KeyBank Appoints Community Development Executive
Robert Likes has been named national manager of Community Development Lending and Investment (CDL) at KeyBank. He will spearhead the national expansion of Key’s affordable housing platform.
Likes is a 12-year veteran with KeyBank Real Estate Capital, recently heading up the company’s Northwest Income Property Group.
Last year, KeyBank provided nearly $400 million in debt and equity financing to developments in underserved communities. The CDL platform is an integral part of Key’s business and plays a significant role in the bank’s ability to meet its Community Reinvestment Act objectives, which include offering low- to moderate-income communities reliable lending, investment, and service options.
Flaherty & Collins Adds Developer
Sanjeev Jaipuriar has joined Flaherty & Collins Properties as a developer.
Jaipuriar is an affordable housing professional specializing in low-income housing tax credits (LIHTCs) and multifamily lending programs. Using his extensive experience in housing finance, underwriting, and asset management, he will assist Flaherty & Collins Properties’ development activities in affordable and market-rate projects.
Prior to joining Flaherty & Collins, Jaipuriar was vice president of acquisitions for City Real Estate Advisors in both Indianapolis and Boston. Prior to that, he had been vice president of underwriting for Great Lakes Capital Fund in Lansing, Mich., and a director and an asset manager for Enterprise Community Investment in Columbia, Md.
Indianapolis-based Flaherty & Collins was ranked among AHF’s Top 50 developers this year. It manages more than 100 properties and nearly 15,000 units in 12 states and has projects in development throughout the country, including Cincinnati, Indianapolis, Kansas City, and St. Paul, Minn.
RubinBrown Expands with Nashville Office
St. Louis-based RubinBrown, a Top 50 accounting and business consulting firm, will open a Nashville, Tenn., office June 1.
The new office will focus on serving clients in the real estate industry throughout Tennessee.
Relocating from St. Louis to lead the Nashville office is Amy Broadwater, a partner in RubinBrown’s Real Estate Services Group. She provides tax and consulting services to real estate clients, specializing in affordable housing tax credits, historic rehabilitation, New Markets Tax Credits, renewable energy projects, and real estate investment funds.
The Real Estate Services Group is a national practice serving real estate developers, investors, syndication firms, state housing agencies, investment banks, construction companies, home builders, lenders, and others throughout the United States.
“Nashville is a city that RubinBrown has been looking at for years,” said John Herber, the firm’s managing partner. “We recognize an increasing need for our specialized real estate services and, along with the dynamic growth in Nashville and throughout the entire state of Tennessee, this makes the opening of an office here a fantastic business opportunity. We certainly will add services and staff as our firm grows the client base.”
VOA Hires California Development Director
MJ Gravel has joined Volunteers of America (VOA) as development director for California.
She will focus on property acquisitions, renovation of existing properties, and new construction for VOA’s three California offices. VOA is one of the nation’s largest nonprofit developers and owners of affordable housing.
Prior to joining VOA, Gravel ran her own consulting business that provided support to California nonprofits. She previously worked with the National Affordable Housing Trust and before that was the executive director of the Ohio Housing Council and a staff member of the Ohio Housing Finance Agency.
National Core Names EVP
Michael M. Ruane has been selected executive vice president of National Community Renaissance, a prominent nonprofit developer of affordable housing based in Rancho Cucamonga, Calif.
Ruane has served in a variety of leadership positions in Orange County, Calif., including interim COO of CalOptima, executive director of the Children and Family Commission, assistant county CEO, and director of the Environmental Management Agency.
At National CORE, he will serve as second in command to president and CEO Steve PonTell.
National CORE manages nearly 9,000 affordable, senior, and market-rate units in Arkansas, California, Florida, and Texas.
AMCAL Adds to Executive Team
David Yarden has joined AMCAL Multi-Housing as vice president of finance and general counsel. He will oversee project finance of LIHTC developments, development opportunities, and manage legal matters.
A licensed attorney in California and Colorado with more than 20 years of experience in the real estate and affordable housing industries, Yarden’s background includes acquisitions, development, and syndication of housing financed with tax credits. Prior to joining AMCAL, Yarden served as corporate counsel for a national LIHTC syndicator.
Headquartered in Agoura Hills, Calif., AMCAL and its affiliated companies develop, construct, and operate affordable and market-rate apartment communities in California and Texas, with over 4,000 units in their portfolio.
CDT Hires VP
Matt Zarlengo has been hired as vice president, debt and equity investments, at the Community Development Trust (CDT), a private real estate investment trust that provides capital for the preservation of affordable housing.
Based in Denver, Zarlengo will be responsible for sourcing both debt and equity investments in projects throughout the West. Prior to joining CDT, he was vice president of commercial real estate, community lending division, at U.S. Bank, where he originated debt financing for affordable housing clients in Colorado, New Mexico, and Utah. His experience also includes serving as senior financial analyst for Mercy Housing.
Monroe Group Announces Promotion
David Asarch has been promoted to vice president, development, and general counsel, at Monroe Group and its acquisition and development partner, Steele Properties.
In this role, Asarch will manage the legal, underwriting, and acquisition teams and will oversee projects
from start to finish. He will oversee the underwriting and analysis of all transactions, including acquisition opportunities, sales, and tax credit transactions.
He joined the Monroe senior management team in 2008 as corporate counsel and was promoted to general counsel in 2014. Asarch has been instrumental in the growth of both companies, helping Steele double its portfolio and closing more than 30 capital transactions totaling over $350 million.
Monroe Group is a leading property management company specializing in affordable multifamily, seniors, and disabled housing. The company manages a portfolio of over 40 properties nationwide totaling over 3,500 units. Steele Properties is a national real estate investment firm specializing in the acquisition, rehabilitation, and new construction of affordable multifamily rental properties. Steele has completed approximately $500 million in acquisitions, sales, and development activity involving 40 properties and over 4,000 units, including 29 tax credit projects.
Asset Management Director Joins Pennrose
Wayne Everett has joined Pennrose Properties as director of asset management, a new position for the Philadelphia-based firm. His responsibilities will include establishing an asset management platform to keep pace with the organization’s growing portfolio and overseeing the physical and financial health of the firm’s 14,000 units.
Everett brings more than 10 years of asset and property management experience to the role. He was most recently director of asset management with PRG Real Estate, and prior to that, he was senior financial analyst and a regional property manager with Mission Residential, a multifamily real estate investment and management company.
ComCap Names CEO
Michael Lengen has been named CEO of ComCap Asset Management, one of Colorado’s leading multifamily management companies.
Lengen brings more than 35 years of executive leadership experience in real estate development, management, and finance covering all aspects of multifamily and commercial real estate. In these roles, he provided leadership on multifamily housing partnerships of both market-rate and affordable tax credit projects.
ComCap also promoted Chris Vargas from property manager to vice president of operations and hired Peggy Chavez as its compliance director.
The company manages more than 2,400 affordable and market-rate units in metro Denver and throughout the state.