"The most innovative urban development and real estate companies for 2025"
"Wisconsin set to recieve world's largest mass timber tower"
"Neutral secures $133.3 Million in construction financing for the Edison in Milwaukee, WI"
"Reimagining sustainable living and democratized investing: Neutral vision for a thriving future"
Neutral is proud to be a Certified B Corporation, indicating that we abide by exemplary ethical standards in our business practices. By emphasizing connection rather than consumption, we strive to create mutually beneficial relationships with every individual we engage with, whether you are a community member, investor, resident, or colleague. Our regenerative real estate development company mission aligns with B Lab’s goal of realizing a sustainable planet by achieving economic gains through a thoughtful environmental approach.
Matt Frazer is a Partner and Chief Technology Officer at Neutral, where he exhibits exemplary leadership skills and plays a pivotal role in fostering consensus among team members in addition to contributing to fundraising activities through his broad network. Leveraging his extensive expertise, he adeptly implements change management strategies to drive impactful real estate development. At the age of 15, Matt initiated his entrepreneurial journey by venturing into the realm of funeral home management software sales. Subsequently, his ingenuity and collaborative approach paved the way for personalized keepsakes that endure over time. In 2003, Matt established Frazer Consultants, a firm renowned for its comprehensive range of products and services, encompassing interactive funeral home website design, funeral tribute video software, funeral webcasting, and keepsake products. Since assuming the role of CEO at Tribute Technology in 2018, Matt has guided a formidable team of over 400 funeral service veterans and technology experts. Distinguished as a trusted provider, Tribute Technology’s meticulously crafted products enjoy the confidence of thousands of funeral homes. Among the array of solutions designed by Tribute Technology are online floral and gift stores, tribute videos, keepsakes, funeral funding options, and an extensive suite of supplementary offerings.
Nate Helbach is the founder and chief executive officer of Neutral (formerly The Neutral Project). While studying finance and sustainability at Harvard Extension School, Nate developed the framework of what is now Neutral, which redefines conventional development strategies and mitigates the harmful effects of the built environment on our ecosystem. Nate founded Neutral based on this thesis in 2020 and continuously seeks to evolve and innovate new sustainable and regenerative development methods to rejuvenate our built environment. He leads financing, capital markets, accounting, investments, product development, and construction oversight of the company's low-, mid-, and high-rise developments.
Daniel Glaessl is a Partner and Chief Product Officer at Neutral, based in Madison, Wisconsin and Silicon Valley, California. Daniel leads all development activities for Neutral, working closely with local authorities, stakeholders, and community members to secure necessary approvals and permits for new and existing developments. Daniel’s deep understanding of sustainable design principles and commitment to environmental stewardship ensures that each project adheres to the highest standards of sustainability to perpetuate growth while minimizing environmental impact. Prior to his role at Neutral, Daniel was head of product development at Nabr, a direct-to-consumer housing company in the Bay Area and New York City. He spearheaded the development of an innovative and user-focused building system that provided solutions such as cost-efficiency, flexibility to site, and a carbon-neutral operation system. Daniel also worked in prestigious roles at Gensler, Foster + Partners, and Gumuchdjian Architects, where he contributed to innovative building projects with a focus on sustainability.
Daniel Ibric serves as Financial Analyst at Neutral. Daniel is responsible for financial modeling, raising debt and equity, cost control, and overseeing other essential financial management activities throughout the development process. Prior to joining Neutral, Daniel served as the Real Estate Finance Intern for a mortgage brokerage firm based in Seattle, Washington for nearly 2 years. Within this role, Daniel assisted in the underwriting process for various asset types–including multifamily, office, retail, and industrial–in order to provide clients with optimized financing solutions. Daniel holds a Bachelor of Business Administration in Real Estate and Finance from the University of Wisconsin-Madison as well as a Master of Science in Real Estate from the University of Wisconsin-Madison.
