Real Estate and Pewaukee Wisconsin

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					Equity Kicker
Vol. 22     Issue 2                              Fall 2008
                                                                                             In This Issue
                                                                                                 Biennial Conference
Newsletter of the Wisconsin Real Estate Alumni Association
                                                                                                 Recipient of Dianne
Credit Crunch Biennial Conference                                                                Orbison Memorial
                                                                                                 Scholarship Named
Gets High Marks
Christine Dicks, Executive Director            Executive Managing Director with CBRE             President's Message
                                               Investors, who discussed the capital

        he 2008 Biennial Wisconsin Real        markets and John Kessler, Managing
        Estate Conference, Chaired by          Director and COO of Morgan Stanley Real           UW Program Update
        WREAA Southern California              Estate Investing, who focused on the global
Regional Director, Gary Duff (MBA 1994),       perspective on investment strategies. The
focused this year on the timely topic of the   consensus from the guest speakers was that        Real Estate
credit crunch. The event was very well         2009 will be a challenging year, but will
attended, remaining in line with past                                                            Club Update
                                               also create great opportunities to build
attendance records, drawing more than 400      wealth. The keys to success will be
alumni, affiliate members, students and        patience and flexibility in terms of pursu-
faculty together. Wednesday evenings’                                                            Wisconsin Connection
                                               ing transactions.
                                                                                                 Fund Deals
                                                     Each alumni reunion gives us a
                                                     unique opportnity to recognize a few
                                                     of the many dedicated members of the        Names in the News
                                                     Wisconisn Real Estate network for
                                                     their contributions to the UW Real
                                                     Estate Program. This year's program
                                                     was no exception as nearly 400
                                                     alumni and friends of the real estate
                                                     program recognized outgoing
                                                     Department Chair Steve Malpezzi for
                                                     his outstanding work in leading the
                                                     UW Real Estate Program for the past
                                                     six years. In addition, Business
Welcome Reception sponsored by Eastdil,        School Dean Mike Knetter presented three                          Equity Kicker
was followed by a spirited performance by      Distinguished Real Estate Alumni Awards
The Contractions at Memorial Union             to Jim Haft (MS 1982), Craig Manske (MS
Terrace, thanks to the creative efforts of     1981) and Jim Smith (MS 1977). Also
Professor Morris Davis and the other                                                         The Equity Kicker is published
Contractions' band members.                                         (Continued on page 2.)   biannually by the Wisconsin Real
                                                                                             Estate Alumni Association, Inc. for
                                                                                             the benefit of its membership.
On Thursday morning, attendees
heard from Morris Davis again,
but from another perspective                                                                            President
during his opening remarks which                                                                      Gary Dreher
focused on the crisis in the                                                                    TOLD Development Company
housing market. Other speaker                                                                        Plymouth, MN
sessions of the day included
panels featuring discussions on                                                                  Executive Director and Editor
making money with green                                                                                 Christine Dicks
development and sovereign                                                                               WREAA, Inc.
wealth funds impact on US real                                                                          Pewaukee, WI
estate. The event's keynote
speakers included Ethan Penner,
First Recipient Named of the Dianne Orbison                                                     (Continued from page 1)
Memorial Real Estate Scholarship Award
                                                                                                acknowledged during this year's program
Shari Crivello, Scholarship Committee                                                           was the first recipient of the Dianne M.
Member and WREAA Board Member                                                                   Orbison Real Estate Scholarship Award,
                                                                                                Ashley Anderson (BBA 2009).

        undreds of alumni and friends            and participate in a formal award process.
         looked on during the presentation       The first committee was assembled over         Thursday concluded with the Biennial
         of the first Dianne M. Orbison          the summer to accomplish this task and         Banquet which featured the presentation of
Memorial Real Estate Scholarship Award           included John Orbison; Chris Dicks,
during this year’s Biennial Conference. In       WREAA Executive Director, Shari
remarks made by alumnus Jill Hatton              Crivello (MS 1996); Jill Hatton (MS
during the presentation, Dianne was              1982); Leslie Marshall (MS 1991); and
remembered for her collaborative approach        Marnie Krainick (MBA 2004).

