Kayne Anderson Capital Advisors, L.P.

Albert Rabil III - Managing Partner

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Al Rabil is a managing partner of the firm's real estate private equity activities, where he oversees the origination, execution and management of private investments in various specialized niche real estate sectors.

Prior to joining Kayne Anderson in 2007, Mr. Rabil founded, and was a principal of, two real estate investment firms, RAMZ, LLC and Rabil Properties, between 2002 and 2007. During this time Mr. Rabil developed and acquired more than $250 million of student housing projects. In 1994, Mr. Rabil joined the Real Estate Banking Group of UBS, and later became head of the Real Estate Banking Group for the Americas and Europe until early 2002. In this period, he made UBS a market leader in syndicated debt and large loan CMBS, with over $25 billion in completed transactions.

Mr. Rabil earned a B.A. from Yale University in 1985 and an M.B.A. in Finance from Columbia University in 1988.

Frank Duemmler - Partner

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Mr. Duemmler is a partner of the firm's real estate private equity activities. Mr. Duemmler is responsible for the firm's real estate investment operations and asset management activities, and focuses on identifying real estate investment opportunities.

Mr. Duemmler has over 30 years experience in real estate and financial services. Prior to joining Kayne Anderson in 2007, Mr. Duemmler was executive vice president of a private investment firm where he helped launch a $750 million investment company on London's AIM to invest in mixed-use real estate developments in India. Mr. Duemmler also held various senior positions at Merrill Lynch, where he established a commercial mortgage group, and structured and restructured over $1 billion in commercial mortgages and merchant banking transactions. Mr. Duemmler began his career in corporate, municipal and real estate finance as a lawyer with Dewey Ballantine (now Dewey & LeBoeuf).

Mr. Duemmler earned a B.A. in Economics from Colgate University in 1973 and a J.D. from Washington & Lee University in 1976. He is admitted to practice law in New York.

Adam Hird - Managing Director

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Mr. Hird is a managing director of the firm's real estate private equity activities, responsible for financial analysis and project investment oversight, and for identifying investment opportunities in niche real estate sectors such as self-storage.

Prior to joining Kayne Anderson in 2007, Mr. Hird was responsible for coordinating regional acquisitions and development activities for Davis Marcus Partners. Mr. Hird was also the director of design & construction for Time Equities, Inc. and has overseen approximately three million square feet of new development, entitlements, core and shell construction, and interior improvements for a broad array of residential, commercial and retail projects. Mr. Hird was an engineer/scientist for the McDonnell Douglas Corporation (now Boeing), and a project architect for the architectural firm of Philip Johnson, Ritchie & Fiore Architects.

Mr. Hird earned his B.S. in Mechanical Engineering from Carnegie Mellon University in 1988 and a Masters of Architecture from the University of Maryland in 1993. Mr. Hird is a registered architect.

Robin Rains - Managing Director


Ms. Rains is a managing director of the firm's real estate private equity activities, with overall responsibility for asset management and the performance and oversight of all real estate portfolio assets.

Prior to joining Kayne Anderson in 2011, Ms. Rains was the Vice President and Head of Asset Management for Zephyr Management, a private equity firm investing in financially distressed and underperforming multifamily assets, where she established all asset management and portfolio reporting functions for the $150 million multifamily portfolio. She was also a Vice President of Portfolio Management for Centerline Capital Group where she oversaw operations of a $250 million portfolio of multifamily debt and equity and also managed $200 million of office, retail and multifamily assets for Prudential Real Estate Investors. Ms. Rains served as a Managing Director of Risk Management for the WMF Group, a Fannie Mae lender with $11 billion in assets, and also served on the investment committee for the organization. She has also been involved in over $1.5 billion of real estate workouts, restructures, and bulk sales for the RTC, FDIC and HUD.

Ms. Rains received a B.A. from the University of North Carolina at Chapel Hill in 1984 and a Masters of Regional Planning from the same university in 1986.

Samuel Molinari - Legal Counsel


Mr. Molinari is legal counsel for the firm`s real estate private equity activities.

Prior to joining Kayne Anderson in 2011, Mr. Molinari was counsel at Robinson & Cole concentrating on real estate joint ventures, developments, acquisitions, financings, loan restructurings and workouts, dispositions and leasing. He has been representing the Kayne Anderson real estate funds since their inception on all acquisitions and financings. Mr. Molinari has over 30 years of wide-ranging commercial real estate transactional experience across most commercial property types, including specialized sectors, such as student housing. Over his career he has represented institutional investors and lenders in the structuring, negotiating, and closing complex real estate equity and debt transactions.

