Our Team

Graycliff Capital is led by Principals with decades of experience across capital markets, development, asset management, and construction—having executed over $6 billion in real estate transactions for Graycliff.

They’re supported by a talented and dedicated team whose hands-on expertise, collaborative approach, and shared commitment to excellence drive every investment we make.

Our Principals

Don Spalding

Principal

Don Spalding

Capital Markets

Don Spalding founded Graycliff Capital with Andy Reiken in 2009. He has 35 years of experience in debt and equity origination and structuring. Don is active in overseeing the asset management process.

Prior to co-founding Graycliff Capital, Don was the Head of Production for North America for LaSalle Bank/ABN AMRO, where he was responsible for the origination, structuring and closing of real estate investments. Under his leadership, loan volume increased from $400 million in 2002 to over $12 billion in 2007, and revenues increased from $10 million to over $150 million. Before joining LaSalle, Don worked for GE Capital and PNC Bank in various capacities.

Don earned his Bachelor’s degree from Syracuse University’s School of Management. He also holds a Master’s in Public Management from Carnegie Mellon University, where he graduated Summa Cum Laude.

Andy Reiken

Principal

Andy Reiken

Capital Markets and Acquisitions

Andy Reiken founded Graycliff Capital with Don Spalding in 2009. He has 30+ years of experience in structured real estate finance and strategic real estate investing. Andy actively utilizes his comprehensive industry relationships to originate direct investment opportunities and provide structuring expertise, financing experience, and price structuring for all investments. Prior to co-founding Graycliff, Andy was at LaSalle Bank, where he was the head of large loan pricing and execution in addition to overseeing commercial mortgage distribution. He also spent over eight years at Goldman Sachs before joining LaSalle, where worked on all aspects of real estate lending and ultimately was the global head of commercial mortgage distribution.

Andy is a graduate of Union College and holds a Master of Science in Real Estate Valuation from New York University and a Master of Business Administration in Finance from Michigan State University.

Paul Aiesi

Principal

Paul Aiesi

Asset Management and Development

Paul Aiesi has played an active role in every investment program that has been sponsored by Graycliff Capital since its founding. Paul works closely with the other members of the Graycliff team on Development, Acquisitions, Dispositions, and Asset Management. During his tenure with the firm, Paul has played a key role in expanding into real estate development, which has established Graycliff as one of the few investment companies active in both development and acquisitions. Graycliff has successfully completed development projects utilizing traditional bank financing as well as HUD insured products, giving flexibility in finding the most attractive investment financing options. Prior to joining Graycliff, Paul was the Chief Investment Officer for a national real estate syndication firm, where he was directly responsible for approximately $800 million in transaction volume. He also was active in establishing that firm’s asset management platform and worked on numerous development projects. An avid aviation enthusiast, Paul regularly flies both light airplanes and maintains qualifications as a professional pilot flying a Boeing 767 and 757 several days each month for a major international airline. Paul graduated magna cum laude from Furman University in 1998 where he served as President of the Student Body and was a member of the Phi Beta Kappa honor society.

Caitlin Steelman

Principal & Chief Executive Officer

Caitlin Meek-Steelman

Chief Executive Officer

Caitlin is responsible for the overall strategic direction of the company across all divisions including development, construction, acquisitions, asset management, and accounting and works closely with the executive team. She also manages the company’s global financial objectives through multiple, complex ownership structures. Under her guidance and financial leadership with 8+ years of experience in real estate, the company completed 95 transactions totaling $3.5 billion from 2016 to 2022 and saw an increase in assets under management from $201 million to $1.7 billion.

Caitlin joined the Graycliff team as the firm’s controller in 2015 with over a decade of accounting experience and was promoted to CFO in 2016. Prior to coming to Graycliff, she worked as a Senior Tax Accountant for Denny’s Corporation, reviewing Federal and multi-state tax issues, managing all state and local income tax audits, and preparing Federal consolidated, state and local tax returns. She also spent many years at Elliott Davis, LLC/PLLC, starting as an intern and working her way up to Tax Manager, where her responsibilities spanned from managing audits for corporate clients to supervising and reviewing the work of staff and senior accountants on multinational manufacturing and real estate engagements.

Caitlin received her Bachelor’s of Science in Accounting and Legal Studies in 2006 from Clemson University, graduating Magna Cum Laude. She also received her Master’s in Professional Accountancy including an Emphasis in Taxation from Clemson, graduating Cum Laude. Caitlin is a member of CREW Upstate which is focused on advancing the achievements of women in the commercial real estate industry and was awarded Greenville’s “Forty Under 40” in 2020 recognizing professionals making their mark in the upstate. She was also recognized in 2021 as the Senior Financial Executive of the Year in the small business category by the Upstate CFO Council.