                                                           The award criteria established
                                                           included community service,
                                                           enterprise management skills,
                                                           leadership, curiosity, love of
                                                           learning, sense of humor, common
                                                           sense, and ability to rise to a      the Wisconsin Award to Enterprise Com-
                                                           challenge, all values reflected in   munity Partners, a 25-year old non profit,
                                                           Dianne’s life. Ashley Anderson, a    founded by the legendary Jim Rouse and
                                                           native of Montana, was selected      his wife Patty. The organization was
                                                           by the Scholarship Committee as      recognized for its work in affordable
                                                           the candidate who most closely       housing and community development.
                                                           reflected these values. She is an    Following the acceptance of the award by
                                                           undergraduate student in the real    Executive Vice President, William Frey,
                                                           estate program and Co-Vice-          the UW Marching Band provided attendees
                                                           President of the Real Estate Club,   with a lively performance of Wisconsin
in business and as a volunteer and advocate      expecting to graduate with her BBA degree      favorites. The 2008 Biennial Reunion
for the University of Wisconsin, and as a        in May of 2009. Ashley’s values, leader-       concluded with the traditional Badger Golf
person who was a barrier breaker.                ship skills, and volunteer work were           Open, held at University Ridge.
                                                 notable in her application as well as the
Dianne’s fund was initially established by       moving essay she submitted for consider-       Each Biennial Alumni Conference is made
the Wisconsin Real Estate Alumni Associa-        ation. The three main aspects of a             possible thanks to the team of speakers,
tion thanks to the generous contributions of     successful life she outlined in her essay      event sponsors, patron sponsors, WREAA
her family and so many classmates and            were perseverance, balance and having          Board Members and staff, students,
friends of hers’ who expressed strong            strong and healthy relationships. The          faculty, and our attendees – all who come
wishes to honor her memory as a loving           WREAA looks forward to hearing more            together in the name of the UW Madison
person, good friend and strong leader.           about Ashley’s contributions in the            Real Estate Program. It is this spirit of
Several months ago, it was determined that       upcoming years.                                support and commitment which contributes
a scholarship committee, comprised largely                                                      to the success of the UW Real Estate
of alumnae, should be organized to create                                                       Program.

    We need your help
                                                                                                    Help Us Keep in Touch
     The Wisconsin Real Estate Alumni Association is proud to continue the tradition of             Be sure to update the WREAA
    this important scholarship begun by Dianne, one of the many ways she found of                   Office with new employment and
    ‘giving back’. Will you help as we work to increase this endowment fund by raising              contact information by visiting our
    $50,000 so that this award can become a permanent tribute to Dianne? Donations                  website at and
    to the Dianne Orbison Real Estate Scholarship Fund should be made payable to                    completing a membership update
    the “UW Foundation” and mailed directly to the WREAA , P.O. Box 307,                            form, or send a fax with your
    Pewaukee, WI 53072. Please make a notation on the check that the gift is to go to               updated information to
    the Dianne Orbison Real Estate Scholarship Fund.                                                (262) 746-9031.

A Message to Alumni and Friends
Gary Dreher, President                                                                                      WREAA
                                                                                                        Board of Directors

