Team

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 five grandchildren.

Mr. Dborkin is a founder and has been a principal of Boston Andes Capital since 2002. Mr. Dborkin has been responsible for identifying, negotiating, structuring and managing real estate investment projects in US and Argentina with office, commercial, industrial 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.

Andrade joined BAC in February 2021 and became an owner in 2023. Andrade’s responsibilities at BAC include asset management, reporting and the preparation of equity offerings documents and contracts. Prior to joining the BAC team, Andrade worked at Arco LLC, a real estate investment and development group based in Newton, MA, where he structured the equity financing and helped build the investor relations function. Before that, Andrade worked as a lawyer at Landay Leblang Stern, a Boston law firm. A citizen of Venezuela and the U.S., Andrade began his career in the Capital Markets department at Venezolano de Credito, after earning a Venezuelan JD equivalent degree. Andrade earned an LL.M. in Banking and Financial law and an LL.M. in American law from Boston University School of Law in 2012. Andrade currently serves as Co-Lecturer for the Pooled Funds and Investor Protection course at Boston University School of Law.

Arslanian joined the BAC team in January of 2021 and became an owner in 2023. Prior to joining BAC, Arslanian worked on the credit team at JP Morgan based in Buenos Aires and later in New York City. Arslanian is responsible for building financial models, underwriting and structuring investment opportunities in the U.S. and asset management. He received a BSc. in economics from the Universidad de San Andres and a MSc. in finance from the Universidad Torcuato Di Tella.

Caorsi joined BAC in June 2021 and became an owner in 2023. Caorsi opened the BAC office in Chile and has worked closely with the team in Boston. Additionally, Caorsi is responsible for building and cultivating relationships with Chilean investors and he assists with asset management. Caorsi was based in Shanghai, China from 2018 to 2020 where he represented two large Chilean exporters of consumer products. Prior to this, he was based in Amsterdam, Holland between 2013 and 2016 where he represented export sales to Europe for Vina San Pedro Tarapaca. Between 2010 and 2012, Carosi worked in Chile for Invertec and CMPC. Caorsi received a BSc. in business, administration and economics from Universidad de los Andes, Chile and a Master of Business Administration from IESE Business School, Spain. He plays golf, tennis, and paddle tennis on a regular basis.

Gray Hughes joined the BAC team in January 2024 and became an owner in early 2025. Prior to joining BAC, Hughes worked for iStar Financial in Boston on its investment team with all asset classes, and she helped turn around distressed investments. Previously, she had worked for Canary Wharf Group in London in their investment group and she worked at Lehman Brothers in London in Investment Banking. Hughes received a Bachelor’s degree in Government from Cornell University and a Masters of Business Administration from Harvard University. She lives outside Boston with her husband and three children.

Luz Maria Carrion joined BAC in July 2024 after more than 10 years of experience in private equity with a focus on real estate and infrastructure facilities. Carrion held the position of Senior Vice President at AC Capitales SAFI, a Peruvian private equity firm. She oversaw fundraising efforts, executed real estate investments across different markets, participated in the design of fund strategies, and managing asset divestments. Previously, she worked at Trafigura Group in Peruwhere she was part of the financing team for private capital projects in Latin America, Europe, and Africa. Carrion received an Executive MBA from Columbia Business School in New York and a bachelor’s degree in business management from Universidad de Piura in Lima, Peru. Beyond her professional pursuits, she has participated in and contributed to non-profit projects focused on education and social impact. She has been a volunteer teacher at RdPro which supports promising Peruvian college students living outside Lima. She has led a Real Estate Seminar to help students develop skills and knowledge.

Nicolas Saavedra C. joined Boston Andes Capital in 2025 bringing a background in real estate investment, finance, and entrepreneurship in Latin America and the USA. Before joining BAC, Saavedra was part of the leadership team at Wynwood House, a hospitality and real estate platform, where he focused on growth strategy. He also co-founded a luxury travel company in Peru. At BAC, Saavedra contributes to asset management, underwriting, and investor relations, with a particular focus on structuring equity offerings and supporting cross-border investment initiatives. Originally from Peru, he holds an MBA with academic honors from Babson College and a STEM-designated graduate degree in Finance.

Eduardo Cano rejoined BAC in April of 2022. Mr. Cano co-manages the BAC office in Bogotá with a focus on building and cultivating relationships with Colombian investors. Mr. Cano received a degree in Business Administration and Economics from Babson College (BA, 2011) and has a dual MBA from Columbia University and London Business School (2020). Mr. Cano had previously worked at BAC in 2011 where he was responsible for analyzing and structuring investment opportunities. In 2015, Mr. Cano co-founded Casa Investments, a private real estate investment firm based in Bogotá. He has spent his professional career in real estate finance, as an operator leading a family business in the jewelry manufacturing and retail sectors and most recently in the fintech space. Mr. Cano has extensive experience in real estate investments, operations, business strategy, and sales. He is an avid skier and has a passion for traveling.

Pablo Saravia joined BAC in April of 2022. Mr. Saravia co-manages the BAC office in Bogotá with a focus on building and cultivating relationships with Colombian investors. He received a degree in Design Management from Parsons School of Design | The New School (Paris-New York, BA, 2012). Subsequently, Mr. Saravia worked for Vector Group – Douglas Elliman where his main responsibility was to attract Latin American Investors for projects in New York and Miami. In 2014, he returned to Bogotá, Colombia to join his family’s real estate firm, Arias Serna Saravia, as Marketing / Commercial Manager. In 2015, Mr. Saravia co-founded Casa Investments, a private real estate investment firm based in Bogota. Mr. Saravia has vast experience in real estate, business strategy and sales. He is passionate about car racing and architecture.