• Founding Principals have worked together for over 30 years
  • Senior Team averages over 23 years of real estate experience
  • 12 of the 18 True North professionals worked together at Bankers Trust / Deutsche Bank (BT/DB)




►  Richard Gunthel, Founding Principal

►  Paul Turovsky, Founding Principal




►  Mark Mutkoski, Principal

►  Thomas O'Brien, Principal

►  Girard Tunney, Principal

►  Robin Scheman, Principal

►  Brent Morris, Principal

►  Fung Lin, Principal

Richard Gunthel, Founding Principal


Mr. Gunthel is a founding principal of True North Management Group. Previously, Mr. Gunthel was a Managing Director and Head of the Real Estate function of the Alternative Investment Division of Deutsche Asset Management (“DBRE”). His responsibilities included management of all of DBRE's global activity. At the time of his departure, the business had $38 billion of assets under management (“AUM”) and operated in 16 different countries. Mr. Gunthel unified Deutsche Asset Management's various regional real estate investment management businesses in July 2001 and acquired RREEF ($16 billion in AUM) in April 2002 to enhance DBRE's U.S. presence. Previously, Mr. Gunthel headed the Global Real Estate Investment Banking and Financial Institutions Groups at Deutsche Bank. Prior to Deutsche Bank’s acquisition of Bankers Trust Company, he was Managing Director and Global Head of Bankers Trust Company’s Real Estate Finance Group which included the mezzanine and private real estate equity functions. He first joined Bankers Trust in 1969 and formed the Real Estate Finance Group at Bankers Trust in 1983.


Mr. Gunthel serves on the Boards of the Community Preservation Corporation in New York, and Community Preservation Corporation Resources, Inc. He is a member of the Real Estate Roundtable and the Urban Land Institute. He is a past member of the Wharton Real Estate Advisory Board and has served on the New York University Real Estate Advisory Board. Mr. Gunthel received a B.A. from Gettysburg College and an M.B.A. from Hofstra University.



Paul Turovsky, Founding Principal


Mr. Turovsky is a founding principal of True North Management Group. Until year-end 2003, Mr. Turovsky was a Managing Director of Deutsche Bank Securities and Fund Manager for Deutsche Bank Real Estate’s High Yield Investment Funds. Under the direction of Mr. Turovsky, the group became a leader in the high yield debt field, originating almost $1.5 billion in more than 80 domestic real estate high yield transactions and raising over $800 million in institutional capital from more than 25 investors. Prior to Bankers Trust’s merger with Deutsche Bank (from 1991 to 1999), Mr. Turovsky was responsible for the overall management of origination, trading and distribution of the firm’s high yield debt, CMBS and whole loan products and his role as Fund Manager for the high yield funds was a natural outgrowth of these activities. Mr. Turovsky also played a key role in the management of DB Real Estate as a member of the division’s Management Committee and Equity Investment Committee. Mr. Turovsky joined Bankers Trust’s Real Estate Investment Banking Group in 1984.


Mr. Turovsky has professional affiliations that include the Pension Real Estate Association (PREA) and the Commercial Mortgage Securities Association (CMSA). He is also Chair of the Board of Directors of the Binghamton University Foundation and is a member of the board of Washingtonville Housing Alliance, a not-for profit provider of low-income housing in Westchester New York. He received a B.A. and L.H.D. from Binghamton University and a Ph.D. in Economic History from the University of California at Los Angeles.



Mark Mutkoski, Principal


Prior to joining True North, Mr. Mutkoski was a Senior Vice President and Principal of Oxford Lodging Advisory and Investment Group. Mr. Mutkoski’s responsibilities included sourcing acquisitions, capital raising, research, advisory services and public relations. During his tenure, the firm completed several significant transactions, including the acquisition of five hotels in Japan in a joint venture with Goldman Sachs, the Metropolitan Hotel in New York City, and the Pan Pacific Hotel in San Francisco. Previously, Mr. Mutkoski was Managing Director and Senior Lodging, Gaming and Leisure Analyst for Deutsche Bank for seven years. The Wall Street Journal named Mr. Mutkoski “Best on the Street” for his lodging industry coverage for five consecutive years from 1997-2001. He also ranked in the Top 5 of Institutional Investor Magazine’s annual All-American Research Poll from 1997-1999 for his coverage of the lodging industry. Before joining Bankers Trust Company, a predecessor to Deutsche Bank, Mr. Mutkoski was the lodging analyst at Ladenburg, Thalmann & Co., Inc., a New York-based brokerage and investment banking boutique, from 1993 to mid-1995. Mr. Mutkoski began his career in the hospitality industry and hotel operations in 1989 with the Trump Organization, and has significant hotel and restaurant operations experience.


