California Development Firm Appoints President
Maurice Ramirez has been named president of Domus Development, a Sacramento, Calif.–based affordable housing developer.
Formerly with AMCAL Multi-Housing, Ramirez will oversee the acquisition and development of new multifamily housing throughout the state.
He brings more than 25 years of industry experience in which he has contributed to the development and funding of thousands of affordable housing units in California. In addition to his decade with AMCAL, Ramirez’s experience includes working with Los Angeles Housing Partnership, the city of Los Angeles Housing Department, and Los Angeles County Housing Opportunities for Persons with AIDS.
Founded in 2003 with offices in Irvine, Los Angeles, and Sacramento, Domus continues to grow its development portfolio and is working on affordable housing projects in several California cities, including El Cajon, Stockton, and Winters.
Pennrose Hires Asset Management VP
Jill Sommer Lesher has joined Pennrose as vice president of asset management to lead the strategic processes of maximizing the financial performance and increasing the value of the firm’s portfolio. She also will lead the organization’s activities related to monitoring the physical and financial condition of more than 200 Pennrose-owned assets and 14,000 units.
Lesher has more than 15 years of asset management expertise with diverse knowledge of asset types and property classes. She has overseen real estate portfolios for real estate investment trust (REIT), pension fund, and high net-worth clients.
She most recently served as vice president, asset management, for Resource Real Estate. At Resource, Lesher managed a large portfolio of value-add multifamily, office, and mixed-use investments throughout the United States. She also served as associate director for Grosvenor Fund Management, overseeing a portfolio of equity real estate investments.
She is a member of the Delaware Valley Green Building Council and has a LEED AP credential.
Greystone Adds to FHA Team
Shana Daby has joined Greystone, a real estate lending, investment, and advisory company, as a managing director and deputy chief underwriter within the Federal Housing Administration (FHA) lending team. She brings 14 years of real estate finance industry experience to Greystone and will focus on affordable housing transactions, particularly in the West. Daby is based in the Vancouver, Wash., office.
Prior to joining Greystone, Daby was a managing director and deputy chief underwriter at Barings Multifamily Capital. She also held previous FHA underwriting roles at ACRE Capital and CWCapital. Additionally, she spent six years underwriting tax credit equity investments at PNC Bank.
Sherman Associates Announces Hires
Kyle Brasser has been named a developer and Jessica Welk has been named assistant general counsel at Sherman Associates, a Minneapolis-based real estate developer.
Brasser oversees and coordinates all facets of the development process, including project identification, feasibility analysis, financing, design, and construction. He pursues growth opportunities for the organization and seeks to develop quality, affordable housing throughout various communities.
He brings over eight years of real estate development and finance experience to Sherman. His background in both development and finance allows him to structure deals that are financially solid and deliver a strong community-enhancing benefit.
Welk concentrates on residential and commercial real estate development, providing legal guidance to Sherman Associates’ multifamily and commercial development initiatives. She works on all aspects of commercial and residential real estate transactions, including drafting and negotiating leasing documents, construction documents, loan documents, and development agreements.
Prior to joining Sherman, Welk practiced real estate law at the law firm Usset, Weingarden & Liebo.
Sherman has completed over $2 billion in development and employ over 400 people. The firm’s multifamily, commercial, and hospitality portfolio consists of properties in Colorado, Iowa, Minnesota, Missouri, North Dakota, and Wisconsin.
POAH and AEON Join Housing Partnership Equity Trust
Preservation of Affordable Housing (POAH) and Aeon have joined the Housing Partnership Equity Trust (HPET), the first REIT owned and operated by nonprofits to preserve affordable rental homes for lower- and middle-income resident.
Sponsored by Housing Partnership Network (HPN) and owned by 14 HPN members with the inclusion of POAH and Aeon, the REIT provides its nonprofit partners and owners with a ready source of long-term, low-cost capital that enables them to quickly and efficiently acquire naturally occurring affordable housing.
Boston-based POAH, a nonprofit that creates and restores affordable rental homes for low- and moderate-income individuals, seniors, and families, owns and operates close to 9,000 homes at more than 80 properties in nine states and the District of Columbia.
Aeon is a nonprofit developer, owner, and manager of affordable apartment homes in the Twin Cities metropolitan area that has built or renovated more than 2,742 apartments and townhomes, providing stability to more than 5,000 people each year.
Since HPET's founding in 2012, members have used HPET capital to purchase 12 properties consisting of over 2,750 rental apartments affordable to moderate-income households.