Multifamily Forecast: Navigating Challenges & Opportunities in 2023

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  Michael Pestronk

  As CEO, Michael Pestronk heads all property development and operational activities of the company. Post Brothers Apartments was founded in early 2007 and since that time Mr. Pestronk has focused exclusively on creating a best-in-class enterprise with a current portfolio of in excess of 1,100 class-A apartments throughout Philadelphia, with a total capitalization of approximately $165,000,000. Michael has 12 years of experience in the multi-family real estate industry, having previously worked for NWJ Companies and Historic Landmarks for Living, as well as being a principal of Iron Stone Real Estate Group, where he was collectively responsible for the repositioning, operations and capitalization of over $300,000,000 of real estate. During this time his responsibilities encompassed all aspects of apartment ownership including acquisitions, financing, development, construction, management, and leasing. During 2004-5 he was fully engaged in the property and asset management leadership of Historic Landmarks and was instrumental in the operational turnaround of a large portfolio of urban Class A apartments, where he increased NOI without capital spending, and facilitating a $200mm recapitalization of the portfolio. Michael takes great pride in his focus on identifying the right product to build, building simultaneously with high quality and cost effectiveness, and rapidly renting all of our units at top of the market rents.

  Post Brothers

  CEO

  Keynote

  Michael Pestronk

  CEO

  Post Brothers

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  Julia Dranoff

  Julia serves as Chief Investment Officer at Dranoff Properties, Inc. She oversees the funding for all development projects including acquisitions, investments, and new construction. Julia coordinates project pre-development budgeting, pro forma modeling, capital raising, and due diligence, working with a range of lenders and investors. She also works to develop public-private partnerships and with government agencies to source and shape economic development programs. Prior to joining Dranoff Properties, Julia gained professional experience at JPMorgan Chase working on strategic projects and business development opportunities for the Investment Bank. Prior to JPMorgan, she spent several years as a strategic consultant for Accenture. Julia earned her B.S. in Civil Engineering from Princeton University and her M.B.A. in Real Estate and Finance from The Wharton School at the University of Pennsylvania.

  Dranoff Properties

  Chief Operating Officer

  Keynote

  Julia Dranoff

  Chief Operating Officer

  Dranoff Properties

• Moderator

  Aaron Graves

  Managing Director Equity, Debt, & Structured Finance

  Cushman & Wakefield

Putting Tenants First: Understanding Resident Needs

Enhancing the Multifamily Experience through Trend-Spotting and Customer Service Innovations

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  Bryan Oos

  Bryan Oos is responsible for the acquisition of apartment development sites in the New York, Washington D.C. and Miami metropolitan areas. Bryan has been responsible for various aspects of the land acquisition, underwriting and approvals for 10 projects built or in the pipeline in Massachusetts, New York, New Jersey and the District of Columbia, totaling over 4,300 units. Prior to joining Toll Brothers Apartment Living in 2011, Bryan was a Vice President of Development at Michaels Development Company, where he worked on the redevelopment of public housing into mixed-income communities. Prior to Michaels, he was a Director of Development at Forest City Residential, where he worked on mixed-use redevelopment projects in the New York and Boston metropolitan areas with a focus on public and private financing structures. Bryan earned a Bachelor of Business Administration in Finance from James Madison University and a Master of Science in Real Estate Development from Columbia University.

  Toll Brothers

  Regional Director, Acquisitions & Development

  Bryan Oos

  Regional Director, Acquisitions & Development

  Toll Brothers

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  Jason Fudin

  Jason Fudin is the CEO and Co-Founder of Placemakr (formerly WhyHotel), based in Washington D.C. Placemakr is a venture-backed platform that operates at the intersection of hospitality and multifamily real estate. With its pop-up hotels, it operates furnished, transient stays out of the vacancy of newly built luxury apartments during the lease-up phase. With its hospitality living buildings, it operates assets as a mix of multifamily and hospitality on a permanent basis with the ability to flex the inventory between both uses. Prior to Placemakr, Jason was the VP of Strategic Initiatives at Vornado Realty Trust where he worked on developing innovative commercial real estate concepts for the organization. Over his career, Jason has managed commercial real estate development projects valued at over $2 billion and has worked in real estate development, acquisitions, and capital markets. He has his B.Eng. in Mechanical Engineering with a minor in Management from McGill University and his M.S. in Finance and Real Estate from American University.

  Placemakr

  Co-Founder & CEO

  Jason Fudin

  Co-Founder & CEO

  Placemakr

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  Karen Streber

  National Account Manager

  ADT

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  Jay Minchilli

  SVP of Operations & Asset Management

  Veris Residential

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  Michael Hand

  As the Vice President of Marketing at Morgan Properties, Michael Hand leads all marketing efforts across Morgan’s multifamily portfolio and provides strategic direction for corporate branding, communications, digital marketing, social media presence, advertising, partnerships, and reputation management. Michael's experience in marketing spans more than 25 years. Prior to joining Morgan Properties, Michael was the Vice President of Marketing for Iron Hill Brewery & Restaurant where his efforts helped the company double in size in just four years. Earlier in his career, Michael served as the first Chief Marketing Officer for Minor League Baseball (MiLB), where he led all marketing and corporate sponsorship sales efforts; while also serving as the President of a new entity, MiLB Enterprises LLC, which he was instrumental in launching. Michael has also held leadership roles at IMG Worldwide, working in both the IMG College division and Global Consulting Group, The Hershey Company, General Motors, and Miller Brewing Company. Michael has been recognized by the In-Store Marketing Institute as a "Person to Watch'' and his teams have received multiple REGGIE, CLIO, and PRO awards for their work on successful marketing campaigns. He is also the co-author of Perspectives on Marketing (2009) and has participated in numerous speaking engagements, sharing his experience and knowledge with marketing professionals. Michael received his Bachelor of Arts degree from Colgate University, where he played football and competed on the track and field team. Outside of work, Michael volunteers as a youth coach and mentor. He is an active supporter for child hunger relief and anti-child abuse causes in his region like Cocoa Packs, Children's Hero Fund, and Ronald McDonald House Charities. Michael also previously served as a Board Member for the Wisconsin chapter of the American Liver Foundation, where he focused on education related to pediatric liver disease.

  Morgan Properties

  VP

  Michael Hand

  VP

  Morgan Properties

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  Britni Ackrivo

  Britni Ackrivo is Senior Vice President at Gregory FCA, the nation’s fifth-largest public relations firm specializing in real estate. In her decade at the agency, Britni has had the opportunity to be a PR partner for major real estate projects and developments across the country, allowing Gregory FCA to maintain a long track record of representing some of the biggest, nationally- known commercial and residential real estate companies. Britni was named a GlobeSt. Women of Influence, Rising Star Finalist for Bisnow’s Philadelphia Women Leading Real Estate, and her leadership has resulted in Gregory FCA being recognized three years in a row by Mid-Atlantic Real Estate Journal as the Best PR/Communications Firm in the region and by GlobeSt. as an Influencer in CRE Marketing and Communications. Known as a proactive, results-driven strategist, Britni has serviced clients nationally across every sector including multifamily, industrial, retail, hospitality, office, life sciences, military housing, residential, mixed-use, and in CRE lending, valuation, and finance. Britni and her team of savvy real estate PR professionals help their clients gain third-party credibility and exposure through an extensive network of media contacts and by leveraging expertise in message development, media training, thought leadership and content, award and speaking opportunities, social media, digital and creative work, community advocacy, crisis communications, and more. Britni holds a Bachelor of Science degree in Public Relations from the S.I. Newhouse School of Public Communications at Syracuse University.