Our Team

Jennifer Moore

Chief Operating Officer

Jennifer Moore

Chief Operating Officer

Jennifer is responsible for managing the implementation of the company’s strategies and overseeing their success throughout many areas of the firm including client services, transaction management, contract negotiations, loan compliance, internal and affiliate process management as well as team development. She works closely with other executive positions in the firm as well as the affiliated companies to increase productivity and achieve company goals. Jennifer has 9+ years of experience in real estate and has overseen more than 100 real estate transactions valuing over $3.5 billion throughout the Southeast, Northeast and Mountain West of the US. When she first joined the Graycliff team, Jennifer started out as a Real Estate Coordinator, was promoted to Director of Operations in November of 2014 and Chief Operating Officer in 2017. Jennifer graduated Summa Cum Laude from Clemson University in 2010, where she was an active volunteer in the local community and a member of the National Society of Collegiate Scholars. In 2017, she received her Masters of Business Administrations from Clemson University. Jennifer is also a member of CREW Upstate which is focused on advancing the achievements of women in the commercial real estate industry and was awarded “Greenville’s Best and Brightest 35 under” in 2020 celebrating women and men who are rising stars in the business community.

Mary Craig

Director of Investor Relations

Mary Craig

Director of Investor Relations

Mary is the Director of Investor Relations at Graycliff Capital, where she leads all fundraising and investor relations efforts. With a strong track record in capital raising, investor engagement, and strategic communications, she plays a key role in shaping the firm’s investment partnerships.

Previously, Mary served as Graycliff’s Director of Operations, managing acquisitions, dispositions, and refinancing transactions across the firm’s multifamily portfolio. Her combined experience in operations and investor relations gives her a unique perspective on navigating market cycles, structuring deals, and building long-term investor confidence.

Mary received her Master of Business Administration from Kellogg School of Management at Northwestern University, and graduated with a Bachelor of Arts from Bloomsburg University of Pennsylvania.

Mary is passionate about fostering connections, sharing industry insights, and empowering others in the real estate investment space. Outside of work, she’s involved in One Graycliff, the firm’s charitable arm, supporting initiatives for women, children, and education in the communities they serve.

Nick Parshall

Director of Asset Management

Nick Parshall

Director of Asset Management

As Director of Asset Management, Nick is responsible for helping coordinate and oversee property management in financial aspects and report preparation. In addition, Nick helps provide monthly updates to the entire Asset Management team regarding current operations.

Prior to joining Graycliff, Nick worked in asset management and underwriting for Armada Analytics. At Armada, he assisted with and completed third party underwriting for multiple clients including Freddie Mac, Capital One, Berkadia, KeyBank, and PGIM among others on multiple types of multifamily properties including affordable and MHC. Prior to his departure, he was working as the primary contact with Freddie Mac regarding Asset Summary Reports and ran a team of analysts which completed these reports. In 1.5 years, he completed over 750 asset summary reports for Freddie Mac, including over $5 billion in loan amount.

Nick graduated from Clemson University in 2016, with a Bachelor of Science in Accounting and a minor in Finance.

Catie Smith

Director of Accounting

Catie Smith

Senior Accounting Manager

As the Senior Accounting Manager, Catie is responsible for tracking and computing transactions, corporate monthly reporting, tax returns, and all tax related items. She also creates projections, completes financial analysis, as well as assists the team with monthly reports and budgets for each asset.

Prior to joining Graycliff, Catie worked as the Corporate Tax Manager for Snap One, headquartered in Charlotte, NC. She prepared various US and international tax calculations, quarterly and year-end income tax provisions, assisted with financial statement disclosures for 10-K/10Q reporting, and reviewed Federal consolidated, state and local tax returns as well as managed all state and local income tax audits. She also spent several years at PricewaterhouseCoopers in the Private Company Services group, where her responsibilities spanned from managing tax compliance and consulting services for various corporate and individual clients and reviewing the work of staff and senior accountants.

Catie received her Bachelor’s of Science in Business Administration with a concentration in Accounting in 2015 from Presbyterian College. While studying at Presbyterian, she was a member of the soccer team. She also received her Master’s of Professional Accountancy from Clemson with an Emphasis in Taxation.

Kelsey Spalding

Director of Acquisitions

Kelsey Spalding

Director of Acquisitions

As the Director of Acquisitions, Kelsey is responsible executing new acquisition opportunities, including: identifying new markets, deal origination, underwriting, financing and due diligence. While at Graycliff she has spearheaded Graycliff’s expansion into the Rocky Mountain West and has been the lead originator on the acquisition of +1,000 apartment units.

