Impact Real Estate Podcast

On this very special edition of the Impact Real Estate Podcast, we welcome two guests: Lori Little, President and CEO of the National Affordable Housing Trust and Kimberly Latimer-Nelligan, President at the Low Income Investment Fund. Not only do we talk about their journeys to the top of their companies and discuss a new joint venture, but also we talk about why the duo is undoubtedly the Avengers of Affordable Housing. It's a special 2-for-1 episode you don't want to miss.

EPISODE NOTES:

01:42 - Bridging Wall Street and Main Street

04:58 - Where do the funds come from?

08:00 - Ohio’s progressiveness

10:07 - Finding partners

12:50 - A joint venture

17:30 - Providing most of the capital need

19:50 - A unique partnership

21:47 - The big hairy goal - 1 BILLION dollars

23:19 - Inspired by her mother

27:13 - A Community developer

31:45 - Driving the vision and energy of a company

35:54 - The Hot Seat presented by KK Reset

Lori serves as just the fourth President and CEO in National Affordable Housing Trust’s history. She's an experienced affordable housing professional with more than 25 years of leadership experience in real estate and finance. She joined NAHT in 2002 and previously served as the Senior Vice President of Capital Markets and Investor Relations with NAHT.

Kimberly is LIIF’s President, and is responsible for oversight of LIIF’s Community Investment Programs (CIP) which includes management of LIIF’s national Revolving Loan Fund, the New Markets Tax Credit business, programmatic activity and the risk and asset management functions. Under her leadership LIIF has launched its Fresh Foods, Community Health Collaborative and Health & Housing Innovation initiatives and opened lending offices in Washington D.C. and Atlanta. LIIF currently has approximately $1 billion of capital under management and deploys over $250 million of capital annually.

On this episode of the Impact Real Estate Podcast, we get an excellent lesson in leadership with the Founder of Zibo, Chris Hsu. Chris talks us through his story -- the son of a immigrant and beneficiary of what he calls a series of serendipitous moments that took him from landlord to executive to being the founder of a company that helps other landlords with some major pain points.

EPISODE NOTES

01:33 - What is Zibo?

03:19 - Need financing? Call Zibo

06:14 - Cultivated marketplace

09:12 - The Peanut Butter Cup

10:50 - The Bull's Eye

12:55 - An immigrant story

14:56 - Serendipitious

16:35 - Living the pain points

21:16 - "I didn't know what I was getting into..."

25:15 - Fishing with a fish-finder

29:28 - Combining the pieces

31:30 - The five year plan

32:42 - The Hot Seat presented by KK Reset

Before founding Zibo, Chris served as CEO of enterprise software company Micro Focus. Prior to that, he was COO of Hewlett Packard Enterprise, where he successfully led the largest corporate separation in history. Previously, Chris spent nearly 15 years in leadership roles at top consulting firms, including KKR and McKinsey, after completing his MBA at Northwestern’s Kellogg School of Management.

On this episode of the Impact Real Estate Podcast, we sit and chat with Christine Wendell, the Founder and CEO of Pronto Housing. Christine’s company is revolutionizing the affordable housing industry by making compliance efficient, reliable, and intuitive through tech-enabled solutions. We talk about Christine’s journey from the Bay Area to New York and she gives us invaluable insight on her process for starting a new company.

EPISODE NOTES:

01:12 - Making affordable housing leasing better

03:21 - Streamlining the process with Pronto

07:25 - A national program

08:50 - Affordable tech

11:43 - Doing something meaningful

13:40 - Experiencing the pain point; the process begins

16:10 - The learning curve

18:15 - Open arms or cold shoulders?

22:54 - Affordable housing education resources

23:44 - The Pronto Team

26:47 - Scaling: The possibilities

29:27 - The Hot Seat presented by KK Reset

Christine leads the growing Pronto Housing team. Prior to founding Pronto Housing, she was a Senior Associate of Asset Management and Acquisitions, overseeing property level debt and equity relationships, and helping to underwrite new investment opportunities for a developer in NYC.

Christine also worked in RXR Realty’s Development Asset Management group, where she managed the financial models for approximately 15 ground up developments. Previously, she worked for Wells Fargo Bank’s Commercial Real Estate group.