Storm Murphy is a Vice President of Capital Markets at Neutral, leveraging his skills in finance, real estate, communication and strategic leadership. Storm plays a critical role in raising private equity and debt, optimizing financial structures for developments, and managing communications with investors. His financial acumen and communication with stakeholders foster the relationships that drive the firm’s growth and long-term success. Excelling academically and athletically, Storm earned a Bachelor of Arts in Finance with Dean’s Honors from Wofford College and led the Division 1 Basketball team to four successful seasons as team captain — including an NCAA March Madness win. After finishing his college basketball career at Virginia Tech with an ACC Championship, Storm played professional basketball in Germany before transitioning to real estate, further enhancing his expertise with a Certificate of Real Estate Investing and Finance from Cornell University.
Yue Shao is a Senior Designer and Development Manager at The Neutral Project, overseeing user-centric and sustainability-driven architectural design from feasibility to design development stages for residential, mixed-use buildings, and larger districts. She also manages design and development throughout the project lifecycle, strategizing for current and future building typologies and individual building systems. Previously, Yue served as a product designer at Nabr, specializing in systemizing and productizing building interior components, and bridging the gap between interior team and technology team. Yue’s experience extends to her time as an architectural designer at Gensler, where she worked on diverse projects spanning the Bay Area and Greater China Region. Her involvement encompassed office spaces, higher education, workplace strategy consulting, urban design, and community engagement. Prior to that, Yue contributed as a core team member on multiple mixed-use and retail projects at Aedas in Hong Kong. Yue holds a Master of Architecture from Harvard University’s Graduate School of Design and pursued her studies at the Massachusetts Institute of Technology and The University of Hong Kong. She is a licensed architect with a strong foundation in design and commitment to sustainable solutions.
Since 1998, Eric Heiting has been at the forefront of financial planning as the founder and owner of Central Wealth Management, LLC in Madison, WI. Earning his BBA from the University of Wisconsin–Eau Claire, he followed his father’s distinguished path in the financial industry. Over his 20-plus years as a CERTIFIED FINANCIAL PLANNER™, Eric has helped hundreds of clients navigate the complexities of financial life. As a board member of Neutral, he collaborates with fellow financial advisors to form strategic partnerships, inviting them to join Neutral as financial advisory partners to incorporate real estate alternatives into their clients’ portfolios. Furthermore, Eric is instrumental in developing Neutral’s holistic fund strategy and investment analysis. His approach combines rigorous market research with detailed trend analysis to craft investment strategies that are both resilient and tailored to diverse client objectives. Eric calls Verona, WI home, where he lives with his wife Jodi and their three lively boys, and he cherishes time spent with family as well as his interests in wine and cars.
Fed Novikov oversees the product strategy, marketing, and brand for Neutral. In his role, Fed is crafting a unique and scalable value proposition for Neutral’s tenants and investors. Including the definition of development product offerings; corporate and property brands, content and marketing strategy. Fed is also overseeing strategic development partnerships and entitlements for Neutral’s low-rise product line. Fed has over 15 years of experience spanning real estate development, creative direction, and construction technology. In his prior roles, Fed was on the founding team and led Airbnb’s homebuilding initiative, Samara. He also started and led development company Apt, focused on standardizing low-rise multifamily development in the Los Angeles market. Throughout his career, Fed worked on a range of sustainable solutions for real estate, including reconfigurable and reusable building components, mass timber, and off-grid systems. Fed holds a Master of Urban Planning from New York University and a Bachelor of Science in Economics from London School of Economics.
Jonatan is Director of Technology at Neutral, in which he oversees technology strategy for the firm. This includes software acquisition and custom development in all aspects, ranging from real estate investing and project design and delivery to leasing and IoT. Jonatan has a diverse background at the intersection of software engineering and building engineering. Prior to joining Neutral, Jonatan worked in various product and engineering leadership roles at WeWork, Thornton Tomasetti, Nabr, and Outer Labs. In 2016, Jonatan co-founded Konstru, a SaaS company that offers a cloud-based collaboration and data management platform for structural engineers. Jonatan holds a Bachelor of Science in Product Design and Engineering from Middlesex University and a Master of Engineering in Architecture and Engineering from Stevens Institute of Technology. Jonatan has taught and lectured at various universities, including Stevens Institute of Technology, Pratt Institute, Columbia University, and MIT.
