Developer Opens Southern California Office

USA Properties Fund, one of the largest affordable housing providers in the West and a growing market-rate housing company, has opened a Southern California office.

The firm is leasing office space in Tustin from longtime partner Riverside Charitable. The companies have partnered on numerous apartment communities throughout the state.

Tippy Lambert
Tippy Lambert

USA Properties Fund has over 30 apartment communities in Southern California, and the company will complete Liberty at Aliso, a 200-apartment affordable senior community in Aliso Viejo, in early 2019. It opened the adjacent Vintage at Aliso, also an affordable senior community, last year.

Tippy Lambert has joined the firm as vice president of property management operations and will oversee the new Southern California office. She will be joined by three regional managers in the office.

Lambert was with Irvine Apartment Communities in Orange County for the past 18 years, most recently as senior director and overseeing up to 13,000 apartment units.

Roseville, Calif.–based USA Properties Fund has approximately 90 communities in California and Nevada, from just north of San Diego to the Bay Area and Reno-Sparks in northwest Nevada.

New Leadership at Love Funding

Jonathan S. Camps has been appointed president of Love Funding. Headquartered in Washington, D.C., the company is one of the largest commercial Federal Housing Administration (FHA) loan originators in nation.

Jonathan S. Camps
Jonathan S. Camps

Camps has spent the past 19 years in various management positions at Love Funding and most recently served as senior vice president. During the course of his tenure at the firm, he has been involved in all areas of its operations, including having served as its chief underwriter for five years.

Love Funding is a subsidiary of Midland States Bank, a $5.7 billion community banking organization headquartered in Effingham, Ill.

“We are excited to see Jon move up into the leadership position at Love Funding,” said Jeff Ludwig, CEO of Midland States Bank. “His years of experience and strong relationships in the industry, together with his strong team of loan originators, underwriters, and other professionals, leave Love Funding well-positioned to continue as one of the leaders in commercial FHA business."

Executive Named to Lead LISC Boston

Karen Kelleher is the new executive director Local Initiatives Support Corp.’s Boston program, which for nearly 40 years has led efforts to build the strength of neighborhood nonprofits and revitalize communities.

Karen Kelleher
Karen Kelleher

She is charged with leading the organization’s expanding economic development agenda and driving new capital into housing, businesses, and jobs across the commonwealth.

Kelleher recently served as deputy director of the Massachusetts Housing Finance Agency (MassHousing). Under her leadership, MassHousing invested approximately $1.5 billion to fuel multifamily affordable housing during the last two years, helping to preserve more than 10,000 units of low-income housing.

She led the deployment of a statewide workforce housing program to drive new housing construction and support families that earn too much to qualify for traditional low-income housing programs but not enough to afford rapidly escalating market rents. She also oversaw approximately $1 billion of single-family lending to low- and moderate-income borrowers and drove the creation of MassHousing’s down-payment assistance program for first-time homebuyers.

Before joining MassHousing, Kelleher spent more than a decade at The Community Builders, rising to senior vice president and general counsel of the Boston-based nonprofit developer. Earlier, she was a syndication and real estate associate at the Nixon Peabody law firm, and she began her career at the Department of Housing and Urban Development, where she was program counsel for community planning and development programs.

WNC Names SVP for Preservation Funds

Ann Caruana has joined WNC as senior vice president of acquisitions for the company’s preservation equity funds.

Ann Caruana
Ann Caruana

Prior to joining WNC, Caruana served as senior vice president, acquisitions, with a California-based real estate private equity firm, where she closed $250 million in affordable multifamily transactions and secured $157 million in new or assumable debt. Prior to that, she spent nine years with a public real estate investment trust, where she served in various research and investment roles. She began her career in 2003 with Marcus & Millichap.

Regions Appoints Head of Asset Management

Kevin W. Smith has joined Regions Affordable Housing as senior vice president and head of asset management, based out of the Great Neck, N.Y., office. He will oversee management of a portfolio of 700 assets with responsibility for development risk management, stabilized asset management, and dispositions.

Kevin W. Smith
Kevin W. Smith

He brings over 34 years of multifamily housing expertise to the role. He most recently worked at

Telesis Corp. in Washington, D.C., where he served as director of asset management and preservation. He’s also held key asset management roles at the National Affordable Housing Trust, Centerline Capital Group, and Capmark Affordable. In these positions, he was responsible for large portfolios of assets that were stabilized, in construction and lease-up, or in workout.

Regions Affordable Housing is a national low-income housing tax credit (LIHTC) fund syndication firm and leader in affordable housing. Regions Bank is one of the nation’s largest participants in affordable housing finance through the LIHTC program and provides comprehensive real estate banking and capital management services to meet the debt and capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS Multifamily Affordable Lender.

Hunt Adds to Origination Team

Patrick McFarland has joined Hunt Mortgage Group as a managing director in the firm’s Dallas office. In his new role, he is responsible for originating debt for the firm’s conventional and small balance Fannie Mae and Freddie Mac loan programs, and Hunt’s proprietary commercial, bridge, and mezzanine loan programs for clients in the Southwestern region.

Patrick McFarland
Patrick McFarland

McFarland comes to Hunt Mortgage Group from Churchill Capital Co., where he was a senior vice president. During his tenure at Churchill, he represented clients in acquisitions and advised in asset reposition strategies for apartment properties in North Texas and Southern California. Prior to that, he was at The Jay Massey Co.