United Realty Trust Incorporated, a publicly registered non-traded real estate investment trust, reported that chairman of the board and chief executive officer, Jacob Frydman, terminated Steven Kahn as the chief financial officer and treasurer of the company and its advisor, according to a company filing with the Securities and Exchange Commission.
Frydman appointed Roger Leibowitz to replace Kahn as the chief financial officer of the company and its advisor. Leibowitz currently serves, and will continue serving, as the senior vice president and chief financial officer of Cabot Lodge Securities LLC, the dealer-manager of United Realty Trust. Cabot Lodge Securities, also known as United Realty Securities, the name under which it does business, is indirectly owned by Frydman.
Leibowitz previously served from 2005-2013 as the chief financial officer for Allied Beacon Partners, a securities broker-dealer, insurance agency and investment advisor. His previous positions included chief operating officer of the Bergman Group, executive director of the Richmond Jewish Foundation, and vice president and financial officer at ING U.S. Retail Group. Leibowitz graduated from the Virginia Polytechnic Institute & State University with a bachelor’s degree in accounting, and earned a master’s in business at Virginia Commonwealth University.
In early July, The DI Wire reported that Brian Buehler left the company after serving as president for eight months from November 2014 through June 2015.
In other United Realty Trust news, the board of directors recently approved the termination of the offering on December 21, 2015. Last week, the company launched its second offering, which you can read about here.
United Realty Trust was formed in November 2011 for the purpose of investing primarily in a diversified portfolio of income-producing real estate properties and other real estate-related assets. As of June 30, 2015, the company had sold 2,570,059 common shares for gross offering proceeds of approximately $27.7 million and net offering proceeds of approximately $24.7 million.