Mr. Welsh is a Managing Principal and founder of Normandy Real Estate Partners. Prior to forming Normandy in 2002, Mr. Welsh worked at Morgan Stanley, where he was primarily responsible for overseeing the debt financing activities for Morgan Stanley's domestic real estate investing business. Prior to that, Mr. Welsh worked at Gale & Wentworth, a full service real estate management and development firm, where he directed acquisitions. Mr. Welsh has broad expertise in all facets of real estate, with particular expertise in capital markets, structured finance, distressed debt, acquisitions and development. Mr. Welsh is a Phi Beta Kappa graduate of Pennsylvania State University and a member of its Real Estate Advisory Board, and earned a Master’s degree in Real Estate Finance at the New York University Schack Institute of Real Estate, where he is a member of the Advisory Board and was an adjunct professor. He devotes time to a number of professional and civic activities, including serving on the boards of a number of local non-profit organizations.