Meet Madison Employees

ELI S. LOEBENBERG

Madison SPECS CEO Eli S. Loebenberg is a CPA with over 17 years of broad-based tax experience. In 2006 he partnered with Madison Commercial Real Estate Services to form Madison SPECS, LLC, providing expert Cost Segregation and fixed asset review services.

Mr. Loebenberg started his career in New York with Deloitte and Touche in 1996, where he focused on the real estate and banking and securities industries. He left Deloitte in 2000 and joined IDT Corporation, a publicly-traded multi-billion dollar telecom company, where he was primarily responsible for high-level M&A tax planning and tax minimization for the consolidated entity. From 2001-2004, Mr. Loebenberg was with KPMG in their Federal Solutions Group. As a senior manager in the group, his principal responsibilities lay in the areas of research and experimentation credits, Cost Segregation studies and embedded cost reviews. In 2004, Mr. Loebenberg was hired by Grant Thornton to be responsible for identifying and implementing a variety of tax planning solutions, focusing on Cost Segregation studies, for the company’s Northeast clients, including The New York Times, Wolfson Group, Reuters, King Kullen Group and Edison Properties.

Mr. Loebenberg received a Bachelor’s of Arts degree in Accounting and Business Administration from the University of Maryland, Baltimore County and is licensed as a Certified Public Accountant by Maryland’s State Board of Public Accountancy. He is a member of the American Institute of Certified Public Accountants. Most recently, Mr. Loebenberg was selected as an "Industry Leader" in 2010 by Real Estate Weekly, a publication serving the real estate industry.

MOSHE BECKER

Director of Operations Moshe Becker is a Certified Public Accountant with many years of accounting experience. Charged with maintaining the company's internal procedures and quality control mechanisms at the highest levels of efficiency, he ensures positive results and growth for clients.

Before joining Madison SPECS, Mr. Becker was with accounting firm Ernst & Young, where he worked within their Financial Services Group. Prior to Ernst & Young Mr. Becker was with AIG, where he was a member of the company's litigation support team. He was subsequently promoted to a management position in their domestic controllers group.

Mr. Becker graduated Summa Cum Laude from Touro College with a degree in business management and managerial accounting. He was honored by the college with the Touro Management Award upon his graduation.

THOMAS VARNEY

Cost Segregation Manager Thomas Varney is a highly experienced project manager, having performed more than 100 Cost Segregation Studies, covering a wide range of properties such as multifamily, office, retail, hotels, industrial, mixed use, and self-storage. He also has extensive experience in conducting Insurable Value Studies of such properties as office buildings, retail buildings, warehouses, low and high-rise apartment buildings and co-ops, and school buildings.

Before joining Madison SPECS LLC, Mr. Varney served as Project Manager at Construction Cost Recovery, Inc. Prior to that, he was a Regional Manager at Maximus, Inc. and was a Senior Manager at American Appraisal Associates Inc. Among the projects in which Mr. Varney has been involved include:

• Apartment community – 248 units - Milwaukee, Wisconsin
• Six retail centers - Jackson, Tennessee
• Catering facility - 56,300 sf - Cinnaminson, New Jersey
• High-rise apartment building - 929 units - Far Rockaway, New York
• Regional mall - 572,728 sf - Laurel, Pennsylvania
• Green-certified office building - 265,000 sf - parking garage - 330,504 sf - Allentown, Pennsylvania
• High-rise assisted living facility - 136,823 sf - Brooklyn, New York
• Five-building corporate center - 584,000 sf - Reading, Pennsylvania
• Independent living facility - 130 unit - Livermore, California
• Department store – 144,220 sf- Saginaw, Michigan

Mr. Varney received a Bachelor’s degree in accounting from the Indiana University of Pennsylvania. He subsequently studied at the New York Appraisal Institute and completed RS Means seminars in Cost Segregation and Unit Cost Estimating.

MARIO BERTINELLI

Cost Segregation Engineer Mario Bertinelli has more than 20 years experience in Cost Segregation Analysis. He has participated in Cost Segregation Studies of manufacturing and pharmaceutical operations, retail businesses, office complexes and research and development facilities. In addition, he has performed Insurable Value Studies of all types of industrial and commercial properties and assisted in Ad Valorem tax studies. Mr. Bertinelli authored "Uncovering Value from a Cost Segregation Study" for the November/December 1995 issue of Mergers and Acquisitions.

Before joining Madison SPECS, Mr. Bertinelli headed an independent consulting practice MJB Appraisal Associates. Prior to that, he was a Manager at KPMG as well as at Ernst and Young, and was a Senior Manager at American Appraisal Associates. The projects that Mr. Bertinelli has been involved with include:

• Auto manufacturing facility - 1.2 million sf - Spartanburg, South Carolina
• Cellular phone plant - 1.5 million sf - Harvard, Illinois
• Auction house - 310,000 sf - New York, New York
• Data center – 125,000 sf - Edison, New Jersey
• Six shopping centers - North & South Carolinas
• Headquarters and printing facility – 44,500 sf - Farmingdale, New York
• Adult care home - 62 units - Far Rockaway, New York
• Enclosed shopping mall - 243,000 sf - Alexandria, Minnesota
• Produce processing plant - 88, 000 sf - Allentown, Pennsylvania
• Hotel – 246 rooms – Tarrytown, New York

Mr. Bertinelli received a Bachelor’s degree in civil engineering and construction technology from Temple University and has completed a number of courses from the New Jersey Real Estate Institute.