Gibraltar Real Estate Capital

Gibraltar Real Estate Capital is led by an experienced senior management team with substantial operational, development, legal, and financial knowledge, and is supported by a talented group of professionals with a variety of skills and expertise. This vertically integrated structure allows Gibraltar to effectively identify and evaluate opportunities, and provide value to our sponsors. As former builders and developers, we internally underwrite each transaction and perform our own due diligence - analyzing the market, researching comparable communities, and substantiating pro forma assumptions.

Roger Brush

roger brush

President and Managing Director

Roger co-founded Gibraltar in 2010, utilizing his experience in legal workouts and homebuilding operations to create a platform initially to take advantage of distressed real estate opportunities. Under Roger’s leadership, Gibraltar has since evolved into a dynamic investment platform with the flexibility to capitalize on a variety of financing structures, as well as direct acquisition opportunities.

Roger Brush joined Toll Brothers in 1993, leveraging his background as a workout attorney to purchase residential acquisition & development loans from financial institutions and the Resolution Trust Corporation and to convert them to real property. Subsequently, Roger was actively involved in many of Toll’s homebuilder acquisitions as well as participating in much of Toll Brothers' organic expansion into new markets through market analysis and land acquisitions. While working in Toll operations, Roger gained “boots on the ground” experience in land acquisitions, entitlements, improvements, construction, sales and marketing, ultimately becoming a Group President, overseeing a number of Toll’s homebuilding operations across the country. Roger also led the formation and sale of Toll Brothers' broadband subsidiary - Advanced Broadband. Prior to joining Toll Brothers, Roger was an attorney at Klehr, Harrison, Harvey, Branzburg and Ellers, a prominent Philadelphia, PA law firm. Roger received a B.A. from Tufts University and a J.D. from Temple University School of Law.

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Michael Lapat

Michael Lapat

Chief Financial Officer and Managing Director

Michael co-founded Gibraltar in 2010, using his finance and transactional background to help build a successful opportunistic real estate investment platform. Michael's responsibilities include co-management of investment origination and underwriting, oversight of finance, budgeting and reporting functions, and serving as a liaison for Gibraltar’s joint venture partners.

Michael joined Toll Brothers in 1999, and served as its Vice President – Finance prior to Gibraltar’s formation. In that capacity, Michael was responsible for leading the valuation, due diligence, structuring and execution of various strategic transactions for Toll Brothers, totaling approximately $2 billion. These included homebuilder acquisitions, land banking transactions, land development, high-rise and homebuilding joint ventures, project-financed debt, and dispositions of non-core land holdings. Previously, he held positions with United Waste Systems and PriceWaterhouseCoopers Securities, serving in both a corporate and advisory capacity in the acquisition of over 70 companies in various industries, and in raising debt and equity through private placements and public offerings. Michael received an M.B.A. from the University of Chicago - Booth School of Business and a B.S. in Finance from Syracuse University.

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Janelle Iturbe

Janelle Iturbe

Vice President & Counsel

Janelle serves as Counsel for Gibraltar overseeing all legal matters arising from the acquisition or financing of new residential land investment opportunities including land banking, loan, and joint venture structures. She provides legal guidance and direct assistance to the Gibraltar team with respect to all investment transactions and asset management.

Janelle also coordinates with and manages local counsel in the performance of due diligence reviews, asset acquisitions, litigation matters, and general disposition strategies.

Prior to joining Gibraltar, Janelle practiced law in the Northern Virginia / DC area, where she represented lenders and business entities in the practice of finance and real estate law. She also dedicated a portion of her practice to advising clients regarding corporate governance and regulatory compliance with privacy, consumer protection, marketing, and finance laws at both the federal and state levels. Janelle received a B.A. in political science from the University of Chicago and a J.D. from George Washington University Law School.

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Brian Jackson

Brian Jackson

Vice President

Brian directs a team of professionals responsible for sourcing, underwriting and managing activities related to new residential investment opportunities, including land banking transactions and acquisition and development loans.

Brian also utilizes his vast development and entitlement experience to oversee opportunities whereby Gibraltar serves as a developer for homebuilders. In this role, Brian is responsible for business development, market analysis, entitlement review, land development budget preparation, land development coordination and asset management functions.