Prior to joining Graycliff, Kelsey worked in credit and underwriting for Freddie Mac in Chicago. At Freddie Mac, she underwrote over 140 loans with volume in excess of $1.5 billion and has experience in underwriting conventional multi-family, student housing, preferred equity transactions, tax credits and abatements, pooled transactions, lease-up, mixed use properties, and TIC structures. Furthermore, she was part of a small cross-regional team that specialized in underwriting manufactured housing.

Kelsey graduated Magna Cum Laude from the University of Colorado Boulder in 2016, with a Bachelor of Arts in Anthropology and a minor in Business. Also, while studying at the University of Colorado she was a member of the mountain biking team.

Ashley Cooley

Accounting Manager

Ashley Cooley

Senior Accountant

As a Senior Accountant, Ashley assists all members of the accounting team with day to day accounting processes. This includes construction draws, general ledger accounting, and tax return review and preparation. She also collaborates with the team to process and track quarterly distributions and support corporate accounting functions.

Prior to joining Graycliff, Ashley worked as a Senior Accounting Analyst at Plastic Omnium in Greer, SC. She was involved in all key manufacturing accounting processes and was the main intercompany contact for the US plants. Ashley started her career at Dixon Hughes Goodman (now FORVIS), where she gained a broad range of tax compliance experience ranging from small individuals to large corporations.

Ashley received her Bachelor’s of Science in Accounting from Clemson University in 2017. She also received her Master’s of Professional Accountancy from Clemson with an emphasis in Taxation.

Kelsey Craig

Staff Accountant

Kelsey Craig

Staff Accountant

Kelsey, as a staff accountant, manages financial records, prepares reports, and ensures the accuracy of the company’s financial data. She assists with account reconciliations, transaction categorization, and internal audits each month.

Before joining Graycliff, Kelsey earned a Bachelor’s degree in Business Administration with a concentration in accounting and an English minor from Presbyterian College. She also completed her Master’s degree in the same field at Louisiana State University. While earning her masters degree, she worked in both a public tax office and later a strategic financial support office. Her experience in both business and personal accounting provides her with valuable insights into the company’s quarterly distribution tracking for both individuals and companies investing in the many properties Graycliff oversees.

Beau Good

Associate

Beau Good

Associate

In 2024, Beau joined the Graycliff team through our summer internship program while completing his Master’s in Real Estate Development (MRED) at Clemson University. He has since transitioned to a full-time role as an Analyst. His responsibilities include identifying potential markets, underwriting acquisition and development opportunities, and preparing routine market reports.
Prior to joining Graycliff, Beau interned at NAI Columbia, a commercial real estate brokerage in Columbia, SC. During his time there, he performed site searches, created and maintained prospect databases, and prepared market reports, presentations, and proposals for clients.

Beau graduated from the University of South Carolina’s Darla Moore School of Business with a Bachelor’s in Real Estate and Finance in 2023. He then received his Master’s in Real Estate Development (MRED) from Clemson University in 2024.

Nicole Hand

Senior Asset Manager

Nicole Hand

Senior Asset Manager

Nicole Hand serves as an Asset Manager at Graycliff Capital, where she oversees the performance and strategic direction of a high-performing portfolio of real estate investments. She brings over a decade of experience in third-party property management, with expertise in multifamily and student operations.

Prior to joining Graycliff Capital, Nicole spent 10 years in the property management industry, where she was responsible for driving asset performance across a range of market types and asset classes. Her background equips her with a practical, results-driven approach to asset oversight and a strong understanding of on-the-ground operations.

Brittany Kelly

Senior Asset Manager

Brittany Kelly

Senior Asset Manager

Brittany Kelly is a Senior Asset Manager at Graycliff Capital, where she combines more than 12 years of hands-on experience in multifamily real estate with a passion for creating thriving communities. Before joining Graycliff, Brittany built her career in third-party property management, serving in roles such as Regional Manager, Operations & Training Manager, and Lease-Up Specialist.

Known for her collaborative leadership style and commitment to operational excellence, Brittany enjoys mentoring teams and partnering with on-site staff to achieve strong performance and exceptional resident experiences. Brittany holds a bachelor’s degree in Secondary Education from the University of South Carolina Upstate.

Jay Lee

Senior Associate

Jay Lee

Senior Associate

Jay started at Graycliff through a summer internship while completing his Master’s degree, and has since joined the team full-time as a development analyst. In this role he is responsible for procuring land development sites, performing site feasibility studies, underwriting, and market analysis.

Prior to joining Graycliff, Jay previously held internship positions with Midtown National Group, a San Diego-based real estate investment firm, where he performed underwriting of lease agreements, title reports, and other due diligence materials in preparation for upcoming acquisitions of retail properties. He has also worked on-site at several hospitality properties owned by Marriott and Hilton, where he acquired property management and operational skills.

