MANAGEMENT

Mr. Stolpestad is a Founding Governor of Ironton and Chief Executive Manager of its Sponsor Member, Ironton Management LLC. He also founded Ironton affiliate Exeter Realty Company in 1991, is an owner of the company, and serves as its Chairman. From 1985 to 1990, Mr. Stolpestad was a senior partner with Doherty, Rumble & Butler, a national law firm with offices in Denver, Minneapolis, Saint Paul, and Washington D.C., where he was a member of the management committee and practiced primarily real estate development and finance law. From 1971 to 1985, he was a senior partner with Stolpestad, Brown & Smith law firm, Saint Paul, MN, where he was a managing partner and practiced banking, business, real estate, and securities law. From 1969 to 1971, he was Special Assistant Attorney General with the State of Minnesota, Saint Paul, MN, and from 1967 to 1969, he was an attorney with the U.S. Department of Housing & Urban Development in Atlanta, GA. His professional and community affiliations include the American Institute of Architects Minnesota Chapter Board as its Public Member; the Minneapolis-Saint Paul Family Housing Fund founding Board; the Ramsey County Historical Society President and Board; the Saint Paul Area Chamber of Commerce Vice Chair and Board; the Saint Paul Riverfront Corporation Board; the Salzburg (Austria) Seminar as a McKnight Fellow; and the University of Minnesota Foundation Real Estate Advisory Committee. Mr. Stolpestad holds a Juris Doctor degree from the University of Minnesota Law School and a Bachelor of Arts degree in History from the University of Minnesota. He is a licensed attorney (retired status) and real estate broker in the State of Minnesota.

Mr. Ordway is a Founding Governor of Ironton. He is also the owner of Bain Companies, Inc., a private investment firm based in Minneapolis, MN. In addition to executive positions with extensive family investment activities, Mr. Ordway has a 25-year career in real estate development, finance, and investment for his own account and has been involved in the acquisition, development, redevelopment, and/or sale of numerous projects in the industrial, housing, and retail sectors of the real estate industry. Early in his career, he was employed by Miller & Schroeder Financial, Inc., Minneapolis, MN, where he was involved in originating, structuring, and closing conventional and tax-exempt real estate financing. Mr. Ordway is currently a member of the Board of Trustees of the University of Minnesota Medical Foundation. His past professional and community affiliations include the Science Museum of Minnesota Board, the Saint Paul Riverfront Corporation Board, and the Anchor Bank of Saint Paul Board. Mr. Ordway has a Bachelor of Arts degree from the University of Vermont. He is an active participant in amateur hockey and other outdoor sporting activities.

Mr. Stolpestad is a Founding Governor of Ironton and Chief Financial Manager of its Sponsor Member, Ironton Management LLC. He is also an owner of Ironton affiliate Exeter Realty Company which he has served as President since 2003. His professional and community affiliations include the U.S. Bank National Association Twin Cities Advisory Board; the International Council of Shopping Centers Minnesota, North Dakota, and South Dakota Governmental Relations Committee Chair; the Minnesota Shopping Center Association Legislative Committee Co-Chair; and the Minnesota Children’s Museum Board and Executive Committee. Mr. Stolpestad has a Master of Business Administration degree in Finance and International Business from the Carlson School of Management at the University of Minnesota; a Certificate of International Business from the Vienna (Austria) School of Economics; and a Bachelor of Arts degree in History and Political Science from Northwestern University, Evanston, IL. He is a licensed real estate broker in the State of Minnesota.

Mr. Nelson is Chief Investment Manager of Ironton Management LLC, the Sponsor Member of Ironton. He is also an owner of Eberhardt Properties, Inc., Minneapolis, MN, a real estate investment and management company. On behalf of investors, he has been responsible for oversight of all aspects of acquisition, development, and ownership of a portfolio of medical office, retail, and multi-family properties. Mr. Nelson began his real estate career in 1992 at the Eberhardt Company, Minneapolis, MN, a national multi-office mortgage banking, real estate brokerage, property management, and real estate consulting firm, where he held property management and mortgage banking positions until he started his own company in 1997. Prior to joining Eberhardt, he completed a management training program at Aetna Insurance Company, Hartford, CT, and spent a year with IBM Japan in Tokyo teaching English. Mr. Nelson’s community affiliations include the Board of Directors of Wilderness Inquiry, a non-profit adventure travel organization for people of all backgrounds and abilities; Vice President of the Friends of PACER Advisory Board, an advocacy organization for parents of children with disabilities; and the Blake School where he has served in various volunteer and alumni capacities, including three years as the Bantam-level hockey coach. Mr. Nelson holds a Bachelor of Arts degree from the University of Vermont where he was a member of the varsity hockey team. He is a licensed real estate broker in the State of Minnesota.

