The Real Estate Finance Association (REFA) has announced that National Development will be the recipient of its prestigious Swain Distinguished Service Award. The honor recognizes the firm's more than four decades of significant contributions to the commercial real estate industry and the Greater Boston community.
The award will be formally presented at the 37th Annual REFA Gala, scheduled for Monday, November 3, 2025, at the Omni Seaport hotel in Boston. The selection highlights National Development's commitment to integrating social responsibility with its development projects.
Key Takeaways
- National Development will receive the Swain Distinguished Service Award from the Real Estate Finance Association (REFA).
- The award ceremony is set for the 37th Annual REFA Gala on November 3, 2025, in Boston.
- The firm is being recognized for over 40 years of industry leadership, community service, and a strong commitment to social responsibility.
- The company's leadership team, including CEO Brian Kavoogian, continues to guide its evolution as an institutional investment manager.
Recognition for Decades of Impact
The Swain Distinguished Service Award is presented annually to an individual or organization that has made an outstanding contribution to the real estate industry. National Development was chosen for its long-standing service and its holistic approach to development, which emphasizes community support and civic engagement.
For over 40 years, the firm has been a key player in the Greater Boston real estate landscape. REFA noted the company's unwavering support for the industry and its role in demonstrating that social responsibilities are integral to building and sustaining thriving communities.
About the Swain Distinguished Service Award
The award is named in honor of Robert S. Swain, Jr., a respected professional in the real estate finance industry for 33 years. It recognizes lifetime achievement or a specific significant contribution to the real estate community. Recipients are presented with the Boston Harbor Bowl, a custom piece designed by Shreve, Crump & Low.
A Commitment to Corporate and Social Responsibility
National Development's selection was heavily influenced by its deep-rooted culture of giving back. The company actively supports nearly 60 nonprofit organizations each year through a combination of financial contributions, pro bono services, and employee volunteerism.
Leaders within the firm serve on the boards of numerous impactful nonprofits in the Greater Boston area, including long-standing partnerships with organizations like the Community Foundation for MetroWest and Heading Home. This reinforces a corporate culture where civic engagement is a core value.
"We are delighted to honor National Development with the Swain Distinguished Service Award," said Jill Sharif, 2025 REFA President. "Their commitment to corporate responsibility is truly inspiring. They consider the social impact of the communities they are creating, and they look for long-term solutions that foster social growth, economic growth, and meaningful change."
Leadership and Company Evolution
The award comes as National Development operates under a seasoned leadership team that has guided its evolution into an institutional investment manager. The team includes Brian Kavoogian as CEO, Ed Marsteiner as President, Andrew Gallinaro as CIO, Steve Kinsella as CFO, and Charlie Rollins as COO.
This leadership structure marks a new chapter for the firm, following the retirement of co-founder Ted Tye, which completed the transition from its founding partners. The current team continues to drive the company's entrepreneurial spirit while managing investor capital through a series of closed-end funds.
Brian Kavoogian, CEO of National Development, commented on the recognition.
"It is a great honor for National Development to be recognized by peers in the Boston real estate community," Kavoogian stated. "On behalf of all of our employees, I am incredibly proud of the culture we have built, our role in the community and of our amazingly talented people who take on challenging, complex situations and turn them into outstanding results that make a real impact."
Event Details
- Event: 37th Annual REFA Gala
- Date: Monday, November 3, 2025
- Location: Omni Seaport, Boston
- Honoree: National Development
Perspectives from Industry Leaders
The decision to honor National Development has been praised by prominent figures in the Boston real estate community. The REFA Gala is being co-chaired by Peter Bloomfield, a Partner at KPMG, and Elizabeth Lowrey, a Principal at Elkus Manfredi Architects and a previous recipient of the award.
Lowrey, who is co-chairing the event for the fifth consecutive year, shared her support for the selection.
"I couldn’t be prouder that we are delivering this year’s award to our good friends at National Development," said Lowrey. "They are big thinkers doing provocative and innovative development work, right down to their creative programming, development, and financing approach and their commitment to building community."
A Prestigious Group of Honorees
By receiving this award, National Development joins an elite list of past recipients who have shaped the Greater Boston community. Previous honorees include:
- Paul J. Nasser, Intercontinental Real Estate
- Steve Samuels, Samuels & Associates
- Paul J. Ayoub, Nutter
- The Bulfinch Companies and WinnCompanies
- Jon Davis, The Davis Companies
- Pam Herbst, AEW
- Bryan Koop, Boston Properties
- Elizabeth Lowrey and David Manfredi, Elkus Manfredi Architects
- Kirk Sykes, Accordia Partners
- Former Mayor Thomas Menino
The consistent recognition of industry leaders underscores the award's significance within the regional real estate sector. The annual gala serves as a premier event for celebrating these contributions.
