In keeping with the firm's commitment of maintaining high standards, the Principals are all designated MAI's of the Appraisal Institute.

M. Brad Beerbower is a principal of Terzo & Bologna, Inc.  He has been with the firm since 1994, providing appraisal and consulting services to numerous local, regional, and national clients.

His professional work experience encompasses appraisal and market analysis covering a broad range of commercial real estate properties.  He has appraised multi-family, office, retail, industrial, and special use properties in Indianapolis and other regional cities in the Midwest.  His experience also includes appraisals of complex properties such as a large multi-use corporate headquarters facility, closing federal military bases, proposed business parks, a proposed specialty hospital, and investment grade, multi-building industrial and office portfolios.  In addition, Beerbower has extensive experience appraising multi-family properties for HUD programs like MAP/223(f).

Previous professional work includes several years as a Federal Deposit Insurance Corporation (FDIC) Bank Examiner, which entailed financial analysis of bank statements, review of bank investments, evaluation of bank management, analysis of borrowers, collateral evaluation, and regulatory loan classification. 

Beerbower is a graduate of the Indiana University School of Business where he earned a Bachelor of Science degree in Finance and Real Estate with high distinction.  He also received a minor in economics while attending Indiana University.

Beerbower is a Member of the Appraisal Institute, designated MAI.  He is licensed in Indiana as Associate Real Estate Broker (RB14023832) and as a Certified General Appraiser (CG49400379).  He is also licensed in Ohio as a State-Certified General Real Estate Appraiser (438345) and in Illinois as General Certified Real Estate Appraiser (553.002391). 


Raymond V. Bologna, Raymond V. Bologna, a principal of Terzo & Bologna, Inc., represents clients locally and nationally. He has been an active real estate investor since 1977, during which time he has also been active in brokerage, property management, and the structuring of real estate partnerships for investment property. The emphasis of his work since 1983 has been on real estate counseling. As a founding principal of Terzo & Bologna Inc., he has served in a supervisory capacity for the Michigan offices since 1989.

A seasoned real estate investor weathering three recessions, Bologna has a hands-on awareness of the risks and benefits of real estate ownership. Being well versed in the inner workings of the marketplace, he is often called upon by clients when an assignment has unique complexities or when a detailed study of market supply and demand is required. His market study expertise has covered the broad spectrum of real estate products from typical hotel, office, retail, apartment, industrial, and residential land development projects, to more unique and specialized analyses like sports arenas, golf courses, museums, and health care properties. In 1998, he founded the “Detroit Apartment Market Study”, an annual T&B publication that offers a comprehensive overview of the Southeast Michigan apartment market.

Bologna’s client base includes many national owners and real estate entities as well as local ones. His assignments have encompassed a broad range of real estate products including many investment grade properties, and he has been retained for counseling and valuation services in 12 states. Because of his ability to understand and interpret real estate issues, Bologna is often retained as an expert witness for general litigation assignments, tax-appeals, and condemnation. Because he approaches all assignments from a fair and unbiased perspective, his clients have included plaintiffs and defendants, and private and public sectors. He has been qualified as an expert witness for U.S. Bankruptcy Court, the Michigan Tax Tribunal, U.S. District Court, and Wayne County Circuit Court.

He graduated from the honors program of the University of Detroit with a bachelor's degree in liberal arts. Postgraduate education has been primarily in real estate. Professional affiliations include National Association of Realtors (designated GRI), the Appraisal Institute (designated MAI) the Counselors of Real Estate (designated CRE), and fellowship in the Royal Institution of Chartered Surveyors (designated FRICS).

On a professional level, he is on the valuation committee of the Counselors of Real Estate and has served on the valuation committee of the National Council of Real Estate Investment Fiduciaries (NCREIF). As a member of the Appraisal Institute, he taught capitalization theory, served as General Guidance Chair, has participated both on a local and national level in peer review committees, and has served nationally as a reviewer-screener. He has also been a guest lecturer at Freddie Mac, NCREIF, the University of Michigan, and Trammel Crow.

Bologna is currently licensed as a certified general appraiser in Michigan (#1201000230) and as an associate real estate broker (#6502338338).

Raymond Bologna Court Qualifications


Kevin J. Hartman is a principal of Terzo & Bologna, Inc. He has provided real estate appraisal and consulting services to local, regional, and national clients since 1991.

