EDGE Communications from the
Portfolio Management Frontline
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Fall 2024
A GREAT SUCCESS! RECAP FROM CREA’S INAUGURAL DEVELOPER CONFERENCE
BY: CHARLES ANDERSON, CO-PRESIDENT
While all successful conferences and large events require a significant amount of planning, effort and attendee engagement, live feedback and survey responses have confirmed that launching our inaugural Developer Conference in Indianapolis this year was an excellent utilization of resources. We had set out to deliver a unique experience for the attendees by providing a peek behind the curtain at CREA, and feel we successfully accomplished just that. The event was held in the new event space connected to Gainbridge Fieldhouse, which is home to the Pacers and Fever. Commission Row offered a great setting for our agenda and provided a unique atmosphere for socializing, all framed by the backdrop of Bicentennial Unity Plaza. Over 130 guests attended, representing 57 organizations across 16 states, as well as Canada. The morning began with discussions about key topics in Washington, D.C. with David Gasson of MG Housing Strategies and our very own Tony Bertoldi. Many factors impact the affordable housing industry and the upcoming election is no exception. We thought it was extremely beneficial to hear from someone so closely involved with what’s happening on Capitol Hill from a LIHTC and Congressional perspective. Next up, attendees received a market update from Brenda Champy, Tom Pereira and Brad Howarth, as well as Michael Francescani of CohnReznick and Nancy Morton of DOZ. Specifically, panelists dug into issues impacting the market and how to navigate them.
Switching gears mid-day, Brad Bullock and Will Pritchard led insurance discussions about the market and an exciting new product for CREA’s developer partners through its strategic relationship with Assured Partners. They were joined by Nicole Radney and Resha Sherman of D&M Insurance, Eric DeWitt and Eric Stevens of Assured Partners, as well as Assured Partner’s colleagues Mike Hines and Miranda Reeder. This topic sparked considerable conversation during and after the presentation. We are excited to see this concept become a reality later this year. The next topic of discussion was construction trends with Michael Murray and Brandon Bowling. Joined by Obadiah Dart of Newbanks and Kevin Pexa of Nova Group, the panelists delved into the importance of plan/ cost reviews, reasons for construction delays (as well as how to avoid them!), and ensuring that properties comply with the latest environmental requirements and regulations. The remainder of the day was filled with transparent conversations on portfolio trends with Neala Martin, Brooke Solis, Mike Regan, Justin Rumer and Ben
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CONFERENCE RECAP, CONTINUED
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ASSET MANAGEMENT SUMMER SITE VISITS
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NEW HIRES & PROMOTIONS
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EMPLOYEE SPOTLIGHT
RECENT PROPERTY CELEBRATIONS
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THE CREA WEATHERGIRL PROPERTY IMPACT STORY
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COMPANY POST-CLOSING SUMMIT
GOOD TO KNOW
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UPCOMING CONFERENCES
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DEVELOPER CONFERENCE RECAP, CONT.
Reismeyer, followed by transactional “best practices” with Alison Anderson, Michele Hornok and Melissa Parson. The meeting wrapped up with a Q&A session with myself, Jeff Whiting and Tony Bertoldi. After the conference, the CREA Foundation hosted its 3rd Annual Golf Scholarship Classic at Purgatory Golf Club in Noblesville, IN with a gross revenue of nearly $180k. Funds raised will support CREA Scholars, and foundation operations. The event, along with its silent auction, contributed to the overall success of the week. We extend special thanks to all the speakers who led insightful discussions, our support teams for making this event possible, and, of course, all the attendees of both the conference and the foundation’s support activities. Here’s to the next one!
EMPLOYEE SPOTLIGHT: FRANK LEWIS - SVP, DIRECTOR OF FUND MANAGEMENT
Meet Frank Lewis, a leader of our Fund Management team! Since joining CREA in 2018, Frank has been instrumental in shaping the department and recently stepped into a new leadership role. With a passion for people and a knack for building strong connections across teams, Frank has continued to drive success at CREA. Read on to learn more about his journey, leadership priorities, and life outside of work! What a wild ride you’ve had in your career at CREA! Tell us about your time here and why you love it. I originally started at CREA in August of 2018 as a VP in Fund Management. I had come from another LIHTC syndicator who was a subsidiary of a global financial services company. Coming to a company of roughly 100 people from a company of around 10,000 total was a breath of fresh air for me, as I had originally started my career at a small public accounting firm that specialized in LIHTC and missed the small company vibe. I love
CREA simply because of the people. From the fund management team and across the company, the people at CREA are what makes it special. We’ve grown by 50% since I’ve started, but the small company feel remains.. Congratulations on your promotion! You were offered a great opportunity this past spring when the Director of Fund Management position became available. What have been your first priorities as you’ve begun leading the department over the last few months? Thank you! Kevin [Kuruzar] leaving was bittersweet - but during his long tenure with CREA, he set Fund Management up for continued success. My first priority was to ensure we had a seamless transition with as little disruption as possible to the rest of the company or our processes, which I believe we’ve been able to achieve thanks to the dedication of the team by staying focused on the tasks at hand. Since then, I’ve been focused on having discussions with everyone on the team to get a
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better feel for what their day-to-day looks like and ways to hopefully improve everyone’s work experience.
