Executive Team

Mark M. Caplan | Chairman

Mark Caplan is President and Chief Executive Officer of The Time Group (www.thetimegroup.com), a real estate equity investment firm, which has interests in approximately 7,500 units across multi-family, manufactured housing, and senior living communities. He began investing in real estate in the late 1970’s and continues to maintain a focus on multi-family residential properties. He is the managing member and sole shareholder of Washington Place Equities (www.washingtonplaceequities.com), a development firm specializing in mixed use urban historic renovation and construction.

He also serves as Chairman of the Management Committee for WPM Real Estate Group (www.wpmllc.com), a real estate management firm he helped found that manages multi-family, manufactured housing, senior living, condominium and homeowner association, and commercial properties, with approximately 23,000 total units currently under management.

Many of the properties and entities Mark has been involved with have received awards and recognition. Among them are recognition as a Top Workplace in Baltimore by The Baltimore Sun for nine consecutive years, #1 Ranked Largest Residential Property Manager in the region five times by the Baltimore Business Journal, Property Management Company of the Year in 2015, 2017 and 2018 by the Maryland Multi-Housing Association, winner of the ULI Wavemaker award and winner of Best Residential Property by the Downtown Partnership of Baltimore.

In the early 1980’s, Mark co-founded Harbor Leasing Associates, an equipment financing business, which has grown to include commercial vehicle financing. Today, the company, now known as Madison Capital (www.madisoncapital.com), is one of the larger independent leasing companies in the mid-Atlantic. Mark serves as Chairman of the Management Committee for the firm.

An initial investor in Sterling Bank and Trust, Mark served as part of a three-member executive committee of the Board of Directors before it was acquired by Carroll County Bank and Trust in the late 1990’s. Mark was a member of the Board of Bay Bank, FSB (Nasdaq BYBK), which in 2018, was acquired by Old Line Bank (Nasdaq OLBK). In January of 2019, Mark joined the Board of Capital Bank (Nasdaq CBNK).

Mark has been an active member of governance boards for a variety of not-for-profit institutions, including the Enoch Pratt Free Library, the Downtown Partnership of Baltimore, The Walters Art Museum, The Bryn Mawr School, The Gilman School, Center Stage, Saint Ignatius Loyola Academy, The Real Estate Board of the Columbia Business School, Charles Street Development Corp, and Baltimore Educational Scholarship Trust.

A frequent guest speaker, Mark has been invited to lecture, with a specific focus on real estate transactions, at the Wharton Business School, Columbia University School of Business, the Carey School of Business at Johns Hopkins University, the Stern School of Business at NYU, the Georgetown University School of Business, and the University of Maryland School of Law. A publication of the Urban Land Institute includes a case study partially developed by Mark, based on one of his real estate transactions.

A Baltimore native, Mark earned his MBA from The Columbia Business School on a Dean’s Fellowship, and holds a Bachelor of Arts degree in Social and Behavioral Sciences from Johns Hopkins University. He also attended Haverford College and is a graduate of the Gilman School in Baltimore. In March 2010, Mark completed the Real Estate Executive Seminar: Capital Markets, Innovative Ventures, and Business Strategy at Harvard Business School.

Mark lives in Baltimore with his wife, Linda, and has three children.

Nancy Pistorio | President

Nancy Pistorio is a Certified Lease and Finance Professional with over 25 years of experience in the lease finance industry.  As President, Nancy’s areas of responsibility include strategic planning, originations, marketing, syndications, and co-management of credit underwriting, documentation, and funding. Nancy began her career in the leasing industry over 25 years ago with Harbor Equipment Leasing. When Harbor Equipment Leasing and Fox Valley Vehicle Leasing merged in 1997 to form Madison Capital, Nancy became a partner and assumed the role of Vice President.  In 2017, she was named President of Madison Capital.

Nancy has served on the CLFP Foundation Board, the Equipment Leasing and Finance Association’s (ELFA) Small Ticket Business Council Steering Committee and its Fair Business Practices Committee, as well as many other leasing industry trade association boards and committees. From 2005-2007 she served as President of EAEL, now NEFA, and was a member of the NEFA 2010 Board of Directors.

Nancy has two sons and resides in Baltimore, Maryland.


Allan Levine | Partner

Allan Levine has over 40 years of experience in the vehicle and equipment lease-finance industry. In 1974, Allan started Fox Auto & Truck Discount Leasing Company and in 1987, the name changed to Fox Valley Leasing, which merged with Harbor Leasing to become Madison Capital in August of 1997. Allan served as Madison’s President until February 2017.

Allan has also been active in many community organizations serving as VP of The Jewish Community Center and Chairman of The Gordon Center, (a 550-seat boutique venue for the performing arts), and The Chimes, an international not-for-profit serving over 20000 individuals with development disabilities and employs more than 2300 employees. He has also served, at the board and committee levels of additional local philanthropic and community organizations. Allan is currently a trustee of The Maryland Zoo. It is the fourth largest Zoo in the U.S. Allan is a graduate of the University of Maryland where he played lacrosse.

Kandi Laufert, Madison Capital, CFO Kandi Laufert | Chief Financial Officer

Kandi Laufert is a Principal and Chief Financial Officer of Madison Capital where she is responsible for the management of all accounting functions. She prepares and analyzes the monthly and annual financial statements along with the supporting analyses summarizing and forecasting company business activity and financial position. She is responsible for ensuring compliance with all creditors’ requirements, lenders’ covenants and bank reporting.

In addition, Kandi oversees the coordination of the external audits and reviews by outside lenders and accountants.Kandi is a honors graduate of Florida Institute of Technology and obtained her CPA certification in 1992 after her first sitting. She resides with her husband and two children in Westminster, Maryland.