  Gregory

  Executive Vice President

  Moderator

  Britni Ackrivo

  Executive Vice President

  Gregory

Affordable Housing: Mapping Out the Road Ahead

Addressing the Need for More Supply and Greater Attainability

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  Matthew Heckles

  Regional Administrator

  HUD

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  Bernel Hall

  Over the past 25 years, Bernel Hall has executed over $5 billion in real estate investment, lending, and disposition transactions for multifamily, retail, office, and hotel properties in 36 states throughout the United States. A former investment banker, public housing executive, and real estate finance professor, Mr. Hall is an expert in large, multi-faceted public-private real estate transactions and small business transactions and executive leadership. As New Jersey Community Capital (NJCC) President and CEO, Mr. Hall leads the largest Community Development Financial Institution in New Jersey with four business lines--Lending, Real Estate Development, Investment Ventures and Strategic Community Consulting--with approximately $700 million in assets under management. Loans and investments leveraged over $2.5 billion in capital to more than 120,000 business owners and residents in underserved and low- income communities in New Jersey, New York, and Florida. Additionally, Mr. Hall leads Community Asset Preservation Corporation (CAPC), a wholly owned subsidiary of NJCC, and the largest affordable housing development company in New Jersey with more than 600 units of housing and 500,000 square feet of commercial assets. CAPC’s capabilities include real estate development, property management, asset management, mortgage acquisition, and mortgage modification services in New Jersey, New York, and Florida. As President and CEO of Invest Newark, he established a proven track record of transformative leadership that resulted in wealth creation for underserved communities throughout New Jersey’s largest city. In partnership with his Board of Directors and Staff, Mr. Hall transformed Invest Newark into New Jersey’s premier economic development vehicle featuring the state’s only land bank, a municipally sponsored fiber optic company, an employee-owned industrial company, and an infrastructure investment fund. As CEO of Halltown Real Estate Advisors, Mr. Hall served as real estate investment advisor to some of the largest housing authorities in the country. As part of his tenure with the Atlanta Housing Authority (“AHA”), Mr. Hall established an $100 million co-investment vehicle between AHA, HUD, and the Atlanta Economic Development Authority (“Invest Atlanta”). During his tenure with the New York City Housing Authority (“NYCHA”), he oversaw the execution of over $1.5 billion in real estate disposition, development, and joint venture transactions. Previously, Mr. Hall worked in Goldman Sachs’ Urban Investment Group where he was responsible for sourcing and evaluating urban-based multifamily, retail, and mixed-use real estate private equity investments. Prior to his work at Goldman Sachs, Mr. Hall executed $785 million in real estate acquisitions, loans, and joint ventures transactions for UBS Investment Bank. Mr. Hall began his career with Bank of America in the firm’s Construction Lending and Real Estate Investment Banking Groups. Mr. Hall is a licensed Uniform Investment Advisor (Series 7, 65) and possesses a Bachelor of Science from North Carolina State University and a M.B.A. from the Harvard Business School. He sits on the community development and new market tax credit advisory boards of PNC Financial and Goldman Sachs, respectively. He also holds a certification from the National Association of Corporate Directors.

  New Jersey Community Capital

  CEO

  Bernel Hall

  CEO

  New Jersey Community Capital

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  Gregory Heller

  Gregory Heller is a director at Guidehouse in the Capital Projects and Infrastructure practice. Greg brings more than 15 years of public and private-sector experience in real estate finance, affordable housing, community development, and smart government approaches. Prior to joining Guidehouse, Greg held senior leadership positions in Philadelphia’s local government as executive director of the Philadelphia Redevelopment Authority. Concurrently he also served as a senior vice president at a city-affiliated housing nonprofit and founded and led a new city-supported loan fund focused on investing in affordable housing. In these roles, he developed new approaches to complex community finance challenges, managed much of the city’s affordable housing investment, and oversaw the redevelopment of large publicly owned assets, including working closely with community stakeholders on equitable community development approaches. Greg has won a number of honors for his public sector work, including the 2021 Community Leadership Award from Urban Affairs Coalition, 2017 AIA Pennsylvania’s Government award and was also named a member of the Urban Land 40 under 40. Prior to his public sector work, Greg was the CEO of a Baltimore-based consulting group where and his team worked with clients across the US, focusing on community finance and social-impact real estate, Greg serves on the Urban Land Institute’s national Public-Private Partnership product council, and for over 12 years he has been on the Board of Families Forward Philadelphia, one of the city’s largest homeless services groups. Greg graduated from Wesleyan University.

  Guidehouse

  Director, Capital Projects & Infrastructure

  Gregory Heller

  Director, Capital Projects & Infrastructure

  Guidehouse

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  Lindsey Samsi

  Lindsey Samsi joined Pennrose in 2016. As a member of the real estate development team, she assumes full responsibility for the successful completion of multi-faceted real estate development projects – affordable, mixed-income, and market-rate – from inception through construction completion and lease-up. She is responsible for the leadership of an in- house team of Associate Developers and Assistant Developers, and simultaneously assembles and manages an external team of financiers, architects, designers, engineers, attorneys, and contractors. Lindsey manages multiple projects in varying stages of development throughout the City of Philadelphia, PA, and NJ. In addition to her work at Pennrose, Lindsey is a member of the Urban Affairs Coalition (UAF) Impact Development Roundtable (IDR), Women in Housing and Finance of Pennsylvania (WHF-PA), Facilities Committee of the Board of Directors for the Community Partnership School (CPS), Signature Events Development Committee of the Philadelphia Association of Community Development Corporations (PACDC), and the Annual Giving Committee of the Pennrose Foundation. Lindsey graduated from Temple University.