and I enjoy being outside as much as we can – be it just in the backyard, out on a hike, a day on Lake Keowee, or enjoying downtown Greenville. The summers are hot, but not long like they are in Florida. Spring and Fall are perfect. Charleston, Atlanta, Charlotte, Asheville, and Gatlinburg are all fun weekend getaway spots too. It’s no secret that your team puts the FUN in Fund Management! Care to share a funny story or memorable moment that you’ve had at CREA? So many, it is hard to choose. Most recently, we had the entire department in Indy for “Fund Management” Week. It had been a long time since all of us had been together and it was a great week of meeting our three new hires and getting to spend time together. I’d say most memorable though, is when I (being more of a NASCAR fan than an Indy Car fan) put up the fastest lap at Speedway Indoor Karting for one of our outings. Nobody saw it coming, but I remembered the wise words of the great Ricky Bobby: “If you ain’t first, you’re last!” and I was able to pull out the victory. Random Questions & Awesome Answers: What is the last series you binge watched? Ted Lasso What’s your favorite dad joke? When I tell my kids that I think someone in the house has been possessed by an owl and one of them will inevitably ask, “who?” If you could teach a class on any subject, what would it be? Home and Auto Maintenance Basics.
You now have a team of 16 in Fund Management, including six employees working in other locations. How do you manage your department to stay cohesive and connected even with thousands of miles between everyone? As one of the employees outside of the Indy office, staying connected is extremely important to me. I travel monthly to either the Indy or Boston office for a few days each time to connect in person with the team. As much as flying is a hassle these days, spending time with the team is a great morale boost as we typically try to plan a happy hour or other fun event for each of these trips. Outside of that, we have a weekly department meeting and weekly trainings on topics decided on by the department that are relevant to current work, and our group chat on Teams that is always entertaining. We all get along great and are always working towards our common goals in the department which makes staying cohesive not feel like a chore. CREA is your home away from home...literally! When not in Indy for work, you reside in lovely South Carolina. Besides fighting the heat, how do you spend your time in the south? My wife and I were born and raised in Florida, so we really moved to South Carolina to escape the Florida heat and humidity (and hurricane season, even though we just got beat up pretty good by Hurricane Helene). Honestly though, the upstate of South Carolina is a hidden gem for lovers of the outdoors. My wife, our 7-year-old twins,
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COMPANY POST-CLOSING SUMMIT
In October, leaders in Portfolio Management met with key personnel from across the company for our inaugural Post-Closing Summit to address critical issues and develop solutions. Over three days, we identified five discussion areas and held targeted meetings focused on enhancing post-closing communication and processes. The first day of the summit focused mainly on the interaction between asset management and fund management. One meeting focused on audits and tax returns and the other on funding of equity installments and investor capital calls. Solutions identified were centered on additional training to foster understanding of broader processes and reinforce concepts
around procedures. Leaders collaborated and engaged in meaningful discussion, leaving us encouraged for the next round of summits. We celebrated a successful summit start with a little competition and some fun by swinging golf clubs at Back Nine. On the second day, discussions focused on improving communication and engagement across departments, ensuring smooth transaction transitions from Acquisitions to post-closing teams like Asset Management, Fund Management, and Construction. Enhanced policies will address challenges before and after closing, with follow-up meetings to explore specific topics like construction loan conversion timelines and
involving asset managers earlier. We wrapped up the afternoon with a dive into the consent process, examining recent process improvements, opportunities to streamline communication and ideas on how to reduce unnecessary consents due to lack of clarity within lower tier documents. Finally, Asset Management and CREA IT collaborated to improve tools and create efficiencies. Several IT projects were identified to reduce non-value-add tasks for asset managers. Overall, the summit was a success, with productive discussions leading to action items aimed at improving post-closing communication, effectiveness, and efficiency.
