Capital Markets, Investing, & Creative Ways to Finance Multifamily

Strategies to Combat Rising Interest Rates and Inflation

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  Elaine Philis

  Elaine Philis headed the Equity Capital Markets and Investor Relations groups for McWhinney, a real estate development company and investment manager based in Denver, Colorado. She has participated in over $3 billion in capital raises for projects including comingled funds, programmatic joint ventures and individual joint ventures with firms including Westbrook, Lend Lease and Tishman Speyer. Institutional investors have included public and private pension funds, insurance companies, endowments, foundations and sovereign wealth funds. Previously, she worked in mortgage banking with Holliday Fenoglio Fowler, placing ~$1 billion in debt, and as a commercial real estate attorney with CIGNA.

  Head of Capital Markets

  Elaine Philis

  Head of Capital Markets

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  Christopher Geer

  Founding Partner

  Four Mile Capital

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  Bobby Hutchinson

  Bobby Hutchinson has been in the multifamily industry in Denver for over 20 years. He joined the RedPeak team as Investment Director in 2010, was promoted to Chief Investment Officer in 2015 and then to his current position as President in 2022. During his time at RedPeak he has been instrumental in growing the RedPeak portfolio from $300M to over $1B. Bobby loves Denver and is passionate about his role in shaping RedPeak’s growing portfolio and helping our urban neighborhoods become increasingly more vibrant and active. Outside of helping to buy and build incredible buildings that people get to call home, he is involved in the professional community as an active member of the NMHC, AAMD and CAA and a father of three active boys.

  RedPeak

  CIO

  Bobby Hutchinson

  CIO

  RedPeak

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  Brian Caudel

  Brian Caudel is a Multifamily Mortgage Banker in KeyBank’s Commercial Mortgage Group. Brian began his career at KeyBank over 12 years ago in Key’s Servicing Group. He then spent 2 years in Underwriting before moving to Production 9 years ago. Since taking over as a mortgage banker in the Rocky Mountain Region in January 2019, he’s closed over $2.1B in perm loans through Freddie Mac, Fannie Mae, Life Company, HUD and Debt Fund. Brian graduated with a BBA in Finance from the University of Kentucky. He enjoys spending time with his wife, Lacy, and their 2 kids, Bennett (5 yrs old) and Sloane (2.5 yrs old) in his free time.

  KeyBank

  VP, Senior Mortgage Banker

  Brian Caudel

  VP, Senior Mortgage Banker

  KeyBank

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  Ashley Wingfield

  Over sixteen years of real estate law experience. Deep expertise in transactions in a wide range of industries. Guides national clients through deals from initial phases to acquisition and disposition. Whether her clients are leasing retail space, investing in a multifamily project, moving corporate headquarters, finishing construction on a distressed project or transforming run-down malls into vibrant lifestyle centers, Ashley Wingfield’s expertise guides them through every step. From the initial structuring to acquisition and disposition, Ashley focuses on complex retail, office, mixed-use, resort and multifamily residential projects. She negotiates joint venture agreements with institutional partners, the assembly of private fund and tenant-in- common investors and the purchase and sale of equity interests in various real estate projects, including REITs. She manages complex acquisitions and large-scale property developments and represents developers in addressing leasing, subdivision, utilities, reciprocal easements, common interest communities, special districts and condemnation issues. Ashley's construction experience involves the drafting and negotiation of agreements with contractors, construction managers and architects, and coordinating large-scale mechanic’s lien settlements. Her practice also includes asset-based financing, including CMBS loans, mezzanine finance transactions, note purchases, loan modifications, work-outs and 1031 tax-deferred exchanges. Ashley has extensive experience with multifamily borrowing, including both conventional and agency financing (Fannie Mae and Freddie Mac). She is the chair of the firm's Opinion Letter Committee.

  BHFS

  Shareholder

  Moderator

  Ashley Wingfield

  Shareholder

  BHFS

Affordable & Workforce Housing

The Roadmap to Increasing Supply & Attainability

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  David Zucker

  David co-founded Zocalo spurred by a commitment to development that balanced investment returns, community impact and environmental respect. David focused on downtown development as soon as he arrived in Denver in 1990.  David’s first project was the Lofts over the Wynkoop Brewery. Since the Wynkoop, David established the vision for historic conversions such as the Downtown Denver and Downtown San Diego Courtyards by Marriott, which utilized the Historic Investment Tax Credit. In Denver, David was one of the first developers to work through, develop and sell deed-restricted, for-sale units at Silver State Lofts, a program that codified in the Inclusionary Housing Ordinance.  Since formation, Zocalo has quickly become among the best respected development companies in Colorado, recognized for thoughtful, innovative, well-timed and skillfully-executed projects.  As a LEED-Accredited Professional, David oversees all aspects of project development and management to ensure they meet project specifications, budgets and timelines.  As recognition, David received the Denver Business Journal's Developer of the Year award for 2012. David received his MBA from the Wharton School of the University of Pennsylvania in Philadelphia. He is interim board chair of the State Housing Board and was chairman of the board of directors of community jazz station KUVO and co-chair of the Downtown Denver Partnership's Housing Council.  David co-founded the University of Denver's Affordable Housing Conference and co-chaired the Conference's first five years. David has an appointment to Mayor Hancock's Task Force on Affordable Housing.  He received the Affordable Housing Leader of the Year Award for 2006 from the Denver chapter of the Enterprise Foundation.

  Zocalo Development

  Principal & CEO

  David Zucker

  Principal & CEO

  Zocalo Development

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  Peter LiFari

  Peter F. LiFari is the Executive Director of Maiker Housing Partners, a socially conscious public housing authority based in Adams County, Colorado. In his role as Executive Director, LiFari leads a passionate team committed to ending the cycle of generational poverty by providing individuals and families with access to affordable housing, support programs and by engaging in community development. LiFari is a compassionate visionary whose leadership style is grounded in treating individuals with empathy, warmth and grace.  LiFari is currently using his expertise to provide strategic guidance to Rocky Mountain Partnership as Co-Chair of their Steering Committee. Beyond his committee responsibilities, he sits on the board of directors for indieDwell, whose mission is to revolutionize the building industry by producing dwellings that better occupant health and well-being, improve the health of the environment and empower community. LiFari also serves on the NAHRO Board of Governors and as Chair of the National NAHRO Community Revitalization and Development Committee. In these roles, LiFari addresses a broad range of issues including affordable housing policy, economic vitality of cities and more. LiFari is a past Terry J. Stevenson Fellow at the Common Sense Institute and is frequently invited to showcase his expertise in affordable housing through local and national speaking engagements including panel discussions and podcasts.     LiFari is a graduate of the Maryland Institute College of Art. He earned his MFA from Queens College and his MBA from the Florida Institute of Technology.

  Maiker Housing Partners

  Executive Director

  Peter LiFari

  Executive Director

  Maiker Housing Partners

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  Cris White

  CEO

  Colorado Housing and Finance Authority (CHFA)

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  Haroun Cowans

  Haroun Cowans is a prominent social, financial, and philanthropic leader with over two decades of experience leading development and investment in the Five Points District of Denver, Colorado. Haroun is responsible for Goshen Development’s operations, client relations, partnerships, business development, and strategic leadership. He has held many leadership positions in real estate and finance but considers his greatest passion his work as an associate pastor at Church in the City – Beth Abraham. Outside of ministry, Haroun is the Founder and Managing Principal of Goshen Development. Haroun has built strong relationships to the Five Points and greater Denver community through his extensive work and board appointments. Throughout his career, Haroun has held many different positions in real-estate and finance including managing retail financial branches, raising capital for startups, financial advising, financial services at Merrill Lynch, Chief Real Estate Officer and commercial real estate broker. Haroun has been appointed by the Mayor to serve on the Denver Board of Human Services and the Advisory Committee for Housing People Experiencing Homelessness. He is a board member of the following organizations: Colorado Enterprise Fund, Five Points Business Improvement District, Historic Denver, Denver Health Foundation, Denver African American Philanthropists (co-chair), and Black Resilience in Colorado. He has previously served on the boards of Denver East YMCA, Cleo Parker Robinson Dance and Youth Biz (chair). Notably, Haroun has been featured in the Denver Post, Denver Channel 7 News, Denver Channel 9 News, 303 Magazine, Westword, Business Den and has been cover stories for Denver Business Journal, Denver Rite and Vice Magazine.