        he Biennial conference that was         members. With
        held in September was by all            virtually all of the                            Executive Committee
        measures a great success. Atten-        rules of our                                    President
dance was high and feedback on the              industry changing,                               Gary Dreher (952) 278-0114
program and speakers was very favorable. I      there is no better                              Vice President
want to thank Gary Duff for all of his          resource than                                    Jeff Cavanaugh (949) 718-2012
efforts as the chair of the conference. This    interaction with
                                                                                                  Christopher Kelly (212) 321-7213
was a huge undertaking by Gary and his          our fellow alumni                               Executive Director
efforts are evidenced by the success of the     to reinvent how our                              Christine Dicks (262) 746-9030
conference. The fact that the conference        companies move
went so smoothly is thanks to the efforts       forward and how                                 Directors
and exceptional commitment of Chris             we succeed as
Dicks. Chris, with the assistance of April      individuals.                                    Colorado/Texas
Schultz and the many student volunteers,                                                          Dan Metzger (303) 850-2306
put in countless hours to insure the success    In the next few weeks you will receive an
                                                                                                 Brian Berry (202) 420-2180
of the conference.                              e-mail inviting you to participate in a         Illinois
                                                member survey. It has been several years          Robert Walter (312) 344-4429
I want to thank Mike Komppa as he steps         since we last undertook a survey and many       Minnesota
down from the position of president.            things have changed including our industry,       Robert Perry (952) 984-3251
Mike’s deep commitment to the association       our association, and the UW real estate         Southern California
over the years is greatly appreciated. We       program. One other thing that has also           Gary Duff (310) 788-2253
are fortunate that Mike remains a board         changed significantly since our last survey     Northern California
member for the next two years as past           is the technology used to take the survey.        Brandon Buza (415) 956-3100
                                                                                                Pacific Northwest
president. I also want to recognize the         The survey will be easy to take and we
                                                                                                  Greg Van Patten (206) 373-7108
efforts of Wendell Kurtz as he steps off the    hope that everyone will find time to            Eastern Wisconsin
board. As president from 2005 to 2007,          provide us with your feedback and input.          Mark Irgens (414) 443-0700
and as a board member, Wendell’s efforts        The results of the survey will be influential   Western Wisconsin
on behalf of WREAA are immeasurable.            as the board determines our short-term and        Mike Hershberger (608) 576-9200
In addition, we thank outgoing Board            long-term goals for the association.            Southeast
Members Frank Stumpf (Northern                                                                   Aaron Goldman (404) 881-0766
Calfiornia Region Director), Jerry Fink         One final note, the WREAA remains               Immediate Past President
(Fundraising Director), and Mark Rowell         committed to working closely with students       Michael Komppa (303) 796-2000
                                                                                                At-Large Director
(Southeast Region Director) for their           in the program. This is evidenced by our
important leadership of the WREAA.              commitment to the Mentor program that           At-Large Director - Membership
                                                was started this fall and is off to a great       Shari Crivello (847) 698-8265
To date alumni have pledged over $11            start. I want to thank Sharon McCabe for        At-Large Director - Fundraising
million to the capital campaign for the         taking the lead on getting the mentor             Brian Eisendrath (310) 228-2125
Graaskamp Center for Real Estate. The           program rolling. Sharon’s high level of         At-Large Director - Student Interface
dollar amount, as well as the large number      energy and her involvement with both the          Sharon McCabe (608) 263-2045
of alumni contributing to the campaign, is      Graaskamp Center and WREAA proved
evidence of the commitment that we all          invaluable in getting this program off the      Administrative Office
have for a program that has played such an      ground. Thus far we have over 50 alumni         Executive Director
important role in our success as individu-      paired up with students, providing every         Christine Dicks
als. The WREAA Board is thankful for the        graduate student who is interested in the       Administrative Assistant
alumni involvement in the capital cam-          program with an alumni mentor. If you are        April Schultz
paign and we are determined to provide          interested in becoming a mentor please
members with an exceptional product. We         sign up, our next step will be to offer the     Wisconsin Real Estate
have re-committed ourselves to enhancing        service to undergraduate students.              Alumni Association, Inc.
regional events, our annual conferences,                                                         P.O. Box 307
and the services that we provide. During        Thank you for your continued support of          Pewaukee, Wisconsin 53072
these difficult and changing times we feel it   the WREAA and the Wisconsin Tradition.           Website:
is critical to provide enhanced networking                                                       Telephone: (262) 746-9030
and educational opportunities to our            On Wisconsin!                                    Fax: (262) 746-9031

An Update on the Program at UW Madison
Francois Ortalo-Magne, Chair, UW Real Estate Program