Christine received her M.B.A. from Northwestern University’s Kellogg School of Management and a BA in Economics and English from Kenyon College.

On this episode of the Impact Real Estate Podcast, we welcome Pharrah Jackson, Vice President of Finance for Greystone Affordable Development. We have a riveting discussion of how this Georgia Peach went from interning for her mother in high school to financing over $8 billion in debt as Managing Director of Greystone's lending group to now sitting on the other side of that table. If you're all about nerding out on some affordable housing like we are, then this is a the episode for you.

02:02 - From the lending side to development side

03:54 - Key skill sets

06:30 - The learning curve

08:47 - No two deals are the same

09:56 - Speaking another language

12:23 - Rural affordable housing

14:05 - Nothing typical about affordable

16:29 - 4% vs 9%

19:12 - A little more on Greystone

21:20 - A Georgia Peach-Tiger

23:45 - The desire to learn

26:18 - The process of a deal

31:24 - Growing the platform

32:41 - Advice to mentees

34:30 - The Hot Seat presented by KK Reset

At Greystone, Pharrah leads a team of analysts and underwriters responsible for securing debt and equity for all of Greystone’s affordable housing development transactions.

Pharrah has more than 20 years of affordable housing experience that spans production, underwriting, closing, servicing and asset management. During her long tenure with Greystone, she has been involved in the financing of over 1,000 affordable housing properties totaling more than $8 billion in debt, having most recently served as Managing Director of the company’s industry-leading affordable lending group.

Pharrah is also a member of the Mortgage Bankers Association’s Affordable Rental Housing Advisory Council. She began her career as a closing assistant with Washington Mortgage (now PGIM) and has also worked at other Agency lending firms including Red Mortgage and Walker & Dunlop.

We can’t think of a better way to start Season 3 of the Impact Real Estate Podcast then by welcome Buwa Binitie - Managing Principal at Dantes Partners out of Washington D.C. On this episode, Buwa tells us how to lead with the power of positivity, what is at the ethos of Dantes Partners, and the steps he's taken as a 17-year-old Nigerian immigrant to become the head of his own real estate company that prioritizes affordable housing. 

EPISODE NOTES:

02:30 - The power of positivity 

06:35 - Going head-to-head

07:50 - The beauty contest 

09:08 - Private-public partnerships 

10:46 - Getting creative: Fire station site 

13:40 - Company ethos 

16:55 - The Ritz-Carlton pushing back 

21:10 - From Nigeria to the U.S. 

23:25 - A family of entrepreneurs 

30:56 - Immersing into affordable housing 

36:38 - Anatomy of the first deal 

40:56 - Higher barrier of entry 

42:54 - The vision and goal for the company 

47:16 - The Hot Seat presented by KK Reset 

Buwa has over eight years of experience in financing complex real estate transactions.

Buwa has an extensive tax credit financing experience (LIHTC, NMTC and HTC) and has closed on financing from nearly every public capital source available including HOME, HPTF, NSP, CDBG and NIF. Buwa maintains a narrow focus on creatively structuring deals that strive to address the need of his clients, community stakeholders as well as various government agency partners. By narrowly focusing on efficiently financing community development transactions, Buwa has been successful in adding value beyond the numbers.

To date Buwa and his team are currently managing over $200 million in assets.

As Managing Principal of Dantes Partners, Buwa directs the acquisition, development, management and financial activities of the firm.

Buwa career is underscored by a commitment to creating and preserving affordable and workforce housing. To this end, Since founding Dantes Partners, Buwa and his team have closed over $219 million of unconventional real estate transactions that utilize low-income tax credits, new market tax credits, tax-exempt bonds and a various other forms of alternative financing. These efforts have lead to the creation of over 700 units of workforce and affordable housing.

Buwa speaks regularly at industry focused events. Recent engagements include sessions with The Minority Resource, African-American Real Estate Professionals, Biz Now, DC Building Industry Association, Georgetown University, University of Maryland – Colvin Institute of Real Estate Development and the Howard University Real Estate Club.

Buwa received a B.S. from New York University and an M.S. in Real Estate Development from Johns Hopkins University and is also an alumnus of the Urban Land Institute’s Real Estate Apprenticeship Program.