Mr. Hatting is Secretary of Ironton and Chief Administrative Manager of its Sponsor Member, Ironton Management LLC. He has also been Executive Vice President and General Counsel of Ironton affiliate Exeter Realty Company since 2004. From 2000 to 2004, he was an associate attorney with Winthrop & Weinstine, Minneapolis, MN, where he practiced primarily commercial banking, general corporate, regulatory, and real estate law. From 2003 to 2004, he was Adjunct Professor at the University of Minnesota Law School and in 1998 he was a Law Clerk with the Hennepin County Attorney’s Office in Minneapolis, MN. Mr. Hatting has a Juris Doctor degree cum laude from the University of Iowa College of Law and a Bachelor of Arts degree cum laude from Macalester College. He is a member of the City of Minneapolis Capital Long-Range Improvement Committee and is active in church and political activities. He is a licensed attorney in the State of Minnesota.

Mr. Downey is an Asset Advisor to Ironton. He is also the owner of Downey Engebretson, Inc., Minneapolis, MN, a real estate advisory and consulting firm he co-founded in 1991. In that capacity, he advised Ironton affiliate Exeter Realty Company on the Pioneer Property Partners II LLC real estate program and other transactions. From 1988 to 1991, he was Senior Vice President with Washington Square Capital Inc. (a division of Northwestern National Life Insurance Company), Minneapolis, MN, where he led a team that was responsible for the origination, asset management, and sales of the insurance company’s real estate equity portfolio and the management, re-structuring, and sale of the company’s real estate acquired through foreclosure. From 1977 to 1988, he was Senior Vice President with BCE Development Properties Ltd. and its predecessor, Oxford Development Group Ltd., Minneapolis, MN, where he initiated and completed sales and re-financings of significant mixed-use projects in Calgary, Denver, Edmonton, Minneapolis, and Toronto. Mr. Downey was a Chartered Accountant with Peat, Marwick, Mitchell & Co. in Winnipeg, Manitoba, and Edmonton, Alberta, after receiving a Bachelor of Commerce degree from the University of Manitoba. He has been active in the Minneapolis Downtown Council, the National Association of Industrial and Office Parks, and the Urban Land Institute. He is a licensed real estate broker in the State of Minnesota.

Mr. Nelson is an Asset Advisor to Ironton. He is also the owner of Eberhardt Advisory, LLC, Minneapolis, MN, a real estate advisory and consulting firm he founded in 2002. From 1999 to 2002, he was Senior Managing Director with CBRE/Melody Capital Markets, Minneapolis, MN and Houston, TX. From 1976 until the firm was acquired by CBRE/Melody in 1999, Mr. Nelson held various positions, including Chairman and Chief Executive Officer from 1990 to 1999, with Eberhardt Company, Minneapolis, MN, a multi-office national mortgage banking, real estate brokerage, property management, and real estate consulting firm. Mr. Nelson’s community and national leadership positions include the Mortgage Bankers Association of America President and Board; the Fannie Mae National Advisory Council Chair; the GEMSA Mortgage Loan Servicing Company Board; the Edina Housing and Redevelopment Authority Board; the Voyageur Investment Funds Board; and the University of Minnesota Foundation Real Estate Advisory Committee. Mr. Nelson has a Bachelor of Arts degree in History from the University of Minnesota and also attended Princeton University. He is a Counselor of Real Estate (CRE), Certified Mortgage Banker (CMB), and Recipient of the Life Insurance Company Mortgage and Real Estate Officers Council Ronald F. McRoberts Award for Exemplary Industry Service. He is a licensed real estate broker in the State of Minnesota.

Mr. Davis is an Asset Advisor to Ironton. He retired from Associated Bank N.A., Minneapolis, MN, in 2008 after eight years as Vice President and District Manager. In that position, he was responsible for the supervision, production, funding, and management of a construction loan portfolio with an average annual volume of approximately $120,000,000. From 1995 to 2001, and at the beginning of his career from 1969 to 1980, Mr. Davis was Vice President of the Eberhardt Company, Minneapolis, MN, where he originated, packaged, and marketed commercial real estate loans. Mr. Davis was also Regional Manager of Primevest Financial Services, Inc., a division of Kinnard Investments, Inc., Minneapolis, MN, from 1992 to 1995; Vice President of Special Assets and Senior Vice President of MWF Mortgage Corporation, a division of Midwest Federal Savings and Loan Association, Minneapolis, MN, from 1985 to 1991; and Assistant Vice President of Norwest Bank Minneapolis N.A. (now Wells Fargo Bank N.A.), from 1980 to 1985. Mr. Davis has a Bachelor of Science degree from the University of Minnesota where he played varsity baseball and basketball.

Mr. Tousley is Vice President for Investments for Ironton affiliate Exeter Realty Company. He was a Financial Analyst, Project Manager, and Leasing and Development Manager for the company before assuming his present position. He had a lead management role in the company’s development and sale of the 93 unit upscale Cobalt Condominiums project in Minneapolis, MN. Mr. Tousley was previously employed on the accounting staff by Supervalu, Minneapolis, MN. His professional affiliations include the Minnesota Shopping Center Association, the International Shopping Center Association, and the Leadership Emergence and Development Project. Mr. Tousley has a Bachelor of Arts degree in Financial Management from the University of Saint Thomas, Saint Paul, MN and is a Master of Business Administration candidate at the Carlson School of Management at the University of Minnesota. Mr. Tousley is a licensed real estate agent with the State of Minnesota.