Founded in 1982 by its current Chairman and Chief Executive Officer – Michael W. Reschke – The Prime Group, Inc. has become one of the preeminent development companies in the country. Since inception, Prime has successfully developed over $12 billion of institutional-quality commercial and residential real estate across all product types, including office, industrial, hospitality, residential, senior housing, and retail.
Prime’s focus has been on quality and innovative development and redevelopment projects that leverage the company’s “hand’s on” management approach and sophisticated financial structure to mediate risk and maximize returns. In recent years, The Prime Group has focused its development activities primarily on hospitality projects in markets with high barriers to entry.
The principals and senior management of Prime have more than 200 years of combined real estate development experience.
Michael W. Reschke
Chairman and Chief Executive Officer
Mr. Michael W. Reschke founded The Prime Group, Inc. in 1982, and since its inception has directed and managed the development and acquisition of over $12 billion of institutional-quality real estate projects across the United States. Mr. Reschke continues to manage and direct the private real estate development and investment activities of The Prime Group, Inc.
During the 1990’s, The Prime Group, Inc. achieved the unique distinction of being the founding shareholder of four publically-traded real estate companies, each one being the successor-in-interest to various operating divisions of The Prime Group, Inc. In 1994, The Prime Group, Inc. organized two publically-traded real estate companies—Prime Retail, Inc. and Ambassador Apartments, Inc.—which became successors-in-interest to Prime’s retail and multi-family divisions. In 1997, The Prime Group, Inc. again organized two publically-traded real estate companies — Brookdale Living Communities, Inc. and Prime Group Realty Trust—which became successors-in-interest to Prime’s senior housing and office/industrial divisions.
In 1997, Ambassador Apartments, Inc. was acquired by Apartment Investment and Management Company, Inc. (“AIMCO”) in a stock-for-stock merger. In 2000, Brookdale Living Communities, Inc. was acquired by Fortress Real Estate Investments following a friendly cash tender offer. Prime Retail, Inc. and Prime Group Realty Trust were sold separately in cash-for-stock merger transactions.
From 2000 to 2003, Mr. Reschke served on the board of World Business Chicago – a public-private non-profit organization founded in 2000 to promote and market the City of Chicago on a national basis to business leaders looking for a place to start, expanding, or relocate their businesses. Currently, Mr. Reschke is a member of the Urban Land Institute and the Economic Club of Chicago.
Mr. Reschke is a summa cum laude graduate from Northern Illinois University, receiving a Bachelor of Science degree in Accounting with Honors in 1977. Mr. Reschke also is a summa cum laude graduate from the University of Illinois College of Law, receiving a Juris Doctorate degree in 1980. Mr. Reschke is licensed to practice law in the State of Illinois.
Jeffrey P. Breaden
Senior Vice President of Finance and Asset Management
Mr. Jeffrey P. Breaden serves as The Prime Group’s Senior Vice President of Finance and Asset Management. Mr. Breaden oversees financial structuring, project underwriting, execution of financial transactions, and asset management. Prior to joining Prime in 2004, Mr. Breaden served for five years as Vice President of HI Group, LLC, where he directed approximately $2.5 billion of asset sales and finance transactions.
Mr. Breaden holds a Bachelor of Arts from Northwestern University.
Neil A. Stempel
Senior Vice President of Development
Neil Stempel joined The Prime Group in 2007 and serves as The Prime Group’s Senior Vice President of Development. Prior to joining The Prime Group, Mr. Stempel managed the construction and coordinated the tenant improvements on the 1.7 million square foot Citadel Center, a joint venture between The Prime Group, Inc. and The Beitler Company. Earlier in his career, Mr. Stempel was associated with Moshe Safdie and Associates, an internationally renowned architecture firm, and The Beck Group. He has practiced architecture in the United States, Europe, and the Middle East, and managed a Chicago-based construction company.
Mr. Stempel is a registered architect and LEED Accredited Professional with 25 years of unique and diverse experience in the building industry, including architecture, construction management, and real estate development. He holds a Bachelor of Architecture from Syracuse University and a Master of Management from Northwestern University. Mr. Stempel has taught architectural design, construction technology, and project management at The Boston Architectural College, Joliet Junior College, and Harrington College of Design. Mr. Stempel is a member of the American Institute of Architects and the National Council of Architectural Registration Boards and a Licensed Real Estate Broker.
Mark K. Cynkar
Chief Financial Officer
Mark K. Cynkar joined The Prime Group in 1989 and has served as the Chief Financial Officer since 1996. Prior thereto, Mr. Cynkar served as The Prime Group’s Senior Vice President and Director of Taxation. Prior to joining The Prime Group, Mr. Cynkar had eleven years of tax experience with the public accounting firms of Ernst & Young and Coopers & Lybrand. Mr. Cynkar is a Certified Public Accountant and member of the American Institute of Certified Public Accountants and the Illinois CPA Society.
Mr. Cynkar holds a Bachelor of Sciences in Commerce and Accounting from DePaul University, and a Master of Science in Taxation from DePaul University.
Timothy M. French
Senior Vice President of Accounting
Timothy M. French joined The Prime Group in 2008 and serves as the Senior Vice President of Accounting. Mr. French is responsible for overseeing the accounting and reporting functions for The Prime Group’s development projects and other investments. Mr. French also oversees The Prime Group’s treasury, banking, benefits, payroll and human resources functions.
Mr. French has 29 years of experience in the real estate industry including eleven years at Equity Office Properties where he held various operating and accounting positions including Treasurer, seven years of auditing and consulting experience at Ernst & Young and Deloitte, and four years working at a private real estate investment firm. Mr. French is a Certified Public Accountant and a member of the Illinois CPA Society.
Mr. French holds degrees in Accounting and Finance from the University of Notre Dame.