  Goshen Development

  Founder & CEO

  Haroun Cowans

  Founder & CEO

  Goshen Development

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  George Thorn

  Mile High Development is a veteran of large scale mixed use projects including Colorado Center, a $100 million mixed use project at I-25/Colorado Blvd. in central Denver in conjunction with TIAA-CREF, the world’s largest private pension fund, which launched its first phase in 1986 and completed the second and third of the ultimate six phases in 1999. The project features a 9 screen United Artists Theatre with an IMAX Theatre, and 600,000 square feet of Class A office space in two 12 story towers, and 1600 structured parking spaces. Mile High Development was also the Developer of the Wellington E. Webb Municipal Office Building in downtown Denver, a $200 million, 700,000 square foot Class AA office building developed for the City and County of Denver in 2001/2002. Mile High Development was the Co-Developer of the $100 million Co-Development Project in concert with the Denver Art Museum expansion project, which included the 980 space Cultural Center Garage; the 55 unit Museum Residences condominium/mixed use project that was completed in 2007, and the 165 room ART Hotel which opened in July 2015. Mile High Development was also Co-Developer, with Opus Northwest, of Lakewood City Commons, an $80 million mixed use retail, office/civic and community development, including a new City Hall for the City of Lakewood. Today, Mile High Development is focused on various mixed-use TOD opportunities, including affordable housing projects utilizing LIHTC at existing light rail stations along the southeast I-25 corridor, and the new R line/Aurora light rail corridor, including the Apartments at Yale Station, a 50 unit Senior 9% LIHTC affordable housing project at the Yale light rail station completed in 2011; University Station, a 60 unit Senior 9% affordable housing project located at the University of Denver light rail station completed in February 2014; the 66 unit 9% LIHTC affordable housing project, Garden Court Apartments at Yale Station, which will be completed in June 2016. Mile High Development and Koelbel and Company broke ground in April 2016 on the 112 unit Ash Street Apartments, a 4% LIHTC affordable family/workforce project adjacent to the 9 th and Colorado redevelopment project on the former University of Colorado Health Sciences Center. In partnership with Koelbel and Company, Mile High Development was selected by the City of Aurora and the Aurora Urban Renewal Authority in 2015 as the Master Developer of the Regatta Plaza Shopping Center at Nine Mile Station, a 22 acre site which will be redeveloped into a 700,000 sf TOD project beginning in the Fall 2016 and will include a new 80 sf King Soopers; 500 market and affordable rental housing units; an entertainment district featuring restaurants and entertainment retail, and a major office component, all connected by a PED bridge to Nine Mile Station. In 2011, Mr. Thorn was the co-recipient(with Mr. Buz Koelbel)of the inaugural Transit Alliance Leadership Award as Outstanding Leader in the Private Sector. In 2001, Mr. Thorn was named Honorary Dean of the Burns School of Real Estate and Construction Management at the University of Denver, and is currently serving DU as Executive in Residence. Mr. Thorn received a Bachelor of Science degree in Aerospace and Mechanical Engineering from the University of Arizona in 1967. He is a former Board member of NAIOP, and is a Full member of the Urban Land Institute (ULI) and a member of the ULI Executive Committee. He is a former Denver Urban Renewal Authority (DURA) Commissioner, and was Chair of Downtown Denver, Inc., in 2002 &2003, and Chair of the Downtown Denver Partnership in 2004.

  Mile High Development

  President

  George Thorn

  President

  Mile High Development

• Moderator

  Brad Schmahl

  Business Development

  JHL Constructors

Analyzing the Single Family Rental Surge

Colorado’s Build-to-Rent Market Outlook

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  Vincent Deorio

  Vincent is a driven, accomplished entrepreneur and thought leader in real estate and PropTech circles, and he has extensive experience in real estate acquisitions and development. Vincent’s skillset and vision allow him to thrive by combining technology and traditional real estate practices to deliver high growth strategies, lucrative returns, and successful market expansion. He has deployed more than $2 billion for private and institutional investors in the Single Family Rental market, generated more than $1 billion in fundraising, and scaled PropTech companies from $0–$50M ARR.

  redT Homes

  CEO

  Vincent Deorio

  CEO

  redT Homes

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  Kim Sperry

  Kim Sperry has diverse experience in real estate finance and investment having started her career in workouts with First Interstate Bancorp. She spent the next 20 years in real estate private equity with Amstar Group where she managed a diverse portfolio of joint venture development projects to include office, hospitality, multifamily and industrial. Most recently, Kim opened the office and built the CO team for RangeWater Real Estate which projects include The Armory in Boulder, Fox Ironworks in Denver and Lupine - a BTR townhome project in Longmont.

  RangeWater Real Estate

  (Former) Managing Director

  Kim Sperry

  (Former) Managing Director

  RangeWater Real Estate

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  Anthony Del Grippo

  Mr. Del Grippo is responsible for growth and execution of AHV’s national pipeline managing national land acquisition and investments. With more than three decades of private equity and homebuilding experience, Del Grippo most recently was Director of the Real Estate Group and Developer Capital Group for Rialto Capital Management. In this role he led operations for the US region, providing joint venture equity to private developers and home builders in order to take advantage of the dislocation created by the lack of acquisition and development funding from banks. Among other previous positions, he was Senior Vice President, Land Acquisition at Beazer Homes. Del Grippo graduated from California Polytechnic University, Pomona, with a Bachelor of Science in Urban and Regional Planning. Del Grippo heads up the company’s Denver office.

  AHV Communities

  EVP-Investments

  Anthony Del Grippo

  EVP-Investments

  AHV Communities

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  Jeffrey Stonger

  Jeffrey Stonger is a partner and serves as the Chief Investment Officer at BMC Investments. Mr. Stonger leads the investment process, overseeing acquisitions and strategic growth initiatives in order to grow and scale the company into new markets and strategies. Prior to BMC Investments, Jeffrey spent several years at Ascentris, a Denver-based real estate private equity firm with nearly $2.5 billion in assets under management, where he was responsible for leading strategic initiatives, as well as acquiring and managing investments across property types in the Western US. Prior to his role at Ascentris, Mr. Stonger was a Managing Director at Amstar, a real estate private equity firm, where he spent 10 years serving in multiple roles across both the U.S. and European investment platforms, and was responsible for sourcing and acquisitions, asset management and capital raising. Notably, Mr. Stonger helped the firm establish Amstar Advisers (which later became Ascentris) as an SEC-Registered Investment Adviser; the firm has since raised over $1 billion of equity from U.S. institutional investors. Stonger graduated cum laude from the University of Southern California with a B.S. in Business and Real Estate Finance. He also graduated from Harvard Business School (PLDA) with a concentration in General Management and Leadership and is a Chartered Alternative Investment Analyst (CAIA) charterholder. Stonger previously served four years on the Portfolio Management Committee with the National Council of Real Estate Investment Fiduciaries. He currently serves as a Board Trustee for MindsMatter Denver.

  BMC Investments

  CIO

  Jeffrey Stonger

  CIO

  BMC Investments

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  Susan Chong

  The principal of Iconique Real Estate grew up in Denver, Colorado and was inspired by its emerging urban lifestyle. Understanding the appeal of vibrant, walkable and convenient living, in 2004 she set off on a path of new construction sales and marketing. Since then, she has been involved in selling thousands of condominiums totaling over three-quarters of a billion dollars in revenue, including The Coloradan at Union Station and 42-story tower, SPIRE in Downtown’s Theater District. Susan has mastered selling residential real estate, being recognized as a top Denver area broker by Denver Metro Association of Realtors. With her niche expertise and local connections, Susan focuses on building community, making her a natural fit to partner with developers on sales and marketing strategies to sell multi-family projects in Denver’s urban core.

