CDP Names Director of Development
Jessica Woodruff has been named director of development to lead Community Development Partners’ (CDP’s) growing Oregon development team.
In her new role, she'll focus on strategic capacity expansion and overseeing the project management team's execution of new developments. Woodruff previously served as director of housing development for REACH CDC, where, in her 10-year tenure, she was instrumental in growing REACH's production of low-income housing tax credit (LIHTC) developments.
California-based CDP is an affordable housing developer and owner, with projects across four states.
Millennia Housing Management Names President
Lee John Felgar has been named president of Millennia Housing Management. In his new role, he will be responsible for improving operational efficiencies, achieving organizational goals, and ensuring high-quality standards are applied across Millennia’s housing portfolio, which consists of more than 270 multifamily residential communities in 26 states.
A 30-year veteran of the real estate industry, Felgar has held leadership roles at the National Corporation for Housing Partnerships, Volunteers of America, and Preservation of Affordable Housing. Most recently, he served as president of Pennrose Management Co. in Philadelphia, where he was instrumental in building teams, implementing systems, and preparing the organization for growth. Under Felgar’s leadership, the company received numerous industry awards and delivered excellent operational/customer service results for housing partners and residents.
Red Mortgage Capital Adds Lending Office in New York
RED Mortgage Capital, a division of ORIX Real Estate Capital, has hired Sean Cullen and Ronnie Gyani to lead its multifamily affordable lending activities in the greater New York City area. Cullen and Gyani have worked together since 2010 and both bring affordable housing finance experience to RED’s New York and East Coast operations.
Previously, Cullen and Gyani worked together providing affordable housing services at RBC Capital Markets as well as ACRE Capital. Most recently, they served at Barings Multifamily Capital, originating a variety of affordable housing loan products including Fannie Mae, Freddie Mac, FHA/HUD, and balance-sheet executions.
Cullen has over 23 years of experience, including as senior managing director in affordable housing originations at Barings, as well as director at RBC, specializing in tax-exempt bond transactions, and as a senior vice president in the Municipal Structured Product Group at Moody’s Investors Service.
Most recently, Gyani was a director in affordable multifamily lending at Barings. Prior to that, he worked for five years at RBC, serving as a senior investment banking associate.
National Equity Fund Announces Promotion
Stewart Jester has been promoted to senior vice president of project management at National Equity Fund (NEF).
Jester joined NEF in 2007, working in the acquisitions group, where he was an originator and a team manager, later moving to the project management department as a vice president. Previously, he served as a senior project manager for the Better Housing Coalition, a Richmond, Va.–based nonprofit community development corporation that builds affordable housing utilizing the LIHTC program.
A Chicago-based nonprofit, NEF is a leading LIHTC syndicator and an affiliate of the Local Initiatives Support Corp. NEF has played an integral role in creating affordable housing options, revitalizing communities, and strengthening local economies for more than 30 years. Through its partnerships with developers and investors, it has invested $15.3 billion in 2,687 LIHTC developments, creating 176,804 affordable homes for low-income individuals and families as well as 215,701 jobs nationwide.
Merchants Capital Announces Promotion
Brian Sullivan has been promoted to executive vice president and COO of Merchants Capital.
Since stepping into this role last year, Sullivan continues to lead capital markets activities, while overseeing the execution of strategic initiatives, notably the implementation of a custom loan origination and servicing software.
Previously, Sullivan served as the vice president of Merchants Capital and Merchants Bank of Indiana, the parent company of Merchants Capital, formerly PR Mortgage and Investments.
Sullivan has been with Merchants Bancorp since 2013 and has more than a decade of experience in project management, capital markets, and correspondent loan origination.
In his new role, Sullivan is responsible for oversight of production, servicing and asset management, and capital markets, with a focus on building a resilient and robust platform to support the company’s growth plans. Previously, he led the capital markets group for the company and was involved with Merchants Bancorp’s mergers and acquisitions and corporate finance groups.
Dominium Adds to Team
Dominium, a leading apartment owner, developer, and manager, has announced several personnel moves.
Sean Berneche has become a construction superintendent. Ryan Durand and Joe Zwolski have joined the firm as development analysts. Brittany Nelson has been named senior property accountant, and Eric Scholl has been hired as a property accountant.
Berneche will be responsible for ensuring construction projects are built according to plans and specifications both on or ahead of schedule and on or under budget. He will also monitor and report activities on-site to ensure strict accordance with state and federal regulations, as well as communicate any issues that may come up while working on construction projects.
Before Dominium, Berneche spent many years as a carpenter for The Municipal Building Commission.
Durand and Zwolski will be responsible for assisting project partners and developers with new project development, acquisition, and financing. In addition, Zwolski will prepare finance and equity packages and applications, as well as analyze financial feasibility of new development and acquisition opportunities.
Previously, Durand was a development intern at Dominium. Prior to that, he worked for Synergetic Endeavors as a development associate.
Zwolski also was a development intern at Dominium. Prior to that, he held positions as an advisory services intern for Cushman & Wakefield and as a development intern for Saturday Properties.
Nelson will be responsible for assisting managers from all departments and expediting company and accounting department goals. In addition, she will coordinate and lead preliminary financial statement meetings with regional property managers as well as identify and implement efficiencies within the accounting department.
Nelson has over three years of experience in accounting roles at Dominium and over two years of experience as senior property accountant at CPM/North Bay.
Scholl will be responsible for all day-to-day accounting activities of properties assigned in his portfolio. Specifically, he will monitor property expenses, analyze trends in financial data, and interpret information and obligations incurred to predict future revenues and expenditures. In addition, he will advise and guide community managers, assistant managers, and accounts receivable personnel in preparing Yardi and Excel reports, deposit receipts, and security deposit refunds.
Prior to Dominium, Scholl was a technical manager for Multi-Clean and treasurer for the Northwestern Society for Coatings Technology.
Dominium has more than 25,000 owned and/or managed units at over 200 sites in 23 states.
Fairfield Homes Hires Human Resources Director
Stacie Trace has been appointed director of human resources at Fairfield Homes.
In this new role, which was created as part of the company’s strategic growth plan, Trace is responsible for partnering with company leaders to develop and implement best practices in areas ranging from organizational development to talent management. Additionally, she is responsible for partnering with employees across the organization to help solidify Fairfield Homes’ company culture with the intent to create a positive and rewarding experience for all employees.
Prior to joining Fairfield Homes, Trace held several long-term human resources leadership roles within different industries. She has more than 10 years of experience in organizational development, performance management, talent acquisition and management, employee relations, and compensation/benefits.
In her last role, Trace developed and implemented multicultural practices and enhancements to create a diverse and inclusive environment and was presented with the Community Intercultural Relations Conference Diversity & Inclusion Award in 2017.