Our Team
Our Principals
Paul Aiesi
Asset Management and Development
Paul Aiesi
Asset Management and Development Paul Aiesi has played an active role in every investment program that has been sponsored by Graycliff Capital since its founding. Paul works closely with the other members of the Graycliff team on Development, Acquisitions, Dispositions, and Asset Management. During his tenure with the firm, Paul has played a key role in expanding into real estate development, which has established Graycliff as one of the few investment companies active in both development and acquisitions. Graycliff has successfully completed development projects utilizing traditional bank financing as well as HUD insured products, giving flexibility in finding the most attractive investment financing options. Prior to joining Graycliff, Paul was the Chief Investment Officer for a national real estate syndication firm, where he was directly responsible for approximately $800 million in transaction volume. He also was active in establishing that firm’s asset management platform and worked on numerous development projects. An avid aviation enthusiast, Paul regularly flies both light airplanes and maintains qualifications as a professional pilot flying a Boeing 767 and 757 several days each month for a major international airline. Paul graduated magna cum laude from Furman University in 1998 where he served as President of the Student Body and was a member of the Phi Beta Kappa honor society.
Andy Reiken
Capital Markets and Acquisitions
Andy Reiken
Capital Markets and Acquisitions
Andy Reiken founded Graycliff Capital with Don Spalding in 2009. He has 30+ years of experience in structured real estate finance and strategic real estate investing. Andy actively utilizes his comprehensive industry relationships to originate direct investment opportunities and provide structuring expertise, financing experience, and price structuring for all investments. Prior to co-founding Graycliff, Andy was at LaSalle Bank, where he was the head of large loan pricing and execution in addition to overseeing commercial mortgage distribution. He also spent over eight years at Goldman Sachs before joining LaSalle, where worked on all aspects of real estate lending and ultimately was the global head of commercial mortgage distribution.
Andy is a graduate of Union College and holds a Master of Science in Real Estate Valuation from New York University and a Master of Business Administration in Finance from Michigan State University.
Don Spalding
Capital Markets and Asset Management
Don Spalding
Capital Markets and Asset Management
Don Spalding founded Graycliff Capital with Andy Reiken in 2009. He has 35 years of experience in debt and equity origination and structuring. Don is active in overseeing the asset management process.
Prior to co-founding Graycliff Capital, Don was the Head of Production for North America for LaSalle Bank/ABN AMRO, where he was responsible for the origination, structuring and closing of real estate investments. Under his leadership, loan volume increased from $400 million in 2002 to over $12 billion in 2007, and revenues increased from $10 million to over $150 million. Before joining LaSalle, Don worked for GE Capital and PNC Bank in various capacities.
Don earned his Bachelor’s degree from Syracuse University’s School of Management. He also holds a Master’s in Public Management from Carnegie Mellon University, where he graduated Summa Cum Laude.
Our Team
Caitlin Steelman
Chief Executive Officer & Chief Financial Officer
Caitlin Meek-Steelman
Chief Executive Officer & Chief Financial Officer
Caitlin is responsible for the overall strategic direction of the company across all divisions including development, construction, acquisitions, asset management, and accounting and works closely with the executive team. She also manages the company’s global financial objectives through multiple, complex ownership structures. Under her guidance and financial leadership with 8+ years of experience in real estate, the company completed 95 transactions totaling $3.5 billion from 2016 to 2022 and saw an increase in assets under management from $201 million to $1.7 billion.
Caitlin joined the Graycliff team as the firm’s controller in 2015 with over a decade of accounting experience and was promoted to CFO in 2016. Prior to coming to Graycliff, she worked as a Senior Tax Accountant for Denny’s Corporation, reviewing Federal and multi-state tax issues, managing all state and local income tax audits, and preparing Federal consolidated, state and local tax returns. She also spent many years at Elliott Davis, LLC/PLLC, starting as an intern and working her way up to Tax Manager, where her responsibilities spanned from managing audits for corporate clients to supervising and reviewing the work of staff and senior accountants on multinational manufacturing and real estate engagements.
Caitlin received her Bachelor’s of Science in Accounting and Legal Studies in 2006 from Clemson University, graduating Magna Cum Laude. She also received her Master’s in Professional Accountancy including an Emphasis in Taxation from Clemson, graduating Cum Laude. Caitlin is a member of CREW Upstate which is focused on advancing the achievements of women in the commercial real estate industry and was awarded Greenville’s “Forty Under 40” in 2020 recognizing professionals making their mark in the upstate. She was also recognized in 2021 as the Senior Financial Executive of the Year in the small business category by the Upstate CFO Council.
Jennifer Moore
Chief Operating Officer
Jennifer Moore
Chief Operating Officer
Jennifer is responsible for managing the implementation of the company’s strategies and overseeing their success throughout many areas of the firm including client services, transaction management, contract negotiations, loan compliance, internal and affiliate process management as well as team development. She works closely with other executive positions in the firm as well as the affiliated companies to increase productivity and achieve company goals. Jennifer has 9+ years of experience in real estate and has overseen more than 100 real estate transactions valuing over $3.5 billion throughout the Southeast, Northeast and Mountain West of the US. When she first joined the Graycliff team, Jennifer started out as a Real Estate Coordinator, was promoted to Director of Operations in November of 2014 and Chief Operating Officer in 2017. Jennifer graduated Summa Cum Laude from Clemson University in 2010, where she was an active volunteer in the local community and a member of the National Society of Collegiate Scholars. In 2017, she received her Masters of Business Administrations from Clemson University. Jennifer is also a member of CREW Upstate which is focused on advancing the achievements of women in the commercial real estate industry and was awarded “Greenville’s Best and Brightest 35 under” in 2020 celebrating women and men who are rising stars in the business community.
Bill Connor
Executive Director of Construction
Bill Connor
Executive Director of Construction
Bill oversees the design and construction activities within Graycliff Capital’s new development line of business. This includes site development, preconstruction services, development design and construction management. Bill has 18 years of construction management experience and has been involved with over 4,500 units totaling over $600 million dollars. He has also managed various industrial and commercial projects in the Southeast.
Prior to joining Graycliff Capital, Bill was a Director of Project Management for CBRE. There he oversaw the Project Management of all South Carolina projects for CBRE. Prior to his time in the CRE sector Bill worked in Project Management for some of the most reputable General Contractors in the Southeast.
Bill received his Bachelor of Science in Civil Engineering and Bachelor of Arts in Business Management from the University of Kentucky.
Seth Peterson
Executive Director of Development
Seth Peterson
Executive Director of Development
As the Executive Director of Development, Seth is responsible for executing new construction development opportunities, including: deal origination, underwriting, due diligence, and design & programming.
Seth has +10 years of real estate experience in multi-family development. Since joining Graycliff, he has been the lead developer on +4,800 new apartment units with an estimated total value of +$950 million.
Originally from Summerville, SC, Seth earned his Bachelor’s degree in Real Estate from the University of South Carolina and a Master’s in Real Estate Development (MRED) from Clemson University. He is a member of the Urban Land Institute (ULI) and the National Multifamily Housing Council (“NMHC”). Seth is also actively involved in the local community, including as a Board Member on the Clemson MRED Advisory Board. In 2021, he was awarded Greenville’s “Class of Forty Under Forty” recognizing professionals making their mark in the Upstate.
Shannon Bull
Director of Accounting
Shannon Bull
Director of Accounting
In her role as Director of Accounting, Shannon is responsible for corporate accounting duties and supporting the Graycliff Development Team. She oversees monthly reporting and financial analysis, in addition to budgets and draws for new construction.
Prior to joining Graycliff, Shannon worked as a Senior Manager in Audit at Elliott Davis, LLC. Here she specialized in compilations and reviews mainly with closely held businesses. Previously, Shannon worked as a controller for Wingfield Properties and as Audit Manager at Ernst & Young.
Shannon is a Certified Public Accountant and currently holds both a Bachelor of Science in Accounting and Master of Accountancy with emphasis in Auditing from the University of South Carolina.
Mary Craig
Director of Investor Relations
Mary Craig
Director of Investor Relations
Prior to taking over Investor Relations, Mary was the Director of Operations for Graycliff.
Prior to joining Graycliff, Mary lead a global sales organization for a multinational luxury hotel brand. She also previously ran sales and marketing for a digital marketing agency. Her experience in sales, brand management, general leadership, strategy, and organizational development is an invaluable asset in her current role.
Mary received her Master of Business Administration from Kellogg School of Management at Northwestern University, and graduated with a Bachelor of Arts from Bloomsburg University of Pennsylvania.