On this episode of the TBG Real Estate Podcast, we say goodbye to Season 2 with a look back at some of the highlights from 40 excellent episodes. We also welcome producer Julio Lara who puts Chris on the Hot Seat and we take a look ahead to Season 3 of the only podcast that gives you insights into just how some of the biggest names in real estate got to where they are now.

n this episode of the TBG Real Estate Podcast, we end Season 2 on a high note by welcoming Sean Creedon, Director of Acquisitions at Berkadia. As part of our Impact Real Estate Series, we talk to Sean about his role originating and structuring tax credit investments with developers during his 20 year career. Sean breaks down the tax credit process from the developer's perspective and helps us understand the difference between for-profit companies and nonprofits in the affordable housing space.

EPISODE NOTES:

02:30 - Breaking down the tax credit process

04:00 - Developer-facing

08:32 - Two different type of players

10:22 - The investor preferences

12:17 - Why 9 and 4? In a word: Taxes

16:00 - Sidelined but now back in the game

19:10 - Commercial real estate to affordable housing

23:39 - The trajectory

26:53 - What makes you good at your job?

29:13 - For-profit vs nonprofit

32:59 - “It always really performs…”

35:11 - The Hot Seat presented by KK Reset

Sean has 20 years of diverse transactional experience, including affordable housing, tax credit equity investing, originations and business development, debt underwriting, renewable energy, and commercial real estate. In the last 15 years, Sean has originated, directed, underwrote, or closed nearly $1B in community focused transactions using various debt, equity, and tax credit structures.

Prior to joining Berkadia, Sean was most recently a Director in the Community Investments division at Aegon USA Realty Advisors. In his nine years at Aegon, Sean was responsible for originating, structuring, and closing tax equity investments in housing and renewable energy transactions. In addition, he established and managed two new asset class product lines – a LIHTC permanent loan program and a solar tax credit investment platform. Prior to Aegon, Sean worked at Capmark Financial and its various predecessors for eight years, first in the commercial mortgage backed securities group and then later in the firm’s affordable housing division.

Sean received his Bachelor of Business Administration from the University of Notre Dame. He is the founder of the HH Charitable Foundation which has been raising funds for community organizations for the last 20 years.

On this episode of the TBG Real Estate Podcast, we continue our Impact Real Estate series by talking to Iman Novin, Founder of Novin Development Corp. Iman has a fascinating story in affordable housing that begins with building toy homes with scraps of wood back in his childhood, to starting Freak Quency as a high schooler, to having his hand in some of the biggest projects in the development of downtown San Diego, to starting not 1 but 2 affordable housing businesses. Iman's journey is a great lesson in how a little foresight early on can help propel your career in the future.

EPISODE NOTES:

02:32 - What is Novin Development Corp?

04:40 - Innovation in construction

06:24 - Weighing all the options risks and challenges

08:35 - Pre-fabricated process

09:56 - Policy playing catch-up to innovation

11:12 - The American Dream story

15:22 - Public nonprofit work

18:05 - Beauties of working at affordable housing: working on a project's lifecycle

21:23 - Benefits and pitfalls of starting a new firm

24:50 - The first deal

29:57 - Affordable Housing in prop tech

33:38 - The Hot Seat presented by KK Reset

Iman is also the founder of Proformap, a prop tech startup that streamlines the search, underwriting, and acquisitions processes for Commercial Real Estate transactions using the latest in real estate artificial intelligence technology.

Iman has over 14 years of experience in the multifamily development sector with a focus in mixed-income and transit-oriented development.  Prior to starting Novin Development, Iman worked at MidPen Housing as Director of Acquisitions and at BRIDGE Housing as a Project Manager in both northern and southern California.

While at MidPen, Iman lead acquisition efforts across the Bay Area, closing new deals and managing broker and investor relationships. While at BRIDGE, Iman helped secure entitlements and LEED ND certification for MacArthur Transit Village, a 675-unit master plan community in Oakland among other successful investment and development projects.

Prior to BRIDGE, Iman worked in the real estate and planning divisions of Centre City Development Corporation (CCDC, now Civic San Diego) on redevelopment and affordable housing policy initiatives within the Downtown San Diego Redevelopment Project Area, as well as with Keyser Marston Associates (KMA) in their San Diego office.

