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REFS Management and Consultants


John Baczewski, President and Founder

John Baczewski, CPA, CRE is president of Real Estate Fiduciary Services, LLC (REFS), which provides independent fiduciary services and consulting to institutional investors. Mr. Baczewski has over 30 years of experience in institutional real estate investment, finance, management and monitoring, along with 10 years of Big Four public accounting experience.

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Francis J. Decker, Jr., Principal

Fran Decker, CRE, Principal of Real Estate Fiduciary Services, LLC, has been with REFS since 2007 and a part of the institutional real estate world for over 30 years.

In his previous position at High Street Equity Advisors (HSEA), which he joined in 2004, Mr. Decker was the partner responsible for portfolio and asset management and co-investor reporting. In this role, he established and implemented policies and procedures, as well as directed operations. He served on the investment committee and was responsible for the firm’s financings and refinancing of properties. HSEA is a sponsor of value-added real estate investment funds, founded in 2003.

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Todd Johnson, Principal

Todd Johnson joined Real Estate Fiduciary Services in 2015, bringing more than 30 years of diversified commercial and institutional real estate investment management experience. Mr. Johnson’s job responsibilities have included sourcing, acquiring and disposing of institutional assets, developing and implementing real estate programs for large pension funds, serving on investment and investment strategy committees, and investor relations and capital formation roles. In addition to working at real estate investment management firms and a large multi-employer trust, his experience includes private and institutional real estate consulting, mortgage banking, and commercial brokerage.

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Robert D. Gray, Consultant

Robert Gray, serves as Consultant to Real Estate Fiduciary Services, LLC. Mr. Gray has been an active participant in and a consultant to the commercial real estate industry for more than 30 years. Mr. Gray specializes in investment analysis and decision-support, where he combines his decades-long hands-on experience with an in-depth knowledge of today’s most sophisticated business intelligence tools.

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Structured Products

Webster Hughes, PhD

Webster Hughes, PhD joined Real Estate Fiduciary Services in 2017 as a Principal in the company’s structured debt investment program. Dr. Hughes is a specialist in CMBS, RMBS, and structured product investments. His business career spans 25+ years including senior positions at major investment banks, entrepreneurship, and independent consulting. In addition to expertise, Dr. Hughes brings proprietary models, databases, and analytics specifically customized for Freddie Mac Multifamily K-deal securitizations and used for multiple advisory engagements starting in 2010 and including a new issue purchase transaction.

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Real Estate Fiduciary Services, LLC · Tel: 978.887.3750 · Email: