The Commonwealth Cos. Names Construction and Development Presidents

The Commonwealth Cos. has announced that Brent Schumacher has been named president of Commonwealth Construction Corp. and David Ritchay has been named president of Commonwealth Development Corp.

Brent Schumacher
Brent Schumacher

Schumacher has been with Commonwealth since 2008 and has over 30 years of experience in the construction and development industries. He started at Commonwealth as a project manager and over the years has worked to expand the capabilities and capacity of the construction company. As president of Commonwealth Construction Corp., Schumacher will be responsible for establishing short- and long-term goals for project execution, reporting, financials, and business development to grow and strengthen the construction company’s national footprint.

David Ritchay
David Ritchay

Ritchay has 17 years of development and asset management experience with broad application in most aspects of the affordable housing industry. He joined Commonwealth in 2015 as vice president of development with the focus of identifying affordable housing development opportunities. In 2017, he become senior vice president of development, overseeing all housing production. Ritchay was later tasked with building an asset management department to look after Commonwealth’s growing portfolio of stabilized communities. Currently, he shares development production responsibilities with Dan Kroetz, senior vice president of development, while also overseeing asset management.

As president of Commonwealth Development Corp., Ritchay will provide strategic leadership and corporate oversight to achieve company goals that will improve both operational efficiency and the bottom line.

A leading Wisconsin-based affordable housing firm, The Commonwealth Cos. is comprised of real estate development, construction, architectural design, and property management companies.

Pennrose Promotes Dench-Carter to SVP of Development


Ivy Dench-Carter has been named senior vice president of development at Pennrose. In this role, she will oversee the execution and growth of the leading affordable housing firm’s development pipeline within multiple designated regions, be responsible for the oversight of performance goals for the regions, and monitor regional performance and efficiency. In addition, Dench-Carter will provide executive representation of Pennrose among industry organizations and associations, financial partners, design and construction partners, housing authorities, and state agencies.

Ivy Dench-Carter
Ivy Dench-Carter

Dench-Carter previously served as the regional vice president of the Mid-Atlantic, where she managed all phases of development in Maryland, Virginia, the U.S. Virgin Islands, and Washington, D.C. Dench-Carter began her career at Pennrose as a property manager in 1990 and transitioned to real estate development at the company in 1995.

She has developed over 35 projects totaling approximately 2,400 units. Many of these projects involved public housing authorities and government agency-owned land requiring the negotiation of complex land disposition agreements and master development agreements.

She serves as president emeritus of the Maryland Affordable Housing Coalition and is on the board of directors of Anne Arundel County Affordable Housing Coalition and Baltimore City Inclusionary Housing Board.

Heartland Alliances Announces Executive Director, VP of Heartland Housing

Earl L. Chase
Earl L. Chase

Earl L. Chase has been appointed executive director and vice president of real estate of Heartland Housing. He brings vision, insight, and deep institutional knowledge of real estate development, investment, and management as well as a strong commitment to building affordable housing, revitalizing neighborhoods, and bolstering communities, according to the Chicago-based organization.

Chase has more than 20 years of leadership experience primarily in real estate development, tax credit equity syndications, and commercial lending. Prior to joining Heartland, he established the Midwest originations platform for two national syndicators, held senior relationship management roles with two global banks, and served as a capital markets professional in Houston with a national multifamily developer.

Leonhard Joins Berkadia

Affordable housing industry veteran Tim Leonhard has joined Berkadia Affordable as senior managing director, bringing more than 22 years of development and financing experience.

Tim Leonhard
Tim Leonhard

He joins the firm from JLL, where he served as senior managing director and leader of the affordable housing group. Leonhard has extensive experience with Fannie Mae, Freddie Mac, and Department of Housing and Urban Development (HUD) loan programs.

Under Leonhard’s leadership, JLL’s affordable housing group was ranked No. 1 in the country for total affordable loan production by Fannie Mae and Freddie Mac on several occasions and was consistently ranked in the top three with both government-sponsored enterprises annually. Leonhard closed in excess of $2.1 billion in 2020 at the firm. Prior to joining JLL, he served as managing director at MMA Financial, vice president at Glaser Financial Group, vice president at Charter Mac, and project manager at HRI Properties. Berkadia’s affordable debt platform arranged over $780 million in loans in 2019.

Egan Promoted to VP at EAH Housing

David Egan
David Egan

David Egan has been promoted to vice president of real estate development and construction at EAH Housing. He has been with the nonprofit since 2008 and most recently served as a director within the real estate department.

As vice president of real estate development and construction, Egan is responsible for all development activity, with a primary focus on the construction, lease-up, and conversion stages of the development process. He will also assist in leading the team in developing policies and procedures and handling negotiating architect and general contractor agreements.

Established in 1968, EAH Housing is one of the largest and most respected nonprofit housing development and management organizations in the western United States. EAH develops low-income multifamily housing and manages more than 210 properties in 78 municipalities in California and Hawaii.