Iman is active locally serving on the Walnut Creek Planning Commission and Board of Directors of the Trinity Center and Chamber of Commerce. Iman holds degrees in Structural Engineering and Urban Studies and Planning from the University of California, San Diego with honors.

It's a special 2-for-1 episode of the TBG Real Estate Podcast this week as we welcome Andrew Basham and Zac Frederick of Spy Rock Real Estate Group and Crescent Development. The two have teamed up to become a powerhouse in the affordable housing space in Virginia. On this episode, they'll give a master class on how to start a deal and see it all the way through lease-up. It's also a great lesson on how forming the right partnership can go a very long way. Our Impact Real Estate Series continues and you don't want to miss it.

Apple Podcasts: https://apple.co/38ttPCz

Spotify: https://spoti.fi/38dvwDJ

Web: https://www.tbg-realestate.com/podcast/basham-fredrick

Podbean: https://bit.ly/37uNKS6

Episode Notes:

03:00 - What is Spy Rock and Crescent?

04:00 - More cooks in the kitchen

07:30 - Staying in Virginia

09:30 - Genesis of the partnership

12:38 - Starting a deal

14:53 - Tax credit applications

16:04 - The affordable housing climate in Virginia

19:55 - Diversification is good

22:35 - The anticipation of the "blue wave"

26:28 - Structure of the deal

28:56 - Political influence

33:06 - Affordable housing outlook

36:22 - The Hot Seat Presented by KK Reset

Andrew focuses on acquisition and development and management of project teams on all of Spy Rock’s ventures. Andrew relocated to Richmond from Falls Church in 2007 to start the Virginia Multifamily Development office for Colonial Properties Trust.

From 2001-2007, Andrew was Vice President of Development and Acquisitions for The Silverwood Companies, a mixed-use, multifamily and land development firm based in Reston, VA. At Silverwood, he was responsible for the acquisition and development of over 1,000 multifamily units, including for-sale, market rate rental and LIHTC product.

As Founder and CEO of Crescent, Zac is responsible for the strategic planning and growth of the company and personally manages all aspects of its implementation and execution.

Throughout his career, Zac has developed a unique blend of tax, accounting, finance and legal expertise and demonstrated an uncanny ability to identify, secure and deliver quality communities producing favorable solutions for all stakeholders.

On this episode of the TBG Real Estate Podcast, we ring in 2021 with the President and CEO of Stewards of Affordable Housing for the Future Andrea Ponsor. On top of taking us through all the great work SAHF is doing for communities across the country, Andrea talks about how she went from a 9-year-old learning about FHA loans to law school to her role as CEO. It's an amazing story of finding your passion early and making your vision come to fruition. It's an episode of the Impact Real Estate series you do not want to miss.

EPISODE NOTES:

02:18 - What is SAHF?

04:00 - By invitation only

06:00 - A variety of partners

07:10 - Shared principle

08:35 - Resident-centered

10:40 - From lawyer to CEO

12:43 - The skillset of a CEO

16:43 - A challenge on the funder’s side

19:04 - The influence of a new administration

23:00 - Career advancement in affordable housing

26:20 - An incredibly generous industry

30:00 - The digital divide

31:34 - The Hot Seat presented by KK Reset

In her role as President and CEO, Andrea works to identify, develop and advocate for key strategic issues of concern to SAHF and its members, create a level playing field for effective, mission oriented nonprofit businesses and amplify SAHF’s impact to create more sustainable properties and communities and improve the lives of residents. Andrea joined SAHF in 2016 as Executive Vice President of Policy, bringing with her 15 years of experience in the field of housing and community development.

Prior to joining SAHF, Andrea served as the Federal Policy Director for Local Initiatives Support Corporation (LISC) where she led housing policy efforts. Previously she was a principal at Hessel, Aluise and O’Leary, P.C., a boutique law firm with a national affordable housing practice, where she represented lenders, developers and management agents in affordable housing transactions and policy matters.

Andrea began her career as an attorney with the U.S. Department of Housing and Urban Development in Atlanta, GA where she focused on multifamily mortgage closings, property disposition, program enforcement and fair housing.

She holds a Juris Doctor degree from the University of Florida College of Law and a Bachelor's degree in Economics from Tulane University.