Korman Management Team
John KormanChief Executive Officer
Christian TrollChief Financial Officer
Albert DeFruscio JrVice President, Construction Services
Dawn EwingDirector of Operations
Pete RushingDirector of Marketing
Deborah DownsDirector of Financial Reporting
Mary PellerSenior Financial Analyst
Noreen CassidyOperations Controller
Lolita BroadnaxDevelopment Manager
Joy KendallDirector of Design
Colleen MazzoniDirector of Customer Relations
Julie ProcaccinoPurchasing Manager
Mr. Rushing oversees corporate marketing and branding for Korman Residential. He is responsible for maximizing rental revenues and occupancy in the portfolios managed by the company. He utilizes various metrics to measure return on investment of all advertising and marketing media.
Mr. Rushing has 15 years of experience in marketing and advertising. He has worked in the property management industry since 2002, most recently serving as general manager at multiple properties. His success as a property manager gives him a unique and invaluable perspective in his role of Director of Marketing.
Mr. Rushing’s hands-on approach at the properties ensures that all new initiatives will be implemented quickly and successfully. An effective sales trainer, Pete has developed award winning sales teams that have been recognized for their excellence in the industry.
Ms. Downs is responsible for all internal and external financial reporting. She has built a team of accountants with broad industry knowledge who support her in this role. She has developed strong working relationships with our joint venture partners and lenders.
Ms. Downs and her team are responsible for coordinating a timely monthly financial close and for analyzing, investigating and reporting any budgetary variances as part of her monthly reporting process. She has enforced a rigorous system of internal controls within the company to ensure accuracy in the reporting process. Additionally, she is responsible for internal audits, and each property is thoroughly audited at least annually.
Ms. Downs earned a Bachelor of Science in Business Administration degree from Old Dominion University double majoring in accounting and financial management. She is a licensed certified public accountant. Ms. Downs is currently pursuing her Master of Business Administration with a finance concentration at LaSalle University.
Ms. Broadnax has spent 9 years in the multifamily industry. She started with the company as a sales representative six years ago. She was promoted to the corporate relocation division to coordinate sales across the residential portfolio. Ms. Broadnax’s property management responsibilities included receivables, payables, collections and lease renewals. She is currently coordinating pre-development activities for Stage IV of the company’s Eastwick urban renewal project, adjacent to the Philadelphia International Airport. Ms. Broadnax earned an Associate in Arts degree majoring in Business Administration with a concentration in real estate at the Community College of Philadelphia and currently is pursuing a Bachelor of Science degree at St. Joseph’s University, Haub School of Business. Ms. Broadnax and her family reside in the Eastwick section of the City Of Philadelphia.
Albert DeFruscio Jr
Mr. DeFruscio is responsible for the physical assessment and evaluation of all managed multi-family assets and heads the due diligence team for all new potential acquisitions.
He also plays a key role in positively repositioning properties in their market. Mr. DeFruscio's experiences include managing major and minor rehabilitation projects. He develops specific programs to address property deficiencies including mechanical evaluations and sustainability initiatives- all with a high level of cost certainty. Mr. DeFruscio works effectively with key decision makers within municipalities and government agencies.
Mr. Troll has over 30 years of financial management experience in a number of different industries. In his current role, he is responsible for banking and treasury, joint venture partner and lender relations, financial reporting, information technology, risk management and coordinating and underwriting acquisitions and dispositions.
Mr. Troll is instrumental in enhancing asset profitability and cash flow through rigorous return on investment analysis. By utilizing best in class metrics, with his support staff, he measures property performance and ensures that all financial reporting is completed in an accurate and timely manner. Mr. Troll has implemented a thorough system of financial and operational controls including oversight of all expenditures at the property level, budgetary accountability, centralized purchasing and cash flow management.
Prior to joining Korman Residential, Mr. Troll consulted to a number of companies including Aramark Corporation, Staples, Inc. and FMC Corporation. He previously served as Vice President and Corporate Controller of CDI Corporation, Chief Financial Officer of the W. Atlee Burpee Company and was the second professional hired by the Philadelphia Office of Arthur Andersen to build their newly formed Contract Services and Outsourcing Practice.