Kadri Kaldam is Director of Architecture at Neutral, where she leads the architectural vision and project execution for the company’s diverse portfolio of developments. With over 14 years of international experience, including 12 years at Foster + Partners, Kadri brings a wealth of expertise to her role. Kadri holds a Master of Science in Architecture from the University of Stuttgart, reflecting her commitment to sustainable and innovative design practices. Her notable projects include the Oceanwide Center in San Francisco, the California High Speed Rail Stations in the Central Valley, and the One Beverly Hills mixed-use development in Los Angeles. At Neutral, Kadri excels in design development and coordination, driving forward sustainable solutions and fostering strong partner relationships. Her collaborative approach and leadership skills enable her to guide cross-functional teams in delivering projects that exceed expectations. Kadri’s dedication to creativity and excellence fuels her mission to enhance quality of life and the environment through impactful architectural solutions. Prior to joining Neutral, Kadri held key positions in prestigious global architecture studios, where she was recognized for her ability to inspire teams, manage complex projects, and maintain high standards of design and client satisfaction. Her leadership extends to mentoring emerging talent and contributing to the architectural community through a spirit of collaboration and innovation.
Sabir Saleem serves as Controller at Neutral, overseeing financial and accounting responsibilities. His expertise includes financial statements, corporate and project-level accounting, accounts payable and receivable, lender and investor reporting, budgeting and forecasting, audit and tax management, financial modeling, and optimizing accounting functions with automations. A Deloitte alumnus, Sabir is currently a fractional controller for four other private equity funds in the real estate sector, each with unique business models, through his own accounting firm. Before founding his firm, Sabir worked as the deputy head of finance at a microfinance bank and was a financial controller at a software house for six years. His extensive experience and multifaceted skills make him a valuable asset to Neutral and his other clients. Sabir holds certifications as a Chartered Accountant (CA) and Certified Public Accountant (CPA), along with a bachelor's degree in accounting and finance.
Jan van Zuijlen is expert in the field of real estate investment & development management. During his career, Jan had leading roles at several international companies in the EU in the fields of fund, asset & property management. Based in Amsterdam, he was responsible for the Dutch and Nordic investor relations & capital raising activities of TRIUVA / Patrizia, as well as running the local asset management portfolio. After that Jan was managing partner at developer BLOC, where he headed the commercial team, all project feasibility analysis and capital raising. By working on the world’s largest Mass Timber development project The Dutch Mountains in Eindhoven and the sustainability and innovation development icon The Dutch Windwheel in Rotterdam, he has gained the insights and expertise that can push Neutrals zero carbon ambitions, while still providing investors with alpha returns. Jan is a member of the Royal Institution of Chartered Surveyors (RICS) and owner of Reaturnity, that connects real estate investment managers & developers with either new investments or with capital and debt. At Neutral Jan is responsible the capital raising activities among EU and US-based institutional investors. Jan holds a Bachelor Degree of Management, Economics and Law (incl. Real Estate and Real Estate Brokerage) from the Haarlem Business School, a Master of Studies in Real Estate from the Amsterdam School of Real Estate (University of Amsterdam) and finished the Team Leadership Program at Nyenrode Business University in Breukelen. He has also completed several certified real estate training courses at NVM Som and INREV in Amsterdam. He is author of several real estate study books and in early 2024, Jan launched www.onlinerealty.academy.
Umair Shahid serves as Accountant at Neutral, handling day-to-day financial and accounting activities. He specializes in maintaining business operations, including producing financial statements, managing accounts payable and receivable, and reporting. Umair is currently working as an accounts manager at a firm and has experience working with multiple clients across various business structures. He has over four years of experience dealing with clients from different sectors. Umair holds a certification from the Association of Chartered Certified Accountants (ACCA).
