CREA Originator Team
How We Help Developers
We’re not just deal-makers, we’re game-changers. We anticipate challenges and provide swift, creative solutions. Throughout our long-term relationship, you need a reliable partner who stands firm and excels no matter the conditions. At CREA, we’re constantly working to improve and structure deals with maximum benefits. Since 2001, we’ve raised and closed over $4.3 billion in LIHTC equity in 46 states, representing more than 37,000 affordable housing units. Our nimble, knowledgeable team serves up the personal attention, capital, and resources you need to move forward.
Meet Your Team
BRAD BULLOCK SVP - Portland
CHARLES ANDERSON EVP, Acquisitions
MIKE BOYLE SVP - Sarasota
NEALA MARTIN VP - New York
MICHAEL MURRAY SVP - Boston
RICHARD SHEA SVP - San Diego
JASON RACINE VP - Indianapolis
RACHEL THOMAS VP - Austin
Jamie Irwin, VP Sr Account Manager Melissa Bennett, VP Account Manager
Alison Anderson, VP Account Manager
Lori Kocevar, Sr Closing Coordinator Amandula Anderson Closing Coordinator Alicia Fannon Closing Coordinator
Bianca Pyko, Closing Coordinator Brian Everest, Closing Coordinator Adam LaVelle, Closing Coordinator
Josh Reed, VP Account Manager
Jeff Nelson, VP Account Manager
Julie Beaubian, AVP Closing Coordinator
Marcin Dzido, Sr Acquisitions Analyst
Teresa Pumala, Acquisitions Analyst Chase Sims, Acquisitions Analyst
Ben Trussell, Acquisitions Analyst Nick Thompson, Acquisitions Analyst
Philip LaRocca, CPA Acquisitions Analyst
CREA Leadership Team
GARY RODNEY Chairman
JEFF WHITING President & CEO
ROGER SHANK EVP, CFO
EVP, Syndication & Investor Relations
SVP, Director of Human Resources
CHARLES ANDERSON EVP, Acquisitions
SVP, Director of Portfolio Management
BOARD OF DIRECTORS
CHAIRMAN Gary Rodney
OMNI MEMBERS Eugene Schneur, Co-Managing Director Robert Bennett, Co-Managing Director
CREA MEMBERS Jeffrey A. Whiting, President & CEO
STONE POINT MEMBERS Agha Khan, Senior Principal Clarinda Lim, VP
Roger Shank, EVP, CFO Charles Anderson, EVP Tony Bertoldi, EVP
Proven Track Record. In December 2000, City Real Estate Advisors, Inc. (CREA) was formed under President and CEO, Jeff Whiting with a headquarters office in Indianapolis, IN. After building relationships with developers and investors, CREA closed its first transaction in March of 2002 with three employees under its roof and posted a profit in September 2002. In June 2016, City Real Estate Advisors, Inc became CREA, LLC and was acquired by Omni Holding Company, LLC as a wholly-owned subsidiary. CREA continues to operate as an autonomous business unit, managed by current CREA senior management.
As of July, CREA raised over $4.3B in total equity, resulting in over 37,000 properties managed and over 430 affordable homes developed. With 95 employees spanning seven offices, CREA’s footprint extends across 46 states and two U.S. territories.
Offices located in Austin, Boston, Indianapolis, New York, Portland, San Diego and Sarasota.
Equity Placed $4.3 BILLION RAISED SINCE INCEPTION - BALANCED DISTRIBUTION
52% MULTI-INVESTOR 41% PROPRIETARY 5% SECONDARY SALES 2% FSA/OTHER
Activity by Distribution 2016 FY $564M 2017 CY $634M
2018 FY* $750M
Creating Communities of Opportunity.
TENANCY TYPE Our Portfolio
66% FAMILY 30% SENIOR 4% OTHER
34% URBAN 34% SUBURBAN 32% RURAL
52% NEW 48% ACQ/REHAB
Total States & Territories 46+2
Properties Under Management 430+ Total Equity Placed $4.3B
Affordable Homes Developed 37,000+ Equity Placed in 2016 $547M
Median Occupancy 97.2%
For-Profit vs. Not-For-Profit
65% FAMILY 30% SENIOR 5% OTHER
94% FOR-PROFIT 6% NOT-FOR-PROFIT
HUD Housing Agency Experience State
Section 8 RAD Conversion
Our Partners Investor Clients
Allianz Allstate Ally Bank American Savings Bank Ameriprise Financial Bank of Hawaii Bofl Federal Bank Bank of the Internet Bank of the West BMO Harris Branch Banking and Trust Company Charles Schwab Bank CIBC
Farm Burea Life Insurance Company Fifth Third Bank First Financial Bank of Cincinnati First Farmers Bank & Trust Co HomeStreet Bank Huntington Bank J.P. Morgan Chase KeyBank Liberty Mutual MetLife Northwestern Mutual Life Old National Bank People’s United Bank Principal ProAssurance First Hawaiian Bank First National Bank First Republic Bank ENVIRONMENTAL CONSULTANTS EFI Global Nova Consulting Tax, Audits and Consulting CohnReznick Novogradac & Company LLP Dauby O’Connor & Zaleski Rubin Brown LEGAL COUNSEL Nixon Peabody Applegate Thorne- Thomsen Barnes & Thornburg
Prudential Rabobank Sallie Mae First National Bank Santander Bank Signature Bank Standard Insurance State Street Bank Symetra Life Think Mutual Bank Trustmark National Bank U.S. Bank United Bank USAA
Valley Republic Bank Washington Federal WellPoint WesBanco Bank Wintrust Financial Corporation
CIT Bank Citibank Citizens Bank City National Bank Comerica Bank
* Not a full list of Investor Clients
Nationally Recognized Third-Party Providers AM SOFTWARE PROVIDER MRI Software / Integratec The Wilson Group
Holland & Knight Jones Day Cannon, Heyman & Weiss, LLP MARKET STUDIES Novogradac & Company LLP Prior & Associates Vogt Santer Insights SECTION 42 COMPLIANCE Spectrum Inc. Windsor Consulting A.J. Johnson Consulting Services, Inc.
