Pennrose Names Regional VP of Development
Lasserre Bradley III has joined Pennrose Properties as regional vice president of development. He will lead the Midwest region from the company’s new Cincinnati office.
Bradley will be responsible for the execution and growth of Pennrose’s development pipeline throughout the Midwest, including all aspects of the real estate development process.
Pennrose identified the Midwest as a market consistent with the company’s growth objectives. The firm is currently completing the development and lease-up of Sankofa Village in Cleveland, a multi-phase, mixed-use, and mixed-income community. Pennrose is also involved with additional development activities in Ohio and western Pennsylvania.
Bradley was most recently vice president of real estate development with Ackermann Group, where he led the real estate development department and business activities of the firm.
K&R Preservation Becomes Independent
Francine Kellman and Brian Raddock of Preservation Development Partners have announced that, together, they will operate independently as K&R Preservation.
“Our corporate name change signifies that we have grown our business, and it is now self-sustaining,” Kellman said in a statement. “Our new business model does not envision a permanent joint-venture partnership, as we’ve had in the past. This has been our goal from the beginning. We will, however, consider outside investors on a transaction basis.”
K&R Preservation was formed by Kellman and Raddock, and the firm has been active in the preservation of affordable housing since 2010 as the 50% ownership entity of Preservation Development Partners. Preservation Development Partners will continue as the ownership business entity of its existing multifamily property portfolio.
However, K&R Preservation will conduct its future business independently. The company, solely owned and operated by Kellman and Raddock as co-principals, will seek to acquire and preserve existing multifamily housing stock in urban markets throughout the United States, with a commitment to keep rents affordable for working families in the low- and middle-income range.
At Preservation Development Partners, the partners worked on a series of major property acquisitions, most recently the purchase of a portfolio of high-rise senior housing towers located in several cities in New York State’s Capital Region.
Kellman’s experience includes 14 years at the Department of Housing and Urban Development (HUD), followed by nine years at the New York State Housing Finance Agency. At the state housing agency, she created and launched the agency’s first housing preservation program, refinancing and renovating more than 5,000 units of low-income housing.
Raddock was co-principal with Kellman at Preservation Development Partners, the partnership they formed with BFC Partners. Prior to that, he served with Kellman in the New York office of Seattle-based Pacific Housing Advisors, now known as Vitus.
Cabrera Joins New Law Firm
Orlando J. Cabrera has joined Arnall Golden Gregory, where he is a partner on the real estate practice group’s affordable housing team.
Cabrera previously was of counsel at Squire Patton Boggs, where he served as industry group leader of the tax credit and community development group.
He has extensive experience advising financial institutions, investors, developers, public housing authorities, housing finance agencies, states, counties, and cities on successfully navigating complex affordable housing and community development matters.
Cabrera’s experience includes serving as assistant secretary for public and Indian housing at HUD between 2005 and 2008.
He was also head of affordable housing development firm National Community Renaissance and served as executive director and CEO of the Florida Housing Finance Corp., where he developed policies for managing the allocation of low-income housing tax credits (LIHTCs), private-activity bonds, and other federal and state resources.
BRIDGE Housing Names Head of Jordan Downs Project
Timothy Van Scott II has joined BRIDGE Housing as director of Jordan Downs, a large-scale, mixed-income, mixed-use public housing revitalization effort in Los Angeles. BRIDGE is a nationally recognized nonprofit developer, owner, and manager of affordable housing.
Scott has more than 20 years of experience in real estate, finance, and community development. He comes to BRIDGE from Urban Design Center, where as a development consultant he managed a vast range of community and economic development projects for nonprofit and for-profit corporations as well as developed and maintained collaborative partnerships with government agencies, funders, and community organizations.
Prior to Urban Design Center, Scott was vice president and chief program officer for Los Angeles Neighborhood Housing Services.
Greystone Adds FHA Leader
Kelley Klobetanz has become managing director of the Federal Housing Administration (FHA) team at Greystone, a real estate lending, investment, and advisory company.
In her new role, she will focus on expanding client relationships in the multifamily, affordable, and health-care sectors, and strategic initiatives to further streamline the FHA process for Greystone clients. Based in Denver, Klobetanz will team with Scott Thurman, senior managing director, to further expand Greystone’s lending expertise and availability in the West.