Mr. Molinari earned a B.A. from Fordham University and a J.D. from Fordham Law School.

Marco Cedrone - Director

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Mr. Cedrone is a director of the firm`s real estate private equity activities, responsible for the coordination and execution of capital improvements and value add opportunities at the Funds` properties.

Prior to joining Kayne Anderson in 2011, Mr. Cedrone was a Site Superintendent at Bovis Lend Lease and Michilli Inc. Mr. Cedrone has experience in the direct supervision of over $150 million in construction projects, and has managed construction administration, estimating and design of high end projects across the country. At McCarter English LLP, his design and construction knowledge helped to identify construction defects in connection with litigation arising from projects such as the Massachussetts Central Artery Project (The Big Dig) and The Mass Convention Center. Mr. Cedrone began his career in construction as a carpenter.

Mr. Cedrone earned a B.A. in Architectural Studies and a Minor in Economics from Tufts University.

Sean Fox - Director

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Mr. Fox is a director in the firm's real estate private equity group, with primary responsibility for all financial activities of the group's real estate portfolio assets, including asset accounting, performance measurement and financial reporting.

Prior to joining Kayne Anderson, Mr. Fox was Vice President of Rabil Properties, LLC, a privately held company, where he had responsibility for asset management, accounting, and financial reporting on a $200 million portfolio of over 25 off-campus student housing properties. Mr. Fox began his career as an auditor at Whittlesey and Hadley, P.C. specializing in audit and tax services for real estate partnerships and closely held businesses. He later joined Hagget Longobardi, a division of J.H. Cohn, LLP, as a supervisor in the accounting and advisory services group with responsibility for providing financial reporting and tax services, strategic business planning, integrated financial and tax planning, and consulting services to businesses and high net worth individuals.

Mr. Fox earned a B.S. in Accounting from the University of Connecticut in 1998 and is a Certified Public Accountant.

Andrew Layton - Director

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Mr. Layton is a director of the firm's real estate private equity activities and is responsible for the origination, analysis, and execution of real estate investments in the off-campus student housing and campus retail sectors.

Prior to joining Kayne Anderson in 2008, Mr. Layton was a vice president in the Acquisition Finance Group for ING Capital, LLC, where he originated and structured senior secured credit facilities. At ING, Mr. Layton had also previously been solely responsible for the restructuring of a telecommunications debt portfolio and several non-performing real estate loans, and had managed capital market transactions for privately-held and publicly-traded real estate companies. Mr. Layton began his career in real estate investment banking and structured finance at BT Alex. Brown.

Mr. Layton earned a B.A. in Public Policy Studies and Political Science from Duke University in 1990, a J.D. from Georgetown University Law Center in 1993, and a M.B.A. from the University of Maryland in 1996.

Bill Lewittes - Director

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Mr. Lewittes is a director of asset management and is responsible for management of the real estate investment portfolio.

Most recently, Mr. Lewittes oversaw the investment activities and portfolio operations of Enterprise Asset Management, Inc., a privately-held real estate firm based in New York City. Prior to joining Enterprise, Mr. Lewittes was a senior equity analyst at Value Line, Inc., where he covered the healthcare, lodging and gaming sectors.

Mr. Lewittes earned a B.A. in Government from Lafayette College in 1999.

Shariff Pitts - Director

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Mr. Pitts is a director of the firm's real estate private equity activities and is primarily responsible for management of the real estate investment portfolio.

Prior to joining Kayne Anderson in 2010, Mr. Pitts was an asset manager in the Private Equity Real Estate Group for BlackRock where he managed a $400M commercial real estate portfolio for commingled and separate account funds. Before BlackRock, Mr. Pitts was a market analyst for Trammel Crow's brokerage and investment sales divisions.

Mr. Pitts earned a B.S. from Arizona State University in 2000 and a M.S. in Real Estate Finance from New York University in 2008. He also holds real estate salesperson licenses in New Jersey and Pennsylvania.

Norman Shore - Director


Mr. Shore is a director of the firms real estate self storage activities and is responsible for the review, analysis and evaluation of new and existing self storage investment opportunities.