ASSET MANAGEMENT SUMMER SITE VISITS One perk of summer site visits? Getting to blend business with a little adventure! Our Asset Management team made the most of it this season, from Priscilla Lamour’s Kansas City BBQ and Maine lobster adventures, to Andrew Kemen’s 5-hour scenic drive from Anchorage to Homer, Alaska. Amanda Dennison took her work trip to new heights with crab legs and karaoke at a Carolina beach boardwalk, plus a surprise visit to the stunning Toccoa Falls in Georgia. Check out the photos that capture these fun and scenic moments from a summer of unforgettable site visits!
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THE CREA WEATHERGIRL
I remember very clearly when the responsibility of providing natural disaster tracking and notifications was assigned to me. My first question was, “Are you sure you want to assign this to me? It sounds like a very serious responsibility!” My supervisors assured me that they knew I could handle it. I reviewed all of the prior natural disaster notification emails drafted by prior staff and was absolutely terrified of the moment that I would have to draft an email. I have found that it’s important to find humor in some of the most tumultuous predicaments that we encounter in life and would like to assume that most of the staff at CREA know my personality well. The tornadoes that ransacked New England in 2023 presented my opportunity to shine and thus my alter ego, The CREA WeatherGirl, was created! As I read through article, after article, after article and watched several videos of weather reports, my first thought was “Wow?! We’re clearly not in Kansas anymore. I wonder if anyone has any red sparkly shoes that I can borrow?!” I decided to choose this as the starting point to my email, hoping that others would appreciate a little levity. I also thought that there was a 50/50 chance that I would be fired as soon as I hit “send”. But hey, BY: AMANDA DENNISON, AVP, ASSET MANAGEMENT - STABILIZED
life isn’t much fun if you don’t toe the line just a little bit sometimes, right?
You would be surprised by the amount of time and effort that goes into drafting natural disaster alerts. Aside from the pressure of trying to be funny, it often takes me anywhere between four to six hours to draft a report. I fact check multiple sources and what areas are truly affected by tornadoes, fires, hurricanes, mudslides, etc. I have several maps open that include both areas of damage and properties so that I can best determine which properties within the CREA portfolio were likely impacted and possibly at risk. Depending on the scenario, it gets rather intense. After Hurricane Helene and Milton, I feel as though I need a CREA Weather Side-Kick, a green screen, some large fans, fake snow and a microphone!
The Monday after sending my first disaster tracking email, I was sitting at my desk in the Indy office and our CEO, Jeff Whiting walked over and eyed me suspiciously. I knew this was it - I was getting fired. He said, “CREA WeatherGirl?”…I froze! And then in true Amanda style replied, “Look, y’all knew what you did when you put me in charge of this! I’m sorry though. I’ll reel it in, please don’t fire me!” Jeff, for the amazing leader that he is, responded, “Absolutely not, don’t change a thing!” I was both shocked and relieved. Since that moment, I’ve just ran with it. There are times when more serious situations have arisen and humor wasn’t appropriate and I’ve done my best to add a personal touch to the emails without making light of a bad situation.
Signing off for now - CREA WeatherGirl, Amanda!
PAGE 6 THE FOUNDATION: BLENDING THE PAST WITH THE PRESENT, BUILT ON A LEGACY OF SERVICE
In the heart of Chico, California, at 1297 Park Avenue, a new chapter in community and well- being is unfolding. Developed by Jamboree Housing, The Foundation is a testament to resilience and transformation, honoring a century- old legacy of service that has evolved from icehouses to nonprofits to affordable housing. In 1908, A.G. Eames established the Chico Ice and Cold Storage Company located at 1297 Park Avenue. The Chico Ice and Cold Storage Company provided a crucial service to the community by offering reliable food preservation before the widespread use of refrigeration. These icehouses allowed families and businesses to keep food fresh longer, reducing spoilage and waste. This was especially important in warmer climates where access to ice not only improved public health by lowering the risk of foodborne illnesses but also supported local economies by enabling farmers and butchers to store and sell fresh products. The Chico Ice and Cold Storage Company was central to maintaining food security, a fundamental need for the community. As refrigerators became a more common household appliance, the needs in the Chico community shifted but the community-driven services did not. After the icehouse closed, the site became the
home of the Jesus Center in the 1980s.
