Purcell to Retire from Beacon Development
After founding and leading Beacon Development Group for 18 years, Paul Purcell will retire as its president at the end of March. Purcell will continue to play an advisory role through the end of the year.
Cindy Proctor and Brian Lloyd have been named vice presidents. They will assume operational leadership effective April 1. Beacon Communities acquired ownership of Seattle-based Beacon Development Group in 2015.
Proctor and Lloyd have each worked at Beacon for more than a decade.
Proctor has served as development director for 26 affordable housing projects during her 11 years at Beacon and led the opening of the group’s Pleasanton, Calif., office.
During his 13 years at Beacon, Lloyd has led the development of an additional 28 housing projects. He is currently leading the development of a new affordable housing community at Seattle’s Pike Place Market, which integrates 40 new apartments for low-income seniors and a neighborhood center.
Appleby Becomes President of WinnResidential
Patrick Appleby, president of WinnResidential Military Housing Services, has been named president of WinnResidential, assuming leadership of all of the company’s property management operations.
His appointment is an important step in Boston-based WinnCompanies’ ongoing plan to integrate the operations of WinnResidential and WinnResidential Military Housing Services (also known as WinnMilitary) under a unified organizational structure.
“Patrick has been with WinnCompanies for more than 20 years and has played a pivotal role in our exceptional growth,” said Gilbert Winn, CEO of WinnCompanies. “He has been a close adviser to me, an active member of our senior leadership team, and a partner in all of our strategic planning for the past two years.”
For the past 16 years, Appleby has been the executive in charge of the more than 40,000 homes that WinnMilitary manages for members of the U.S. Armed Forces and their families through a joint venture between WinnCompanies and Lendlease. He also has strong prior experience in the market-rate, affordable, and tax credit housing fields.
He will now oversee all military and residential property management efforts for the more than 580 communities and 100,000 units in WinnCompanies’ national portfolio.
Appleby joined WinnCompanies in 1999 after collaborating with the company for many years as vice president of Boston Financial Group.
CohnReznick Names New Partners
CohnReznick has promoted several of its team members to partner, including three involved in the firm’s affordable housing and tax credit practices.
Cindy Fang, CPA, is a new partner and leads the accounting firm’s Tax Credit Investment Services Group, which specializes in providing investment due diligence and other advisory services to institutional investors to help them strategically acquire and manage tax credit investments. Based in the firm’s Boston office, Fang has a broad range of experience serving investor, syndicator, developer, and housing finance agency clients involved in tax credit transactions. She is well-versed in all realms of major investment tax credits, including the low-income housing tax credit (LIHTC), historic, New Markets, and renewable energy tax credits.
Shellie M. Gifford, CPA, is a partner with public accounting experience that encompasses audit and other relevant accounting services. She has provided accounting services for a variety of clients in the real estate industry as well as governmental clients. These services range from financial statement audits, the evaluation of internal controls, keeping clients updated on government required standards, and various agreed upon procedures engagements. Based in Atlanta, Gifford works with developers and owners of affordable housing, syndicators, investors, and property management companies.
Andrew R. Lines, MAI, is a principal in CohnReznick Advisory, specializing in providing valuation advisory services. He performs valuations on a wide variety of real estate property types, including residential (including LIHTC developments), commercial, industrial, and special-purpose properties Based in Chicago, Lines is experienced in the valuation of leasehold, leased fee, and partial interests and performs appraisals for all purposes including financial reporting, litigation, and gift/estate planning.
CommonBond Announces Wisconsin Market Leader
Joe’Mar Hooper has been hired as the inaugural Wisconsin market leader for CommonBond Communities, a St. Paul, Minn.–based affordable housing developer and owner.
Hooper, who has been serving as director of business, community, and family partnerships for the Milwaukee Public Schools, will join the organization in early February.