Prior to joining Kayne Anderson in 2011, Mr. Shore was a Business Development Manager at Eastern States for Centershift Software. Prior to Centershift, he had several operational management roles at self-storage companies, both public and private, including as Vice President of Operations for OB Companies, Regional Manager for U-Store-it, and Regional Manager for Public Storage.

Mr. Shore earned a B.S. and a Masters in Education from Temple University.

Fabian Sy - Director

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Mr. Sy is a director of the firm`s real estate private equity activities and is responsible for management of the investment portfolio.

Prior to joining Kayne Anderson in 2011, Mr. Sy was with Kohl Asset Management, where he was involved in the asset management and development of real estate assets, and the financial structuring and analysis of solar photovoltaic investments. He also worked as an asset manager at RiverOak Investment Corp., a real estate private equity fund, and as an acquisition manager at Furst Properties, a developer of office buildings. Mr. Sy began his career on Wall Street as a Member of the New York Board of Trade, where he was involved energy sector hedging strategies and derivatives.

Mr. Sy earned a B.A. from Columbia University and an M.B.A. from the Kellogg School of Management at Northwestern University.

Craig Zogby - Director

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Mr. Zogby is a director of the firm`s real estate private equity activities and is responsible for origination, analysis, underwriting and execution of property acquisitions and development.

Prior to joining Kayne Anderson, Mr. Zogby was a Senior Development Executive for a leading student housing developer, where he focused on developing student housing facilities as well as for-fee project management for institutionally-owned housing programs. In addition, Mr. Zogby led the creation of a proprietary product model that aimed to brand and define the student housing properties in that company's portfolio. He started his real estate career in construction management with Turner Construction, a leading international construction firm.

Mr. Zogby holds a B.S. in Business Management and Finance from Northeastern University.

Russell Reiter - Associate Legal Counsel


Mr. Reiter is Associate Legal Counsel for the Funds' real estate private equity activities.

Prior to joining Kayne Anderson in 2011, Mr. Reiter was an Associate in Jones Day's real estate group where he represented corporate and entrepreneurial developers in the acquisition and construction of residences, retail centers, offices and hotels. Mr. Reiter also concentrated on origination and work out loans, negotiating leases, forming real estate funds and other complex real estate transactions. He has 10+ years of general real estate experience working on a variety of commercial property types. Mr. Reiter earned a B.A. from Tufts University and a J.D. from the Benjamin N. Cardozo School of Law.

Kiva Iscol - Vice President

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Ms. Iscol is a vice president in the firm's private equity real estate group, with primary responsibility for investor communications and reporting, public relations, and marketing activities associated with new investment opportunity generation. She also closely monitors social media and university enrollment trends in connection with the group's focus on the student housing sector.

Prior to joining Kayne Anderson in 2009, Ms. Iscol was the Director of Program Development for Tonic Generation and GreenDimes where she was responsible for all philanthropic ventures and partnerships. Prior to that Ms. Iscol was a manager of client relationships and marketing campaigns for Steiner Sports Marketing and for Madison Square Garden.

Ms. Iscol earned a B.S. from Cornell University in 2004.

Ben Gluckstern - Senior Research Analyst


Mr. Gluckstern is responsible for asset management and is involved in market and operational analyses.

Prior to joining Kayne Anderson in 2011, Mr. Gluckstern was the Director of Research and Technology for a multifamily team at Marcus & Millichap in New York City, where he underwrote properties for disposition and created the team's market research reports. Before Marcus & Millichap, Mr. Gluckstern was a Senior Associate at a New York-based mortgage bank. Mr. Gluckstern earned a B.A. in Economics from New York University.

Shuvaun Neville - Senior Investment Accountant

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Ms. Neville is a senior investment accountant in the firm`s real estate private equity activities responsible for accounting and financial reporting in connection with the Funds` properties.

Prior to joining Kayne Anderson in 2011, Ms. Neville was a senior investment accountant at Kimco Realty, a publicly-traded REIT, where she held a supervisory role in the joint venture department, and was responsible for financial analysis and reporting of over $1 billion in retail, commercial, and residential assets. Before Kimco Realty, Ms. Neville was a portfolio accountant at ING Clarion, responsible for all aspects of portfolio accounting for 4 pension fund portfolios involving over $1.8 billion in assets across 22 properties with various partners and ownership structures.

Ms. Neville earned a B.A. in accounting from Pace University.