Our Firm

Ira M. Lubert is the Chairman and co-founder of Lubert Adler. He is also the co-founder of LLR Management HoldCo, Quaker Partners Management, LEM Capital, LBC Credit Partners, Patriot Financial Manager and Independence Capital Partners, LLC. Mr. Lubert is also a member of Lubert-Adler’s Investment Committee.

Mr. Lubert has over forty years of experience in real estate and private equity. Prior to co-founding Lubert-Adler, Mr. Lubert co-founded several other businesses, including TL Ventures, within the family of Safeguard Scientifics, Inc. (NYSE: SFE), an early-stage venture fund; Radnor Venture Partners, L.P., the first venture fund managed by Safeguard Scientifics; and GF Management, a hotel ownership and management company.

Mr. Lubert is a 1973 graduate of the Pennsylvania State University, where he received a Bachelor of Science degree in Human Development, with a major in Hotel Management. In 2006, Mr. Lubert was the recipient of The Distinguished Alumni Award, which is the highest honor presented by Penn State to an outstanding alumna or alumnus. In addition, Mr. Lubert is a past Chair and former member of the Board of Trustees of Pennsylvania State University.

Mr. Lubert also serves on the Board of the National Constitution Center. He previously served on the Board of Directors of PREIT (NYSE: PEI), Thomas Jefferson University Hospital, the Franklin Institute, CompuCom Systems, Safeguard Scientifics, Inc. (NYSE: SFE) and Sanchez Computer Associates. Mr. Lubert is also a past chairman of the United Way Campaign of Philadelphia and an active recruiter for the Alexis de Tocqueville Society of the United Way.

Ed Adler, Managing Partner and Co-Chief Investment Officer for Lubert Adler’s credit business, has over 35 years of experience investing in, structuring/restructuring debt instruments including commercial real estate loans, CMBS, CLOs/CDOs, repurchase agreements, corporate real estate facilities, non-performing loan portfolios (NPLs), and distressed debt across U.S and international markets. Prior to joining Lubert Adler, Mr. Adler founded Silver Eagle Advisory Group, a boutique restructuring and advisory business. During his career Mr. Adler ran multi-billion-dollar commercial real estate debt platforms at major Wall Street institutions in the US and Asia including Citigroup and Deutsche Bank and most recently founded Bentall GreenOak’s US debt platform. Over the past 4 credit cycles, Mr. Adler has led multiple teams and managed all elements of commercial real estate finance encompassing origination of new business, loan negotiation and structuring, loan syndications, risk management and regulatory compliance. Mr. Adler is widely respected as an industry expert and is a frequent speaker and press resource.

Mr. Adler graduated with honors from Union College with a B.S. in Mechanical Engineering and holds an M.B.A. from Columbia Business School. He is currently an adjunct professor at Columbia University’s Master’s in Real Estate Development Program and also sits on the Advisory Board of Academy Securities.

Mr. Adler serves on the board of Spark Youth NYC a nonprofit organization dedicated to transforming the lives of New York City children by identifying and providing crucial funding and operational support to emerging innovative community-based organizations that assist underserved youth throughout New York City.

Dory Black is General Counsel at Lubert Adler, responsible for all legal aspects of the company, and has over 21 years of asset management experience.

Prior to joining Lubert Adler in 2024, Ms. Black served as Chief Legal Officer of Momnt Technologies, Inc., a fintech company, and General Counsel of both Angel Oak Companies, an asset management, mortgage and real estate firm, and Angel Oak Mortgage, Inc. (NYSE: AOMR), a publicly-traded REIT. Ms. Black also served as Associate General Counsel and Vice President at GE Asset Management, Inc. She began her career at Dewey Ballantine LLP. Ms. Black has extensive experience in with respect to fund structuring, securitizations, loan strategies, and investment advisor compliance matters.

Ms. Black holds a J.D. from Emory University School of Law and a B.A. from Brandies University.

John Brosens is Vice President at Lubert-Adler responsible for capital formation and investor relations and has eight years of real estate experience.

Prior to joining Lubert-Adler, John worked as Director of Real Estate for Locale Hospitality, a short-term rental property manager, responsible for business development and partnerships. John also served as Head of Acquisitions for Stolar Capital where he focused on originating and structuring multifamily equity and preferred equity investments.

Mr. Brosens holds a B.A. in Political Economy from Georgetown University.

Laurelle Cheng is a Vice President at Lubert Adler, responsible for originating, structuring, and underwriting private credit investments and has 9 years of real estate experience.

Prior to joining Lubert Adler in 2023, Ms. Cheng was a Vice President at Silver Eagle, a commercial real estate restructuring and workout advisory firm. Ms. Cheng also served as a Vice President in Deutsche Bank’s commercial real estate lending group, where she focused on the origination, structuring and underwriting of CMBS and transitional balance sheet loans, as well as the pricing and structuring of SASB and conduit loans and securitizations on the CMBS primary trading desk.