increasing need to care for those in need and provide affordable housing created a unique opportunity when the Jesus Center relocated and expanded, leaving 1297 Park Avenue open for new possibilities. On August 15, 2024, the Chico community came together to celebrate the grand opening of The Foundation, an affordable housing community that continues the legacy of service at this storied address. “The Legacy of The Foundation site has been so beautifully preserved by the magnificent transformation made possible by the collaborative efforts of Jamboree, Butte County Affordable Housing Development Corporation and their partners,” stated Richard Shea, SVP,
For decades, the Jesus Center provided hope and hospitality to those in need - offering meals, showers, grooming services and access to essential resources. It became a beacon of light for the homeless and hungry in Chico, continuing the site’s long-standing tradition of service. As natural disasters like the 2018 Camp Fire, the 2021 Dixie Fire, and other recent natural disasters, including the ongoing Park Fire, struck Butte County, the number of displaced and homeless individuals grew significantly. The Camp Fire, the deadliest and most destructive wildfire in California’s history, destroyed over 18,000 structures, with a majority of those being residential homes. The
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Originator at CREA. “From being an Ice Distribution site to help people keep their food safe to becoming a site where Jesus Center helped people improve their lives to now 58 units of affordable housing, this site will carry on its tradition of serving the community.” The Foundation, named to honor the history beneath its ground, was built upon layers of the past. During construction, throughout the 1.15 acre lot, workers uncovered seven foundations from the original Chico Ice and Cold Storage Company, a symbol of the enduring community support established here over the years. The name also emphasizes the critical role stable housing plays in fostering healthy living for all families. The development offers 58 affordable apartments, including 20 studios, 30 one-bedroom, and eight two-bedroom homes, along with a three-bedroom single-family home for the onsite manager. Continuing the legacy of the Jesus Center, 27 of these homes are specifically set aside for individuals with special needs, such as physical or sensory disabilities, mental health challenges, or chronic illnesses. The Foundation is more than housing - it is a community. The amenities are designed to foster connection and growth among residents. A community room and kitchen offer spaces for gatherings,
of Chico, California Department of Housing and Community Development, and the California Tax Credit Allocation Committee, we transformed an underutilized site into a flourishing community,” said Katherine McFadden, Vice President Northern California at Jamboree. “Together, we hurdled over numerous environmental, financial and logistical challenges. The Foundation proves how collective effort can change lives, reminding us why we pour our hearts into making a difference.” The Foundation stands as a symbol of continuousness, blending the past and the present with a commitment to serving the Chico community and beyond. It is not just a place to live, but a place where people can thrive, building their lives on the solid foundation of support that has defined 1297 Park Avenue for over a century. As Chico continues to grow and change, The Foundation will remain a lasting resource, carrying forward the legacy of service that began with an icehouse and now blossoms in the heart of a community.
while a computer lab, community garden, and small pet area provide opportunities for learning and leisure. Outdoor courtyards with BBQ facilities, private balconies, energy- efficient appliances and secured bike storage add to the comfort and convenience provided. A rooftop
solar array ensures that utility bills remain affordable, reflecting the development’s commitment to environmental sustainability. Additionally, Jamboree’s Community Impact team provides services that bring educational opportunities to residents, helping them to expand their skills and knowledge. “With unwavering dedication from our partners at CREA, Banner Bank, Butte County, Butte County Housing Authority, City Debra Raabe’s journey from a tent behind Chico City Hall to her new apartment at The Foundation is truly inspiring. After moving to Genesis, a pallet shelters community in April 2022, Debra now steps into her new home with heartfelt gratitude. “I’m so thankful and grateful to be here,” she shared at grand opening ceremony, reflecting on her incredible journey.
Read more Property Impact Stories Online >>>
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MEET OUR NEW PORTFOLIO MANAGEMENT MEMBERS!
Jake Shinaver Fund Analyst Indianapolis, IN
Alex Magallanes Asset Management Intern - Stabilized Indianapolis, IN
Jake graduated with a Bachelor of Science degree in Accounting from Ball State University.
Alex is an Indiana University-Indianapolis student pursuing a Bachelor of Science Degree in
Before joining CREA, Jake worked in tax at an Indianapolis CPA firm (Katz, Sapper & Miller). In his spare time, Jake enjoys anything outdoors, working out, and all things sports-related.
Finance and Real Estate. He is currently the director of finance for the Finance and Investment Club and is a scholar of the CREA Foundation. Alex aims to find a career in the LIHTC industry to help people in need of a safe place to live. He is currently focused on his studies, but always makes room in his schedule for his love to travel.
