PGIM Opens Cleveland Office, Hires Team
PGIM Real Estate Finance has hired an originations team led by Bruce Gerhart and David Strachan for its new Cleveland office.
The new group will be responsible for sourcing and originating loans for affordable housing, Federal Housing Administration (FHA) multifamily, health care, and seniors housing with a focus on Michigan, Ohio, and the Midwest.
Gerhart, Strachan, and their production team of Thomas Bruce and Troy Buckley formerly worked together at Love Funding Corp. Gerhart has more than 30 years of experience in the commercial real estate industry, including extensive knowledge of FHA underwriting and processing dating back to the early 1990s. His most recent role was regional director, where he oversaw origination and production throughout the Midwest.
Strachan joins PGIM with more than 10 years of experience in FHA origination and underwriting. In his most recent role, he closed more than 40 FHA loans totaling approximately $550 million.
PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management business of Prudential Financial.
Dominium Names VP of Public Affairs
Paula Prahl has been hired as vice president of public affairs at Dominium, a Minneapolis-based apartment developer, owner, and manager. It is a newly created position at the firm.
In this role, Prahl will develop a program to ensure effective and consistent interactions with governments and other key external stakeholders. The establishment of this role is critical to Dominium’s growth plan of owning 40,000 units by 2025.
Prahl most recently served as managing director of communications and public affairs at Varde Partners, a hedge, real estate, and private equity fund based in Minneapolis. Previously, she served over a decade as senior vice president of communications, public affairs, and corporate responsibility at Best Buy and served nearly a decade as vice president of government and community relations at Honeywell. Prahl began her public policy career as the director of public policy at the Minnesota Business Partnership.
Boyer Becomes President of Rose Community Capital
Kelly Boyer has been promoted to president of Rose Community Capital (RCC). She was formerly the firm’s West Coast director.
The finance company, acquired as part of Jonathan Rose Co.’s purchase of Forest City’s affordable housing business in 2017, provides FHA loans for clients’ affordable and mixed-income residential projects in the Midwest, Northeast, and West Coast.
In her new position, Boyer will lead the RCC team in the origination, coordination, underwriting, processing, and closing of company and third-party loans involving the FHA mortgage insurance program. She will also provide support on other RCC financing transactions, evaluate potential financing/refinancing alternatives, negotiate with lenders, and process, close, and monitor financing for Rose Community Management properties.
Boyer was formerly the FHA/MAP director and FHA chief underwriter for Citi Community Capital and was previously the Department of Housing and Development Los Angeles Multifamily Hub director.
Friedman Announces Opportunity Zone Practice
Friedman, an accounting and advisory firm, has established an Opportunity Zone practice.
The move is in response to strong interest in the federal community investment program that was created under the 2017 Tax Cuts and Jobs Act.
The practice leader is Steven Bokiess, a partner in the firm’s real estate group.
California Housing Partnership Adds to Team
Two experienced financial consultants have joined the California Housing Partnership.
Lauren Maddock has been named a senior housing finance consultant. She previously worked for 13 years at Mercy Housing California in a variety of roles, most recently as a senior project developer specializing in refinancing and resyndicating Mercy's portfolio of older affordable housing using low-income housing tax credits. Prior to that, she was the director of asset management for Mercy's California portfolio encompassing 130 properties totaling nearly 8,500 affordable units, where she oversaw a team of five asset managers across the state.
Chad Horsford has been named a housing finance consultant in the Partnership's Los Angeles office. He has worked in affordable housing for four and a half years, first in acquisitions at Abode Communities and then in project management at PATH Ventures. During that time, he has contributed to the acquisition and financing of over 500 units of affordable housing throughout the Southern California region. Horsford has experience working with a variety of federal, state, and local funding sources.
Real Estate Specialist Joins Alliant Insurance Services
Megan Davidson, an expert on real estate and affordable housing risk, has joined Alliant Insurance Services as vice president within the company’s Real Estate Group. Based in the firm’s Seattle office, Davidson will provide insurance and risk management solutions to a diverse portfolio of real estate clients with a focus on affordable housing and nonprofit organizations.
Prior to joining Alliant, Davidson was a sales executive with one of the Northwest’s largest independent insurance brokerage firms. She is a member of the National Affordable Housing Management Association, serving on the organization’s Educational Foundation Board and as annual auction chair.