Ms. Cheng holds a B.A. in International Relations and Economics from Wellesley College.

R. Eric Emrich is the Chief Financial Officer, Treasurer and also a Principal of Lubert Adler, and is responsible for all finance, accounting and taxation for the firm. Mr. Emrich is also a member of the Information Technology, Risk Management, and Compliance Committees.

Mr. Emrich has 38 years of real estate experience. Prior to joining Lubert-Adler, Mr. Emrich was Tax Director and Controller for the CMS Companies. He was also a Managing Partner for a SEC registered investment advisor in Plymouth Meeting, PA. In addition, Mr. Emrich spent twelve years in public accounting.

Mr. Emrich is a board member for the Philadelphia chapter of The Private Equity CFO Association, Co-Chairman of the tax committee of the National Association of Real Estate Companies (PEERSPAN) and is a member of the NVCA CFO Task Force. Mr. Emrich graduated cum laude from the University of Delaware with a B.S. in Accounting and Economics. He also received his M.S. in Taxation from Widener University. He spent five years as an Adjunct Professor in the Drexel University Master of Taxation Program teaching Partnership Taxation.

Michael Friedman is a Managing Partner with Lubert Adler focused on creating relationships with Family Offices, Wealth Advisors and High Network Accredited Investors.

Prior to joining Lubert-Adler, Mr. Friedman was the CEO and Founder of The ReVision Group, President of Millennia Housing Capital, CEO of Destination Sales and Marketing, Principal of Bakken Development, and International Sales and Marketing Director of the Ginn Companies.

Mr. Friedman holds a B.S. from University of Arizona and a M.A. from California State University.

Michael P. Gray is an Executive Vice President responsible for Commercial Real Estate Development, as well as portfolio and asset management.

Mr. Gray brings over 18 years of experience in real estate brokerage, development, national rollouts and investment sales. Throughout his career, Mr. Gray's work has covered every commercial real estate asset class from “High Street” retail to traditional grocery-anchored centers to emerging neighborhoods in various markets across the US. Mr. Gray has worked with local landlords, institutional landlords, PE firms and VC platforms, most of whom were in their respective growth phase. Prior to joining Lubert-Adler, Mr. Gray was the Director of Real Estate & Construction at La Colombe.

Mr. Gray graduated with a Bachelor's in Business Administration from the Sellinger School of Business at Loyola University Maryland.

Andy Isikoff is a Senior Managing Director at Lubert Adler focused on new deal origination and various other projects. He has over 30 years of real estate investing experience through several real estate cycles. Andy’s investment history includes both equity and debt investments in real estate assets and operating companies throughout the United States, Europe and Latin/South America and Asia.

Prior to Lubert Adler, Andy was a Managing Director of the ActivumSG Global where he was responsible for real estate activities within the United States. Prior to Activum, Andy was a Managing Director of the Silverfern Group and a member of the firm’s investment committee. He was responsible for all real estate activities within the firm inclusive of investments both domestically and in Europe. Previous to Silverfern, Andy was a Partner at HRS Management, LLC, the family office of Josh Harris. At HRS, Andy was responsible for all aspects of the firm’s real estate investing activities. Prior to HRS, Andy was a Managing Partner and Portfolio Manager with Perry Capital LLC and its real estate subsidiary Perry Real Estate Partners for 10 years where he and his team built the business from scratch and invested over $1 billion of capital into real estate in both debt and equity investments domestically and abroad.

Andy holds a Master of Business Administration degree from the University of Pennsylvania’s Wharton Graduate School of Business, and a Bachelor of Arts degree in Economics from Cornell University.

Andy serves as Advisory Board Member of the Cornell Baker Program in Real Estate.

Leonard M. Klehr is Vice Chairman of Lubert-Adler. He focuses his efforts on the acquisition of and investment in distressed real estate, distressed debt, work out solutions and problem loans. Mr. Klehr is also a member of the Investment Committee.

Mr. Klehr was a founding partner of the Philadelphia law firm, Klehr, Harrison, Harvey, Branzburg, & Ellers, where he practiced law for thirty years. He concentrated his practice in bankruptcy, insolvency, and loan workouts on behalf of banks and financial institutions throughout the U.S. He had an active practice in mergers and acquisitions and private equity transactions.

Mr. Klehr graduated from Franklin & Marshall College where he received a B.A. degree. He holds a J.D. degree from Temple University Law School, where he presently serves as a member of the Board of Visitors.

Tien-Yueh B. Kubach is a Principal at Lubert-Adler, responsible for leading their real estate development vertical. Ms. Kubach is a strategic real estate development specialist with 25 years of experience on complex mixed-use developments including luxury hospitality, gaming and integrated resorts, multi-family, retail, and cultural institutions.

