DAVID G. ONG – PRINCIPAL IN CHARGE
David G. Ong founded Acquest Realty Advisors, Inc. in 1980 after a successful career in the banking and mortgage banking industries. Mr. Ong has worked with Fortune 100 companies, major pension funds and international companies in providing counsel and analysis for their real estate investments. Acquest now directs investments and development opportunity for its institutional clients with an aggregate value of approximately $500 million.
Throughout his career, Mr. Ong has negotiated financing arrangements for other major real estate developments throughout the United States, and has structured mortgage-backed and tax-exempt securities for institutional markets. His financing strategies include unique consortium’s, public private partnerships, formation of limited partnerships, limited liability companies, tax-exempt public-purpose entities and other techniques specifically developed for real estate investments in the 21st century.
Several of these financing techniques combines public and private funds to create capital for the development of real estate, achieving market rates of return while providing ancillary benefits to the surrounding communities. In each its projects Mr. Ong negotiated required construction financing, permanent financing, taxable and tax- exempt bond financing, public financing and incentives and otherwise served as the point person behind each project’ s funding strategy. Additionally, Mr. Ong was responsible for negotiating the hotel franchise and management contracts and administering ongoing asset management on behalf of the owner.
Education: BA in Economics, University of Michigan
MBA in finance, University of Michigan
JOAN CLELAND – LEAD PROJECT MANAGER
Ms. Cleland joined the firm in 1986, after serving on both the acquisition and manage- ment teams of a leading real estate investment and property management firm. Ms.Cleland is extensively experienced in developing major real estate projects, managing and financing large real estate investments, and dealing with complex technical, financial and legal issues as relates to all aspects of investment grade real estate. Over the course of her career, Ms. Cleland has served as senior asset and portfolio manager and in addition to directing Acquest’ s development division is also responsible for major client accounts and business development.
Ms. Cleland is the President of the firm’ s development division, Acquest Development, Inc. She is responsible for new real estate projects designed and constructed on behalf of Acquest’ s clients serving in a development management or owner’ s representative role. In this capacity, Ms. Cleland oversees planning, orchestrates entitlements, develops and manages the project budget and schedule, administers funding and directs major construction firms, architectural design and engineering firms and operators in the construction, development and management process. During her 20 + year career at Acquest, she has been the Project Executive working on behalf of the public sector, corporations or private individuals directing the activities of the development teams for three major Marriott hotels, one Sheraton hotel and conference/convention centers, as well as office building, residential and mixed use developments.
Education: BA Political Science, English, French and History, Hillsdale College
PATRICK ONG – ASSISTANT PROJECT MANAGER
Mr. Ong joined Acquest in 2016 with a background in commercial and residential construction. Over the past 20 years he has managed all aspects of construction projects including initial design, acquiring permits, submitting bids, creating budgets, scheduling construction and overseeing field operations. He is experienced in directing personnel, managing staff, providing training, scheduling subcontractors and developing criteria needed for subcontractor assignments. Mr. Ong supports Acquest in providing project management for public, corporate and institutional clients.
Education: BBA Southern Methodist University
MIKE CARROLL – ASSET MANAGER
Mr. Carroll joined the firm in 2004 with an extensive background in the accounting and finance profession. Mr. Carroll’s experience includes manufacturing, service, hospitality, public accounting and many years as a C.F.O./Controller in the Real Estate development field. Mr. Carroll is responsible for the financial administration of client properties and acts in a consulting and advisory capacity to other clients in their real estate and development ventures.
Education: BBA/Accounting, Wayne State University
DENNIS BACKOS – ASSET MANAGER
Dennis Backos, CPA, is responsible for the project financial administration including the financial supervision of all capital renovation projects, the financial analysis of all lease renewals, and the completion of all client reporting packages. Mr. Backos’ experience includes approximately four years as Senior Property Manager with his previous real estate firm, approximately seven years as Property Manager, and three years as Senior Accountant.
Education: BBA University of Michigan