18A — March 2024 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal
Promotion reflects commitment to affordable housing Lawson promotes Pittman to director of development
Spencer Savings Bank Donates $10K To Support STEM Education
N ORFOLK, VA — Lawson has promot - ed Austin Pittman
director of development. “Austin’s dedication to the creation of quality afford - able housing is admirable.” said Lawson CFO and acting VP of Development, Aaron Phipps . “His track record for developing winning strategies, collaborative problem-solving in all phases of the develop - ment process, and establishing critical partnerships has been key to the success of many of Lawson’s recent projects.” Pittman has contributed to the development of eleven stabilized LIHTC affordable multifamily communities to - taling 1,022 units and is cur - rently working on five LIHTC
communities in development or under construction that will bring nearly 1,000 ad - ditional affordable units to Virginia families. Pittman has been an invited speaker and panelist at mul - tiple industry conferences, was recognized as a 2023 Inside Business Top 40 Under Forty professional and received the Virginia Housing Alliance Emerging Leader Award in 2020. He holds a Housing Credit Certified Professional Certificate from the National Association of Home Builders and a B.S. in Business Admin - istration from Old Dominion University. MAREJ
to director of development. Pittman started his career at Lawson as an assistant multifam - ily develop - ment ana- lyst in 2014.
Spencer Savings Bank recently donated $10,000 to the Research & Development Council of NJ in support of their Governor’s STEM Scholars program.
ELMWOOD PARK, NJ — Spencer Savings Bank do- nated $10,000 to the Research & Development (R&D) Council of New Jersey to help support their Governor’s STEM Schol - ars program. The students also enjoyed a great personalized event that featured a tour of the bank and dinner with senior management team members. The two scholars were Kenny Frias, a senior at Diana C. Lobosco STEM Academy, and Mina Basaly a junior at Rutgers University. Their visit to the bank included a tour and din - ner with Jane Allerman Rey (Spencer’s president and COO), Steve Fusco (Spencer’s execu - tive vice president and chief fi - nancial officer) as well as senior leaders from the bank’s Finance and Information Technology
teams. Bank leaders shared in - dustry knowledge, career advice and tips for professional success in a great discussion over din - ner. These real-world insights will help the students on their journey of navigating the world as scholars and future leaders. “Spencer is honored to sup - port such bright young stu - dents like Kenny and Mina,” stated Jose Guerrero , Spen - cer’s Chairman and CEO. “New Jersey is a leading con - tender in education, and it takes great work, drive and commitment to purse these rigorous fields of study. We are so proud to continue to support their education and look forward to the wonderful contributions they both will make in the communities of New Jersey!” MAREJ higher than the value of the asset. This is an untenable con - dition and creates a precarious scenario, whereby the landlord may not be able to refinance without coming to the settle - ment table with extra cash. In today’s market, we are seeing landlords, handing the keys back to the lender when unable to refinance. Tenants want to avoid these buildings as the lender will look to cut costs, reduce services, and postpone repairs and maintenance. This in turn can begin a long slow death for an asset where exist - ing tenants look to relocate and prospective new tenants select other healthier assets. Today’s office market poses many risks and tenants are smart to hire experienced bro - kers and consultants who can navigate these waters, have the wherewithal to study the financial health of the exist - ing landlord and prospective buildings prior to signing a significant lease obligation. Todd C. Monahan is execu- tive vice president & manag- ing director at WCRE | COR- FAC International. MAREJ
Austin Pittman
In the following decade he was promoted multiple times to development analyst, fi - nancial analyst, develop - ment manager, and now joins Lawson’s leadership team as
Nuveen Green Capital welcomes Doyle as senior director, originations for the Mid-Atlantic & Southeast Regions
DARIEN, CT — Nuveen Green Capital (NGC) , a lead - er in sustainable commercial
and Southwest regions. During his tenure at PIMCO, Doyle led his team in generating over $1.2 billion in new, core bridge lending debt across all commer - cial asset types. Prior to PIMCO, Doyle was director of structured lending at New York Life Investors, where he directed the firm’s East Coast origination efforts in expanding their presence, while growing production volume from $0 to $1 billion. Prior to that, he was with Voya Investment Manage - ment (formerly ING), as well as NAI Brannen Goddard in Atlanta. Doyle graduated with a BA from the University of Virginia and an MBA in Fi - nance and Real Estate from Emory University, Goizueta Business School. “We are thrilled to welcome Ryan to our expanding team during this time of unprec - edented growth for NGC. With his extensive experience in commercial real estate finance, as well as his energy and drive,
we are confident that Ryan is the right person to lead and augment our C-PACE origina - tions efforts,” said Cusack. “I am honored and excited to join Nuveen Green Capital, a leader in the C-PACE industry, and look forward to using my experience as a senior lender to further propel market un - derstanding and growth of C- PACE originations throughout the Southeast and Mid-Atlantic markets as property owners and developers increasingly use C-PACE as a cost-effective and flexible financing tool,” said Doyle. C-PACE, which is NGC’s core lending platform, makes it possible for commercial prop - erty owners to obtain low-cost, long-term, fixed-rate financing for energy efficiency, water conservation and renewable energy projects. C-PACE has quickly grown in popularity as an attractive commercial real estate financing solution, and is now available in 38 states and Washington DC. MAREJ
real estate financing so - lutions, an - nounced that Ryan Doyle has joined their team as senior direc- tor, origina - tions, report- ing to Kate
Precarious office market poses . . . operate the office building in a first-class manner. Ten - ants entering the market are smart to qualify a prospective landlord’s financial health. Requests for proposals now frequently include provi - sions for landlords to disclose their DSCR. continued from page 2A
Ryan Doyle
Cusack , managing director, head of production. In this role, Doyle will be overseeing C-PACE (Commercial Prop - erty Assessed Clean Energy) originations growth throughout the Mid-Atlantic and Southeast regions, from Washington DC to Florida. Doyle joins NGC from PIMCO Prime Real Estate (formerly Al - lianz Real Estate), where he was the director, team leader - East, overseeing origination and business development ef - forts across the Southeast, Mid- Atlantic, Northeast, Midwest,
Tenants should focus on buildings where the DSCR is 1.20 or better. However, many lenders are requiring borrow - ers to set aside reserves for capital improvements, ten - ant improvements, and loan reserves. These requirements can reduce the DSCR and put a cash strain on the landlord. These factors need to be under - stood by prospective tenants. Tenants should also study a prospective building owner’s LTV. A high LTV indicates the loan is high relative to the value of the asset. A low LTV indicates the loan is low compared to the overall value of the asset and is a healthy condition for an office building and its owner. Today we are seeing many buildings under water, meaning the loan is
The STRO Cos. advances Ferris to a senior role within the firm
wood-based firm said El - liot’s promotion was a natu - ral choice given his years of leasing experience, market knowledge and long-standing relationships in New Jersey and across the country. “We are thrilled to have El - liot step into this position and drive growth for our firm” said Jeff Pandolfo , STRO’s chief operating Officer. Ferris will continue to head leasing initia - tives for the firm; while taking
on an acquisition role, search - ing for industrial properties in Northern New Jersey. “I’m extremely grateful to Steven Millstein and Jeff Pan - dolfo for the opportunity to help grow our firm and expand our footprint in the Northeast. I look forward to working with the New Jersey real estate community in 2024 on sourc - ing more acquisitions and lease transactions going forward,” said Ferris. MAREJ
RIDGEWOOD, NJ — The STRO Companies , a real estate services provider for
the Millstein Family office, announced that Elliot Ferris has been promot- ed to senior director of leasing and acquisitions. The Ridge -
Elliot Ferris
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