Great Lakes Capital is a real estate private equity firm uniquely positioned to add value to real estate investments through development, redevelopment and opportunistically investing across the real estate spectrum and throughout the capital structure.  We concentrate on several core asset classes, including office, industrial, retail, medical office, multifamily and other similar conforming product types as well as mixed use projects. Since 2005, our experience, long-term perspective and discipline have allowed us to grow to an asset footprint covering the expanded Midwest.

As we are constantly active across a broad spectrum of asset classes, this enables us to capitalize on opportunities throughout markets and economic cycles. Our focus on value add, recapitalization, restructure, new development, portfolio transactions, and complex distressed situations allows us to be advantaged by inefficiencies in the market and benefit from our long term, but always opportunistic time horizon and patience of capital.

In addition to heavy value add opportunities, GLC also focuses on principal equity development, growing a portfolio properties across these same asset classes.  As a market leader in new development we actively address the needs of our tenant partners in addition to speculative development meeting needs the market has not yet reacted to.

Our ability to leverage experience, capitalize on breadth of market knowledge and geographic presence, allowing us to react quickly to the changing markets, positions GLC as your ideal real estate Partner.

our people


Ryan Rans  +  Managing Partner

Ryan serves as Managing Partner and co-founder of Great Lakes Capital. Ryan leads the firm's strategic direction and investment focus. In addition to leveraging his two decades of development experience, he has worked to position the firm to capitalize on opportunities in both debt and equity across market segments and cycles. Combining real estate and private equity, he has guided GLC through investments in excess of $500 million in assets. Ryan graduated from the University of Notre Dame with a BBA in finance. 

Bradley Toothaker  +  Managing Partner

Serving as Managing Partner, Brad leads the firm with 20 years of real estate transaction and management experience. Throughout his tenure, he has gained an insightful and broad-based view of industry dynamics that allows him to provide his clients with valuable awareness of market trends and new opportunities in commercial real estate. Since co-founding GLC in 2005, he has contributed to the development of nearly 2 million square feet across almost all commercial property types. Brad graduated from UCLA with a BS in History and Business Administration.

Jeff Smoke  +  Managing Director & Principal

As Managing Director and Principal at Great Lakes Capital, Jeff pursues a full spectrum of investment opportunities ranging from industrial warehouses and mixed use developments to distressed debt sales. Jeff has over 15 years of commercial real estate experience and also serves on the executive committee at GLC. Prior to joining GLC, he was a derivatives trader at JonesTrading. Jeff graduated from the University of Notre Dame with a BBA in finance and also competed in the 2004 Athens Olympics.

Rich Deahl + General Counsel & Principal

Rich serves as general counsel and a principal of Great Lakes Capital, with oversight of corporate legal affairs and involvement in the strategic growth of GLC through acquisition, development, financing and management of real estate. Prior to joining GLC, Rich was a partner at Barnes & Thornburg LLP where he provided counsel to developers, joint venture entities and investors/owners in matters across all real estate sectors - with a focus in public private partnerships. He received a JD and MBA in 1998 from Indiana University – McKinney School of Law and Kelley School of Business.

Kristen Sawdon +  Director of Asset Management

Concentrating on all leasing and property management activity across the portfolio, Kristen is focused on maximizing value across our diverse set of investments. Kristen graduated from Saint Mary's College, has an MBA from the University of Notre Dame and brings over 10 years' experience in real estate leasing, management and development.

Clay Scheetz  +  Managing Director & Principal

Clay serves as Managing Director & Principal of Great Lakes Capital and is a key member of the executive team and investment committee. Clay began his commercial real estate career in 1995 and has closed more than $4.5 billion of investment across property types, geographic markets, capital structures, and economic cycles. Clay graduated with honors from the University of Notre Dame with a BBA degree and earned an MBA from Columbia University. Clay is actively involved in numerous trade and civic organizations including the Colorectal Cancer Alliance where he serves as a national board member. In his free time, Clay enjoys spending time with his wife and three kids as well as water skiing, running, and swimming. 

Audra Sieradzki  +  Director

Audra concentrates on maximizing the value of the GLC portfolio through the development and implementation of property, asset, and portfolio strategies.  Focused on new investments and unlocking the value of market opportunities, Audra manages projects fitting her investment acumen as well as tenant and landlord advisory experience.  Audra graduated from Vanderbilt University and brings over 13 years of national brokerage, corporate real estate advisory, investment, and development experience to the team.

David Arnold  +  Director

Leveraging more than 25 years of experience in commercial development and investments in the Fort Wayne area, David is responsible for expanding GLC’s presence and activity throughout northeast Indiana. David has specific experience in office, industrial and multi-family properties through his development experience as a partner with Miller Valentine Group and his private equity investing activities at Ambassador Enterprises. In addition to his real estate practice, David is an active participant in Fort Wayne’s growth through various civic and economic development efforts. David earned a B.S. at Saint Joseph’s College and an MBA with concentrations in Finance and Real Estate from Indiana University.

Tracey Vallejo CPA MBA +  Senior Controller

Tracey focuses on the fund accounting and reporting along with banking and investor relations. Prior to GLC, Tracey has over 15 years in audit and accounting experience across a diverse clientele base through her controllership and audit manager for both a private manufacturing company and a public CPA firm located in the Midwest. She has championed numerous improvements in processes and systems that led to improved reporting for clients from small to large sized companies. Her undergraduate degree is from Purdue University in West Lafayette, Indiana and her MBA is from the University of Phoenix.

Megan Onken  +  Controller

Megan focuses on the GLC fund accounting and reporting along with various restaurant accounting in its Hospitality division. Megan joined the company in 2011. Prior to GLC, she had accounting roles at St. Louis based Peabody Energy and Milwaukee based Marcus Hotels and Resorts. She graduated from St. Norbert College in De Pere, Wisconsin.

Sarah Masterson + Executive Administrator

Sarah focuses on providing support internally and externally to maximize efficient communication and coordination of processes and procedures. Her extensive customer service background, coupled with accounting experience position her to offer assistance in many areas throughout the company. Sarah earned her B.S. from Ball State University and recently obtained a Graduate Certificate in Business Essentials, also from Ball State.


Great Lakes Capital
112 West Jefferson Blvd., Suite 200  
South Bend, IN 46601

Phone: 574-251-4400 

Please leave a message here and we will respond promptly.