Welcome to Boston Andes Capital

Boston Andes Capital (BAC) is a private equity real estate firm with offices in Boston, Buenos Aires, and Bogotá. The company pursues opportunistic direct investment and development strategies across select property types in targeted US and Latin markets. Since its founding in 2002, the company has committed capital both as a principal and on behalf of private investors.

The BAC executives have more than a century of combined experience in real estate investing with local knowledge and operational expertise in the markets where they are active. Through acquired experience, pre-existing relationships, diligence, and tenacity, we expect to achieve or exceed investment targets, protect against downside risks, and maintain transparency. In all transactions, the firm expects to align interests among the company, local partners, and investors.

  • We are positioned to be locally responsive in multiple markets, which affords us unique insights and privileged access to deal flow.

    James Hughes
  • Ultimately, the most important thing about real estate is how it relates to people. We apply that same philosophy to building our company.

    James Hughes
Mr. Hughes is a founder and principal of BAC. Between 1972 and 1986 Mr. Hughes was a Managing Director of Boston Financial Group, a real estate services firm based in Boston, MA, where he was responsible for underwriting equity investments in real estate projects located throughout the United States. The firm arranged financing for over 500 properties valued in excess of $4.0 billion. Between 1986 and 2003, Mr. Hughes was the founder and President of Norwich Corporation which acquired and managed real estate investment property through a partnership investment fund structure. Mr. Hughes has been or is a director of several private and public companies and not-for-profit entities based in the United States and in Latin America. He earned degrees from Dartmouth College, the Thayer School of Engineering at Dartmouth, and the Amos Tuck School of Business Administration at Dartmouth. He has lived in Cleveland, Ohio; Viña del Mar, Chile; and Boston, Massachusetts, and he has a wife, two children, and three grandchildren.
Marcos Flegmann joined the Boston office in October 2012 and became a partner in 2014. Mr. Flegmann contributes to the underwriting process for BAC investments by negotiating transactions, preparing investment documentation, and presenting investment opportunities to individual investors. Additionally, Mr. Flegmann acts as the CFO for BAC and attends to company administrative matters. A citizen of Mexico, Mr. Flegmann received a degree from Babson College. He is a member of the Boston Rugby Team, which won the USA national championship in 2015, and he is a member of the Mexican National Rugby team.

Renzo Pisa joined BAC in 2013 and became a partner in 2015. Prior to joining BAC, Mr. Pisa was an analyst at the Merrill Lynch Real Estate Investment Banking group in New York City. He is currently responsible for asset management of many BAC properties and underwriting new BAC investments, including negotiating transactions, preparing investment documentation, and presenting investment opportunities to investors. Mr. Pisa received a degree from Babson College. He is married and has two young children who bring order to his life.
Jose Escallon, a dual citizen of Colombia and the United States, received a degree from Connecticut College with a concentration in Economics and East Asian Studies. Mr. Escallon joined BAC in 2014 after completing an intensive program in Mandarin Chinese at the University of Tsing Hua in Beijing. He currently focuses his efforts on asset management, reporting, and investor relations. He also assists with administrative matters and participates in the underwriting process. Mr. Escallon is an avid golfer with a low handicap and is proficient in Mandarin Chinese.
Mr. Dborkin is a founder and has been a principal of BAC since 2002. Previously Mr. Dborkin was a Financial Analyst at Bankers Trust S.A. in Buenos Aires and later a Senior Consultant at OBC Consulting in Buenos Aires, where he worked on feasibility analysis for commercial and residential real estate projects, site location studies for hotel chains, banks and retailers and a variety of real estate market studies. Mr. Dborkin has been responsible at BAC for identifying, negotiating and managing real estate investment and development projects in Argentina and US with office, commercial, and residential uses. Mr. Dborkin has been director of several real estate companies and has also worked in the exploration of opportunities in different countries. Mr. Dborkin received a Bachelors degree from Universidad de Buenos Aires and a Masters of Business Administration from Babson College.
Mr. Marias is a founder and has been a principal of BAC since 2003. He was formerly a founder and managing director of a real estate development company in Argentina that built properties in different market segments. He managed the project construction process and participated in the marketing of properties. Mr. Marias was a founder of Layador, an Argentine company which painted and restored a large number of residential buildings located in Buenos Aires. Since 2003, Mr. Marias has been responsible at BAC for identifying and negotiating real estate opportunities and directing construction activities for the development projects of BAC in Argentina. Mr. Marias received a degree in Architecture from Universidad de Buenos Aires.
Nicolás Zadoff joined the BAC team in October of 2010. Prior to joining BAC, Mr. Zadoff worked for G3-Elepe as project manager for various apartment projects in Buenos Aires, Argentina. Since joining BAC, Mr. Zaroff has been part of the development team for all of BAC’s projects within Argentina, and his daily responsibilities include overseeing construction and architectural managers, analyzing proposals, purchasing project materials and equipment, managing construction development, and preparing progress reports. Mr. Zadoff received a degree from the Facultad de Arquitectura y Urbanismo from the Universidad de Buenos Aires.
Mr. Kling joined BAC in August 2007 and became a principal in 2013. Mr. Kling is responsible for analyzing and structuring investment opportunities, developing financial models, and presenting investment opportunities to institutional and individual investors. He currently heads the BAC office in Bogotá, Colombia and is responsible for structuring investment opportunities in that country. Mr. Kling initiated the development of a residential project in Bogotá which was completed in early 2015 and is currently developing other projects in Colombia. Mr. Kling is a citizen of Colombia, received a Bachelors degree from Babson College.
Mr. Otálora joined BAC in January of 2014 and has over 15 years of real estate investment, finance and development experience. He is currently originating development opportunities for BAC in Colombia with a focus on hotel projects. Between 2008 and 2012, Mr. Otálora was a development manager at Terranum, a major Colombian real estate company, in charge of developing commercial and hotel projects in Colombia and Costa Rica. Between 2000 and 2007, Mr. Otálora worked with Fernando Mazuera & Cía, where he was responsible for financial planning and cash flow management for that group of companies. Mr. Otálora received a BSc. in Economics from the Universidad de los Andes in Bogotá, a Masters of Business Administration from the Universidad de los Andes, and an MSc. in Real Estate Development from the Massachusetts Institute of Technology (MIT). Mr. Otálora is a LEED AP (Leadership in Environmental and Energy Design – Accredited Professional).
Santiago van Meerbeke joined the BAC team in September of 2017. Prior to joining BAC, Mr. van Meerbeke worked as a Financial Analyst at Inverlink, a leading investment bank in Colombia. At Inverlink Mr. Van Meerbeke was involved in various M&A and Project Finance deals in the Energy, Retail, and Food and Beverage Industries. At BAC, Mr. Van Meerbeke is responsible for building financial models, analyzing and structuring investment opportunities, asset management and reporting, and pitching investment opportunities to investors. Mr. van Meerbek a is a dual citizen of Colombia and France and received his Bachelors degree in Mathematics and Economics from the University of Michigan. He is proficient in German and an avid golfer with a low handicap.