Mr. Troll has substantial prior experience in loan negotiation, restructuring and coordinating loan workouts. He has worked closely with large, multi-national financial institutions as well as with regional and local banks, and has an extensive network of banking relationships.
Mr. Troll earned a Bachelor of Science degree in Public Accounting from CW Post College and a Master of Business Administration degree in Corporate Finance and Investments from Adelphi University.
Ms. Ewing has 21 years of multi-family management experience with Korman Residential. In her current role she has senior operational responsibility for properties in Pennsylvania, Delaware, New Jersey and Florida. Ms. Ewing has proven experience in delivering bottom-line results while often working under challenging budgetary constraints. She interfaces with Korman Residential’s partners and institutional investors. Ms. Ewing has successfully led numerous lease-up programs and is a key member of Korman’s acquisition due diligence team. She is continually building talented and versatile on-site management teams to assume additional assignments.
Ms. Ewing currently oversees portfolios that include garden, mid-rise and high-rise buildings of all vintages. Prior to joining Korman Residential, Ms. Ewing held several positions in the hotel industry.
Ms. Ewing has earned the designation of Certified Property Manager from the Institute of Real Estate Management. Ms. Ewing is the recipient of several industry awards, including the Apartment Association of Greater Philadelphia’s prestigious Elizabeth Bee Weatherford Award in 2007.
Mr. Korman has 27 years of multi-family real estate experience and is responsible for the operating results for all residential equity portfolios and third party management contracts. Mr. Korman has in-depth experience in repositioning properties in their respective markets. Mr. Korman continues to develop talented and versatile on-site management teams who enhance property values by increasing revenues while containing operating expenses.
Mr. Korman is responsible for identifying new acquisition opportunities, including underperforming properties in the marketplace ready for repositioning. Properties in portfolios under Mr. Korman’s management have been recognized in Pennsylvania, New Jersey, Delaware and Florida for overall excellence, curb appeal, maintenance, and marketing. These portfolios include garden, mid-rise, and high-rise buildings of all vintages.
Prior to becoming President of Korman Residential, Mr. Korman worked with Corporate and Group Sales serving major national employers, and was a pioneer in the extended stay segment of the apartment industry.
Mr. Korman is Past President of the Pennsylvania Apartment Association, as well as Past President of the Apartment Association of Greater Philadelphia. Mr. Korman is a founding board member of Drexel University's Property Management program. Mr. Korman has been a keynote speaker for The Institute of Real Estate Management (IREM). Mr. Korman effectively leverages these industry relationships in sourcing new acquisition opportunities.
Mr. Korman earned a Bachelor of Arts Degree in Political Science from the University of Delaware.
Mr. Korman has 35 years of real estate management, finance, construction and development experience. He has supervised the execution of over $2 billion of commercial real estate financing, acquisition and disposition transactions.
Mr. Korman has successfully arranged for more than $1 billion in multi-family debt and equity. He has participated in over $900 million in multi-family acquisitions and dispositions, as well as the development of income producing and for sale housing portfolios totaling nearly $1 billion. Mr. Korman’s responsibilities include portfolio strategy, capital allocation and joint venture formation.
Prior to joining Korman Residential, Mr. Korman was involved in all phases of multi-family, office, industrial, retail and extended stay hotels for a related entity, partnering with national and international corporate clients.
Mr. Korman earned a Bachelor of Science degree in Economics from The Wharton School at the University of Pennsylvania.
Ms. Peller is responsible for analyzing and underwriting multifamily investment opportunities and for monitoring returns throughout an investment’s holding period. She utilizes detailed financial models to project an investment’s performance and return from acquisition through disposition. During the acquisition process, she is a key member of the due diligence team responsible for assuring that all financial information provided by the seller is accurate and complete. In addition to accounting and financial analysis, she has experience in implementing and streamlining operational processes.
