Citi Announces Leadership Moves
Richard Gerwitz and John Heppolette have been named co-heads of Citi Community Capital (CCC), Citigroup’s community reinvestment arm, as Andy Ditton has accepted the role of head of policy and strategy for CCC.
In addition, Mark Dean assumes the role of national production manager for affordable housing, and Mike Hemmens becomes Western regional manager.
Based in the Municipal Securities Division of Citi’s investment bank, CCC has 10 offices throughout the country.
Costigan Rejoins TCB
Patrick Costigan has been named senior vice president of strategic initiatives at The Community Builders (TCB), a leading nonprofit developer of mixed-income housing.
He will serve as a member of the leadership team and advance strategic partnerships with major neighborhood-based institutions, such as universities, hospitals systems and public housing authorities across TCB’s portfolio in 14 states and Washington, D.C.
Costigan is returning to the Boston-based organization after an extended leave. He was serving as senior adviser to Department of Housing and Urban Development (HUD) Secretary Shaun Donovan since January 2011. While at HUD, Cositgan led the launch of the department’s Rental Assistance Demonstration program, helped integrate a number of rental housing recapitalization programs, and coordinated HUD’s efforts in assisting several housing authorities reposition their aging inventories.
Costigan originally joined TCB in 2000 when he served as director of national and regional policy and helped establish the organization’s community life work.
Boston Financial Adds to Syndication Team
Bob Courtney has been hired as senior vice president of syndication at Boston Financial Investment Management.
He joins the low-income housing tax credit (LIHTC) syndicator from PNC Real Estate’s Tax Credit Capital Group, where he served for 18 years and managed the originations group responsible for establishing LIHTC investment and lending opportunities.
Boston Financial manages approximately $8.2 billion of LIHTC and historic tax credit equity investments, comprising more than 1,400 properties and 145,000 units, including $1.2 billion of affordable debt investments.
WSHFC Names Multifamily Division Leader
Lisa Vatske has been selected to lead the Multifamily Housing and Community Facilities Division at the Washington State Housing Finance Commission (WSHFC), overseeing more than $650 million in bond and tax credit financing each year.
She served as managing director of the state’s Housing Trust Fund from 2004 to 2011. Vatske recently worked as a program manager in the Office of Refugee and Immigrant Assistance under the state Department of Social and Health Services.
She replaces Steve Walker, who left WSHFC to direct the Seattle Office of Housing.
CSH Hires West Region Director
Beth Stokes has been named managing director, Western region, by the Corporation for Supportive Housing (CSH).
She recently served as director of homeless services at Volunteers of America in Los Angeles.
Stokes has also served as executive director of the Hamilton Family Center in San Francisco and director of programs for the Los Angeles Homeless Services Agency. She will be based in the CSH Los Angeles office.
Cambridge Housing Partners Hires Construction Director
Douglas Tierney has joined Cambridge Housing Partners (CHP) as director of construction. He will be based in the Denver office.
Tierney comes to CHP from The Community Builders, where he served as associate director of design and construction. In his new role, he will oversee all aspects of construction, working closely with outside architects and general contractors to ensure successful project completions.
Bellwether Enterprise Hires S.V.P.
Dan Charleston has been hired as senior vice president at Bellwether Enterprise Real Estate Capital. He will be based in the firm’s Chicago office as part of its origination team.
Charleston joins Bellwether Enterprise from Key Bank Real Estate Capital, where he worked as a permanent product specialist responsible for multifamily loan origination with bank and third-party capital sources in the Midwest. He has extensive borrower relationships and experience utilizing Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), and commercial mortgage-backed securities (CMBS) lending sources.
Arbor Appoints Western Region Director
Garth Davis has been appointed senior vice president and Western regional director at Arbor Commercial Mortgage. He is responsible for originating Fannie Mae, FHA, CMBS, bridge, mezzanine and other transactions for multifamily and health-care properties nationwide.
He is based in the firm’s San Francisco office.
National CORE Adds to Management Team
Daniel W. Lorraine has become senior vice president of property management at National Community Renaissance (National CORE).
Lorranie, who most recently served as senior vice president of property management at The Community Builders, will oversee a division responsible for managing nearly 9,000 units.
Rancho Cucamonga, Calif.-based National CORE develops, builds, operates, and manages affordable communities for families and seniors in Arkansas, California, Florida, and Texas.
RED Adds to Team
Red Capital Markets, the broker/dealer arm of Red Capital Group, named Michael Franzoni as a director, sales and trading. Located in Columbus, Ohio, he will support the firm’s production team on all pricing and capital markets matters and will contribute to expanding current and future business platforms. He will also be responsible for placing multifamily debt and recycling capital through MBS executions and trading MBS and municipal securities.
Prior to joining Red, Franzoni served as assistant vice president, capital markets, at Arbor Commercial Mortgage, and as an analyst at UBS Securities in New York.
Red Mortgage Capital, the firm’s mortgage banking arm, hired Benjamin M. Frank as a director, seniors housing and healthcare originations. Based in Orange County, Calif., he will play a critical role in growing the seniors housing business line.
Frank recently served as executive vice president and chief lending officer for Sunwest Bank in Irvine, Calif.