All About Cost Segregation by Eli Loenbenberg, CEO Download PDF

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"Our in-house engineers have decades of experience identifying and determining the value of eligible assets,
using the most widely accepted sources of construction cost information, such as
RS Means.”

CEO - Madison Specs

Meet Madison Employees


Madison SPECS CEO, is a Certified Public Accountant 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 was 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 S. Hildeshaim is Director of Operations for Madison SPECS, LLC. In that capacity, Mr. Hildeshaim assists in assigning, overseeing and reviewing all cost segregation studies for Madison SPECS, an affiliate of Madison Commercial Real Estate Services. Additionally, Mr. Hildeshaim deals with client needs and provides direction on all sales and marketing efforts for the division.

Prior to joining Madison SPECS, Mr. Hildeshaim was with BCRS Associates, a boutique tax practice located in New York City where he serviced high-net-worth individuals with their specific tax needs. Mr. Hildeshaim graduated from Fairleigh Dickinson University with a Master’s degree in accounting.


Director of Engineering, is a highly experienced project manager, having performed hundreds of 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.

  • Office Tower, 32 Story, 1,070,000 SF, Philadelphia, PA
  • Office Tower, 23 Story, 1,050,000 SF, Chicago, IL
  • Hotel, 32 Story, 310 Rooms, 131,900 SF, New York, NY
  • 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.


Engineering Manager, 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.

  • 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
  • Office Tower, 32 Story, 1,070,000 SF, Philadelphia, PA
  • Office Tower, 23 Story, 1,050,000 SF, Chicago, IL
  • Hotel, 32 Story, 310 Rooms, 131,900 SF, New York, NY

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.


Danny Wechsler is Regional Business Director for Madison Commercial Real Estate Service and works closely with Madison SPECS’ sales team, where he is responsible for customer service support and call quality, as well as for on-going staff training. He manages MCRES’ presence at professional trade shows throughout the country and also presents informational seminars regarding its specialized services.

Prior to joining MCRES in 2006, Mr. Wechsler was Director of Operations for Eastern Union Commercial, LLC, a national commercial real estate mortgage brokerage company, based in New York City, that offers secured loans for owners and borrowers, as well as provides finance for commercial facilities. There he managed day-to-day operations of the company’s main office and provided support for more than one hundred brokers. Previously, he worked in education, serving as an administrator and student coordinator for elementary and secondary school institutions in Lakewood, New Jersey, where he now lives.

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