Brian Bickley Asset Manager - Development Boston, MA
Marquisa Gaines–Nickelson Senior Asset Manager - Development Boston, MA
Brian grew up in Ann Arbor, Michigan and earned a Bachelor of Arts degree in Anthropology
Marquisa earned an Accounting degree from Hampton University and has gained experience
from the University of Colorado as well as a Masters in Business Administration from the University of Denver. He has prior experience in LIHTC asset management, multifamily investment sales and consulting. Outside of work, Brian enjoys outdoor sports, trying new foods, reading and lazing about with his 12 year old retriever, Loki.
in public accounting, real estate investments and property management. Marquisa is excited to delve into the LITHC industry here at CREA. When not managing real estate properties alongside her husband, Marquisa loves to travel and create memories with her family, including their 2-year-old daughter. She considers herself a passionate sports fan and enjoys culinary experiences.
Cameron Smith Fund Analyst Indianapolis, IN
Sam Meier Senior Asset Manager - Development Indianapolis, IN
Cameron attended Brigham Young University where he received a Bachelor of Science degree
Sam Meier holds a bachelor’s degree in accounting and finance from Indiana University
in Accounting. Before joining CREA, Cameron worked in business valuation in Salt Lake City, Utah. In his free time, Cameron enjoys basketball, rock climbing and reading. Cameron currently lives in Indianapolis with his wife, Sydney.
and joined CREA with five years of prior accounting experience from DOZ. Outside of work, Sam enjoys spending time outdoors and traveling, with his most recent adventure taking him to New Zealand for two weeks. He’s also a big fan of Indiana sports - cheering for the Indianapolis Colts, Indiana Pacers, and Indiana Hoosiers.
WELL NEWLY PROMOTED - CONGRATULATIONS! DESERVED &
Emrik Mundschenk Asset Manager - Stabilized Boston, MA
CJ Lambert Asset Manager - Stabilized Indianapolis, IN
Cody Smithers Senior Fund Analyst Indianapolis, IN
For the past two years, Emrik has gained experience in real estate - specializing in the
LIHTC program and gaining valuable insights into affordable housing development and financing structures across various markets nationwide. Outside of the office, Emrik enjoys cheering the Minnesota Vikings and is hopeful for a 2025 Super Bowl win!
Check out our full team on CREA’s website!
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RECENT PROPERTY CELEBRATIONS
• October 9th: Grand Street Building E Grand Opening / New York, NY / New York Institute for Human Development, Inc. / 232 Affordable Homes • October 18th: Rumford Senior Living Groundbreaking / Rumford, ME / Developers Collaborative / 33 Affordable Homes
• October 29th: Bay City Lofts Grand Opening / Green Bay, WI / Gorman & Company, LLC / 40 Affordable Homes
Developers & Partners, Let’s Celebrate! Share your milestones! If you’ve got an exciting property achievement or event, send it our way so that we can help share your success! Contact marketing@creallc.com.
GOOD TO KNOW
• 2025 Budgets are due by 12/1. They can be sent to audits@creallc.com. • The 2024 Tax Season Guidelines will be sent out to all GP and accountant contacts in November. • For any properties that were not operational in 2024, please get a jump start on tax season and request an audit waiver now!
CONNECT WITH US AT AN UPCOMING CONFERENCE!
Ohio Housing Conference November 5-6, 2024
Novogradac Conference - Hawaii November 14-15, 2024 Attendees: Alison Anderson, Charles Anderson & Jeff Whiting
WHEDA Conference November 18-19, 2024 Attendees: Neala Martin & Jonathan Yu Homes Within Reach Conference December 4-6, 2024 Attendee: Michael Murray Novogradac Tax Credit Conference December 5-6, 2024 Attendees: Richard Shea & Brian Everest
Attendees: Paul Cardamon, Brenda Champy, Moe Kahn, Michael Murray, Tom Pereira & Andy Voress
CRA & Fair Lending Colloquium November 17-20, 2024 Attendees: Chris Spring, Tom Pereira & Andy Voress
CCAH Fall Conference November 12, 2024 Attendee: Richard Shea
Maine Housing Policy Conference November 13, 2024 Attendees: Michele Hornok, Tom Pereira & John Sakos
AHF Live November 18-19, 2024 Attendees: Alison Anderson, Charles Anderson, Tony Bertoldi and Jeff Whiting
See all of our upcoming events >>>
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