Associated Real Estate Consultants is a distinguished team of real estate professionals with extensive experience in both the private and public sectors. With each member bringing over 35 years of expertise as senior executives, board members, and partners, we offer a depth of knowledge that sets us apart. Our trusted network of legal, tax, and valuation specialists enhances our ability to deliver customized, high-quality solutions tailored to our clients’ unique needs.

Meet the Team

Charles Fitzgerald Headshot

Charles Fitzgerald

Charles S. Fitzgerald is an expert in real estate finance and operations with over 35 years of experience in both real estate commercial banking and real estate company operations.

  • Charles Fitzgerald joined the Attman organization in September, 2013, as Executive Vice President of Attman Holdings, LLC. His primary roles include the oversight of retail centers leasing and renovations, multi-family and commercial acquisitions and underwriting, land acquisition and land development, the sale of finished lots as well as new construction for commercial properties including multi-family assets. He assists in coordinating communication with outside accountants, various legal counsels and family members at a global level for the Attman family enterprises. He serves as point person in strategic partner alliances, land planning and oversight of the land entitlement process with emphasis in Anne Arundel County.

    Prior to working with Attman, Mr. Fitzgerald ran his own commercial real estate consulting business with an emphasis on the underwriting, pooling and sale of troubled debt to hedge funds and private investors. He was a Regional Executive with Bank of America Merrill Lynch after a 28 year career with the firm where he held FINRA Series 7, 24, 63 and 86 licenses. Mr. Fitzgerald managed a team of 22 commercial real estate underwriters and support staff, together handling in excess of $2 Billion in Commercial Real Estate project loans and other credit facilities in the Mid-Atlantic Division.

    Mr. Fitzgerald serves on the Board of The Episcopal Rector’s Retirement Fund for the Maryland Diocese, and on the Vestry of St. Martin’s In-The-Field Episcopal Church in Severna Park, Md. Previous Board positions include Volunteers of America, The Handel Choir of Baltimore, The Episcopal Housing Corporation and Episcopal Services of Maryland. He holds a Bachelor of Arts Degree from Amherst College and is a graduate of the National Commercial Lending School at the University of Oklahoma, Norman.
Edward Glickman Headshot

Edward Glickman

Edward A. Glickman, FRICS brings 40 years of experience in the real estate and financial services industry and a deep understanding of public and private capital markets. He has the unique perspective of completing complex real estate transactions as an agent, principal and board member in the US, Asia, Australia, Europe and the UK. He has over 40 years of experience working with Boards of Directors of public, private and large non-profit corporations and has shared his expertise as a finance professor, author and featured speaker.

  • Ed Glickman has served as the Executive Chairman of AIP Asset Management US, formerly known as FG Asset Management US, since 2013. He has served on the board of trustees of Equity Commonwealth, Hospitality Investors Trust, Inc., formerly known as American Realty Capital Hospitality Trust, Inc., and Pennsylvania REIT. Mr. Glickman has served as a Senior Adviser to Miller Investment Management, LP since 2015. Mr. Glickman served as the Executive Director of the Center for Real Estate Finance Research and Clinical Professor of Finance at New York University Stern School of Business from 2012 until 2015 and as an adjunct faculty member at Drexel University since 2015. Mr. Glickman was President, Chief Operating Officer, and Trustee of the Pennsylvania Real Estate Investment Trust (“PREIT”) (NYSE: PEI), a real estate investment trust focused on shopping malls, from 2004 until 2012 and was Executive Vice President and Chief Financial Officer of PREIT from 1997 to 2004. Mr. Glickman joined PREIT after it acquired The Rubin Organization, a closely held shopping center company, where he had served as Chief Financial Officer. Mr. Glickman served as Executive Vice President and Chief Financial Officer of Presidential Realty Corporation , a public real estate investment trust focused on apartment units, from 1989 to 1993. Prior to this, Mr. Glickman was an investment banker with Shearson Lehman Brothers and Smith Barney. Mr. Glickman is a Fellow of the Royal Institution of Chartered Surveyors, a Certified Treasury Professional and holds a number of FINRA securities designations.

    He serves as a senior advisor to Econsult Solutions, Inc. He serves on the Board of the Temple University Health System, The Fox Chase Cancer Center and is a community board member of The Physicians Integrated Network. Mr. Glickman was formerly Chairman of The Kimmel Cancer Center at Jefferson University, as well as a former member of the Real Estate Roundtable where he was the Co-Chair of the Homeland Security Committee.

    Mr. Glickman received a B.S. from the Wharton School of Business, the University of Pennsylvania, a Bachelor of Applied Science from the College of Engineering and Applied Science, the University of Pennsylvania, and an M.B.A. from the Harvard Graduate School of Business Administration.
Robert McCadden Headshot

Robert McCadden

Robert " Bob" McCadden, CPA is an expert in real estate finance and accounting with deep experience in all aspects of public company reporting.

