About Us

JEMS principals are Richard Olstein, Michael Staiti and Leonard Jolles. Collectively, this group has over 60 years of real estate and finance experience and possesses expertise in all facets of real estate development. Through their property management company, WRT Management Corporation, they oversee all aspects of a commercial/industrial real estate portfolio totaling in excess of 4 million square feet of space. In addition to their ownership roles in the properties, they handle all leasing, financing and tenant improvements as well as daily property management.

Keystone Development Corporation, their land development and construction company, has been active in residential development for many years and currently maintains an annual residential sales volume in excess of $10 million. Keystone manages all aspects of development including design, permitting, construction and marketing. Keystone has its own construction and marketing personnel and handles all of these tasks in house. Keystone’s development experience is extensive and includes land and infrastructure development, luxury single family homes, and multi unit condominium communities.

JEMS’ principals also possess extensive backgrounds in financial services and accounting. Mr. Staiti holds an MBA from the University of Michigan and received his CPA in 1993 after working for Price Waterhouse. Mr. Jolles holds an MBA from Columbia University and has professional experience in banking with an expertise in commercial lending.

The above qualifications make the JEMS team uniquely qualified to succeed in the real estate lending business. JEMS is able to apply their proven expertise in residential development to their evaluation and administration of financing opportunities. They are able to perform site evaluations and review construction plans, specifications and budgets with the benefit of this expertise. These reviews help to ensure the feasibility of a loan and to confirm a proposed development is reasonable from a design, marketing and economic standpoint. Furthermore, JEMS is able to perform their own construction inspections to monitor construction progress and to ensure that the ration between work completed and funds disbursed remains in balance. Often times, it is difficult to evaluate the progress of construction in the field as it corresponds to budgets and proformas. However, JEMS has the expertise to make these evaluations to help ensure the construction progress remains consistent with the loan disbursements.

JEMS consistent presence in the marketplace in both a financing and development capacity affords them an intimate familiarity with current land and housing values, as well as market competition and future trends. JEMS is constantly analyzing real estate opportunities as well as directly experiencing market conditions in their ongoing projects. JEMS draws on all of these resources in making loan approval determinations.

Finally, in the event of a loan default, JEMS has the construction personnel and subcontractor and vendor resources to complete the construction and bring a project to fruition in a cost effective and timely manner. In similar circumstances, most financing companies are forced to auction a foreclosed property to the highest bidder. Often times construction may be only partially complete or the property may be in poor condition making it difficult to recoup the full value of the loan. JEMS’ ability to complete the project and bring it to market at full value will help protect investors and insure their equity in an investment.

JEMS’ confidence in their success is evidenced by the substantial personal investment each JEMS principal has made in the company. JEMS hopes to share this success with qualified investors interested in capitalizing on this real estate investment opportunity.

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