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APARTMENT FINANCE TODAY • May/June 2009

BY Jerry ascierto

HUD Leadership Takes Shape

Carol Galante, a recognizable and progressive thought leader within affordable and multifamily housing circles, was named deputy assistant secretary of multifamily housing at HUD.

Galante was president of San Francisco-based BRIDGE Housing Corp., the largest nonprofit developer of affordable housing in California, at the time of the appointment. She will be responsible for the department’s financing support for the development and preservation of a $58 billion portfolio of rental housing. She will also be integral to several new initiatives that promote sustainable development, among other duties.

Separately, David Stevens, a veteran mortgage executive from the single-family sector, has been appointed head of the Federal Housing Administration.

Most recently, Stevens was president and COO of Long & Foster Cos., one of the largest single-family real estate firms in the Mid-Atlantic. Before that, Stevens was the national wholesale manager for Wells Fargo Home Mortgage and vice president of Freddie Mac’s single-family business. The position requires Senate confirmation.

Additionally, Raphael Bostic, a professor at the University of Southern California’s School of Policy, Planning, and Development, was picked to be assistant secretary for policy and development at HUD. And Peter Kovar, chief of staff for Rep. Barney Frank (D-Mass.), is the nominee for assistant secretary for congressional and intergovernmental affairs.

Barton to Lead Carmel’s New York Office

San Francisco-based Carmel Partners has established a presence in New York City and recently tapped Quinn Barton to lead the office.

Carmel Partners, traditionally an equity investor, recently expanded into the multifamily debt arena. The company will focus on high-yield mortgage and mezzanine debt through both new loan origination and purchases of existing loans.

Barton, who will serve as managing partner in charge of performing and distressed debt acquisition, was most recently head of commercial mortgage-backed securities (CMBS) trading at Bank of America. Before that, Barton was a director at Natixis Real Estate Capital, overseeing trading and distribution of CMBS b-notes and mezzanine debt.

Barton will work to expand Carmel’s multifamily debt capabilities.