Prior to joining Gibraltar, Brian gained extensive land entitlement and development experience working with two national homebuilders throughout the Mid-Atlantic. In these positions, he was responsible for contracting and managing professionals to obtain entitlements in New Jersey, Pennsylvania, Delaware and Maryland. Brian also developed expertise in creating development budgets, bidding out and contracting site work activities as well as managing site development activities. Overall, Brian has been responsible for the entitlement, development and/or disposition of over 5,000 lots. Brian received a M.S. in Planning from Clemson University.

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graig bantle

graig bantle

Director of Business Development

Graig sources, underwrites and manages activities related to new residential investment opportunities.

Prior to joining Gibraltar, Graig gained substantial deal origination and asset management experience with two well-respected private equity firms that focused on for-sale residential opportunities across the country. Graig oversaw several homebuilder entity investments giving him invaluable insight into the operations of growing homebuilding companies. Graig also originated and oversaw land development and homebuilding project joint venture opportunities in Texas and throughout the East Coast. Graig earned a B.A. in Finance from Cedarville University and an M.B.A. from Liberty University.

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Rick Brown

Rick Brown

Director of Business Development-Western Region

Rick is based in Gibraltar Real Estate Capital’s Newport Beach office with responsibility for business development, underwriting and asset management in the West region of the U.S.

Rick has over 25 years of leadership, property acquisition, asset management, capital investment and restructuring experience across a variety of capital structures, asset classes and geographies.  Most recently, Rick was with Sabal Financial Group where he helped to establish, launch and direct the company’s Home Builder Lending platform, in addition to serving as Portfolio Manager of a multi-state collection of residential and commercial loan and property portfolios valued at more than $2.0 billion.

Prior to this, Rick was a senior executive at William Lyon Homes, Inc. and a home building principal at a small private firm where he led the entitlement, development and construction of more than 5,000 homes in CA, AZ, NV, WA, and HI.  Rick began his career at GE Capital where he served as an analyst and asset manager working with home builders to develop and construct residential communities in the Pacific Southwest.

Rick received a B.S. in Urban Development from Arizona State University and has been a full council member of Urban Land Institute since 2011.

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Tom Imperato

Tom Imperato

Director of Asset Development

Tom is a senior member of the asset management and acquisitions teams. In those roles, Tom manages several Gibraltar assets in the Mid-Atlantic and Southeast regions, and additionally sources, underwrites and manages new residential and mixed-use investment opportunities nationwide.

Prior to joining Gibraltar, Tom gained extensive experience in land acquisition, approvals and entitlement, development, new home sales and marketing, and homebuilding construction operations. He started with a regional builder/developer in Westchester County, NY. Tom joined Toll Brothers in Operations first as a Project Manager and more recently as a Senior Project Manager. Throughout his career in homebuilding, Tom has contracted and managed professionals to secure approvals and permits in multiple jurisdictions from local, county, state and federal agencies. He has also bid, negotiated, contracted and managed the full spectrum of contractors and employees in new home construction.

Tom uses a “consensus building” approach to problem solving and has reworked multiple plans during and after the entitlement process to improve the financial and marketing successes of those communities. Tom received his B.A. in Political Science from Fordham University and J.D. from Fordham University School of Law in New York, NY.

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David Auch

David Auch

Controller

David serves as Controller for Gibraltar overseeing all accounting, tax, and financial reporting functions. He provides accounting guidance for land banking, development, debt, and joint venture transactions. David also manages all external audits as well as coordinate compliance efforts for all agreements and contracts.

David has more than 15 years’ experience in public accounting and private industry.  Prior to joining Gibraltar, he served as Corporate Controller for a regional Philadelphia-based home builder.  David has deep financial and operational experience in both construction and real estate development industries.  He also has experience in Chapter 11 Reorganization, debtor-in-possession (DIP) financing, SEC Reporting, and Sarbanes-Oxley compliance.  David is a Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Chartered Global Management Accountant (CGMA), and received a B.A. from Ohio Wesleyan University.

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Drew Godwin

Drew Godwin

Senior Acquisitions Manager

Andrew is a senior manager responsible for sourcing and underwriting new residential investment opportunities.

Prior to joining Gibraltar, Andrew was a senior acquisitions associate for HAS Capital where he underwrote and executed over $70 million in private equity investments in manufactured housing across North America. Prior to HAS Capital, Andrew was a senior manager for Citi Private Bank’s Legal Industry Advisory team and conducted financial performance consultations with law firm leadership groups that focused on improving profitability in the face of external pricing pressure and a stagnant industry demand growth environment. Andrew earned a B.A. in Philosophy, Political Science and Economics from the University of Pennsylvania and an M.B.A. from the University of Chicago Booth School of Business.

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