Prior to joining Greystone, Klobetanz was a senior vice president and FHA deputy chief underwriter at Prudential Huntoon Paige Associates. She is MAP and LEAN certified to underwrite HUD-insured transactions and has worked on over 70 deals totaling $1 billion in her 15-year career.
Industry Veteran Joins First Sterling
Catherine “Katie” Such has been named head of distribution and investor services for Regions Affordable Housing, the LIHTC fund syndication subsidiary of Regions Bank that does business as First Sterling. Such will be based in the firm’s Atlanta office.
In this newly created position, she is responsible for fund distribution and sales as well as affordable housing investor services.
Such began her career at the Oregon Corporation for Affordable Housing and then worked as an originator for the Arcand Co., which was acquired by PNC Bank in 1998. Such held several leadership positions at PNC Bank entities, including director of underwriting, director of asset management, and finally manager of fund syndication, where her responsibilities included investor sales, investor services, investor finance, and fund management.
During her career, she also served as deputy executive director for the Housing Authority of Portland, Ore. (now HomeForward), where she was responsible for overseeing 240 employees in the public housing, Sec. 8, asset management, and resident services departments.
Gardner Capital Announces Asset Management Hire
Kevin Davis has joined Gardner Capital as manager of asset management. He will administer the firm’s portfolio of housing and solar projects and ensure compliance with regulatory programs.
He brings to Gardner Capital more than 15 years of experience in asset management, construction, and project finance. Most recently, Davis was asset manager at U.S. Bank Community Development Corp., where he primarily managed and reviewed structured investments in over 40 New Markets and historic tax credit deals valued over $400 million.
Gardner Capital is an affordable housing and solar development, tax credit syndication, and investment company. Since 1992, Gardner Capital has placed more than $2 billion of equity in affordable housing.
Churchill Stateside Adds to Team
Janet Bujko and Bonnie Self have joined Churchill Stateside Group (CSG), a real estate and renewable energy finance company.
Bujko will serve as FHA deputy chief underwriter, bringing more than 20 years of experience in HUD-insured financing for both new construction and refinance transactions. During her career, she has participated in underwriting, processing, and closing approximately $850 million of FHA-insured loans for market-rate and affordable properties.
Self will be a senior processor, handling both underwriting and processing duties. She has over eight years of experience in the FHA-insured lending industry in both multifamily and LEAN programs. During her career, she has participated in underwriting, processing, and closing approximately $200 million in FHA-insured transactions that reached final endorsement and/or received firm commitments.
Hunt Mortgage Announces Moves
Hunt Mortgage Group has opened a new production office in Philadelphia and has hired Harris Heller to lead the local effort.
As managing director, Heller will be responsible for originating conventional and small-balance agency business as well as placing the firm’s proprietary fixed- and floating-rate products in the Mid-Atlantic region.
Prior to joining Hunt Mortgage Group, Heller was a managing director—loan originations at Greystone, where he sourced a wide variety of commercial real estate deals.
In another move, Megan Goodfellow has rejoined Hunt Mortgage Group as chief credit officer for commercial real estate.
Based in firm’s the New York office, her focus will be on Hunt’s balance sheet Proprietary Lending Group, a program that launched three years ago.
Goodfellow spent eight years with Hunt Mortgage Group’s predecessor firm, Centerline Capital Group, as credit officer for various high-yield debt and equity funds and structured investment vehicles. She joined Centerline in 2007 and participated in the restructuring and special servicing of a $2.5 billion multifamily bond portfolio.Prior to rejoining Hunt, Goodfellow was chief credit officer at RealtyMogul.com.
Klein Hornig Names Partners
Kathryn G. Day and Eric Herrmann have becomes partners at the Klein Hornig law firm.
Day focuses her practice on federal and state income taxation of corporate, flow-through, tax-exempt entities, and individuals. She represents developers, syndicators, and investors in federal and state tax credit transactions, including low-income housing, historic, and New Markets tax credits. She co-chairs the historic tax credit group at Klein Hornig and has significant experience in state tax credits. Day also has experience in representing nonprofit organizations.
Herrmann focuses his practice on transactions involving LIHTCs, tax-exempt bonds, preservation of expiring-use properties, FHA-insured loans, and public housing/mixed-finance development. He has advised nonprofit and for-profit developers on the acquisition, development, and operation of affordable multifamily housing.