’s primary responsibilities include marketing and asset

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management. Additionally Ms. Shiflet develops and implements business strategies that aim to increase product awareness and company profitability. She prides herself in establishing and maintaining positive professional relationships with all clients.

 

Ms. Shiflet is a certified Form 50 agent for the company and earned her BS in Business Marketing from Rochester Institute of Technology.

Construction Management

Patrick Duffy Sr.

Principal

Mr. Duffy oversees risk management for Chatham Bay’s construction operations. Prior to joining Chatham Bay in 2009, Mr. Duffy spent 32 years in power delivery

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business with Delmarva Power and Lighting. While at Delmarva, Mr. Duffy’s responsibilities included the construction, staffing, labor negotiations, risk management and disposition of two power plants and management of the largest power deliver system in the Delaware, Maryland, and Virginia peninsula. Mr. Duffy has over 32 years of professional risk management experience and more than 13 years of professional real estate experience.

 

Mr. Duffy holds a Bachelor of Science degree in business from Drexel University and an M.B.A. from Wilmington University.

 

Mr. Duffy is the Executive Director of The Chatham Bay Foundation (www.chathambay.org)

Joe Freebery

Senior Project Manager

Mr. Freebery is responsible for pre-construction services, value engineering, and day-to-day operations for both ground-up and redevelopment

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projects. Prior to joining Chatham Bay in 2010, Mr. Freebery was Head of Special Services for New Castle County from 1982 to 2006. While at New Castle County Mr. Freebery has direct responsibility for a $500 million capital improvement budget, a $100 million operating budget, and a staff of over five hundred people. In addition to overseeing the entitlement, construction, and management of several libraries, municipal government buildings, and athletic facilities during his tenure, Mr. Freebery was responsible for the planning, construction, and maintenance of a 3,000 mile sewer system stretching from New Castle County to Sussex County, Delaware. Mr. Freebery has over 30 years of professional real estate and construction management experience.

Mark Podolak

Project Manager – Construction

Mr. Podolak is a project manager for Chatham Bay’s construction management group where his responsibilities include estimating,

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scheduling, design strategy, contract administration, day-to-day construction site supervision, and final quality control.

 

Prior to joining Chatham Bay, Mr. Podolak spent 4 years as a project manager for the New York City area Disaster Restoration Company where he specialized in emergency repairs and remediation resulting from fire or flood. Prior to that Mr. Podolak was a project manager for a large commercial masonry subcontractor.

Eric Starrett

Project Manager – Construction

Mr. Starrett is a project manager in Chatham Bay’s construction management group. In this capacity he is responsible for the estimating,

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operations, scheduling, and vendor management phases of various commercial and residential projects including the company’s single family real estate (SFR) platform throughout the Mid-Atlantic region. Mr. Starrett is also responsible for ensuring that all projects are turned over with a high degree of quality and workmanship and has been heavily involved in internal process optimization to increase efficiency across various lines of business at Chatham Bay.

 

Mr. Starrett has over 10 years of professional experience with managing the design, estimating, and operations phases of large scale commercial and residential construction.

 

Mr. Starrett earned a B.S. in Mechanical Engineering from the University of Delaware.

Lann Lucas

Project Manager – Construction

Mr. Lucas is a project manager for Chatham Bay’s construction management group where his responsibilities include estimating,

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scheduling, design strategy, contract administration, day-to-day construction site supervision, and final quality control. Since joining Chatham Bay in 2015, Mr. Lucas has been responsible for managing residential construction projects throughout the Baltimore Metropolitan region. Mr. Lucas brings over 25 years of hands-on professional construction experience in both residential and commercial settings, and over 10 years of construction management.

 

Mr. Lucas earned his AA degree in General Studies at Carroll Community College.

Finance

Joe Calabro, CFA

Vice President – Finance

Mr. Calabro joined Chatham Bay in 2015 and is responsible for finance, reporting, and asset management. Prior to joining Chatham Bay,

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Mr. Calabro spent 8 years at J.P. Morgan where he most recently served as a Vice President of the Private Bank’s Portfolio Management Group based in Geneva, Switzerland. He also held a variety of CFO roles, supporting several of J.P. Morgan’s businesses throughout the Americas, Europe, and Asia.

 

Mr. Calabro earned a B.S. degree in Finance from the Pennsylvania State University, and is a CFA® charterholder.

Carolyn May Essel

Senior Accountant – Finance

Ms. Essel is a senior accountant with a diverse, 25+ year career in accounting and management. As an accountant in the logistics group

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at Chatham Bay, Ms. Essel oversees internal accounting function for the company’s single family real estate (SFR) and construction management businesses. Prior to joining Chatham Bay, Ms. Essel was a senior construction accountant and A/P supervisor at Thomas Properties Group, Inc., where she accounted for the $580 million City National Plaza renovation project in Los Angeles, the $142.5 million construction loan for the Murano Condominiums sky rise in Philadelphia, the Four Points Center complex in Austin, and several other entities the company owned or managed. She also supervised the daily operations of the corporate accounting department,and maintained numerous schedules needed for SEC reporting.

 

Prior to Thomas Properties, Ms. Essel co-owned and operated Vivid Color Corporation, a small manufacturing company, where she handled all aspects of the financial operations as well as the daily office and sales management.

 

She is a proud mother of three adult children.

Diane Plystak

Accountant

Mrs. Plystak is an accountant focusing on accounts payable, accounts receivable, fixed assets, and construction accounting. Mrs. Plystak

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joined Chatham Bay in 2015, bringing with her over 30 years of accounting experience. Her experience has been generally concentrated at small companies in the state of Delaware, including a lumber supplier, an industrial contractor, a management company for charter schools, an importer of granite & marble tiles, and a local soccer club.

Thank you for your interest in Chatham Bay.
We’re looking forward to working with you.