  • Bob is a senior executive with extensive finance and accounting, capital markets and governance experience.

    Bob currently serves on the board of a healthcare REIT, where he is the lead independent director, chair of the audit and nominating and governance committees and a member of the compensation committee. The REIT owns a portfolio of approximately 75 medical office buildings, hospitals and other health care-related properties.

    Bob previously served on the board of a multifamily REIT, where he was the audit committee chair, chair of the special committee and a member of the compensation and nominating and governance committees. The REIT owns and operates a portfolio of over 35,000 multifamily apartment units in non-gateway U.S. markets.

    From 2004 to 2019, Bob was EVP and CFO of a retail REIT where he served as the principal financial and accounting officer. Bob was responsible for internal and external financial reporting, enterprise risk management, corporate finance and treasury, financial planning and analysis, asset management, performance management, corporate tax, information technology, lease administration and internal audit. Bob led strategic reviews of the enterprise on a regular basis with other members of senior management, the board of directors and external advisors. He engaged with outside shareholders, fund managers, investment analysts and capital sources and completed over $2 billion of financing transactions, including public offerings, bank financings and securitized borrowings.

    Prior to 2004, Bob was a partner at several large international accounting firms, where he provided audit, compliance, risk and strategic advisory services to numerous public and private companies. While in public accounting, Bob had a special focus on the real estate, financial services and healthcare sectors. He was involved in numerous REIT IPOs, capital markets and strategic transactions.

    Bob served on the New York Stock Exchange’s Listed Company Advisory Board from 2015 through 2019. The LCAB is a forum for the discussion and advocacy of global capital markets issues pertinent to public companies.

    Bob was a member of the National Association of Real Estate Investment Trusts (NAREIT) though 2019; a former member of NAREIT’s Best Financial Practices Council and the program director for REITWise 2013®: NAREIT's Law, Accounting & Finance Conference. Bob also presented various topics at other NAREIT events including Reinventing the Budgeting/Forecasting Process (2011), Corporate Governance and Ethics (2012), and Using Derivatives in a Post Dodd-Frank World (2013).

    Bob is a member of the American Institute of Certified Public Accountants (AICPA) and the Pennsylvania Institute of Certified Public Accountants (PICPA). Bob also serves on Temple University’s Fox School of Business, Accounting Department Advisory Board, Executive Committee. Bob was the recipient of 2020 Corporate Accounting Achievement Award from the Fox School.

    Bob earned his Bachelor of Business Administration from Temple University. He completed post-graduate continuing education courses at the Andersen Executive Development Program at INSEAD ("Institut Européen d ‘Administration des Affaires") in Fontainebleau, France and participated in the Andersen Partner Development Program, Noordwijk, Netherlands. Bob is a Certified Public Accountant with active licenses in Pennsylvania, New Jersey and Florida.
Christophe Terlizzi Headshot

Christophe Terlizzi

Christophe P. Terlizzi is a senior banking executive with 45 years of experience, specializing in all aspects of commercial real estate lending. His duties have included chairing the loan approval committee, directing loan policy, setting operating procedures, and charting business strategy for regional commercial banks ranging in size from $34 billion to $180 billion in assets.

  • Chris Terlizzi was Senior Vice President and Regional Manager for Commercial Real Estate Lending at KeyBank Real Estate Capital, part of a $180 billion national bank headquartered in Cleveland, Ohio. There he spent ten years managing loan origination in the region spanning Southern New Jersey to Northern Virginia. His loan origination teams included Capital Markets specialists as well as portfolio bankers who collectively originated in excess of $5 billion dollars of new loans inclusive of construction, value add, and permanent loan types.

    Previously, he was a founding principal of PREIT Capital Advisors, a joint venture with Pennsylvania Real Estate Investment Trust, the nation’s oldest equity REIT founded in 1960 and headquartered in Philadelphia. PREIT Capital Advisors advised institutional lenders with exposure to distressed commercial real estate loans and properties and provided them with a comprehensive menu of turnkey and a la carte resolution and recovery services. Concurrently, he founded and managed Laurier Capital Advisors, a consulting practice specializing in project-specific debt and equity sourcing, litigation support assignments, debtor consultation, and correspondent support for six community banks.

    Prior to founding PREIT Capital Advisors and Laurier Capital Advisors, Mr. Terlizzi was Executive Vice President and Chief Operating Officer of the $11 billion commercial real estate lending business line at Citizens Financial Group, a $180 billion commercial banking enterprise with operations in New England, the Mid Atlantic and the Mid-West. Mr. Terlizzi joined Citizens Bank of Pennsylvania in 2002 to develop a professional commercial real estate lending practice. From 2002 to 2007, he directed the commercial real estate lending activities of Citizens Bank of Pennsylvania, a $34 billion commercial banking affiliate with offices in Pennsylvania, New Jersey, and Delaware. Under his direction, Citizens provided construction lending, permanent lending, and various other types of customized lending involving commercial real estate to professional real estate developers, professional real estate investors, and professional merchant builders. These clients included private individuals, family-owned enterprises, and publicly traded companies. Under his direction, the bank’s portfolio grew to in excess of $2 billion in commercial real estate loans which financed ground-up construction, acquisition, and rehabilitation for real estate developers.

