Our team is composed of experienced professionals who enjoy working closely with our clients and with each other.
We are large enough to offer advice on a broad range of topics, and small enough to provide exceptionally personalized services to our clients. The client driven focus allows us to excel at providing financial and investment advice that is bespoke to our individual clients.
Meet the Stillwater Asset Management Team
Lena Motz
Founding Principal, Chief Executive Officer and Chief Investment Officer
Experience
With twenty years of credit experience, she is responsible for setting the strategic direction of the firm as well as identifying investment opportunities that fit within the firm’s mandate. As the founding partner, she built out the investment team, back office, and affiliated loan servicing company. Since its inception in 2017, Stillwater Asset Management has invested in over $1.1 billion in commercial loans. Prior to founding Stillwater Asset Management, Lena was a Managing Director in charge of the commercial loan and senior living equity businesses at WMD Asset Management. While at WMD, Lena invested and managed over $800 million in commercial loan and senior living investments. Prior to joining WMD, Lena was a Director in the loan portfolios & structured credit group at CarVal Investors. She was responsible for all aspects of commercial loan investing including establishing and managing servicer and operator relationships. While at Cargill, she was also a member of the Cargill Women’s Council and was part of the team instrumental in starting the Cargill women’s conference. Lena is a member of Private Equity Women Investor Network (PEWIN) as well as Women Presidents Organization (WPO).
Qualifications
Lena holds a Bachelor of Business Administration from the University of Minnesota-Duluth where she graduated Summa Cum Laude, as well as a Juris Doctor from William Mitchell College of Law. She is licensed (currently inactive) to practice law in the state of Minnesota.
Richard Buckland
Chief Operating Officer
Experience
Richard most recently held the position as COO of Wells Fargo Global Fund Services LLC and was part of the senior management team that saw the business transition to SS&C Technologies Inc. Prior to that he was Managing Director of LaCrosse Global Fund Services’ North American unit, a subsidiary of Cargill that provides operations, middle-office and fund administration services to hedge fund managers. Richard previously held key management positions in tax, accounting and financial reporting functions in the U.S., U.K. and South Africa. His career spans portfolio accounting to management reporting and is coupled with external audit expertise. He played a leading management role in the creation of a previous asset management company while at Cargill.
Qualifications
Richard has a Bachelors in Accounting from the University of Witwatersrand and a Bachelor of Accounting Sciences in Financial Accounting from the University of South Africa, he is a member of the South African Institute of Chartered Accountants.
Raemi Gubrud
President, Willow River LLC
Experience
Raemi has over 20 years of experience in distressed credit investment management with comprehensive industry knowledge applied through various roles with SAM, WMD, and CarVal. Today, Raemi serves as President of Willow River, where she leads the loan servicing team and business. Previously, Raemi was responsible for investing in and managing commercial loans and loan portfolios. Prior to joining SAM, Raemi was a Vice President at WMD Asset Management where she worked in the commercial loan group and was responsible for underwriting, reporting, valuation, and portfolio analysis. Raemi also worked at CarVal Investors, where she gained operational experience in the commercial loan markets, and for the Office of the Comptroller of the Currency. At the OCC, Raemi gained experience identifying and evaluating credit risk in bank loans.
Qualifications
Raemi has a BBA in Banking and Financial Economics and a Bachelors of Accountancy from the University of North Dakota.
Henry Bensen
Vice President
Experience
Henry is an analyst focusing on commercial loan portfolio opportunities. Prior to joining SAM, Henry held various analyst intern positions with the Carleton college Investment Office, Moir Park Capital and interned with the U.S. House Committee on financial Services, where he focused on creating strategy and performance summaries, research market analyses summarizing economic drivers and real estate fundamentals.
Qualifications
Henry received his Bachelor of Arts in Economics from Carleton College, during this time he was senior captain of the college basketball team and mentored Spanish speaking students.
Reeves Ambrecht
Managing Director
Experience
Reeves is responsible for generating and qualifying commercial loan opportunities in the secondary market on a direct basis from financial institutions. Reeves was previously employed by Jones Lang LaSalle and Cushman & Wakefield as an analyst and associate. In these roles as a licensed broker, Reeves assisted senior management who represented landlords and tenants in the acquisition and disposition of office space in Manhattan, and Fairfield and Westchester counties. Prior to joining the team as an independent consultant, Reeves was a Managing Director and an integral part of the loan sale advisory department at the Debt Exchange, Inc. In this role, Reeves worked directly with public and private banks by helping with the disposition and sale of non-strategic loans into the secondary market.
Qualifications
Reeves earned his bachelor’s degree from Lake Forest College and attended the Lawrenceville School.
Jade Boisjoli
Portfolio Manager Associate
Experience
Jade completed an internship with SAM prior to joining full time. She studied at the University of Minnesota – Twin Cities, where she was a member of the Investment and Finance Organization. Here, she met with prominent banks across the U.S., focusing on topics within the investment banking and private equity industry.
Qualifications
Jade has a BSB in Finance from the University of Minnesota – Twin Cities, where she graduated with high distinction.
Matt Bentson
Vice President
Experience
Prior to joining SAM, Matt managed the Loan Operations Department at a community bank for seven years. During his time at the bank, Matt specialized in building and reviewing loan documentation as well as collateral valuation. In addition to this, Matt developed a highly successful loan operations team, training and mentoring new and existing hires.
Qualifications
Matt received his Bachelor of Science in Economics from the University of St. Thomas.
Mary Gonzaga
Senior Investment Analyst
Experience
Mary is an investment analyst. Prior to joining SAM, Mary interned at the residential real estate brokerage, DRG. She studied at the University of St. Thomas, where she was a member of Real Estate Society. This provided her with the opportunity to become involved in the local real estate community as well as to learn from real estate experts from the Twin Cities.