  Iconique Real Estate

  Principal Broker

  Moderator

  Susan Chong

  Principal Broker

  Iconique Real Estate

Future-Proofing Multifamily through Technology & Amenities

Reimagining Buildings to Address Tenant Needs

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  Jarvie Worcester

  Jarvie Worcester joined Trammell Crow Residential in 2016 and serves as the Managing Director for the Mountain States division, overseeing the 2,300 units ($600 million of capitalization) the company has underway. Prior to joining TCR, Jarvie was the Vice President of Development for Real Capital Solutions in Louisville, CO, where he oversaw a $350 million portfolio of multifamily, senior and student housing development investments. Prior to Real Capital Solutions, Jarvie spent 8 years with Vail Resorts Inc. in their resort and hospitality development groups as the Director of Development. While at Vail Resorts, Jarvie was involved in the development of $450 million of resort condo, hotel, retail and resort operations projects. Jarvie started his career with Intracorp San Diego, where he was a financial analyst and project manager for the Southern CA developer, involved in the development of 1,500 condo and apartment units during his time with the firm.

  Trammell Crow Residential

  Managing Director

  Jarvie Worcester

  Managing Director

  Trammell Crow Residential

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  Andrew Miller

  Andrew Miller is Managing Director of Western Region Development for Waypoint and is responsible for the sourcing, execution and management of development projects in the Western region of the U.S. Mr. Miller has over 35 years of experience in real estate finance and development. Prior to joining Waypoint, he founded Firebrand Group, LLC (a development and advisory firm), was a Real Estate Development Executive at Corvias and was a Senior Development Officer of the Housing Authority of Salt Lake City. Over his career, Mr. Miller has been responsible for the origination and development of over 10,000 units. He holds a B.A. from Rice University and an M.B.A. from The University of Texas at Austin.

  Waypoint

  Managing Director, Western Region Development

  Andrew Miller

  Managing Director, Western Region Development

  Waypoint

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  Timothy Pickett

  President

  Encompass Connect

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  Noel Arvizu

  Director

  ADT

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  Jeff Johnson

  Jeff Johnson has been with Quantum Fiber for nearly 21 years and has held several leadership roles throughout his career within the consumer and small business organizations.   In 2011, Jeff joined the Quantum Fiber Connected Communities segment and serves as director of field sales for the west region.  Jeff is responsible for leading a team of sales professionals focused on developing customized fiber technology solutions for multi-dwelling units and residential communities.  Under his leadership he has successfully improved processes to achieve client satisfaction by partnering with product and IT to deliver cutting edge technologies.    Jeff has a bachelor’s degree from the University of Wisconsin and currently resides in Minneapolis where he enjoys spending time with his wife and their two high school age children. Jeff’s hobbies include fishing and golfing.

  Quantum Fiber

  Director

  Moderator

  Jeff Johnson

  Director

  Quantum Fiber

Forward-Thinking Development, Design and Construction

How Top Firms are Building, Designing and Delivering Product in the Denver Region

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  R. Lane Cutter

  Mr. Cutter is currently Senior Managing Director, overseeing Legacy’s Colorado’s activities. His 25 years of real estate experience in Colorado is varied, and encompasses multiple sides of the multifamily market. Mr. Cutter’s background is in design, spending 18 years owning and managing an architectural firm centered on housing, followed by two years developing on-campus housing for small universities in the Midwest with Knosis LLC. In his 7 years with Legacy, Mr. Cutter has overseen project completions in The Golden Triangle, City of Denver and Westminster. Currently Legacy has over 1,200 units in the pipeline including Legacy at Fitz (Aurora), Araceli DTC (Denver Tech Center), Legacy Metro 525 (Aurora), and 2040 S. Colorado Blvd (Denver). Mr. Cutter earned dual degrees in Architecture and Engineering from the University of Oklahoma.

  Legacy Partners

  Senior Managing Partner

  R. Lane Cutter

  Senior Managing Partner

  Legacy Partners

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  Ben Krasnow

  Ben Krasnow is the managing director for the southwest region of the Crescent Communities multifamily business. Most recently, Ben served as the vice president of Multifamily Development for McWhinney, a Denver-based Real Estate Development company. In this role, he managed the development of over 2,000 apartment homes in the Denver-area, as well as Austin, Portland, and Omaha. With 15 years of progressively complex experience in the multifamily real estate industry including the Bozzuto Group in Washington DC, Krasnow brings a wealth of knowledge to his new role at Crescent. Krasnow holds a master’s degree in real estate development from the University of Maryland.