As an Associate Designer at The Neutral Project, Avnish Flora brings extensive experience in architecture and design, contributing to innovative solutions and projects. Her background includes design roles at firms such as Foster and Partners and Perkins+Will, where she has worked on a diverse range of projects—from tower designs and biotech master planning to office spaces in California. Avnish's expertise also includes rezoning for mixed-use buildings and renovating educational facilities. Additionally, she has experience in residential design, having created detached single-family homes in British Columbia. She is passionate about developing sustainable solutions in the residential sector. Avnish holds a Master of Architecture from the University of Toronto and a degree in Architectural Sciences from the British Columbia Institute of Technology. She is also actively pursuing her architectural license.
Sarah Larson serves as the Administrative Coordinator for Neutral, working jointly with the Capital Markets Team. She performs a wide range of duties, including document processing, report input, and event coordination. In this role, Sarah has the opportunity to utilize her skills in organization, attention to detail, and interpersonal communication while assisting investors and anticipating the needs of team members. She graduated from the University of Wisconsin-Madison with a Bachelor of Arts–Honors degree in Communication Arts, as well as Certificates in Digital Studies and Scandinavian Studies. Sarah previously worked as a senior admissions counselor at Edgewood College and a financial advising associate before joining Neutral. She is thrilled to assist the team as they continue developing projects that strive towards more sustainable living.
Don Williams is the Director of Neutral Workshop, leading a team of talented and diverse carpenters across the spectrum of woodworking and carpentry disciplines in bringing to life the design visions of Neutral through fine craftsmanship in wood. Don has enjoyed working with his hands throughout his life, with a particular passion for expressing the beauty and strength of wood through furniture making and woodworking. Don’s attention to detail, his eye for design, and the ability to work collaboratively across different fields are great assets in his position at Neutral. Before his role with Neutral Workshop, Don worked to build a successful woodworking and construction business in Dane County from the ground up, completing a broad range of projects from custom furniture pieces to residential remodeling, new home construction, commercial construction and restaurant buildout. When not working, Don enjoys time with his family, traveling, and working in the community through The Yada Project, founded with his wife Beth.
Carson Hemphill is a Senior Associate Construction Manager at Neutral Build and is responsible for interior construction management, general contracting and owner representation at Neutral. Carson has 15 years of experience planning and delivering residential, health-care, industrial and institutional projects using a diverse set of project delivery methods including lean construction, volumetric modular construction and takt time planning. Some of Carson’s most notable projects include The National Museum of African American History and Culture in Washington DC, Gigafactory 1 in Sparks Nevada, the Sutter Health CPMC, Mission Bernal Campus in San Francisco, California and Zho in Oakland, California. Carson holds a Bachelors of Science for Mechanical and Biomedical Engineering from Duke University
Luke Piper is a Senior Carpenter at Neutral, where he specializes in creating high-quality, sustainable craftsmanship for residential and commercial projects. With a passion for design and functionality, Luke ensures every project enhances the beauty and livability of the spaces Neutral builds. Luke’s journey in carpentry began at a young age, working alongside his father on home remodeling projects that instilled in him a love for woodworking and problem-solving. After earning a Bachelor’s degree in Consumer Behavior and Marketplace Studies from the University of Wisconsin-Madison, Luke pursued his entrepreneurial ambitions, founding a woodworking business that designed and built custom furniture. This venture refined his expertise in combining aesthetic appeal with practical design, a principle he brings to every project at Neutral. Luke believes that a well-designed, thoughtfully built home is essential to a happy and fulfilling life. He takes pride in his ability to create furniture and spaces that bring joy and functionality to people’s lives. Outside of work, Luke is passionate about fitness and travel, finding inspiration in exploring new places and staying active.
A graduate of the Nelson institute, Travis came to Neutral after a few years working in the area of Food as Medicine, and some urban development experience. As a new carpenter, Travis brings a deep desire to make things happen, and an eagerness to learn. Travis is also interested in areas where he can put into practice his passion for and knowledge of; waste management, supply chain mitigation, and other typically culinary based environmental concepts.