Prior to joining Lubert-Adler, Ms. Kubach led the real estate development team on behalf of Las Vegas Sands in Singapore implementing a $6B real estate development and CapEx plan. Ms. Kubach also served as a Vice President of Technical Services at Tishman Realty & Construction where she was responsible for the development of Tishman owned and operated hotel assets.

Ms. Kubach holds a B.S. from Cornell University’s School of Hotel Administration with a concentration in Hotel Planning, Design and Construction.

Noah Martin is an analyst at Lubert Adler, responsible for acquisitions and asset management.

Prior to joining Luber-Adler, Mr. Martin worked as an analyst on the Debt Originations Team at Arbor Realty Trust in Manhattan. Mr. Martin graduated with a B.S.B.A in Finance and Accounting from the Freeman College of Management at Bucknell University.

Jake Pesci is a Vice President at Lubert Adler, responsible for originating, structuring, and underwriting private credit investments.

Prior to joining Lubert Adler, Mr. Pesci was an Investments Director at Seritage Growth Properties, a publicly listed owner/operator that specializes in the development, redevelopment, management and leasing of diversified and mixed-use properties. Mr. Pesci also served as an Associate in BentallGreenOak’s US Debt group, where he focused on the origination, structuring and underwriting of transitional and stabilized balance sheet loans.

Mr. Pesci holds a B.A. in Economics from the University of Connecticut and a M.S in Real Estate Development from Columbia University.

Jay Slovin is a Senior Vice President at Lubert-Adler and has responsibilities in both asset management and sourcing/underwriting of new acquisitions.

Mr. Slovin has over 35 years of experience in the real estate investment sector with specific expertise in Hospitality, Multi-family, Office/Industrial, Retail, and Senior Housing. During his tenure at Lubert Adler, Mr. Slovin has successfully completed in excess of $1.7B in combined acquisitions, sales, and refinancing of assets. Prior to joining Lubert-Adler, Mr. Slovin worked as Acquisitions Manager for Brandywine Realty Trust acting as lead on purchases in excess of $600 million. In addition, Mr. Slovin held the position of Manager of Investments for Bell Atlantic Properties.

Mr. Slovin holds both a B.S. in Accounting and a M.B.A. from Rider University.

Peter Tessler is a Senior Managing Director at Lubert-Adler. Mr. Tessler has 17 years of experience investing in and operating real estate assets across the United States. Prior to joining Lubert-Adler, Mr. Tessler was a founder and managing member of Urban West Capital and ZT Realty, both real estate investment firms specializing in the acquisition, reposition and management of multifamily and mixed-use properties in New York City and select markets in the Western United States. Previously, Mr. Tessler was an analyst at Goldman Sachs in the Real Estate Investment Banking Group and Real Estate Financing Group. He is a former member of the board of directors of Peak Bancorp, Inc where he sat on the Credit Policy Committee, the Audit Committee, and the Asset-Liability Committee.

Mr. Tessler graduated from Hamilton College with a B.S. in Public Policy. He currently serves on the Board of Trustees of the Ross School in East Hampton, NY.

Michelle Vaughn is the Chief Compliance Officer of Lubert-Adler, responsible for overseeing the firm's regulatory and compliance programs, including its Code of Ethics. Ms. Vaughn is also a member of the Information Technology and Compliance Committees.

Prior to joining Lubert-Adler, Michelle was a regulatory consultant with Deloitte where she helped several private equity firms build and implement their internal compliance programs. Previously, Ms. Vaughn served as the Chief Compliance Officer of Capmark Investments, a multibillion-dollar real estate investment adviser, where she was responsible for the implementation, integrity and on-going testing of the firm's global compliance program and investor reporting teams. Prior to Capmark, she held several regulatory and compliance positions at SEI Investment Company (SEIC).

Ms. Vaughn holds a BBA in Finance from Iowa State University and an MBA in International Business from The Haub School of Business at Saint Joseph's University.

Harrison Wolstein is an Associate at Lubert Adler, responsible for acquisitions, asset management, and development, and has 8 years of real estate experience.

Prior to joining Lubert Adler in 2024, Mr. Wolstein was President of Ravencrest Capital Partners and Vice President of The Wolstein Group, where he oversaw the operations and decision-making related to over 1,000,000 square feet of office, residential, and waterfront retail real estate in downtown Cleveland. Mr. Wolstein also worked as an attorney at Kirkland & Ellis LLP in the real estate group, where he handled a wide range of complex real estate transactions.

Mr. Wolstein holds a B.B.A. with distinction from the Stephen M. Ross School of Business at the University of Michigan, a J.D. from University of Michigan Law School, and an M.B.A. from Columbia Business School, with a concentration in Real Estate. Mr. Wolstein is a licensed attorney in the State of New York.