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Real Estate Team

David Bednar founded Devotio Capital Management: The Real Estate Private Bank® in 2018. Mr. Bednar is a 25-year global real estate lending and investing veteran with experience spanning the real estate capital structure.

Prior to founding Devotio, Mr. Bednar was a Managing Director for eight years at Ladder Capital (NYSE), focusing on equity, mezzanine, bridge and CMBS transactions. Before Ladder, he ran the New York office of JPMorgan Real Estate Special Situations. Earlier roles included Dillon Read Capital Management (UBS-sponsored) and Goldman, Sachs & Co. in the Global Special Situations Group — a proprietary investment team focused on distressed asset investing and mezzanine lending. He began his career at Morgan Stanley Real Estate, heading the non-Japan Asia business in Hong Kong.

Mr. Bednar received a BA and MBA from Harvard University and served four years as an infantry officer in the United States Marine Corps, serving in Operations Desert Storm and Desert Freedom.

Greg Galusha is a Partner of Devotio Capital Management based out of Santa Barbara. Mr. Galusha is a 34-year real estate investment management and capital markets veteran with experience spanning equity joint ventures, bridge and mezzanine lending, development and asset/portfolio management across a wide variety of property types in the United States and Asia.

Prior to Devotio, Mr. Galusha founded Arris Capital Advisors and served as an Executive Managing Director at Newmark, leading capital markets equity placement for the Western U.S. Earlier roles included Head of Commercial Real Estate at PeerStreet (Andreessen Horowitz-backed), Partner at Kearny Real Estate Company, and Partner at Pacific Coast Capital Partners (minority-owned by CalSTRS), where he was part of the senior management team that grew AUM from $800M to $6B. He also served as Vice President with the Morgan Stanley Real Estate Fund in Hong Kong and Los Angeles.

Mr. Galusha received a BA in Urban Studies from the University of Pennsylvania with Wharton School of Business coursework in real estate finance.

Douglas M. Thompson, CFA, is a Member of Devotio Capital Management based out of the firm's West Coast office. Mr. Thompson is a 33-year national real estate development and investment veteran with experience in a wide variety of property types and geographic markets.

Prior to Devotio, Mr. Thompson operated his own development and investment platform, leading development teams for vertical projects in CA, FL, TX, VA, and MD. He also managed a real estate consulting business serving private and institutional clients, with mandates including the underwriting, structuring and acquisition of performing and non-performing debt portfolios, land for development, and income-producing properties and portfolios.

Mr. Thompson received his BA in Political Science from Stanford University (1985) and earned the Chartered Financial Analyst designation in 2001.

Steve Haggerty has more than 20 years of experience in hospitality investing, mergers and acquisitions, and strategic business planning. Over the course of his career, he has led the development and capital strategies for some of the industry's most prominent corporations.

Mr. Haggerty is formerly a Managing Partner at Trinity Investments. Prior to Trinity, he held numerous finance, asset management and development roles at Marriott International Inc. in various locations around the world, including Vice President of Development in Hong Kong and Senior Vice President of Global Asset Management in London. He has also served as a director for Playa Hotels & Resorts, Cornell University's School of Hotel Administration, and the University of Denver's Fritz Knoebel School of Hospitality Management.

Mr. Haggerty earned a Bachelor of Science from Cornell University's School of Hotel Administration.

Spencer Cassell is a real estate and private-markets professional whose experience spans principal investing, asset management, and underwriting across multiple asset classes. Prior to joining Devotio, he sourced, underwrote, and structured residential land development projects in the Southeast through his own firm, Owl Rock Capital LLC.

Earlier in his career, Mr. Cassell worked with Atlantic Equity Partners on hotel acquisitions, Wincoram Asset Management on upstream energy assets, Fidelity Investments on high yield and distressed real estate and bonds, Alantra LLC on generalist middle-market corporate finance, and Deutsche Bank's investment banking group on live M&A transactions in the software sector.

Mr. Cassell earned his B.A. in Economics from Harvard University, where he was a varsity football player and LaCroix Award recipient, and completed post-baccalaureate studies in Real Estate Finance and Business Management at Rice University.