     officially became chairman of the Real          lecturers, many of whom are alumni       undergraduate and MBA students.
    Estate Program on August 1. In this              of the program. And, the ideas of        It has been about 100 days since I started
    new role, my first order of business was         James Graaskamp are as relevant in       as chairman. I am grateful for the support I
to understand our financial position and the         today’s environment as they have         continue to receive from my colleagues. I
financial relationships between the Real             ever been.
Estate Program, the UW Foundation and
the Wisconsin School of Business. This               The school is prepared to spend
was an eye-opening exercise. I was                   resources and give us the flexibility
stunned by the long list of alumni who have          we need. The Dean’s office
been providing support on a regular basis,           confirms daily that our vision,
even before the start of the capital cam-            objectives, and incentives are
paign.                                               aligned with those of the school. No
                                                     doubt you have heard that our Dean,
I was assured to see the department is in a          Mike Knetter, raised an unprec-
strong financial position due in large part          edented $85M to be spent over 20
to your contributions. My first message as           years. Many of these funds will be
chairman is to say “thank you” for all you           spent to help us achieve our objec-
do to help ensure our program remains                tive.
capable of providing the kind of value we
have come to expect at Wisconsin.              Expanding on this last point: The Dean’s
We are now working to deliver on the           office has recently delivered to us a
promises we made at the start of the capital   substantial increase in our budget for
campaign. We aim be the leading provider       faculty and staff. The Dean mentioned
of real estate education in the world. To be   three reasons for the increase: (1) your
the world leader means                         support, (2) our vision, and (3) the real
                                               estate program’s continued contribution to
      #1 in research output and visibility     the overall success of the school.
      in academic and professional             These past three months, we have taken
      circles                                  significant steps towards our goal of          would like to single out two people in
                                               becoming number 1. As you may have             particular for their help: Senior Associate
      #1 in the provision of educational       read in the Financial Times, we signed a       Dean Joan Schmit and Associate Dean for
      services to students, professionals      strategic partnership with HEC in Paris, the   Administration Melissa Amos-Landgraf.
      and policy-makers                        best business school in Europe as ranked       Joan and Melissa have been instrumental in
                                               by the Financial Times. As a first step, the   helping me learn the details of the Univer-
                                               Wisconsin Real Estate Program will be          sity bureaucracy. They are also key
      #1 global alumni network
                                               providing real estate education to HEC         supporters of our program’s initiatives.
                                               students in the spring of 2009.                With Dean Knetter, they understand that
When an educational institution, govern-                                                      the goals of the Wisconsin School of
ment, or professional group needs real                                                        Business and its Real Estate Program are
estate education services, I want them to      For our domestic students, we hired a
                                               second senior lecturer who will deliver        aligned: Be the best.
call the Wisconsin Real Estate Program
first. Here is why I know we can do it.        services to the students beyond the typical
                                               classroom setting. In particular, he will
                                               deliver MBA-quality extracurricular
      The program is prepared to leap
                                               activities for our undergraduate majors,
      forward. We have the top alumni          with a priority given to job placement. I
      network in the USA. Our under-           am also happy to report that every one of
      graduate program is currently            the students who start a real estate major
      ranked number 2 in the USA by US         this year will be familiar with Argus by
      News and World Report. We have           graduation. A working understanding of
      top-class research faculty and           Argus is now a requirement for both our

Real Estate Club Update
Tim Bruss & Eric Komppa, Co-Presidents, UW Real Estate Club

            e are happy to report that this     ten-member student team consisting of           February 4th. Given the current economy,
           Fall Semester has been extremely     Club members helped Christine Dicks with        we have not had as enthusiastic a response
           successful with regards to the       organization and registration while many        from many companies as past years,
UW Real Estate Club. We have made some          other club members attended the lecture         however we can assure you that our
significant changes for the better as well as   events. As students, we understand that         members are as talented and passionate as
preserved many of the traditions that have      networking is an imperative skill in the real   ever and are excited by any new and
made the Club one of the most prominent         estate industry and we all appreciated the      unique opportunities that may be available
student led real estate campus organizations    opportunity to be exposed to the numerous       come graduation. We realize the difficul-
in the country.                                 successful alumni in attendance. Lastly,        ties we face but at the same time under-
                                                forty members of the Club (grads and            stand our competitive advantage having
The most dramatic addition that has taken       undergrads) traveled to Denver from             been educated and been a part of the best
place has been the implementation of a new      October 1st to 3rd to tour the market and       real estate program in the world.
Real Estate Club Constitution. This             meet with local real estate professionals.
document gives direction of the primary         From our perspective, this has certainly        We would again like to thank the many
objectives and missions of the club while       been one of the highlights of the semester      individuals who have helped us with
specifying key details about organizational
operations and executive council positions
(posted at In this,
we have added two council positions, now
totaling eleven elected positions, the
Marketing Coordinator and Community
Service Liaison. The Marketing Coordina-
tor, Meredith Bell, has been an invaluable
asset as she has become a conduit to the
undergraduate student body while Matt
Rawlsky has organized Habitat for Human-
ity Events for both this Fall and upcoming
Spring semester. Our secretary, Molly
Rutkowski, has also taken on new responsi-
bilities as we have started a Real Estate
Club Newsletter that is sent to the club
members on a biweekly basis to notify them
of upcoming activities. Given these             thus far. Sustainability and place-making       organizing this semester’s activities and
changes, membership in the club has             were certainly the underlying themes of the     made it a success. It is because of the
reached an all-time high with over two          trip, with tours of green buildings such as     generosity and support from these indi-
hundred students. Brett Nelson, our             1800 Larimer (LEED Platinum), the Union         viduals that will help us, as students,
treasurer, has managed this membership          Station redevelopment, and the Stapleton        continue the Wisconsin tradition. Our
registration process that has corresponded      redevelopment to name a few. Addition-          executive council team and faculty advisors
with the highest grossing semester ever.        ally, enough can’t be said about the effort     have been invaluable in their hard work
                                                Mike Komppa and Dan Metzger made in             and guidance. While our term concludes at
Continuing with past traditions, thus far we    helping us organize our trip. Moreover,         the end of this semester, we remain
have had presenters here in Madison from        Tim Richey, Brad Calbert and Kevin              optimistic about our future prospects and
Mesa Development, Developers Diversified        Kelley also went above and beyond by            know the Wisconsin Tradition will serve to
Realty, Hines, and CB Richard Ellis.            sponsoring meals and transportation. We         ease our transition in these difficult times.
Upcoming speakers will include profession-      may be biased, but this trip will be hard to    In the end, our tenure as Co-Presidents has
als from Northwestern Mutual as well as         beat.                                           been an extremely rewarding experience
Green Courte Partners. All have been                                                            and we both look forward to continuing our
extremely educational and we sincerely          Going forward, our career fair coordina-        involvement with best real estate program
appreciate the individuals who have             tors, Matt Wachter and Matt Hertel, are         in the country going forward.
volunteered their time and services. During     hard at work putting together the upcoming
the Biennial Reunion here in Madison, a         fair that will be taking place this coming      On Wisconsin!

