NEF Adds to Team
National Equity Fund (NEF) has tapped Emily Chen to be vice president of originations for its Northeastern region. It has also transferred Carrie Nova, a 10-plus-year veteran on its asset management team, to the originations group where she will partner with William Rahuba focusing on deals in the Southeast.
Chen returns to NEF after spending seven years in other positions, most recently as director of Health Center Finance at NEF’s parent company, Local Initiatives Support Corp. At NEF, she served as an originations manager from 1999 to 2009, closing $150 million in affordable housing investments.
Nova, who has been with NEF since 2006 as an asset manager, previously worked for Catholic Charities, where she was also an asset manager. And, Rahuba has worked with NEF’s originations team since early 2014, assisting with underwriting and analyzing due diligence in connection with financing and development of low-income housing tax credit (LIHTC) developments.
NEF, a Chicago-based nonprofit, is a leading LIHTC syndicator. It has invested $12.4 billion in 2,400 LIHTC developments, creating approximately 150,000 affordable homes for low-income families and individuals.
TCB Names Mid-Atlantic Development Director
Juan Powell has become director of development in the Mid-Atlantic region for The Community Builders (TCB).
He will lead development activities in North Carolina, Pennsylvania, and Virginia.
A veteran in the industry, Powell has more than 20 years of real estate experience. Previously, he was a principal and COO of The Neighborhood Development Co. (NDC), a privately held Washington, D.C.–based developer of condominium, mixed-use, and affordable housing developments. Prior to his role at NDC, Powell was a vice president and senior project manager at CarrAmerica Development, Inc.
His appointment advances the organization’s commitment to focus on growth within TCB’s 14-state geographic footprint, to strengthen local partnerships, and to continue internal organization capacity-building to support this growth.
Boston-based TCB is one of the nation’s leading nonprofit real estate developers and owners. Since 1964, it has constructed or preserved hundreds of affordable and mixed-income housing developments. It owns or manages 11,000 apartments in 14 states and has regional hubs in Chicago and Washington, D.C.
Pennrose Names SVP and CFO
Patrick J. Brala has joined Pennrose as senior vice president and CFO. He will lead the comprehensive financial operations for the Philadelphia-based multifamily real estate firm, including development and management activities.
Brala will oversee the financial, accounting, and accounts payable functions located in the company’s Philadelphia and Kingston, Pa., offices. He will also oversee and monitor short- and long-term financial planning, analyze cash flow, and manage all tax-related functions.
Brala has expertise as the senior financial officer for several significant real estate investment and development organizations. He was most recently co-founder and CEO of Score Enterprises (Athvita), an online retail company. He also served as senior vice president and CFO for Keystone Property Group.
The addition of Brala to the Pennrose team is seen as a key element in aligning all of Pennrose’s finance and accounting activities under an enterprise model that will enable the organization to execute its strategies for continued growth. Cristi Resciniti will remain CFO for management operations. All development financial operations will be transitioned to Brala.
Rich Gower has been named senior vice president of asset management and treasurer and will oversee the company’s expanded asset management activities, investor related functions, and all principal-related services.
Mutual Housing California Announces Promotion
Anne-Marie Flynn has been promoted to community development officer at Mutual Housing California, a Sacramento-based affordable housing developer. Flynn had been director of resource development.
Over the past 20 years, she has helped regional organizations develop and implement programs, including the University of California at Davis, Center for Regional Change, and the Food Bank of Yolo County. During this time, Flynn also worked with Mutual Housing as director of resident programs.
Founded in 1988, Mutual Housing California develops, operates, and advocates for sustainable rental housing for the diversity of the region’s households. Mutual Housing communities have 3,200 residents, nearly half of whom are children.
Hunt Mortgage Opens Charleston, S.C., Office
Hunt Mortgage Group has opened an office in Charleston, S.C., which will be led by John Beam, managing director. He is also responsible for leading the firm’s Atlanta office.
Beam will focus on originating agency debt, including loans under the Freddie Mac and Fannie Mae small-balance loan programs, as well as bridge financing through Hunt Mortgage Group’s Proprietary Loan Group. Beam will divide his time between the two offices and serve clients throughout the southeastern seaboard of the United States.
Arbor Appoints FHA Originator
Arbor Realty Trust, a real estate investment trust and direct lender specializing in loan origination and servicing for multifamily and senior housing, has appointed Stuart Gans as Federal Housing Administration (FHA) originator in its Dallas office.
Gans is responsible for originating multifamily, health-care, and hospital loans nationwide utilizing Arbor’s FHA loan program. Before joining Arbor, he worked at Love Funding.