His professional work encompasses appraisal and market analysis of a variety of commercial real estate properties. His experience includes appraisals of multifamily communities, condominium developments, single and multi-tenant office buildings and retail structures, industrial properties and a variety of proposed developments within Indianapolis and throughout the State of Indiana. His experience also includes appraisals of complex properties such as multi-building office and industrial developments. 

Previous professional work includes seven years as an independent fee appraiser for Moore Appraisal Co., Inc. in Carmel, Indiana and two years as a staff appraiser for PNC Commercial Mortgage Company in Indianapolis, Indiana. 

Mr. Hartman is a graduate of the Indiana University School of Business where he earned a Bachelor of Science degree in Finance and Real Estate. While attending Indiana University, he also earned a minor in psychology.

In addition, Mr. Hartman is a member of the Appraisal Institute (designated MAI). The MAI designation is earned upon the successful completion of a graduate-level curriculum, which includes a two-day comprehensive examination, a written demonstration appraisal report, and attaining 3,000 hours of qualifying experience beyond state certification requirements.

Kevin J. Hartman is licensed as a Certified General Appraiser in the State of Indiana. His license number is #CG49400422.


Erick Landeen is a principal of Terzo & Bologna, Inc. He has been a commercial real estate appraiser since 1988, holding the MAI designation since 1993.  He is a Certified General Appraiser (CG40400483) in the State of Indiana.  Landeen joined Terzo & Bologna, Inc. in 2005 after serving as a Principal with Integra Realty Resources – Portland, Oregon. 
He earned a Bachelor of Science degree majoring in economics at Willamette University.

Appraisal assignments completed include a wide range of complex properties such as retail, office, industrial, multi-family, single-family subdivisions, proposed and existing single family condominium developments, hotels/motels, manufactured home parks, acreage, and a variety of special use properties (service stations, airplane hangars, and quick lube facilities). 

Landeen is a member of IRWA and has performed numerous appraisals and appraisal reviews involving eminent domain.  He served the Beaver State chapter of IRWA as the Membership Chair and Valuation Chair. 

Landeen has taught USPAP for the Appraisal Institute since 1998.  Other courses taught for the American College of Real Estate and Appraisal include: Introduction To Income Property Appraisal; Condemnation Appraising; and Real Estate Appraisal Review.  

Professional organizations served include the Greater Oregon Chapter of the Appraisal Institute (President, Vice President, Treasurer, Secretary, Education Chair, Seminar Chair, Admissions, Portland Sub-chapter Chair), Northgateway Redevelopment Board (Citizen Representative), Oregon Coalition of Appraisers (Founder), and served as the Appraisal Institute Indianapolis Subchapter Vice Chair and Associate Member Guidance.


Brenda D. Makarov is a principal of Terzo & Bologna, Inc. She represents clients both locally and nationally, and has provided real estate appraisal and consulting services since 1993.

Ms. Makarov is experienced in the valuation of a wide array of commercial product types. She is highly regarded, however, for her expertise in multi-family housing. She heads the multi-family division of Terzo & Bologna, Inc. and has provided both counseling and appraisal services for clients in this sector. Her many years of experience have provided exposure to every imaginable arena of this sector, from existing and proposed market-rate housing to subsidized HUD and LIHTC properties. This background makes her uniquely qualified to handle multi-family analyses in all forms whether Fannie Mae, Freddie Mac, institutional or traditional reporting methods are required. She has served local, national, institutional, and governmental clients. Although her coverage area has been Midwest-oriented, she is available for assignments throughout the U.S. as may be required by client-driven needs.

In addition to real property valuation, Ms. Makarov is regularly retained for her expertise in performing multi-family market studies and feasibility analyses, or to serve in an expert witness capacity for litigation, condemnation or tax appeals. She has provided client counseling to assist in determining property rent potential, and has assisted developers with strategies to maximize development schemes and unit mix. Ms. Makarov is also skilled with performing HUD Rent Comparability Studies.

One of her major achievements in recent years has been the development of the Terzo & Bologna, Inc. Detroit Apartment Market Study. This comprehensive annual research document details the latest apartment trends in southeast Michigan and is used by subscribers locally and across the country as a barometer for multi-family information and decision-making.