Qualifications
Mary received her Bachelor of Science in Real Estate Studies from the University of St. Thomas.
Alex Wells
Senior Investment Analyst
Experience
Alex is an investment analyst focusing on the financial analysis of commercial loan acquisitions. He most recently completed an internship with KPMG as a public accounting auditor. He successfully owned and operated his own boat detailing business right here along the picturesque St. Croix. Alex grew up in Stillwater, playing many sports, including hockey, for which he was awarded and received the Hubbard award for his efforts.
Qualifications
Alex has a Bachelor of Arts degree in Accounting from St. John’s University. Throughout college, Alex was heavily involved in many club sports and activities including being the treasurer of the St. John’s Ducks Unlimited chapter.
Jessica Berglund
Collateral Specialist
Experience
Jessica has 9 years of national recording experience and 10 years of collateral inspection and collateral underwriting experience.
Qualifications
Jessica attended Cambridge Community College.
Laurel Cunningham
Accounting Manager
Experience
Laurie brings over 30 years of experience in the accounting field. She was most recently working at Acre Real Estate, LLC a commercial real estate company where she managed more than 20 properties including reconciling rents, managing collections and the payment of all invoices. Laurie is a welcome addition to the accounting team.
Qualifications
She attended Normandale Community College with an emphasis in accounting.
Nick Olson
Chief Financial Officer
Experience
Nick most recently held the position as CFO and CCO at Argentem Creek Partners LP, an emerging markets credit investment management firm, in which he was responsible for its global operations. Prior to that he was Real Estate Controller for Olympus Ventures LLC, a family office located in Minneapolis, overseeing all middle- and back-office responsibilities of the portfolio. Nick began his career in EY’s Financial Services audit practice providing financial statement audit and attest services to investment managers and their funds, both public and private.
Qualifications
Nick has a Bachelor of Arts in Accounting and a Masters of Accountancy from the University of St. Thomas. He is a licensed Certified Public Accountant in Minnesota.
Ben Hinderer
Senior Fund Accountant
Experience
Ben joined us from SS&C Technologies Inc. and where he was part of the private equity accounting team. Prior to SS&C, Ben held various financial analysis and reporting roles where he gained accounting and finance experience. Ben is responsible for fund accounting, financial reporting, and analysis at Stillwater Asset Management.
Qualifications
Ben received his Bachelor of Science degree in Accounting from Iowa State University.
Madeline Motz
Senior Investment Analyst
Experience
Madeline is an Investment Analyst. Madeline interned with the SAM since 2019 prior to joining full time. She studied Finance at the University of Minnesota - Twin Cities. Throughout her time at SAM, she has developed financial analysis and management skills, as well as a strong passion for commercial real estate and investing opportunities.
Qualifications
Madeline received her BSB in Finance from Carlson School of Management at the University of Minnesota – Twin Cities.
Bernard Nelson
Vice President
Experience
Prior to joining SAM, Bernard has spent the majority of his career resolving portfolios of non-performing loans and real estate owned assets, spanning four continents and seven countries, encompassing supervisory and non-supervisory roles and consultancies. He has built special asset departments from scratch, turned around an existing operation and made major contributions to the recovery of substantial sums from assigned portfolios of special assets. Primary asset types managed include a wide variety of commercial and industrial and commercial real estate loans and REO.
Qualifications
Bernard holds a Masters of Public Administration with an emphasis in Public Finance from the Maxwell School of Citizenship and Public Affairs at Syracuse University and a Bachelor of Arts in Public Administration from San Diego State University.
Mackenzie Huber
Commercial Loan Workout Analyst
Experience
Mackenzie is a Commercial Loan Workout Analyst. Prior to joining SAM, Mackenzie worked for a veterinary laboratories company, IDEXX Laboratories Inc. Throughout her time at IDEXX, Mackenzie developed her skills in customer service, creating a client-focused approach. She gained firsthand experience in managing high-volume client communications and complex conflict resolution.
Qualifications
Mackenzie received her Bachelor of Science in Biology from Concordia University.
David Baker
Commercial Loan Operations Manager
Experience
David is the Commercial Loan Operations Manager with over 10 years in the financial services industry. In his current role, he supports the overall team by driving operational efficiency across the loan servicing process while enhancing accuracy and timeliness of data processing. David is also responsible for monitoring data integrity and the preparation of performance reporting to internal and external stakeholders. His background includes roles in credit analysis, underwriting, and branch operations at financial institutions like WESTconsin Credit Union and Boundary Waters Bank.
Qualifications
David received his Bachelor of Science in Economics and Business Administration from the University of Wisconsin – Stevens Point.
Kade Bowar
Commercial Credit Specialist
Experience
Kade is a Commercial Credit Specialist. Kade previously interned at Choice Bank, where he worked with a variety of different departments. Kade studied at Saint John’s University where he played varsity baseball and was a member of the Economic Honor Society. Throughout his time at Choice and SJU, he has developed financial and data analysis skills.
Qualifications
Kade received his Bachelor of Arts in Economics and Finance from Saint John’s University.
Kayley Gehrels
Commercial Credit Specialist
Experience
Kayley is a Commercial Credit Specialist. She most recently worked as an Insurance Benefits Advisor. Throughout this role, Kayley partnered with local employers to create personalized solutions involving various types of health insurance and supplemental plans. She also developed strong communication skills through the education of employees on the plans available while tailoring the conversation to meet a specific employee’s needs while balancing coverage and cost-effectiveness.
Qualifications
Kayley received her Bachelor of Arts in Business Administration from Arizona State University.