In his new role, Hooper will lead Wisconsin business growth and relationship development activities for CommonBond. His recent hiring is part of a bigger move by the nonprofit to expand its presence in Milwaukee and greater Wisconsin market. CommonBond has plans to serve more people, shift its governance model to enhance local board influence, and expand its property management services. After more than a decade in the state offering affordable housing and services, CommonBond Communities is shifting its efforts and presence to better reflect and serve Wisconsin residents.
Hooper brings with him a mix of policy, legislative, finance, housing, community engagement, and economic and community development experience. His background will help create an even stronger foundation for advancing CommonBond’s growth in Wisconsin.
Hooper will partner with Greg Lamas, CommonBond’s Wisconsin-based regional manager of housing and services, in advancing partnerships and opportunities to expand the nonprofit’s work in Milwaukee and the greater Wisconsin community.
Ingerman Names Development VP
Collingswood, N.J.-based Ingerman Group has hired Kyle Speece as its vice president of development. Founded in 1988, Ingerman is a leading developer, builder, and manager of multifamily communities throughout Delaware, Maryland, New Jersey, and Pennsylvania. Since its inception, the company has developed more than 7,000 residences with total costs exceeding $1 billion.
Speece will provide general oversight of all of Ingerman’s acquisition and development activities. Specifically, he will assist in new business identification, assembling project financing, supervising development teams, leading financial closings, and coordinating construction, lease-up, and management activities across the Ingerman platform. The firm has nearly 700 units under construction and another 500 planned to close and commence construction in 2017.
Speece has more than 11 years of experience in affordable and market-rate development. He was previously a senior developer with Pennrose Properties, where he was responsible for new business identification and all facets of project management.
Bellwether Enterprise Expands in New York City
Bellwether Enterprise Real Estate Capital has announced the expansion of its affordable housing lending group in New York City with the hiring of three new team members focused exclusively on Federal Housing Administration (FHA) lending in the New York region.
The expansion includes the hiring of two loan originators and one analyst, all dedicated to supporting the affordable housing group’s mission. The hires are:
· Hadley Bressman, senior vice president, loan originator, joins Bellwether Enterprise with over two decades of real estate lending experience. He was a founding partner of the Hadley Group, a New York City-based mortgage banking platform specializing in FHA lending including multi-family and healthcare finance alternatives. The Hadley Group brings a substantial pipeline to Bellwether Enterprise that includes more than $100 million in FHA business and more than $50 million in agency/conventional financing opportunities.
· John Mannix, senior vice president, loan originator, most recently worked as a managing partner and founder of Merchant Equity Group, an entrepreneurial private investment company based in New York City. Since 2004, he has directed a divestment of net leased real estate assets, office properties, and retail centers while building the firm’s Black Pearl Resorts business.
· Nicole Bressman, analyst, comes to Bellwether Enterprise from the Hadley Group and the Metropolitan Funding Corp 2013, where her responsibilities included loan analysis and project coordination. She has worked on over $500 million of pipeline and pending HUD/FHA projects, including 223(f), 221(d)4 and 232 healthcare properties.
Bellwether Enterprise is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment. The affordable housing group closed $600 million in lending during 2016.
Gomez Promoted to CHFA Deputy Executive Director
Jaime G. Gomez has been named deputy executive director of the Colorado Housing and Finance Authority (CHFA). He’s been promoted from COO, a role and title he will retain while assuming his new position.
Gomez joined CHFA in 1999 and has served as COO since March 2010. He oversees CHFA’s business operations, including affordable housing and community development loan programs, loan servicing, asset management, research and strategy, and marketing and community relations functions.
Prior to his position with CHFA, Gomez worked in several capacities serving both the public and private sectors. He served as manager of strategy development and planning for US West Dex and spent six years working for the Colorado Office of Economic Development as director of finance and business development.
Gomez serves as vice chair of Mercy Loan Fund’s board of directors and treasurer and chair of the finance and audit committee for Habitat for Humanity of Metro Denver’s board. He is also on the steering committee for Mile High Connects and a member of governor Hickenlooper’s Financial Review Committee for Economic Development.