Jay graduated from the University of Georgia’s Terry College of Business with a Bachelor’s in Real Estate and received a Master’s in Real Estate Development (MRED) from Clemson University.

Victoria Nelson

Senior Asset Manager

Victoria Nelson

Senior Asset Manager

Victoria serves as a Senior Asset Manager at Graycliff Capital, where she is responsible for the strategic management and financial performance of a high-performing portfolio of real estate investments. Her core focus is on maximizing Net Operating Income and creating investor value through diligent oversight and execution.

Victoria’s responsibilities include developing and executing strategic business plans, managing budgets and capital expenditures, and providing strategic direction to third-party property management firms and on-site staff. She actively participates in the acquisition and disposition process, overseeing due diligence and ensuring day-to-day operations and capital projects remain on track. Her expertise also involves rigorous analysis of financial performance, detailed market analysis to identify trends and opportunities, and comprehensive reporting for senior management and investors.

With over 15 years of diverse multifamily experience, Victoria brings a cultivated operations perspective to asset management. This viewpoint, honed from her time in onsite management, regional oversight, and owner-side roles, is crucial for effective strategic decision-making. She is a recognized expert in turning around struggling properties and optimizing lease-ups, skills proven while managing portfolios of up to 4,000 units across the Sunbelt and Western US. Her ability to diagnose issues and implement successful turnaround strategies is now directly applied to Graycliff’s assets.

Victoria’s commitment to excellence is supported by a North Carolina Real Estate Broker’s License and an unwavering focus on integrity and attention to detail. She holds a Bachelor of Science in Business Administration with a concentration in Management from East Carolina University, graduating Magna Cum Laude in 2009, and was a member of the National Society of Collegiate Scholars and the Beta Gamma Sigma Honor’s Fraternity. Prior to Graycliff, she held impactful roles at leading firms, including Pegasus Residential, Hawthorne Residential Partners, and Johnson Development Associates.

Ryan Nesbett

Senior Accountant

Ryan Nesbett

Senior Accountant

As a Senior Accountant, Ryan is a key member of the accounting team and provides support to all Graycliff teams. He handles payables and keeps track of the transactions between properties, as well as coordinating with the Development team to facilitate the draws for ongoing projects. Ryan also assists with budgets, distributions, and monitoring cash activity.

Prior to joining Graycliff, Ryan worked as a Project Accountant with Jacobs Engineering. There he worked on several international projects, mostly on conservation teams in the Northern Canadian region. Ryan graduated from the College of Charleston, where he received a Bachelor of Science in Accounting with a focus in Project Management.

Katie Rustman

Operations Manager

Katie Rustman

Operations Manager

Katie provides support to all members of the team including areas of investor relations, real estate transactions, corporate data and marketing. She assists with transaction operations, report preparation, compliance requirements and other corporate projects. Katie also manages the social media outlets and website for the Graycliff team. Her goal is to promote Graycliff Capital Partners in the Upstate area and beyond.

Prior to joining Graycliff, Katie worked at TruColor Printing and Marketing, as an account manager. She also worked as a Special Education teacher in Greenville, South Carolina. She is a graduate of the University of Wisconsin, Madison.

Julie Strausbaugh

Real Estate Assistant

Julie Strausbaugh

Real Estate Assistant

Julie provides integral support to all members of the team in areas including accounting, investor relations, real estate transactions and office management. She assists with report preparation, compliance requirements and other large-scale projects, while juggling them with superb accuracy and strong administrative skills. Her exceptional customer service, attention to detail and excellent problem solving skills make her an invaluable asset at Graycliff.

Prior to joining Graycliff, Julie worked for a tax attorney for 29 years, doing bookkeeping and trust administration. She is a graduate of the University of South Carolina.

Colleen Tierney

Administrative & Investor Support Specialist

Colleen Tierney

Administrative & Investor Support Specialist

Colleen provides support across Graycliff’s investor relations and administrative functions, assisting with investor communications, subscription documents, reporting, and a wide range of corporate initiatives. In her role, she helps ensure smooth processes for investors and team members alike, while also contributing to event planning and operational projects that strengthen Graycliff’s presence and service.

Prior to joining Graycliff, Colleen worked in commercial brokerage administration, where she supported executive leadership, including senior vice presidents and partners. In this role, she managed transaction coordination, office operations, and client communications. She also gained experience in property management, overseeing daily operations, resident relations, and leasing activities. In addition, she worked in residential real estate sales, guiding clients through the buying and selling process.

Originally from Kansas City, Colleen recently relocated to Greenville, South Carolina with her husband and is excited to grow both personally and professionally in the Upstate. She attended the College of the Ozarks in Branson, Missouri.