BACKGROUND CHECK Factual Data Kroll Associates
CONSTRUCTION & INSURANCE Review
CONSTRUCTION SERVICES GLI Advisors D & M Insurance Solutions
Determines investor appetite and reviews deal structure before issuing LOI
This is preliminary and sets parameters for the proposed investment
Any terms not detailed as a variance will follow CREA Investment Guidelines
CEO, COO, EVP of Syndication & SVP of Risk Management approval required
Provides an opportunity for the project team to gather and discuss the investment
Screening committee is not scheduled until each department has a solid assessment of the investment
Originator and account manager presents the deal to the working group and receives feedback. All issues will be noted for resolution prior to capital committee
This is a non-voting committee
Reviews and approves the final form of the transaction
Occurs when all departments have fully underwritten the investment
All structuring and negotiations must be complete, including a final draft of the LT Partnership Agreement
CEO, COO, CFO, EVP of Syndication and SVPs of CREA Operational Depts. are the voting members
GARY RODNEY CHAIRMAN
Gary Rodney works with the senior management team to expand and improve on CREA’s investor base and enhance relationships in different markets. With a wealth of experience from many sides of the affordable housing space, he brings a broad base of perspectives to the table. Nominated by New York City mayor Bill de Blasio in 2014, Gary served as president of the New York City Housing Development Corporation. He enjoys getting to know each and every client, listening to what’s important to them, and ensuring CREA does everything possible to address their needs and concerns. At the end of the day, what matters
most to Gary is knowing he’s played a part in helping someone achieve a better housing situation. When he’s not working, Gary enjoys spending time with his wife and three daughters, watching movies, and traveling.
JEFF WHITING PRESIDENT & CEO
Jeff Whiting oversees all activities at CREA and has since its inception in 2001. He has grown CREA from 1 to 80+ employees with a nationally- known reputation as one of the top syndication companies. His
passion to help people gain stability and a sense of belonging fuels his dedication to affordable housing advocacy both locally and nationally. As he strives to ensure everyone has a voice, Jeff regularly travels to Washington, D.C. to advocate for low-income housing. As the leader of CREA, he empowers his team to make fresh, forward-thinking decisions at every turn. Outside of work, Jeff enjoys golf, spending time with his wife and four kids, reading, and doing some writing. He also volunteers as president emeritus of the Affordable House Tax Credit Coalition board in Washington, D.C.
ROGER SHANK EVP, CFO
Roger Shank is responsible for all financial accounting for CREA, managing financial reporting, audits, taxes, and borrowings. He has over 20 years of financial industry accounting and operational experience including serving as senior vice president and controller for City Financial Corp/City Securities Corp, CFO of a boutique estate planning firm, and controller for a nationally-recognized estate planning firm. He’s most passionate about tackling challenges head-on and enjoys seeing issues come to successful resolutions. Roger believes investors and developers choose CREA because of the company’s ability to be
nimble and flexible, bending to meet the needs of their clients. Outside of the office, he enjoys spending time with his wife and four daughters. He also travels to Haiti providing relief through a charitable organization.
TONY BERTOLDI EVP, SYNDICATION & INVESTOR RELATIONS
Tony Bertoldi runs the syndication and investor relations platform at CREA and sits on all approval committees. He and his team are responsible for the marketing, formation, and closing of all funds as well as managing the majority of interactions with investors. Before joining CREA in 2009, he was managing director of the Investor Relations Group of a major tax credit syndicator in the affordable housing industry and was a vice president in a large publicly-held REIT. He holds a bachelor’s degree in economics and real estate from the University of Connecticut and an MBA in finance from Boston University. He’s
especially proud of CREA’s reputation for transparency, service, and performance, even long after the deal is done. After hours, Tony is an avid dog lover who enjoys spending time outdoors and playing sports. He also serves on the board of Victory Programs, a Boston-based non-profit
CHARLES ANDERSON EVP, ACQUISITIONS
Charles Anderson manages the production efforts of CREA’s developer clients. With over 17 years of experience in the area of affordable housing, he got his start as a financial analyst with a national LIHTC provider structuring and underwriting affordable housing investments. Since joining CREA in 2007, he’s been directly involved in identifying, structuring, and closing more than $750MM of LIHTC equity in more than 125 transactions and oversees the annual production of more than $500MM of LIHTC equity nationally. He is committed to client development, leading his team, and encouraging others to take on
new and challenging roles. When he’s not in the office, Charles loves spending time with family, travel, food and wine, and running. He also volunteers on the board of the National Housing and Rehabilitation Association and is a big supporter of JDRF and breast cancer research.