Nick Parshall
Director of Asset Management
Nick Parshall
Director of Asset Management
As Director of Asset Management, Nick is responsible for helping coordinate and oversee property management in financial aspects and report preparation. In addition, Nick helps provide monthly updates to the entire Asset Management team regarding current operations.
Prior to joining Graycliff, Nick worked in asset management and underwriting for Armada Analytics. At Armada, he assisted with and completed third party underwriting for multiple clients including Freddie Mac, Capital One, Berkadia, KeyBank, and PGIM among others on multiple types of multifamily properties including affordable and MHC. Prior to his departure, he was working as the primary contact with Freddie Mac regarding Asset Summary Reports and ran a team of analysts which completed these reports. In 1.5 years, he completed over 750 asset summary reports for Freddie Mac, including over $5 billion in loan amount.
Nick graduated from Clemson University in 2016, with a Bachelor of Science in Accounting and a minor in Finance.
Kelsey Spalding
Director of Acquisitions
Kelsey Spalding
Director of Acquisitions
As the Director of Acquisitions, Kelsey is responsible executing new acquisition opportunities, including: identifying new markets, deal origination, underwriting, financing and due diligence. While at Graycliff she has spearheaded Graycliff’s expansion into the Rocky Mountain West and has been the lead originator on the acquisition of +1,000 apartment units.
Prior to joining Graycliff, Kelsey worked in credit and underwriting for Freddie Mac in Chicago. At Freddie Mac, she underwrote over 140 loans with volume in excess of $1.5 billion and has experience in underwriting conventional multi-family, student housing, preferred equity transactions, tax credits and abatements, pooled transactions, lease-up, mixed use properties, and TIC structures. Furthermore, she was part of a small cross-regional team that specialized in underwriting manufactured housing.
Kelsey graduated Magna Cum Laude from the University of Colorado Boulder in 2016, with a Bachelor of Arts in Anthropology and a minor in Business. Also, while studying at the University of Colorado she was a member of the mountain biking team.
Catie Smith
Senior Accounting Manager
Catie Smith
Senior Accounting Manager
As the Senior Accounting Manager, Catie is responsible for tracking and computing transactions, corporate monthly reporting, tax returns, and all tax related items. She also creates projections, completes financial analysis, as well as assists the team with monthly reports and budgets for each asset.
Prior to joining Graycliff, Catie worked as the Corporate Tax Manager for Snap One, headquartered in Charlotte, NC. She prepared various US and international tax calculations, quarterly and year-end income tax provisions, assisted with financial statement disclosures for 10-K/10Q reporting, and reviewed Federal consolidated, state and local tax returns as well as managed all state and local income tax audits. She also spent several years at PricewaterhouseCoopers in the Private Company Services group, where her responsibilities spanned from managing tax compliance and consulting services for various corporate and individual clients and reviewing the work of staff and senior accountants.
Catie received her Bachelor’s of Science in Business Administration with a concentration in Accounting in 2015 from Presbyterian College. While studying at Presbyterian, she was a member of the soccer team. She also received her Master’s of Professional Accountancy from Clemson with an Emphasis in Taxation.
Katie Rustman
Operations Manager
Katie Rustman
Operations Manager
Katie provides support to all members of the team including areas of investor relations, real estate transactions, corporate data and marketing. She assists with transaction operations, report preparation, compliance requirements and other corporate projects. Katie also manages the social media outlets and website for the Graycliff team. Her goal is to promote Graycliff Capital Partners in the Upstate area and beyond.
Prior to joining Graycliff, Katie worked at TruColor Printing and Marketing, as an account manager. She also worked as a Special Education teacher in Greenville, South Carolina. She is a graduate of the University of Wisconsin, Madison.
Ashley Cooley
Senior Accountant
Ashley Cooley
Senior Accountant
As a Senior Accountant, Ashley assists all members of the accounting team with day to day accounting processes. This includes construction draws, general ledger accounting, and tax return review and preparation. She also collaborates with the team to process and track quarterly distributions and support corporate accounting functions.
Prior to joining Graycliff, Ashley worked as a Senior Accounting Analyst at Plastic Omnium in Greer, SC. She was involved in all key manufacturing accounting processes and was the main intercompany contact for the US plants. Ashley started her career at Dixon Hughes Goodman (now FORVIS), where she gained a broad range of tax compliance experience ranging from small individuals to large corporations.
Ashley received her Bachelor’s of Science in Accounting from Clemson University in 2017. She also received her Master’s of Professional Accountancy from Clemson with an emphasis in Taxation.