Greystone Affordable Housing Initiatives Announces Head of Finance
Yolanda Winstead has been named head of finance at Greystone Affordable Housing Initiatives, a leading provider of affordable housing recapitalization and rehabilitation services. She is based in Raleigh, N.C.
Winstead will provide leadership in orchestration of the firm’s affordable housing preservation transaction efforts. To date, Greystone has rehabilitated over 8,000 units across the United States, contributing to an overwhelming need for the continued maintenance and affordability of income- and age-restricted housing.
Prior to joining Greystone, Winstead served for 15 years at CAHEC, a nonprofit regional tax credit equity syndicator, as senior acquisitions manager. While at CAHEC, she led over $400 million in equity investment transactions involving state and federal LIHTCs and state and federal historic rehabilitation credits.
Cinnaire Makes Organizational Moves
Cinnaire has announced changes to the Lansing, Mich.–based company's organizational structure and staff.
Jim Logue will assume the newly created position of chief strategy officer, leaving his role as COO. Kevin Crawley, who has been an executive vice president, will be promoted to COO.
In his new role, Logue will be responsible for developing Cinnaire's strategic direction, translating it into action for Cinnaire's employees across functions and business units and driving organizational change. In addition, he will be responsible for assessing whether strategic initiatives are alligned with the company’s corporate culture and mission. Working closely with the executive staff, Logue will help direct the marketing and business development work of Cinnaire. He will continue to oversee capital development and public policy work.
As COO, Crawley will oversee the organization's major business operations and foster employee alignment with Cinnaire's corporate goals. He will direct the day-to-day operations of the tax credit investing division, underwriting, asset management, administrative services, and legal services functions of the company.
POAH Names Managing Director, CFO
Randy Parker has been named managing director, CFO, at Boston-based Preservation of Affordable Housing (POAH). He succeeds Laura Vennard, who retired Feb. 3.
Parker will serve as POAH’s senior finance leader and principal financial strategist. He will be working closely with the senior team and the development firm’s board to develop and implement financial policies and helps to establish the strategic direction of the organization, which owns more than 9,000 affordable rental apartments in nine states and the District of Columbia.
Parker will be responsible for coordinating budgets and monitoring the execution of the budget in relation to organization performance and will maintain POAH’s lender, banking, investor, and foundation relationships.
As managing director, he will work closely with POAH’s development, acquisitions, asset management, property management, and community impact functions to assure that financial risks are considered and appropriately addressed. He will also oversee POAH’s human resources function, including compensation, benefits, benchmarking and negotiation of company benefits.
Parker has more than 30 years of experience in the private real estate sector and has held senior positions at Beacon Capital Partners, TA Associates Realty, and the nonprofit Housing Partnership Network.
Conifer Announces Promotion
Rob Corredine has been promoted to corporate controller at Conifer Realty.
In his four years at Conifer, Corredine has held various positions in the accounting department, proving his expertise in the accounting field. Previous to joining Conifer, he worked at Centerline Capital Group where he worked in fund management, responsible for the reporting of 135 funds which invested in over 1,200 LIHTC properties throughout the United States.
Headquartered in Rochester, N.Y., Conifer is a full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities. Since its inception in 1975, Conifer has grown to own and manage over 14,600 multifamily units representing 220-plus apartment communities in Maryland, New Jersey, New York, Ohio, and Pennsylvania.
Monroe Group Names COO
Steve Cordes has become COO of Monroe Group, a Denver-based company specializing in property management of affordable housing. This is a newly created position to facilitate the company’s growth and expansion.
Cordes will report to the company principals and serve as a member of the executive leadership team. He will lead accounting/finance, property management, human resources, and marketing and communications, and oversee key vendor relationships.
Prior to joining the Monroe Group, Cordes was employed by Apartment Investment and Management Co., where he served as senior vice president with management responsibilities for redevelopment, asset management, and finance.
Monroe Group is one of the country’s leading affordable housing property management companies with a portfolio of 50 properties and over 4,400 units located in 14 states across the country. In 2006, Monroe Group’s leadership founded Steele Properties to conduct all real estate development and property acquisitions.
