TCAM Announces Staff Moves
Elaine Magil has joined TCAM, expanding the Boston-based firm’s third-party asset management and consulting and advisory services groups.
She brings nine years of experience in community economic development and affordable housing finance. Prior to joining TCAM, Magil was a senior associate at a national low-income housing tax credit syndicator, where she performed financial modeling and worked on property acquisition efforts in 14 states. She also worked in commercial lending to nonprofit borrowers at a large bank. Magil’s prior work experience includes program management and direct client service at community development nonprofit agencies.
In another move, Brian Urban has been promoted to director at TCAM. The promotion recognizes Urban’s role in providing asset management services for owners, developers, and housing finance agencies.
Urban has been with TCAM for six years. He has 26 years of experience in real estate finance, including more than 10 years in the affordable housing business. At TCAM, Urban has been responsible for asset management on behalf of owners of affordable housing properties throughout the country, including state housing finance agencies responsible for properties funded by Tax Credit Assistance Program and Sec. 1602 Tax Credit Exchange funds. His prior work experience includes asset management and acquisition roles at a large owner and operator of multifamily properties in the New England region.
provides services to clients for over 800 properties
comprising 120,000 apartment units in 46 states, Washington, D.C., and
Puerto Rico, representing in excess of $5.5 billion of client capital.
Clients include state housing agencies, local housing authorities, investors,
banks, and nonprofit and for-profit owner and developers.
Transitional Housing Corp. Names Leader
The Transitional Housing Corp. (THC) has named Philip H. Hecht, a Washington, D.C., lawyer who helped found the nonprofit 25 years ago, as its new president and CEO.
Hecht replaces Polly Donaldson, who left the organization to head the District’s Department of Housing and Community Development. Frank Demarais, who served as interim executive director, will continue as THC’s COO during the transition.
Hecht was a partner at several D.C. law firms for 23 years and chaired K&L Gates’ pro bono legal program for 10 years. He also served on the board of directors and as president of Community Family Life Services and has served two terms as council president of Christ Lutheran Church, a THC founding member. He served 25 years on the THC board, including several years as chairman.
THC provides housing and comprehensive support services to more than 500 homeless and at-risk families in Washington, D.C. THC’s vision is to end family homelessness in the District by 2020.
Baggett to be CohnReznick Chairman
Ken Baggett, co-CEO at CohnReznick, has been appointed the first chairman of the board.
He begins his new role Oct. 1 when he and Tom Marino step down as co-CEOs. The firm previously announced that Frank Longobardi will become CEO at that time.
In addition to his chairman duties, Baggett will be significantly more active in the firm’s affordable housing practice, assisting clients with opportunities and being more involved in the professional organizations that support the affordable housing community. He has extensive experience in providing structuring advice to developers, builders, syndicators, investment banks, corporate investors, and housing finance agencies.
Baggett will also be actively involved in Nexia International, the firm’s international network, focusing on building relationships and issues of critical importance to clients’ global interests. And, he will be working to further the firm’s merger-and-acquisition pursuits in strategic markets.
CohnReznick is a top accounting, tax, and advisory firm.
Arbor Appoints Executive VP
Daniel Kenny has been named executive vice president and chief asset manager, servicing and asset management, at Arbor Commercial Mortgage.
Kenny joined Arbor in 2011 as a senior vice president to assist with the creation of a Credit Risk Management Department and has since then expanded his contributions across several departments and business operations.
Arbor Commercial Mortgage and Arbor Commercial Funding are national direct lenders specializing in loan origination and servicing for multifamily, seniors housing, health care, and other diverse commercial real estate assets.
MADGI Hires Project Manager
James Cifuentes has joined the New York City architecture, design, and planning firm of Montroy Andersen DeMarco (MADGI) as project manager.
His responsibilities include managing design activities; supervising architectural personnel; interacting with clients and assisting them in developing marketing, design, and legal materials; coordinating engineering, legal, and zoning consultants; and administering construction activities.
Cifuentes will primarily work with MADGI’s multifamily studio.
Prior to joining MADGI, Cifuentes worked in design capacities at Skidmore, Owings & Merrill; Perkins Eastman; Goldstein, Hill & West Architects; and Ismael Leyva Architects.
The value of MADGI’s on-going multifamily residential projects, both market-rate and affordable housing, exceeds $375 million. The firm’s overall portfolio of current work is valued in excess of $500 million.
Stratford Capital Expands Team
Stratford Capital Group has added three members to its acquisitions department, where they will be primarily involved with the analysis, underwriting, and acquisition of real estate investments.
John J. Sorel has been hired as senior vice president. Sorel brings more than 28 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he was a managing director at Berkeley Point Capital, where he was responsible for a range of asset management, special asset management, and risk management functions. Sorel was previously a managing director at Centerline Capital and its predecessor companies in New York, where he specialized in affordable multifamily equity and debt finance.
Veronica D. Gominho has been hired as vice president. She joins Stratford Capital with more than 25 years of experience working in the affordable housing industry. She has held various senior investment positions at Hunt Capital Partners, Tax Credit Asset Management, John Hancock, and Boston Financial Group, involving various aspects of tax credit investing, including acquisition, underwriting, disposition, asset management, and portfolio management.
Robert F. Sheehy has joined the firm as assistant vice president. He joins Stratford Capital with more than nine years of experience in the affordable housing industry, most recently serving as assistant vice president in the special assets group at Boston Capital, where he was tasked with developing and implementing work-out strategies for a portfolio of affordable multifamily real estate assets with a value of $800 million in total development cost.
Stratford Capital is a privately owned national real estate investment and development firm, with a particular focus on affordable rental housing, with offices in Boston and Vienna, Va.
CPC Announces Key Moves
The Community Preservation Corp. (CPC), a nonprofit lender providing reliable capital to underserved neighborhoods throughout New York state since 1974, announced additions to its leadership and originations teams.
The expanded CPC team includes:
· Tom McGrath, senior vice president and director of upstate revitalization: McGrath will lead efforts to increase CPC’s presence in and commitment to upstate New York. His expertise will be utilized to mentor field office heads to develop upstate growth strategy and find unique ways CPC can enhance its impact in the communities it serves. He started his career in CPC as the first regional director for the Hudson Valley office and was instrumental in CPC’s expansions to eastern, central, and western New York. Most recently, he oversaw all aspects of CPC Resources, CPC’s for-profit subsidiary that provides equity and develops affordable housing in underserved communities throughout New York.
· Elizabeth Propp, senior vice president for investments and acquisitions: Before joining CPC, Propp worked as a research affiliate and financial consultant for the NYU Furman Center for Real Estate and Urban Policy. Prior to that, she was with JPMorgan Investment Management for 16 years, most recently as managing director and Northeast acquisitions team leader.
· Lawrence G. Hammond, vice president and mortgage officer in CPC’s New York City office: In his new role, he will help grow the New York City office’s construction and permanent loan portfolio and ensure it reflects CPC’s core mission to stabilize and revitalize communities. With over 30 years of experience in financing community development and commercial real estate projects, he comes from the Popular Community Bank where he was the vice president and relationship manager for nine years. Hammond has also worked at JPMorgan Chase Community Development Group for almost 30 years, most recently serving as the vice president of its community partnership office.
· Christopher Schilling, mortgage officer on CPC’s Freddie Mac team: Based in the New York City office, Schilling will lead mortgage officers from all field offices to grow CPC’s Freddie Mac Small Balance Loan portfolio. Prior to joining CPC, he worked at Love Funding for eight years, starting as an investment analyst and advancing to the director of the New York office. He also worked at Citi in its Citi Cards and Citibank North America division for six years, becoming an expert in risk management.