Founding Partner & CEO
Throughout his professional career, Gregg Perelman has been a trendsetter, seeking the most groundbreaking ideas and using them to disrupt the status quo of entire industries. As the CEO of Walnut Capital, he has brought this vision of innovation to bear in a city that is becoming synonymous with urban rebirth.
Blending up-to-the-minute, best-in-class technology with imaginative historic restoration, Gregg also brings a commitment to service that is without peer. Whether responding to his tenants, anticipating the needs of world-class corporations, or creating connections between his development and the surrounding communities, he gives his full personal attention to every detail, setting an example that has gained national recognition.
Gregg has been instrumental in creating and implementing Walnut Capital’s aggressive acquisition and development strategy. A truly hands-on developer, he can often be seen supervising construction and renovation projects in the field or proudly taking prospective tenants on a tour of his apartments and townhomes. He also jointly oversees the company’s property management arm, leading a staff of more than 100 people with vision and enthusiasm throughout the day-to-day operations, marketing, and management of all the firm’s residential, office, and commercial properties.
Prior to co-founding Walnut Capital, Gregg built his career around his philosophy of marketing, customer service, and attention to detail. Long before the word “online” was part of the business vocabulary, Gregg created an online medical supply business for Stadtlanders, transforming a large independent pharmacy into a national player.
And long before the terms “corporate social responsibility” or “social entrepreneurship” existed, Gregg was living by those principles. He expanded his business to include specialty drug distribution for high-risk patients, including transplant recipients and people with AIDS, at a time when they were the most medically fragile populations. Gregg forged networks with social workers and AIDS coordinators and opened offices in New York and San Francisco, creating a formidable engine that was, quite literally, the difference between life and death for tens of thousands of people throughout the United States.
When he sold Stadtlanders, its revenues surpassed $300 million and it was one of the largest employers in the region.
Having already made such a significant impact nationwide, Gregg views his efforts in revitalizing Pittsburgh as a chance to come full circle: “You start with an idea, a seed. You nurture it, and you see the whole cycle. Legacy is very important to me.”
His aggressive approach to growth combined with a responsible, creative vision and dedication to excellence at every stage of the development process – from design to implementation to property management – is changing the landscape of the city he calls home.
Principal and President
A real estate attorney by trade, Todd Reidbord’s interest in community planning began in childhood, when he took an interest in the work of his mother, an urban planner in the Pittsburgh suburb of Mt. Lebanon.
Todd’s expertise in real estate and corporate law stems from his experiences representing a wide range of clients from national banks to real estate developers. After graduating from the Wharton School of the University of Pennsylvania and the University of Pittsburgh School of Law, Todd joined Buchanan Ingersoll, specializing in commercial real estate acquisition, financing, leasing and development. He later served as vice president in charge of real estate for 84 Lumber Company, a national chain of more than 350 lumber and home centers, where he was responsible for the coordination of all real estate, construction and financing activities.
But his interest in planning never waned; in fact, it only grew. Appointed by the Mayor to Pittsburgh’s planning commission, Todd learned from the inside out how public policy shapes development. There, he forged the network that would help him understand the impact of his work on future generations and the value of public-private partnerships in achieving an ambitious shared vision.
He also learned the importance of working on projects about which he could feel passionate. After co-founding Walnut Capital, he sought properties that simply did not interest other developers, usually because they appeared too difficult to rehabilitate. But Todd was driven by a single question: “Would you live there?” And he dedicated himself to doing what was needed to answer yes.
Todd reached out beyond Pittsburgh to investors from other states, creating an extremely successful capital partnership that has infused the city with some of the most innovative growth it has seen in a generation. Drawing on a rich institutional knowledge, Todd has leveraged private financing by securing infrastructure funding through a combination of conventional loans, state and federal grants, historic and new market tax credits and tax increment financing.
Todd jointly oversees the operations and staff at Walnut Capital Management that coordinates all aspects of development, management, and brokerage services. He is the point person for the many investor and lender relationships involved in Walnut’s owned and managed properties, a role in which he excels.
While lobbying for federal funding from the Economic Development Administration in Washington, D.C., Todd once received several accolades from an undersecretary in the U.S. Department of Commerce.
It was a moment that Paul Svoboda, special projects manager for Pittsburgh’s Urban Redevelopment Authority, will never forget, because it signaled a new level of national recognition and excitement about the city.
“There has been a really great partnership between Walnut Capital’s private sector, their own firm and the equity behind them, and the talent they have in development. That’s a potent recipe,” he says. “They can get the players together to work cooperatively and put skin in the game. When you have that kind of collaboration, you can do special things.”