Ms. Peller earned a Bachelor of Science degree with a specialization in accounting and Master of Business Administration from Spring Hill College. She is currently licensed as a certified public accountant in Pennsylvania and Alabama.
Ms. Cassidy is responsible for oversight of expenditures and cost management at the property level. She monitors expenses against plan and industry standards and works closely with the Property and Regional Manager in order to assure that we are maximizing NOI and cash flow. Ms. Cassidy has a proven track record of identifying opportunities for operational improvement and implementing best-in-class solutions. She is also a member of Korman’s acquisition and due diligence team.
For the past 15 years, Ms. Cassidy has managed, mentored, and proactively developed on-site management teams and overseen internal audit systems to benchmark performance.
Ms. Cassidy has earned the designation of Certified Apartment Manager from the National Apartment Association and is Korman’s Real Estate Broker of Record.
Ms. Cassidy earned a Bachelor of Arts degree from Penn State University.
Ms. Kendall is responsible for all aesthetic aspects of the Korman Residential portfolio of properties. Her designs create trendsetting interior and exterior environments which stand out in the multi-family industry. She provides design space planning for Korman Residential models, leasing offices, club rooms, lounges, business centers, fitness centers and pool areas. Her designs reflect their environment and combine modern and classic influences.
Ms. Kendall focuses on maintaining and evolving the LIVEKORMAN lifestyle brand. Her contributions include design of Korman’s Modernista Earth Friendly Apartments, Common Ground community gardens, Woof Woof Club off-leash dog parks and other value-add programs which distinguish Korman Residential in the marketplace.
Prior to joining Korman Residential in 2006, Ms. Kendall worked as a designer at Mitchell Gold + Bob Williams and as an interior designer for luxury residential projects. She received her BS in Merchandising and Design from Philadelphia University, as well as an AS in Interior Design from Harcum College.
Mrs. Mazzoni oversees Customer Relations at Korman Residential. She works hand in hand with both residents and property managers to improve communication and promote customer satisfaction. Her role also includes monitoring and responding to online customer reviews and collaborating on the company’s social media and centralized lead communication initiatives.
Mrs. Mazzoni brings more than 15 years of experience in the multifamily industry to her position. She was initially hired by Korman as Quality Control Manager, and her close attention to detail ensured that all apartments met the Korman brand standard upon move-in. For Korman’s Relocation Team, she was responsible for overseeing the setup of the portfolio’s corporate suites.
Mrs. Mazzoni earned her Bachelor of Arts degree from Holy Family University.
Mrs. Procaccino is responsible for all aspects of Korman’s centralized purchasing and contract management function and reports directly to the CFO. She coordinates the purchasing of goods and services working closely with the VP Asset Management and Director of Design to ensure that all proposed expenditures are within approved budgets and business plans. She participates in onsite client meetings, works with contractors to complete awarded projects, and maintains budgets for each project.
Mrs. Procaccino joined the Korman Residential team in 2007, bringing more than a decade of purchasing, management, and construction experience. Before joining Korman, she worked at mindShift Technologies where she created proposals and managed all purchasing responsibilities for the company. Prior to that she was a Manager at Turner Construction Company.
Mrs. Procaccino has received numerous recognitions within the apartment industry. She attended Bucks County Community College where she earned her Associates Degree in Business Administration. She also earned a Degree in Network Engineering from DPT Business School.
Mr. Passage is an Analyst responsible for supporting the acquisition and asset management of multi-family investment opportunities. He is focused on the acquisition of both stabilized and opportunistic multi-family properties and portfolios. Mr. Passage is responsible for monitoring market trends and performing asset valuations. He also provides support to due diligence and closing processes and assists in budgeting accountability.
Prior to joining Korman Residential, Mr. Passage worked in leasing and management for The Bozzuto Group.
Mr. Passage earned a Bachelor of Business Administration degree from the Fox School of Business at Temple University, majoring in Finance and Real Estate with a minor in Management Information Systems. He was also a member of Temple’s Real Estate Organization, interfacing with the academic and business community in matters of finance, development and urban planning.