Mr. Mutkoski received a B.A. from Cornell University’s School of Hotel Administration.



Thomas O'Brien, Principal


Prior to joining True North, Mr. O’Brien was a Managing Director at Deutsche Bank Securities where he originated and structured investments from 1999 to 2006 for DB Real Estate’s Mezzanine Investment Funds I and II. Mr. O’Brien joined Bankers Trust Company in 1994 where he was initially responsible for the acquisition and management of sub-performing and non-performing real estate loan portfolios. From 1985 to 1994, Mr. O’Brien was a member of the Real Estate Finance Group at Chemical Bank. During that period, Mr. O’Brien was responsible for the full range of loan workout activities, including the formulation of workout strategies, negotiations with borrowers and creditors, property evaluation and disposition of problem loans and projects.


Mr. O’Brien received a B.S. from Fairfield University.



Girard Tunney, Principal


Prior to joining True North, Mr. Tunney was a Director at Deutsche Bank in its Real Estate Credit Risk Management Department. As a member of various deal teams over a 15-year period, Mr. Tunney directed advisory and due diligence assignments associated with a myriad of real estate transactions worldwide involving the DB/RREEF Opportunities Funds, the Mezzanine Investment Funds, the Real Estate Investment Banking Group, the Alternative Investment Management Group and the CMBS/Conduit Group. Transactions included competitive large bulk loan/ REO acquisitions, property development, internal asset management, sale mandates, equity purchases and loan underwriting. These transactions have been for properties located throughout the U.S. and Canada, as well as Mexico, Brazil, South Korea, Germany, Sweden, Belgium, France, Italy, England, Poland, Latvia, and Japan. Mr. Tunney has been involved in the acquisition, management and development of well over 1,200 properties and loans with an aggregate value of over $12 billion.


Mr. Tunney is a M.A.I. member of the Appraisal Institute and is also a Member of the Royal Institute of Chartered Surveyors (MRICS). Mr. Tunney received a B.S. from Manhattan College.



Robin Scheman, Principal


Robin Scheman is a Principal at True North Asset Management. She has held former positions as a Managing Director at Lehman Brothers, Deutsche Bank and Bankers Trust in Talent Management, Human Resources and Real Estate Investment Banking. She currently serves as a Trustee at Blair Academy. Ms. Scheman also sits on the corporate advisory council for Bottom Line. She is the past Board President at the Horizons Student Enrichment Program and served as the co-chair of the Barnard College Parents Fund.


Ms. Scheman received a B.A. from Union College and received her Masters from Columbia University.



Brent Morris, Principal


Mr. Morris serves as Principal at True North and has over thirteen years of experience in commercial real estate investment. Previously, Mr. Morris served as Senior Vice President at Urdang Capital Management where he was a senior member of the Real Estate Debt Group. Prior to Urdang, Mr. Morris was at Capmark Investments from 2004 to 2009 where he served as Senior Vice President. Prior to joining Capmark, Mr. Morris worked in Deutsche Bank's Real Estate Investment Banking Group with Dick Gunthel and Paul Turovsky. From 2001 to 2004 he served as Vice President and member of the investment team for DB Real Estate Mezzanine Funds I and II. From 1999 to 2001 he served as an associate in DB's Lodging and Leisure Advisory Group. During that time he worked on over $3 billion of capital transactions.


Mr. Morris earned a B.A. in Political Science and a M.B.A. both from the University of North Carolina. He is a member of PREA.



Fung Lin, Principal


Prior to joining True North, Mr. Lin was a Vice President at Barclays Capital in the Real Estate, Gaming and Lodging Investment Banking Group. While at Barclays, he advised public and private real estate companies and private equity firms on strategic and capital market transactions. Mr. Lin joined Barclays Capital through Barclays' acquisition of Lehman Brothers' U.S. operations in 2008. Prior to joining Lehman Brothers, Mr. Lin worked at Deutsche Bank, underwriting high yield debt investments for the DB Real Estate Mezzanine Funds.


Mr. Lin received a B.S. in Labor Relations and a M.B.A. from Cornell University.