Ryan Nesbett
Senior Accountant
Ryan Nesbett
Senior Accountant
As a Senior Accountant, Ryan is a key member of the accounting team and provides support to all Graycliff teams. He handles payables and keeps track of the transactions between properties, as well as coordinating with the Development team to facilitate the draws for ongoing projects. Ryan also assists with budgets, distributions, and monitoring cash activity.
Prior to joining Graycliff, Ryan worked as a Project Accountant with Jacobs Engineering. There he worked on several international projects, mostly on conservation teams in the Northern Canadian region. Ryan graduated from the College of Charleston, where he received a Bachelor of Science in Accounting with a focus in Project Management.
Josh Good
Asset Manager
Josh Good
Asset Manager
As an Asset Manager at Graycliff, Josh provides financial and operational guidance for a segment of the company’s portfolio. He supports the Director of Asset Management by preparing reports and updates on current portfolio operations.
Before joining Graycliff, Josh worked in asset management at Realop Investments. There, he managed portfolio-wide financial planning and analysis, return modeling, institutional and high-net-worth investor relations, and the asset management of commercial office/flex properties. He has handled a diverse range of commercial and single-family residential deals within JV and REIT structures. Josh continues to expand his expertise and offer fresh perspectives now within our multifamily portfolio.
Josh graduated from Clemson University in 2020 with a Bachelor of Science in Financial Management, minoring in Accounting and Economics. He earned the Certified Management Accountant designation from the Institute of Management Accountants in 2024.
Jay Lee
Development Analyst
Jay Lee
Development Analyst
Jay started at Graycliff through a summer internship while completing his Master’s degree, and has since joined the team full-time as a development analyst. In this role he is responsible for procuring land development sites, performing site feasibility studies, underwriting, and market analysis.
Prior to joining Graycliff, Jay previously held internship positions with Midtown National Group, a San Diego-based real estate investment firm, where he performed underwriting of lease agreements, title reports, and other due diligence materials in preparation for upcoming acquisitions of retail properties. He has also worked on-site at several hospitality properties owned by Marriott and Hilton, where he acquired property management and operational skills.
Jay graduated from the University of Georgia’s Terry College of Business with a Bachelor’s in Real Estate and received a Master’s in Real Estate Development (MRED) from Clemson University.
Julie Strausbaugh
Real Estate Assistant
Julie Strausbaugh
Real Estate Assistant
Julie provides integral support to all members of the team in areas including accounting, investor relations, real estate transactions and office management. She assists with report preparation, compliance requirements and other large-scale projects, while juggling them with superb accuracy and strong administrative skills. Her exceptional customer service, attention to detail and excellent problem solving skills make her an invaluable asset at Graycliff.
Prior to joining Graycliff, Julie worked for a tax attorney for 29 years, doing bookkeeping and trust administration. She is a graduate of the University of South Carolina.
Makenzie Grose
Real Estate Associate
Makenzie Grose
Real Estate Associate
In her role as Real Estate Associate, Makenzie serves as integral support to all development, construction, and asset management team members. She assists in transitioning projects from development to sale in an administrative capacity, leveraging her education in project management and her background in property management to support this transition.
Prior to joining Graycliff, Makenzie was employed as a leasing consultant with NHE, Inc., a strategic partner of Graycliff Capital under Taylor Davis’ leadership, at one of Graycliff’s new development properties in Greenville, SC. Her familiarity with Graycliff’s new construction, our NHE partnership, and the lease-up process is an invaluable asset to her role. In addition to her experience in property management, Makenzie also has a bachelor’s degree in Project Management from Georgia Southern University.
Beau Good
Analyst
Beau Good
Analyst
In 2024, Beau joined the Graycliff team through our summer internship program while completing his Master’s in Real Estate Development (MRED) at Clemson University. He has since transitioned to a full-time role as an Analyst. His responsibilities include identifying potential markets, underwriting acquisition and development opportunities, and preparing routine market reports.
Prior to joining Graycliff, Beau interned at NAI Columbia, a commercial real estate brokerage in Columbia, SC. During his time there, he performed site searches, created and maintained prospect databases, and prepared market reports, presentations, and proposals for clients.
Beau graduated from the University of South Carolina’s Darla Moore School of Business with a Bachelor’s in Real Estate and Finance in 2023. He then received his Master’s in Real Estate Development (MRED) from Clemson University in 2024.