    Prior to joining Citizens Bank, Mr. Terlizzi directed commercial real estate lending at Summit Bank from 1993 to 2001. Summit Bank was acquired by Fleet Bank in March of 2001 and Mr. Terlizzi continued his employment with Fleet Bank as Executive Vice President and senior market manager for the region encompassing southern New Jersey, Pennsylvania, Delaware, Maryland, Washington, D.C., and northern Virginia until May of 2002. At Summit Bank, Mr. Terlizzi was responsible for $3.0 billion in commercial real estate loans of which $1.0 billion were for construction or acquisition and rehabilitation of real estate developments.

    Mr. Terlizzi is past chairman of the Philadelphia District Council of the Urban Land Institute, Treasurer of Central Philadelphia Development Corporation, and Center City District. He also served as Secretary for 10,000 Friends of PA, Treasurer of the Preservation Alliance of Greater Philadelphia, and the Economy League of Philadelphia in addition to serving as a board member for the following organizations: NJ NAIOP, the Foundation for Architecture and Chestnut Hill College. He is a frequent panelist for various Commercial Real Estate Programs, a guest lecturer at various colleges on commercial real estate lending, and has served as an expert witness in a variety of cases involving commercial real estate litigation.

    Mr. Terlizzi graduated cum laude from St. Joseph’s University with a BS in Business Administration.
Merrie Frankel headshot

Merrie Frankel, Advisor

Merrie Frankel has extensive experience in REITs, capital markets, credit ratings, corporate governance, portfolio management, securitizations, equity and debt transactions, restructuring, and workouts for institutional, public, and private entities. She has covered most property sectors, particularly retail, industrial, office, multifamily, healthcare, and self-storage. She is a frequent speaker and author on REITs, ratings, and real estate capital markets.

  • Ms. Frankel serves on the Board of Directors for Agree Realty Corporation (NYSE: ADC), a retail net lease REIT, where she Chairs the Nominating/Governance Committee (including ESG) and is a member of the Audit Committee.

    Ms. Frankel is the President/founder of Minerva Realty Consultants, LLC that provides independent REIT and ratings advisory services in addition to litigation support for REITs, public and private companies, and funds. Prior to Minerva, Ms. Frankel spent over 18 years at Moody’s Investors Service in the Commercial Real Estate Finance Group as Vice President and Senior Credit Officer, where she was responsible for rating REITs and real estate operating companies in the United States and Canada. Prior to Moody’s, she was Senior Vice President and Director of Portfolio Management for the Argo Funds and held positions as a tax attorney, investment banker, and consultant at notable companies including Ernst & Young, Cushman & Wakefield, J.P. Morgan Securities and Salomon Brothers Inc.

    Ms. Frankel is an adjunct professor at Columbia University’s Graduate School of Architecture, Planning and Preservation and New York University’s Schack Institute of Real Estate teaching real estate capital markets.

    Among her industry affiliations, she is a Trustee and former Chair of the New York District Council for the Urban Land Institute (ULI); past Board director and Finance Committee member for the Financial Women’s Association of New York (FWA); past Treasurer of the New York Women Executives in Real Estate (WX) Charitable Fund and Young Men’s/Women’s Real Estate Association; and served on the Editorial Advisory Boards for Nareit and Real Estate Media. She has chaired Audit/Finance committees for other nonprofits including the Martha Graham Dance Company where she was a board member.

    Ms. Frankel was named one of 50 Women of Influence by Real Estate New York in 2008 and one of the 2020 Directors to Watch by Directors & Boards. She contributed to Educated REIT Investing (Wiley), a REIT textbook that was published in 2021. Her new textbook Real Estate Capital Markets: Evolution, Structure, Participants (Cognella) was released in 2024.

    She holds J.D./M.B.A. degrees from Hofstra University Law and Graduate Business Schools, graduated with a B.A. in English from the University of Pennsylvania with various honors, and is admitted to the New York Bar.

Industry Affiliations

  • American Institute of CPAs

  • ALM | Globe Street

    ALM | Globe Street

  • Association of Financial Professionals

  • Center City District, the BID for Center City Philadelphia

  • Central Philadelphia Development Corporation

  • Certified Treasury Professional

  • Pennsylvania Institute of CPAs

  • Fellow Royal Institution Chartered Surveyors

  • Trepp

    Trepp

  • Trustee’s Council of Penn Women
    University of Pennsylvania

  • Urban Land Institute

  • Urban Land Institute Philadelphia

  • New York Women Executives in Real Estate