Lument Hires Veteran Originator

Eric T. Baum has joined Lument as a managing director. He is responsible for originating, underwriting, and closing bridge loans for multifamily and commercial properties that are in transition, preparing them for permanent financing through a Fannie Mae, Freddie Mac, HUD/Federal Housing Administration (FHA) takeout. He is based in Philadelphia.

Eric Baum
Eric Baum

Prior to joining Lument, Baum was a managing director at Resource Real Estate Funding/Exantas Real Estate Funding, where he focused on transitional financing. He earlier spent a decade at Capmark/GMAC, where he was responsible for originating bridge and conduit loans on all property types.

As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and health care real estate.

Douglaston Development Names CEO

Jed Resnick has been appointed CEO of Douglaston Development, one of the largest residential and mixed-use developers in New York City. He is responsible for implementing the company’s strategic vision to create exceptional multifamily housing in the city by tackling complex development challenges. He oversees all aspects of the company’s development activities, from site acquisition and entitlement to design, financing, and execution; as well as administration of Douglaston’s day-to-day operations, business development, and talent management.

Resnick joined the firm as chief operating officer in 2018 with more than 13 years of experience in real estate finance and development. He began his real estate career at LeFrak in New York City in 2004.

Douglaston Development specializes in a wide range of projects from mixed-use developments, high-rise luxury rentals and condominiums, affordable and mixed-income housing, hospitality, senior communities, and commercial spaces.

McShane Construction Announces Leadership Change

After serving as president of McShane Construction Co. for 22 years, Jeff Raday will retire at the end of the year. Upon his retirement, executive vice president Mat Dougherty, will transition into the role, announced the firm.

Jeff Raday
Jeff Raday

Raday joined the firm in 1996 as vice president and was promoted to president in March 1998. Under his leadership, the construction company broadened its project portfolio and diversified geographically, expanding into new markets across the country. He led the establishment of the firm’s four regional offices in Phoenix; Irvine, California; Auburn, Alabama, and Madison, Wisconsin, and has grown the business’ annual revenue from $60 million to $600 million.

Mat Dougherty
Mat Dougherty

Dougherty joined McShane in June 2000 as a project engineer, following his graduation from Marquette University. Over the past 20 years, he has proven himself a strategic visionary and has demonstrated the utmost dedication to furthering the company's mission, said the firm.

The firm offers integrated design/build and build-to-suit construction services for the multifamily, retail, office, recreational, hospitality, health care, and other markets.

Dwight Capital Hires Chief LEAN/Health Care Underwriter

Ryan Miles has been named managing director—chief LEAN/health care underwriter at Dwight Capital, a prominent private commercial real estate lender.

Prior to joining Dwight Capital, Miles was a managing director and chief credit officer for seniors housing and health care at Lancaster Pollard, which is now part of the broader lending platform Lument.

He has over a decade of experience in the commercial real estate finance industry, including credit analysis, underwriting, and valuation. He worked in the underwriting department of a low-income housing tax credit equity syndicator before joining Lancaster Pollard in 2006. He has also worked directly with agents at Fannie Mae, HUD/FHA, and the U.S. Department of Agriculture.

Miles will be responsible for providing leadership and direction to the Dwight health care team throughout the underwriting process. He will also manage aspects of credit approval, loan underwriting, and closing for all health care loan products. With his significant work experience and key industry relationships, he will play an integral role in growing the health care business and will serve as a primary liaison to HUD’s Office of Residential Care Facilities for the firm.

MHACY Appoints Finance Manager

Mary Lyras has been named finance manager at the Municipal Housing Authority for the City of Yonkers (MHACY) in New York.

Mary Lyras
Mary Lyras

She recently served as CFO for the Yonkers Industrial Development Agency, where she was responsible for preparing, managing, and reconciling all financials as well as working closely with prospective projects from applications to approvals.

During her tenure with the Yonkers IDA, Lyras was instrumental in the financing of hundreds of affordable units under the Yonkers affordable housing ordinance in new apartment buildings along the Hudson River, including projects by Extell, Rose Associates, and AvalonBay, to name a few.

Eastern Mortgage Adds AVP

Peter Tousignant has been named an assistant vice president at Eastern Mortgage Capital, where he will originate FHA loans nationally. He joins the firm from a previous role as an originator with a Boston-based commercial mortgage banking firm.

Peter Tousignant
Peter Tousignant

Tousignant brings a diverse and extensive background in multifamily financing, including roles with a large bank and development firms, plus numerous assignments as an independent consultant.

Eastern Mortgage Capital is based in Burlington, Massachusetts, and is a leading direct nationwide MAP lender. The firm focuses solely on providing FHA-insured financing nationwide for apartments, assisted living properties, and skilled nursing facilities.