Heartland Real Estate Partners (HREP), based in Chicago, is a privately-held comprehensive commercial, retail and residential real estate development firm and operates as a subsidiary of Equibase Capital Group, LLC (Equibase). Equibase and its predecessors have been making real estate, banking, operating company and other investments for over 40 years. HREP has extensive experience in real estate development and construction in a range of product sectors in markets across the US and throughout numerous economic cycles.




Mr. Husman is the Founder and Chairman of HREP. He has more than 50 years of significant real estate, banking and principal investing experience. Prior to forming HREP, Mr. Husman was vice chairman and general counsel of Affiliated Bank Group, Inc., a multibank holding company operating community banks throughout the Chicago area. As Affiliated’s senior commercial real estate executive, Mr. Husman oversaw all aspects of real estate lending at the bank. Mr. Husman is also a co-founder and former board member of MB Financial, Inc. (NASDAQ: MBFI), which is one of the largest commercial banks based in Chicago. Mr. Husman received a J.D. from DePaul University.

Timothy P. Grogan


Mr. Grogan is a Managing Principal of HREP and is responsible for asset, development and construction management activities. Mr. Grogan has over 35 years of experience in all types of real estate development, project acquisitions, financial analysis and construction management. Throughout his career, he has been involved in the acquisition, development, construction and financing of all types of real estate assets valued in excess of $2 billion. In addition, Mr. Grogan has extensive experience with restructuring and workout situations, acting both as a principal as well as advisor to lenders and other capital providers. Prior to joining HREP, Mr. Grogan was Executive Vice President of Residential Homes of America, a leading homebuilding company, where he was responsible for all corporate as well as project-related operations, including land entitlement, acquisition, financing, construction and marketing. While at RHA, Mr. Grogan successfully oversaw the completion of more than 50 development projects totaling over 12,000 residential units. Mr. Grogan’s extensive experience also includes various executive positions with leading national real estate development firms such as Shaw Homes and Anden Corporation. Mr. Grogan received a C.B.A. from the University of Illinois (Chicago).

Peter T. Wall, Esq.


Mr. Wall is a Managing Principal of HREP and is responsible for the underwriting, structuring and negotiating of new investments. He is also involved in the management of existing investments. Throughout his 25 year career, Mr. Wall has worked on transactions valued in excess of $1.5 billion. Prior to joining HREP, Mr. Wall was a shareholder of Greenberg Traurig, a leading international law firm, where he represented a diverse group of institutional, financial and entrepreneurial clients on commercial real estate and corporate transactional matters. Prior to joining Greenberg Traurig, he was an associate in the real estate group at Foley & Lardner, a leading national law firm. Mr. Wall began his career as an associate at Wilson & McIlvaine, a leading Chicago-based law firm (now known as Quarles & Brady). Mr. Wall received a B.A. with highest honors (Bronze Tablet) from the University of Illinois, a J.D. from Northwestern University School of Law and an L.L.M. in Real Estate Law with highest honors from The John Marshall Law School.



Mr. Ostrow is responsible for capital markets activities including sourcing, structuring and negotiating financing for HREP’s projects.  He was most recently Chief Investment Officer of MedProperties Group, a medical office real estate platform where he executed on acquisitions, debt and equity financings, joint ventures, sales and recapitalizations.  He has had roles in real estate private equity and investment banking at Equibase Capital Group, Security Capital Research & Management, and A.G. Edwards & Sons working on transactions in diverse property sectors and markets across the country.  Mr. Ostrow received a BBA with High Distinction from the University of Michigan Ross School of Business and an MBA from the University of Chicago Booth School of Business.

Michael L. Freedman, CPA


Mr. Freedman is a Managing Principal and Chief Financial Officer of HREP and is responsible for all accounting, reporting, budgeting, treasury and administrative functions. Mr. Freedman has extensive financial management experience working in large companies as well as smaller, entrepreneurial companies. Prior to joining HREP, Mr. Freedman was the Chief Financial Officer for the Chicago office of Hill and Knowlton, Inc. a global strategic communications and public relations firm (now known as Hill+Knowlton Strategies). While at Hill and Knowlton, Mr. Freedman was responsible for accounting, reporting, budgeting, administration and human resources. In addition, he was responsible for worldwide financial management of several of Hill and Knowlton’s international clients. Mr. Freedman began his career at Coopers & Lybrand (now PWC). Mr. Freedman, a licensed Certified Public Accountant, received a B.S. in Accounting with high honors from the University of Illinois in Urbana-Champaign.

Patricia T. Schulz


Ms. Schulz is a Vice President of HREP and is involved in the accounting and financial administration of the firm, including client servicing, treasury and cash management operations. Prior to joining HREP, Ms. Schulz was employed by MB Financial, a leading Chicago-based financial institution, where she held a variety of management and client service positions. While at MB Financial, Ms. Schulz was a relationship manager for many of the bank’s largest clients.