Chief Financial Officer
A certified public accountant and licensed Pennsylvania attorney with three decades’ worth of experience, Michael brings a diverse background of expertise in financial management, tax law, and real estate finance to Walnut Capital. Like most of our principals, he wears many hats, and as the company has grown, so has his role. He oversees the accounting department, prepares tax returns, completes reconciliations on property transactions, and analyzes budgets, moving nimbly through these and other tasks and insisting that the staff is as dynamic and capable as he is. His ongoing experience in emerging markets and real estate ensures that our firm benefits from up-to-the-minute expertise.
A graduate of Ohio State University, Michael joined Walnut Capital in 1998. He is a self-starter by nature, and the company’s bold approach to reimagining the real estate market appealed to him.
Today, Michael takes pride in the company’s success, even as he looks ahead to new milestones.
“My goal has always been to take part in something groundbreaking,” he says. “I look forward to our continued growth in developing Pittsburgh’s most innovative corridors.”
Andrea Lober Rockovich
Accounting & Reporting Director
Successfully managing the construction funding sources for a true public-private partnership can be a daunting task. But Andrea has proven herself more than up to the task. As the company’s senior controller, Andrea oversees Walnut Capital’s construction budgets and supervises the accounting and operations for our Bakery Square and Walnut on Highland properties. Among the funding sources she supervises are conventional lending, RACP, TIF, HTC, and NMTC.
In addition to her role supervising the accounting staff and tracking budgets, Andrea also helps implement new technologies to ensure the company is at the forefront of the newest trends in property management.
A certified public accountant and graduate of John Carroll University with more than a decade of financial real estate management experience, Andrea joined Walnut Capital five years ago, attracted by the company’s growth and vision of revitalizing the city. A resident of nearby Edgewood, she takes pride in her contribution to the company’s deep investment in neighborhoods that were long overlooked.
“It takes a lot of confidence and a lot of vision to take on a challenge in this market,” she says. “But Gregg and Todd are very dynamic, and it’s exciting to work with that kind of energy and drive.”
As the property management director in charge of Bakery Square, Bakery Square 2.0, Bakery Living, and Walnut on Highland, Brian Hicks understands the need for staying best in class in all aspects of property management.
“It’s a position that keeps you on your toes,” says Brian, a graduate of Western Michigan University who brings ten years of commercial real estate management experience, including six with a national firm and four with Walnut Capital. “We always stay one step ahead in terms of technology and delivery of service. There aren’t too many dull moments.”
As with most of Walnut Capital’s team, Brian lives in the midst of the neighborhoods where he works, which gives him a sincere, vested interest in their success. The time, money, and human investment Walnut Capital puts into the area has a direct correlation to its revitalization, a fact from which he draws great personal satisfaction.
Because of its size and commitment to customer service, Walnut Capital offers a level of flexibility that is vital to attracting and retaining world-class tenants. Brian enjoys the opportunity to respond quickly to clients’ needs with the high level of support necessary to ensure swift implementation.
“The companies that occupy our properties are constantly pushing the boundaries and thought processes in what they do,” he says. “It helps us to think outside the box in delivering a space that provides a solid level of comfort and a partnership.”
Senior Property Manager
Fred has been part of the Walnut Capital team since its inception, and as such, is integral to and deeply invested in its culture of excellence. In his capacity as Property Management Director, he is the point person for the day-to-day operations of the company’s commercial space as well as more than 800 residential units. Fred also assists with tenant build-outs and new construction as a commercial property manager. He attended the University of Pittsburgh.
A consummate service provider, he strives to offer a level of response that he himself would expect, aided by a staff of a dozen technicians and technology that promotes a seamless workflow.
For example, tenants can place work orders online, where the job is immediately dispatched to the staff. They can also track the progress of the request to its completion.
“Our owners always stay a step ahead with new technology,” he says. “Sometimes, change is hard, but they’ve never been afraid of trying new things. That is the way of the future, and Walnut Capital has stepped up to be the go-getters.”
Leasing, Marketing & Operations Director
As the head of a leasing team that continually maintains less than a 5% vacancy rate across Walnut Capital’s residential portfolio, Alissa Panichella’s track record of excellence speaks for itself. She has been part of the Walnut Capital team for more than a decade. Within the past year and a half, she has transitioned the leasing process from paper to 100% online, from lease applications through signing. Tenants can obtain copies of their lease, pay their rent, submit and track work orders, or view available properties online, on their timetable. Work orders are completed within 48 hours or tenants receive rent credit, a guarantee known as the Walnut Promise. Walnut Capital also regularly surveys tenants for customer satisfaction, and CEO Gregg Perelman personally reviews the results.
Alissa also manages all social media in conjunction with traditional marketing strategies. Prospective tenants can use Facebook to explore Pittsburgh neighborhoods and get recommendations on specific Walnut Capital properties that match their tastes, then link directly to the leasing process.
“Our online transition has allowed us to communicate directly with our tenants, so they can reach us in a very easy way. We are very responsive,” she says.