Wisconsin Connection Fund
Deals in the News

Alumni Team up on Shopping Center Financing                                                    Multi-Family Property
                                                                                               Acquisition Completed
B    ruce Johnson (MS 1972) Managing
     Director and CFO of Regency
Centers and Wendell Kurtz (BBA 1978)
                                                The 4S Ranch is one of only five communi-
                                                ties in San Diego designed and built
                                                according to strict “fire safe” construction
                                                                                               Between Alums
Managing Director of Allianz of America
worked together to place $62.5 million of
permanent financing on the 4S Commons
                                                standards. The shopping center was
                                                completed in 2007 and is anchored by
                                                Ralphs, CVS, Bed Bath and Beyond, Ace
                                                                                               T   he Bascom Group, LLC acquired a
                                                                                                   562-unit Class A multi-family property
                                                                                               in Denver, Colorado. Alumni Jerry Fink
Town Center located in the master planned       Hardware, Bank of America and Wells            (MBA 1990) and David Kim (BBA 1989)
4S Ranch community of San Diego,                Fargo. In celebration of the transaction, a    represented the Bascom Group. The
California.                                     significant donation was made by the           business plan included $6800 per unit in
                                                parties to the Wisconsin Connection Fund.      renovations. CBRE Capital Markets,
                                                                                               represented by alumni Brian Eisenrath
                                                                                               (BBA 2000) and Troy Tegeler (Friend),
                                                                                               arranged a $50,000,000 loan through
Financing Deal Results                                                                         Freddie Mac.
in Donation
A     lexan Prospect is a 400-unit, Class A
      apartment community under construc-
tion in Denver’s Central Platte Valley,
northwest of Coors Field and adjacent to        The recipients of the
Union Station. The development is a joint       2007 Deal of the Year
venture between Trammell Crow Residen-          Award pcitured here
tial and Behringer Harvard. Behringer           during the Fall
Harvard, represented by alumnus Jon             Biennial Wisconsin
Bader (BBA 2003), provided equity and           Real Estate Confer-
mezzanine financing for the transaction.        ence (Left to Right:
Construction financing was provided by a        Christopher Casey,
syndicate of lenders including M&I              Wendell Kurtz and
Institutional Real Estate Group, repre-         Kevin Crummy).
sented by alumnus Adam Levin (BBA

                                                 Upcoming Events in 2009
                                                 February 10
    To Make a Donation                           New York Alumni Networking Reception/Program Featuring UW Real Estate
                                                 Department Chair Francois Ortalo-Magne, New York, NY
    The Wisconsin Connection Fund was
                                                 February 25
    established in 1997 by the Wisconsin
                                                 San Francisco Regional Network Alumni Dinner with WREAA Board,
    Real Estate Alumni Association to
                                                 Students, Faculty
    provide a permanent funding vehicle for
    student financial assistance and is
                                                 WREAA and UW Graaskamp Real Estate Center Sponsored Hospitality Suite
    controlled in its entirety by the Wiscon-
                                                 During MBA Conference, San Diego, CA
    sin Connection Fund Committee. To
                                                 June 9
    make a donation, please contact the
                                                 Tri-Region Golf Outing, Lake Geneva, Wisconsin
    WREAA Office at (262) 746-9030 or
                                                 September 16-17
    visit our website at and
                                                 Trends Conference Sponsored by the Wisconsin Real Estate Alumni Association
    follow the link to the Connection Fund.
                                                 Chicago, Illinois

