WinnDevelopment Appoints Acquisition Associate
Timothy Mustacato has been named an acquisition associate at WinnDevelopment, the development arm of multifamily property developer and manager WinnCompanies.
A WinnDevelopment team member since 2012, Mustacato began with the company as a senior project financial analyst with the finance and asset management team, where he was responsible for the underwriting, diligence, and closing of more than $200 million in financing.
In his new role, he is responsible for identifying potential development, acquisition, and investment opportunities in WinnCompanies’ core markets as well as identifying potential new markets for multifamily ownership opportunities.
Founded in 1971 and operating in 22 states and the District of Columbia, WinnCompanies is one of the nation’s leading multifamily housing managers with 100,000 units under management. It is the country’s largest manager of affordable housing and the second largest manager of privatized U.S. military housing.
Tidwell Group Announces Moves
Joel T. McDowell, CPA, has been named the Tidwell Group’s Birmingham, Ala., office managing partner.
A lead partner in the firm’s leadership council and tax consulting team, McDowell works with a variety of clients, with a major focus on real estate developers and investors in the multifamily real estate markets. He provides professional services within the affordable housing industry, including tax planning, project development, investment, cost segregation services, and partnership transactions. He has over 25 years of tax and business experience and is a founding member of Tidwell Group.
In another move, Justin Heberling has been named a partner in the firm’s Birmingham office. Heberling has 14 years of public and affordable housing accounting experience, including over 11 years of auditing entities that own affordable housing projects and extensive experience working with real estate developers on 70-plus transactions in deal structuring and financial modeling.
Heberling’s expertise also includes assisting developers with financial modeling, underwriting, and structuring multifamily real estate projects financed with various government programs, reviewing tax credit applications for technical correctness and reasonableness, and assisting developers with syndicator negotiations, due diligence process, and closing low-income housing tax credit (LIHTC) equity and debt transactions.
Tidwell Group is a full-service accounting and consulting firm that specializes in the real estate and construction industries. Within the affordable housing industry, Tidwell Group's expertise ranges from LIHTCs, bond and conventional financing, Department of Housing and Urban Development compliance and reporting, and U.S. Department of Agriculture Rural Development compliance and reporting.
Travois Promotes Two
Travois, a Kansas City, Mo.-based consulting firm that has directed more than $1.4 billion of investments in American Indian, Alaska Native, and Native Hawaiian communities, has promoted two team members to new roles.
Alexandria Murnan has assumed the role of director of affordable housing. A key team member at Travois since 2015, she will oversee day-to-day operations of the Travois development staff, who works with tribes and tribal housing authorities to implement affordable housing strategies, including planning, preparing, and submitting competitive applications for funding through the LIHTC program and other funding opportunities.
Her family is part of the Loyal Shawnee of the Cherokee Nation, where she is an enrolled citizen.
Adam Rose has taken on a newly created role—director of business development. He joined Travois in 2008 and previously worked as a senior project coordinator for the affordable housing team. In his new position, Rose will meet with tribal leadership as well as planning, housing, and economic development staff to learn about needs and explore development possibilities. He is an expert in a wide range of financing opportunities, including LIHTCs, the Federal Home Loan Banks’ Affordable Housing Program (AHP), the Capital Magnet Fund, and New Markets Tax Credits.
Affordable Housing Veteran Launches Brokerage Firm
Veteran multifamily broker Edward Lippincott has founded Lippincott Real Estate Advisors, a multifamily firm specializing in the brokerage of affordable and workforce housing. Lippincott will serve as the organization's managing principal.
Previously affiliated with Marcus & Millichap, he plans to build on his national track record of $2.5 billion in multifamily investment sales and numerous industry awards earned. His firm’s core focus will be valuing, marketing, and selling project-based Sec. 8, LIHTC, and workforce housing while providing Sec. 1031 and Opportunity Zone services.
Lippincott REA is located in Bloomfield Hills, Mich.
HDC MidAtlantic Welcomes Director of Property Management
HDC MidAtlantic has hired Euvaline Ellington as its new director of property management.
In her new role, Ellington is responsible for overall strategic direction of the organization’s property management and overseeing an expanding 3,700-plus unit affordable housing portfolio in the Mid-Atlantic region. She will work to ensure that HDC MidAtlantic’s affordable housing communities are managed to meet all financial, physical, regulatory, and industry performance standards and enhance overall quality life for the residents and communities.
Ellington has more than 25 years of property management experience. She spent over 10 years as regional manager with Ingerman Management Co. in Collingswood, N.J., and before that served as the director of asset and property management for North East Brooklyn Housing Development Corp.
Bellwether Enterprise Appoints Team to Lead Senior Housing Group
Richard “Rick” Lynn has been hired as senior vice president to lead Bellwether Enterprise Real Estate Capital’s new Seniors Housing Group in the Chicago office. With 30 years in commercial real estate finance and investment banking, Lynn’s experience will contribute to the firm’s established expertise in senior housing transactions and enhance its commitment to providing financing options for all property types.
The group was approved as a seniors housing lender for both Fannie Mae and Freddie Mac in 2018. As senior vice president, Lynn will work with individual, regional, and institutional owners at both for-profit and nonprofit entities. The primary sources of capital will include Fannie Mae, Freddie Mac, Federal Housing Administration, and exclusive life insurance company investors. Drawing on his past professional experience in mortgage banking with a specific focus on housing for seniors, Lynn will work to expand Bellwether Enterprise’s portfolio nationwide.
Prior to joining Bellwether Enterprise, Lynn worked for six years at Marcus & Millichap in investment sales, focusing exclusively on senior housing.
Bellwether Enterprise is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.
Freddie Mac Multifamily Appoints Four VPs
Freddie Mac Multifamily has named four vice presidents.
Geri Borger Urgo is vice president, production and sales, overseeing the production teams in the Southeast and Northeast regions. She began her career with Freddie Mac Multifamily as an underwriting analyst. She subsequently moved to the production team before leaving the company to serve as an investment manager for Bell Partners. She returned to Freddie Mac in 2012 and has held various production leadership roles. Most recently as a senior director, Borger Urgo led production and sales for the Southeast region and also served as interim director for the Northeast region.
Michael Case is vice president, multifamily capital markets, overseeing all multifamily loan pricing functions. Case started with Freddie Mac Multifamily in 2017 as a senior director of pricing, where he demonstrated his industry expertise and customer-focused approach. Prior to joining Freddie Mac, he was director of structured investments at Invesco Real Estate in Newport Beach, Calif. Earlier in his career, he was director of real estate capital markets and CMBS trading at Bank of America Merrill Lynch in New York.
Catherine Evans is vice president, Small Balance Loan (SBL) underwriting, overseeing the SBL underwriting team. She has led underwriting for the business as senior director since 2017. She has supported a twofold increase in SBL volume during her tenure and has set the strategic vision for the underwriting team, focusing on innovation, which has included streamlining processes and deploying new technologies.
Amanda Nunnink is vice president, multifamily investor relations. She has advanced steadily since joining the production and sales group in 2012. In her new role, she will lead the investor relations team, which markets the company’s multifamily securities platform, including K-deals, to bond and real estate investors. Nunnink has led the development of several of Freddie Mac Multifamily’s innovative offerings.