From Humble Beginnings; Nasser To Receive Distinguished Service Award

Boston — It is said that from humble beginnings come great things. Over its 35 years of bestowing the Robert Swain Distinguished Service Award, The Real Estate Finance Association has humbled dozens of professionals who have given back to their communities by honoring the recipients alongside 500+ piers at its annual Gala.

Its 36th recognition will grant Paul Nasser, President of Intercontinental Real Estate, and an Industry veteran who has championed the association for decades, with the famed Boston Harbor Bowl. Nasser has had the personal honor of awarding many colleagues before him.

“We [The Swain Committee] hadn’t had a meeting on the Gala for a while, then I finally got an email asking to get on a Zoom call … when I joined the call everyone was already on and I said, ‘I was wondering when we were going to have this, it’s getting late,’ and then I start saying names of who I thought would be worthy candidates, and they interject, ‘we’ve already done that,’ you’re the award winner for this year.’ I was blown away … having vetted so many over the years, it’s really pretty special and quite an honor.”

The award comes as a surprise, which Nasser says may parallel the fact that he was a banker for 18 years. “Being with Intercontinental for 24 years, I don’t think many people know that earlier in my career I was in finance before coming over.”

Given his humble beginnings, becoming a banker seemed unimaginable - let alone the president of a multi-billion dollar real estate investment firm. “We had it tough when I was young … I grew up fairly poor, living the majority of my childhood in the projects in New Jersey.”

He credits his early travails and his family for establishing a personal foundation of hard work and helping others. Specifically, he praises his aunt for opening their home and offering a, “reset to get us out of the projects,” while moving to Manchester-by-the-sea, Massachusetts - a dramatic change that Nasser says not only affected the course of his life but taught him the gift of opportunity.

“I was in eighth grade and we moved to Manchester-by-the-sea. School had already started and I wanted to play basketball and they already had tryouts, but local friends convinced the coach to give me a side tryout and fortunately, I made the team … It was my coaches I had from playing sports that were truly my early mentors. In addition, I would always see my friend’s parents going to work with their briefcase and I thought, someday I want to carry a briefcase and get on a train into Boston.”

His grit would translate well on the gridiron in high school, and earn him a scholarship at the University of Rhode Island. A blessing, Nasser says - confessing he may not have continued his education without that opportunity. “I was lucky, to me, football and sports in general, is really what I believe teaches you about life, winning with integrity, losing with integrity, teamwork and work ethic. I always say, what I lack in smarts, I make up in hustle … quite frankly if I could pick anything else to do, it would be a football coach.”

Upon graduating with a degree in Urban Planning, Nasser began his banking career after his cousin offered him a position writing residential mortgage loans. He spent most of his financial services as a commercial real estate lender. While with Bank of New England, prior to it failing, he says he may have gained his greatest lending knowledge and profound experience, by witnessing the problems of exposure and concentrations in portfolios. “That was back in the day when we weren’t sharing data between branches … when they finally looked at each individual bank [under Bank of NE] it was obvious that we made way too many loans in commercial real estate; we were overexposed. It was a great lesson and a time when I made a personal commitment that I would always be an honest, transparent, straight-shooter, no matter where I ended up, because your reputation differentiates you, and reputation is everything in business and in life.”

After working for a few local banks, Nasser landed with Fleet Bank for a dozen years - writing national loans for large hospitality properties, real estate portfolios, and REITs while rising to the position of Senior Vice President and Team Leader.

In the late 90s, Nasser met Peter Palandjian, CEO of Intercontinental. “Peter came into the bank and was looking at reworking some of his portfolio that he was taking over for his Dad, and I was just so impressed by his diligence and his incredible organization. There was just something about the way he presented his holdings that stood out - and I liked him a lot.”

The feeling was mutual to Palandjian and after establishing a tight friendship over a few years, the Intercontinental leader presented Nasser with an opportunity that he had to seize. “What was so exciting is that Peter had a plan to take the local family-run business to the next level, becoming a larger equity investment firm nationally, and I was looking for a new challenge … it was a good fit with our family values and philosophies toward people.”

It is their built culture that the partnership credits for its successful run. Nasser says they have created an atmosphere where its employees want to come to work and a family-style loyalty that sees its team staying there for decades. Their partnership, so successful that it has taken the twenty-four-year affiliation to a level even they find hard to fathom - growing from a 25-person company to 125 - and amassing 155 properties under its holding, to the tune of $13.5 billion throughout the United States. A gain that Palandjian gives credit to their brotherhood of trust and Nasser’s mix of hard and heartfelt.

“This is our dynamic (whether work or personal) there’s a trust that we both want what’s better for our employees, our investors, and our broader stakeholders. Paul is one of a kind. He’s hard-charging, a ‘halfback’ as his boss at Fleet Bank used to call him. But he’s also a softie with a heart of gold. He cares deeply about people in all walks of his life. You can’t know Paul and not feel this about him,” attests Palandjian.

Inside the office, Palandjian and Nasser run and support The Intercontinental Charities - primarily set up to support local and national youth-related causes through monetary and voluntary support - helping hundreds of organizations to date.

Outside the office, Nasser and his wife, Bethany have spent the majority of the past twenty years as, “Champions of education,” according to the Gloucester resident. “I feel like for me having my humble background and having been given an opportunity to get a better education has given me the passion to give back at that level - so me and my wife have been heavily involved starting from when our [three] kids were in elementary school by chairing fundraisers, hosting events, raising money, joining boards and ultimately chairing boards.”

Nasser’s commitment and endurance have notably extended beyond the office and into his professional affiliations. “The words that best describe Paul [to me] are consummate professional, impactful, honorable, passionate and compassionate, a caring husband and father – and a good man,” confirms Paul Ayoub, chair of Nutter Law and Chair, National Board of Directors at St. Jude.

Ayoub says it was under Nasser’s tenure as Board President that the association was able to envision the future, align its goals and reshape the association for a more inclusive and diverse offering. “Paul’s impact on REFA was transformative. With his leadership, strategic thinking, and humility - always putting others first - the association emphasized mentorship, women’s leadership, DEI, and more relevant issues to the CRE Industry … I’m proud to call him a friend.”

Nasser says it’s always been his passion to give back and help others - and he feels like he is the winner when doing whatever he can for people because that’s what people did for him. “The thing for me is, it truly makes me happy to help people, so I feel like I’m the lucky one.”

The return on Paul Nasser’s decades of generosity, leadership and mentorship will take place at the Boston Omni Hotel, in the Seaport on October 17th when more than 500 of his peers will recognize him as its Annual Swain Distinguished Service Honoree.

Paul and Bethany Nasser

Intercontinental Retreat: Peter Palandjian far left with Paul Nasser