   2009 Wisconsin Real Estate Conference Sponsors
Event Sponsors              Patron Sponsors
                          Advantus Capital Management
                                  Alatus Partners
                               Alere Property Group
                                AMB Property Corp.
                                 Baker & McKenzie
                                BPG Properties LTD.
                                   Cape Advisors
                                  CarVal Investors
                               CBRE Capital Markets
                          Colliers Bennett & Kahnweiler
                                Draper and Kramer
                             The Geneva Organization
                         Grandbridge Real Estate Capital
                                 Hanover Company
                                Interstate Partners
                           Irgens Development Partners
                            Kensington Realty Advisors
                              Michael Best & Friedrich
                               Northwestern Mutual
                                 Probitas Partners
                                   Ryan Companies
                                   Tishman Speyer
                             TOLD Development Partners
                                      US Bank
                                 Wangard Partners
                                Wrightwood Capital

Names in the News                            Dale Gruen (MS 1980) and his wife Kate,      Alan Schwartz (BA 1964, MS 1966) is
                                             both graduates of the University of          currently Director of Real Estate at AXA-
                                             Wisconsin Madison, have recently moved       Equitable in New York. He can be
David Toti (MBA 2008) has recently taken     to Hong Kong. Dale took a position with      reached at alan.schwartz@axa-
a position as Vice President with Citi in    BlackRock as Managing Director of Real
New York. He can be reached at               Estate for the Asian and Pacific Regions.                         Dale can be reached at                       Matt Ewig (BBA 1996) and his family
                                                               welcomed a baby girl, Anna Lorraine
Stewart Kirkham (BA 1997, MBA                                                             Ewig, born 10/21/08, 7 lbs., 14oz.
2002) has taken a position with Meraas       Megan McElgunn (BBA 1996) has                Congratulations to Matt’s family.
Development as Senior Development            started a new position with Freddie Mac
Manager in Dubai, United Arab Emir-          as a Senior Producer. She can be             UW real estate alums came together to
ates. He can be reached at                   reached at megan_mcelguun@                   conduct a study on Institutional Invest-                                       ment in Senior Housing, drawing upon
                                                                                          their shared UW education and experi-
Timothy Purtell (BBA 2008) has started       Brian Mutchler (BBA 1998) relocated          ence as well as on one another’s
his career as a Financial Analyst at Jones   from Newport Beach, CA to Chicago, IL.       strengths. Alumni participating in the
Lang LaSalle in Chicago, IL. He can be       He is currently with Harrison Street Real    study included Elaine Worzala (PhD
reached at          Estate Capital as a Portfolio Manager. You   1992, MS 1985), Jeff Davis (MS 1976)
                                             can reach him at bmutchler@                  and Judy Karofsky (MS 1989). More
Erik Warshauer (BBA 2007) has moved                              information about their study can be
to Phoenix, AZ and has taken a position                                                   found online at
with Carlson Real Estate as a Real Estate    Jared Brunnabend (BBA 1999) is Vice          seniorshousing/myths_seniors_
Associate. He can be reached                 President with Greenstreet Real Estate       housing_0528/.                      Partners. The company recently relocated
                                             their offices to Coconut Grove, Miami.       Eric Furseth (BBA 2000) accepted a
                                             You can reach Jared at                       position with Business Lending Services
                                                  in Madison in June 2008. Eric is
 Names in the News is a                                                                   currently the Vice President and can be
 regular feature of the Equity               Hans Rasmussen (MS 1994) has joined          reached at efurseth@
 Kicker. Please submit news of               the Robert Muir Company as President.
 your promotion, change in                   He can be reached at
 employer, or address change for   
 inclusion to WREAA, Inc., P.O.
 Box 307, Pewaukee, WI 53072
 or visit our website at

              Wisconsin Real Estate Alumni Association, Inc.                                                      Nonprofit Org.
              P.O. Box 307                                                                                         U.S. Postage
              Pewaukee, Wisconsin 53072                                                                               PAID
                                                                                                                  Pewaukee, WI
                                                                                                                 Permit No. 72951

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