MAI, MBA, MRICS
License # RZ3416
Commercial real estate analysis and valuation have been performed throughout the various markets of the Southeast United States. Property types that have been analyzed include, but are not limited to: medical and professional office, single and multi-tenant industrial, local and national retail chain properties, various multifamily residential properties, special purpose properties, and an assortment of vacant land use types.
Appraisal reports prepared for numerous commercial banks, life insurance funds, CMBS, and other financial institutions. Valuations and market studies have been performed on proposed, partially completed / under construction, renovated, and existing developments.
Specialized expertise and experience in multifamily properties. Aside from the conventional and townhome style communities, Mr. Tolle also has performed detailed research and analysis on several highly specialized multifamily sub types, including: urban mid-rise/high-rise, student-oriented, fraternity/sorority, government subsidized, and low income housing tax credit (LIHTC) properties. Knowledge and experience has been demonstrated under various financing programs, including: conventional financing, Fannie Mae, Freddie Mac, and HUD/MAP.
Qualified, and has testified, as an expert witness in the circuit courts in and for Hillsborough County, Florida.
Multifamily Accelerated Processing (MAP) Certified – U.S. Department of Housing and Urban Development, 2009, Greensboro / Atlanta / Jacksonville Multifamily Hub
Master of Business Administration - University of South Florida, 2005 Major - Finance, Management, and International Business
Bachelor of Science - University of Central Florida, 2003, Major - Finance
Successfully completed numerous advanced level real estate and valuation courses and seminars sponsored by the Appraisal Institute, accredited universities, and other industry organizations.
Memberships & Involvements
Appraisal Institute Member (MAI)
Royal Institution of Chartered Surveyors, Member (MRICS)
Valuation Services Director
My career began in the financial industry as an analyst responsible for the clearance and settlement of transactions related to both debt and equity redemptions. As part of my education, including a bachelor’s degree in real estate and a master’s in finance, I had various opportunities to conduct real estate valuations as well as equity valuations. In my experience I found that valuing real assets require a higher degree of detail and understanding of market fundamentals. And after completing my master’s, I decided to make a change to what has proved to be an exciting and challenging career with Colliers.
Senior Valuation Specialist
Benjamin Cock holds a Bachelor of Science in Finance from University of South Florida. While at USF Mr. Cock received a Minor in Leadership.
Senior Valuation Specialist
Michelle Horevitz has experience completing appraisals of various property types including office, industrial, retail, and land with specialization in multifamily properties. Multifamily assignments have included conventional multifamily housing, student housing, coliving and furnished apartments, and LIHTC and Section 8 properties. Recent assignments have included existing and proposed/new communities throughout South and Central Florida and in Georgia.
Executive Vice President - Valuations
P.J. Cusmano, MAI, MRICS, is currently the Executive Managing Director of the Florida Region for the Colliers Valuation & Advisory Services team, which includes professionals in Tampa, Orlando, Miami, Jacksonville, Ft. Lauderdale, Destin, and Sarasota. Mr. Cusmano has been actively engaged in real estate valuation and counseling since 1996. He has prepared appraisal reports for a wide variety of clients, and has extensive experience with all major property types, including multifamily residential, retail, industrial, office, hospitality/lodging, and agricultural. Specialized experience includes self-storage, manufactured housing communities, senior housing, healthcare, and special purpose properties.
Comprehensive specialized expertise in multifamily properties, specifically conventional apartment communities, affordable housing communities, condominium and townhouse projects, and student housing. Aside from conventional financing, he has significant experience with various specialized financing programs utilized for these projects including FNMA DUS, Freddie Mac, Low Income Housing Tax Credits (LIHTC), SAIL, and USDA Section 538 programs.
Mr. Cusmano is nationally known for his expertise with various FHA/HUD programs, including 221(d)(4), 223(f), full market studies, and preliminary market studies.
Mr. Cusmano is a state-certfied appraiser in Florida, Georgia, Alabama, Mississippi, South Carolina, North Carolina, Texas, New York, Virginia, Arkansas, Louisiana and Tennessee. He formerly served on Integra Realty Resources' Corporate Development and Marketing committees. He also served on the Advisory Board for the FSU Real Estate Program’s committee for FSU’s annual Real Estate Trends and Networking Conference, as well as the Board of Directors for Bayshore Little League in Tampa, Florida.