RFA Capital

A private real estate investment and asset management company.

go ahead...

RFA has broad experience managing complex real estate debt and equity transactions across Canada.

RFA Capital leverages market knowledge and relationships in order to source, structure and manage investments, creating value through dynamic hands on direction and partnering with only the best providers of property management and leasing services.

This asset management style, reinforced by timely decision-making, flexibility and intelligent re-positioning strategies, enables RFA to drive solutions, which not only seizes but also creates opportunities that maximize liquidity and value.

RFA co-invests in all their transactions. This alignment of interests and objectives with their partners results in steadfast focus on each unique investment opportunity in order to create long term value and a trusted commercial real estate platform.

Since 1996, RFA has invested in over $15 billion of commercial real estate activity in Canada and the United States.

Our Investments

Direct Investing

Direct investments focus on office, retail, industrial and multifamily residential properties in Canada’s major markets. RFA Capital invests in assets where there is a value creation play through operational focus, development or redevelopment, engaged leasing programs and improved capital structure.


With our partners, RFA Capital is focused on providing CMBS debt financing for stabilized commercial real estate across all asset classes in Canada. Since 2001, RFA has made B piece investments in over 30 CMBS transactions along with additional investments in mezzanine debt and commercial paper.

Nobel REIT

NOBEL REIT (TSX: NEL.UN) is an emerging growth-oriented real estate investment trust focused on acquiring, owning and managing a portfolio of stable income producing commercial properties. As the largest shareholder of NOBEL, RFA Capital provides capital markets expertise, investment support and operational know how to the growth of this Montreal focused REIT.

Investment Highlights

Investments in mezzanine debt and B piece positions in over 30 Canadian CMBS deals since 2001.

Acquired, restructured and provided advisory services on over $300 million of distressed Canadian real estate and mortgages since 1996.

Performed diligence, priced and acquired over $14 billion of Canadian commercial mortgages and real estate since 1996.

Who We Are

RFA Capital’s partners have over four decades of experience in the industry managing diverse commercial estate assets and portfolios across both debt and equity investments.

RFA is proud to partner with Public Institutions, Investment Counsels, High Net Worth Individuals and other Private Equity to focus on many types of real estate transactions. RFA’s long history and experience through multiple real estate cycles provides for a unique and powerful perspective that helps to both mitigate risk and recognize opportunities. The result has been a proven track record of superior returns.

Nicholas Lagopoulos

Managing Partner

Mr. Lagopoulos has 20 years of commercial real estate experience in both private and institutional settings. Immediately prior to joining RFA in 2014, Mr. Lagopoulos spent the last 9 years of his career at GE Capital where he held senior roles in both the asset management and investment groups related to GE’s $2.5 billion equity portfolio of assets. Mr. Lagopoulos holds a Masters of Business Administration (MBA) from the Richard Ivey School of Business at the University of Western Ontario and a Bachelor of Arts (BA) from the University of Manitoba. Mr. Lagopoulos is bilingual in the 2 official languages of Canada.

Alan Pyle

Co-Founder and Partner

Mr. Pyle has been a principal of the RFA Group since October, 1996. Prior to co-founding RFA, Mr. Pyle held senior executive roles with various public and private institutions including Centrecorp Management Services, Metfin Realty Advisors, Mercantile Bank of Canada and North American Trust (formerly First City Trust). During this time, Mr. Pyle had responsibilities that included reorganizing and restructuring limited partnerships in financial difficulty and for credit decisions and portfolio management of mortgages and loans across Canada and the United States, which aggregated several billion dollars. Mr. Pyle obtained his Masters of Business Administration (MBA) from the Stanford Graduate School of Business and his Bachelor of Arts (BA) from the University of Toronto.

Ben Rodney

Managing Partner

Mr. Rodney has been with the RFA Group since 1997 and most recently his duties have focused on the growth of RFA Capital Partners. During his time with the RFA Group, Mr. Rodney has structured, priced and performed due diligence on over $14 billion of Canadian commercial mortgages and real estate. Mr. Rodney holds a Masters of Business Administration (MBA) from the Richard Ivey School of Business at the University of Western Ontario and a Bachelor of Arts (BA) from the University of Victoria.