  Crescent Communities

  Managing Director

  Ben Krasnow

  Managing Director

  Crescent Communities

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  Kristen Terjesen

  Kristen Terjesen is the mastermind behind all of Studio 10’s projects, ranging from all aspects of master planned communities, clubhouses, sales centers, model homes, commercial and hospitality projects to high end custom homes and remodels. With over eighteen years of experience in interior design and interior architecture, Kristen works hand-in-hand with her talented design team to meet each clients’ design, market, and financial goals. Kristen began her design training at Colorado State University where she earned a Bachelor’s degree in Interior Design and Construction Management. She founded Studio 10 in 2008 due to the national economic downturn. Over the past twelve years she has built a company and team that brings beauty, efficiency, and professionalism to each and every project. She is NCIDQ certified and has spent the last decade designing interior experiences that seamlessly blend form and function.

  Studio 10 Interior Design

  Principal Designer

  Kristen Terjesen

  Principal Designer

  Studio 10 Interior Design

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  Reed Sellers

  Reed Sellers is a partner in Wipfli LLP’s firmwide construction and real estate (CRE) practice and co-leads the Rocky Mountain CRE practice. He is located in the Loveland office and works primarily with closely held private companies, providing audit, tax, and consulting services. He concentrates on the construction industry, with in-depth experience with general and specialty contractors, unique financial statements and tax considerations. He is passionate about working with clients as a consultant, trusted advisor and even friend.

  Wipfli

  Partner

  Reed Sellers

  Partner

  Wipfli

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  Travis Hodge

  Travis is an integral part of the Capstone West land team. He joined Capstone after five years with one of the world’s largest commercial real estate firms, where he focused on sales of multifamily development land and existing multifamily assets. As a commercial real estate broker, Travis has participated in over $500 million in successful transactions totaling over 4,000 apartment units. Before entering brokerage, Travis spent five years working in title insurance and 1031 exchange services. With a breadth of real estate experience, attention to detail, and an open mind, Travis is equipped to handle the most challenging land transactions. In addition to representing sellers and buyers of development land, Travis assists clients with specific research projects and feasibility analysis. By combining real-time market knowledge and comprehensive underwriting capabilities, Travis helps clients set expectations and determine the optimal strategy for achieving their investment goals. On a personal note, Travis was born and raised in Atlanta, GA and is an avid fan of the Braves, Falcons, Hawks and UGA. When he’s not in the office, he enjoys fly-fishing, disc golf, snowboarding, live music, spending time with friends, and traveling the world with his wife. Education: University of Georgia | B.B.A. in Accounting; University of Colorado – Boulder | M.B.A. in Real Estate and Finance

  Capstone Companies

  Senior Advisor

  Travis Hodge

  Senior Advisor

  Capstone Companies

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  Heather Sandoval

  Heather Sandoval joined Weller in early 2022 with the launch of their Denver office. Heather has more than 20 years of multifamily real estate experience primarily focused on the Colorado front range and extensive new development experience. Prior to joining Weller, Heather worked for Greystar for 16+ years where she held various leadership positions on their 3rd-party operations and owned new development asset management teams. Heather has a well-versed background collaborating with both institutional and private owners successfully executing their business plans for a variety of product types, including conventional (lease up, renovation, affordable), short-term rental and student. She has directly overseen the execution of over 90 lease-up properties across the Front Range and in doing so created the tools and programs for future teams across the country to replicate this success. Heather is a licensed Colorado Real Estate Broker.

  Weller

  SVP

  Moderator

  Heather Sandoval

  SVP

  Weller

Remarks from the Podium

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  Hamid Hajian

  Hamid grew up in the construction industry by learning the trade in his family’s real estate development business and has pursued a technology-oriented education and professional life in the past 20 years. Prior to founding Zebel in 2019, Hamid led the preconstruction data analytics at Western National Group, a large multifamily development/construction/property management firm, based in Southern California. He now works with large multifamily developers and GC's, such as Irvine Company, Ryan Companies, and Legacy Partners, who share their historical construction cost data anonymously through Zebel, the "Switzerland of Construction Cost Data". Hamid received a Master of Business Administration from Wharton School of University of Pennsylvania, earned a Master of Science in Construction Management and an Engineer degree in Construction Information Technology both from University of Southern California.

  Zebel

  Co-Founder & CEO

  Hamid Hajian

  Co-Founder & CEO

  Zebel