BRAD BULLOCK SVP, ACQUISITIONS
Bradley Bullock joined CREA in April of 2011. With over 28 years of experience in the affordable housing industry; Brad brings extensive knowledge to CREA’s Acquisitions team where he covers the Northwest territory. Prior to CREA, Brad served as the head of advisory services for a real estate management, development and investment firm. He’s also had experience as the head of asset resolutions at a financial group, which owned 1,000 affordable properties representing a $3 billion equity investment. In 1998, he and his partners sold a national low income housing tax credit syndicator to a large nationally known
bank. He assumed responsibilities for the bank’s national affordable acquisitions platform which generated over $1,000,000,000 of equity and debt origination in 2006. Brad graduated from Oregon State University with honors in 1981.
MICHAEL MURRAY SVP, ACQUISITIONS
Michael joined CREA in January 2010 and is responsible for identifying, structuring and closing LIHTC partnerships on a national basis. Active in affordable housing since 1993, Michael also served 12 years as managing director of acquisitions for a major syndicator and was a partner in its predecessor firm. Prior to that, Michael was a senior vice president at a major syndication firm and a vice president at a national syndication firm. Michael has directly originated, structured and closed over $1.1 billion of tax credit equity in over 19,000 apartment units valued in excess of $2.4 billion, and has served on the board of directors for the
New York State association for affordable housing (NYSAFAH) for the past ten years. Michael holds a master of architecture degree from Harvard University and a bachelor of science from the University of Maryland, and served in the U.S. Army as an Airborne Pathfinder.
MIKE BOYLE SVP, ACQUISITIONS
Mike Boyle is responsible for identifying, structuring, negotiating and closing Low Income Housing Tax Credit Investment Opportunities with a focus on the Southeast region of the United States. Mike has been active in affordable housing finance since 2004; most recently serving as vice president with a real estate financial services company where he focused on originating affordable debt and equity finance opportunities throughout the Southeast. Prior to that, Mike worked for a nationally recognized tax credit syndicator and led the origination of investment opportunities throughout the East Coast. He earned his MBA from the University of Notre Dame, a Bachelors in Finance from the University of South Florida and served in the U.S. Army.
RICHARD SHEA SVP, ACQUISITIONS
Richard Shea joined CREA in August of 2015. Richard has more than 25 years of experience in the Affordable Housing industry; most recently as Senior Vice President and Market Manager for US Bank. In his role with US Bank, he was responsible for managing the origination, underwriting and portfolio management teams for the Bank’s Community Lending Division in the Southern California region, overseeing both the Los Angeles and San Diego offices. Prior to joining US Bank, Richard spent 13 years as the lead originator for PNC’s affordable housing financing products in California, including bank debt, bond debt, syndicated
and proprietary tax credit investments as well as direct purchase tax credit investments. Richard holds both a Bachelor of Science degree and an MBA in Finance from San Diego State University as well as a California Real Estate License.
NEALA MARTIN VP, ACQUISITIONS
Neala Martin joined CREA in October 2016 and is responsible for sourcing, structuring and closing LIHTC opportunities in the Northeast region of the United States. Neala has been active in the affordable housing industry for eight years, most recently serving as Vice President of Originations for a national syndicator where she directly originated $230 million of equity, resulting in the creation of 2,300 apartment units. Neala currently serves on the NYSAFAH 2G Advisory Committee and the Board for the Women in Housing and Finance New York Chapter. She received a Bachelor of Science degree in Finance from
JASON RACINE VP, ACQUISITIONS
Jason Racine joined CREA in November of 2014 and has been involved in closing over 45 LIHTC transactions totaling over $250 million in equity investment. Jason has been active in affordable housing since 2007, previously working for an Illinois affordable housing developer, which developed and constructed a portfolio of 25 properties representing over 1,300 units. He holds a J.D. and MBA from Northern Illinois University, as well as a Bachelor of Business Administration degree in Accounting from Benedictine University. Jason is a licensed attorney and CPA in Illinois.
RACHEL THOMAS VP, ACQUISITIONS
Rachel Thomas joined CREA in September of 2012 and is responsible for evaluating, structuring, and closing affordable housing investments throughout the United States with a focus on Texas and the surrounding states. Rachel has been active in the affordable housing industry for over 10 years, beginning her career as an accountant for one of the “Big 4”, specializing in LIHTC transactions. Rachel is a Certified Public Accountant and graduated summa cum laude from The University of Central Florida.
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