Benigno Barrera is a carpenter at Neutral, where he specializes in cabinetry/millwork drafting and CNC programming. He enjoys the complexity of balancing functionality and with aesthetics demands in cabinetry and millwork. Benigno was introduced to carpentry by his father. After discovering how many things he could create, a strong interest in learning more emerged. His journey into CAD and CAM programming opened new doors for creative possibilities, allowing him to use a CNC to precisely cut and create complex profiles on wood components. Before joining Neutral, Benigno worked as a cabinet drafter and CAM programmer for a shop that produced products for schools, hospitals, apartments, and offices. He is well-versed in managing large-scale projects and meeting tight deadlines, often wearing multiple hats in a small company. In this environment, he gained experience in machinery operation and maintenance, ensuring equipment was up and running after breakdowns. Benigno aligns with Neutral’s vision of sustainability and its commitment to the environment. He is excited to see the Workshop team grow and take on new challenges while contributing to the ecosystem.
Zac Dettinger is an accomplished product manager and user experience designer with over six years of experience in the multifamily technology space. At Neutral, Zac leads the design and management of the investment portal, website, and other design and technology needs. Prior to Neutral, Zac was an early employee at proptech startups Rentable and ApartmentIQ, where he spearheaded product strategy and UI/UX design, helping to drive engagement and scale the companies to successfully partner with 7 of the top 10 NMHC. With a background in entrepreneurship, real estate, and certifications in UI/UX, Zac brings a dynamic approach to technology and design. Based in Madison, Wisconsin, he is passionate about leveraging data and insights to create software product experiences that delight and add business value.
Greg is lead carpenter at Neutral workshop. He brings a strong background in fine woodworking and management of millwork and woodworking shops to the position. Greg received a Bachelor of Fine Arts from The School of the Art Institute of Chicago with honors and was award of the Anna Lewis Fellowship. He majored in Interdisciplinary Practice: to include sculpture, furniture, making, photography, and stone lithography. Greg started his career on the East Coast working for an architectural millwork company as Assistant Project Manager. From there he moved back to the Midwest, building his own business making furniture and fine woodworking, navigating between the creation of fine art pieces, and doing millwork install for commercial spaces.
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Stephen McLeod offers over 25 years of experience building strong partnerships with Registered Investment Advisors, helping them navigate market complexities and achieve sustainable growth. His consultative approach enables him to understand and address unique business needs. As Director of Financial Advisor Relations, Stephen will introduce advisors to Neutral's innovative real estate asset allocation solutions, designed to enhance portfolio diversification and deliver exceptional value.
Neutral works with the nation's best engineers, general contractors, suppliers, financiers, and property managers.
Bank OZK, Pearlmark, and First Business Bank have provided construction financing for our projects.
C.D. Smith is a premier general contractor headquartered in Wisconsin with nationwide track record.
Hines is a leading nationwide property manager, managing 15,238 units across 28 Cities.
Whether you have questions about our eco-conscious developments, investment opportunities, or anything in between, our team is here to help.
All Rights Reserved © Neutral Disclaimer: This website is for informational purposes only and does not constitute an offer to sell any security. This website does not constitute a solicitation to buy any security in any jurisdiction where such solicitation would be unlawful. We do not (and are not) providing investment, legal, or tax advice. Please consult with your investment, legal, or tax professionals before investing. Risks: Investing in real estate involves risks, including the total loss of your investment. The value of an investment can fluctuate and may be affected by economic and market factors. Real estate investments are illiquid and there is no guarantee that you will be able to sell your investment at your desired time or price. Past performance is not indicative of future results. The success of our past projects does not guarantee the success of future projects. The return on your investment may be affected by various factors, including the performance of the underlying property, the timing of the investment, and the economic and market conditions. All images and figures shown are for illustrative purposes only and are not actual customer or model returns. Neutral is not a cryptocurrency app, all monetary values are in U.S dollars and available only to U.S. investors.