She graduated from the University of Michigan with a Bachelor of Arts degree. Her professional affiliations include the Appraisal Institute, from which she holds the MAI designation. Brenda Makarov is licensed as a Certified Real Estate Appraiser in Michigan (#1201003948) and holds a Certified General License in Ohio (#2001001590).


Susan P. Shipman is a principal of Terzo & Bologna, Inc. She has been active in the real estate industry for over 25 years.  Prior to joining Terzo & Bologna, Shipman was the owner and principal appraiser of Shipman & Associates, Director in the Real Estate Valuation & Advisory Services Group at Stout Risius Ross, and Director of Finance & Administration for Hobbs + Black Architects.  She has also worked with the regional appraisal firms Oetzel Hanton & Williams and the Gerald Alcock Company.  All the while, Ms. Shipman has been active as a partner in various real estate development and investment ventures.

Ms. Shipman is licensed in the state of Michigan as a certified general appraiser and has earned the MAI designation awarded by the Appraisal Institute.  Her involvement with the Appraisal Institute has been significant, including service on various committees and the Board of Directors of the Great Lakes Chapter, serving as the Chapter President in 2007.  She is also an alumnus of the Appraisal Institute’s Leadership Development & Advisory Council.

Ms. Shipman’s professional experience encompasses a variety of commercial, residential and industrial engagements for numerous purposes including financing, estate and gift taxation, divorce proceedings, ad valorem taxation, condemnation, general litigation, financial reporting, purchase and sale advice, and insurance placement. 
Ms. Shipman is qualified to appraise a wide range of property types including apartments, office, senior housing, industrial, residential development, manufactured housing communities, retail self-storage, and special-purpose facilities.  Her assignments have involved properties ranging in value from $50,000 to $120 million.  She also has considerable experience in feasibility and market studies.

Because of the breadth and depth of her experience, and reputation for effective communication, Shipman’s professional focus has shifted toward litigation-related engagements such as condemnation matters, property tax appeals, title defect claims, and partnership disputes.  She has been qualified in numerous courts as an expert witness including the U.S. Bankruptcy Court, Michigan Tax Tribunal, and Oakland County Circuit Court.  She has been a guest lecturer for the Institute for Professionals in Property Tax (IPT), the International Right-of-Way Association (RWA), the Turnaround Management Association (TMA), and the University of Michigan School of Business.

Ms. Shipman earned a Bachelor Fine Arts from Florida Atlantic University and a Masters of Business Administration from the University of Michigan, the latter with a focus on real estate and finance.  She is a graduate of Inforum’s Executive Leadership Development Program and an active member of the Detroit Chapter of Commercial Real Estate Women (CREW), recently serving as Treasurer on the Board of Directors.


Frederick C. Terzo, Frederick C. Terzo, a principal of Terzo & Bologna, Inc. represents clients locally, nationally and internationally. He has provided real estate counseling and appraising services in the areas of housing, land development, commercial, industrial and new town development, since 1965.

He is an experienced real estate appraiser of investment-grade properties, has particular expertise in the areas of market and feasibility analysis, and is often retained to evaluate projects that are highly sensitive to market fluctuations. These include new projects which are timing-sensitive due to the volatility of development cycles, as well as problem properties that require in-depth research of product marketability and capture potential. He has formulated market studies for a variety of product types ranging from high-rise offices and urban-core, multi-family development to large scale suburban business park developments, land development schemes, and special purpose properties such as soccer arenas, health and fitness facilities and military bases in adaptive reuse.

In addition to professional assignments in the U.S., he has represented clients internationally in a number of countries in Europe, the Middle East, Asia, Africa and Latin America. International real estate experience includes counseling on development at the new town scale, testing the interaction and timing of proposed land, housing, employment center and community facility development programs.

He holds a Bachelor of Architecture degree from Pratt Institute and a Master of City Planning degree from Yale University.

His professional memberships include the Appraisal Institute (designated MAI), as well as the Counselors of Real Estate (designated CRE). In addition, he has been elected as a Fellow of the Royal Institution of Chartered Surveyors (designated FRICS).

Frederick C. Terzo is currently licensed as a certified general appraiser in Indiana (#CG69100042).


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