  Pennrose

  Senior Developer

  Lindsey Samsi

  Senior Developer

  Pennrose

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  Milton Pratt

  Executive Vice President

  The Michaels Organization

• Moderator

  Jake Stern

  Senior Vice President

  Cinnaire

Capitalizing on Multifamily: Financing Deals and Developments

Navigating Interest Rate Inflation, Accessing Capital, and Preparing for a Possible Recession

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  Chris Luo

  CEO

  Willton Investment Group

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  Jordan Girard

  Jordan is the founder and CEO of WhiteRock AI, a venture-backed technology startup focused on income insurance for the real estate industry. He is the third generation of his family in real estate. He is involved with any significant acquisitions or initiatives for the multifamily and industrial European portfolio totaling over 5MM square feet of assets. Before founding WhiteRock, he spent several years in real estate private equity at Churchill Real Estate Holdings, where he was one of the first employees. At Churchill, Jordan led the multifamily investment platform. Jordan holds a Bachelor's degree from Columbia University and a Master's degree from Harvard University.

  WhiteRock AI

  Founder and CEO

  Jordan Girard

  Founder and CEO

  WhiteRock AI

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  Daniel Siegel

  President and Principal

  Peachtree Group

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  Shelah Wallace

  Shelah has over fifteen years of experience in commercial real estate. Prior to joining Nuveen Green Capital, Shelah had various lending roles including Commercial Real Estate Lending Specialist for Capitol Bank, VP Commercial Real Estate Loan Officer for Bancorp Bank, and Senior Investment Analyst for PGIM Real Estate Finance. Additionally, Shelah spent many years working as an advisor to commercial real estate developers, aiding in structuring their JV partnerships, and helping raise debt and equity. Shelah received a BS in Economics from the Wharton Undergraduate program at the University of Pennsylvania.

  Nuveen Green Capital

  Senior Director, Originations

  Shelah Wallace

  Senior Director, Originations

  Nuveen Green Capital

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  Nick Harris

  A 18-year veteran of the commercial real estate finance industry, Mr. Harris has underwritten, structured and arranged over $6 billion in capital exclusively for commercial real estate transactions. Mr. Harris has established a market presence by leveraging his comprehensive understanding of the real estate capital markets to match investors with the most efficient debt and equity available in the marketplace. He has relationships with debt funds, the GSE’s (Freddie and Fannie), life insurance companies, banks, securitized lenders and private equity sources.

  CBRE

  SVP - Debt & Structured Finance

  Moderator

  Nick Harris

  SVP - Debt & Structured Finance

  CBRE

Development Redefined: The Transformation of Multifamily

Latest Deals and New Developments Influencing Supply Across the Region

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  Gregory Reaves

  Greg spent more than 30 years working at all levels in corporate and private industries. He graduated from Howard University, Washington, DC, with a BS in Chemical Engineering. He began his career with McNeil Consumer Products Company. Greg then joined Merck and Co. Inc., where he received eight promotions and held eleven different positions during his tenure with the company. Greg left Merck and started a consulting company, where he assisted pharmaceutical and real estate companies with marketing and crisis communications. After learning more about the real estate industry, he joined a mid-size real estate development company, where he became a member of the executive team. Greg established his Mosaic Development Partners in 2008, and together with his partner Leslie Smallwood-Lewis, they have completed projects in Philadelphia totaling more than $150 million in investment and have an additional $2.7B in projects in its pipeline.

  Mosaic Development Partners

  Founder and Co-Owner

  Gregory Reaves

  Founder and Co-Owner

  Mosaic Development Partners

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  Michael Hankin

  COO & President

  Hankin Apartments

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  Jake Denney

  Leading Hanover Company’s development efforts in the Mid-Atlantic market, Jake Denney is responsible for the acquisition, entitlement, and execution of multi-family and mixed-use development projects. Jake joined Hanover Company in 2021 after beginning his career with a four-year stint at Gables Residential, advancing from an Investment Analyst to the Development Associate for the Washington, D.C. and Boston markets. Jake holds a Bachelor of Arts in History from Tufts University where he graduated Magna Cum Laude distinction and highest thesis honors. Additionally, Jake holds a Master’s in Business Administration and a Master’s in Public Policy from Georgetown University’s McDonough School of Business and McCourt School of Public Policy, where he focused in Real Estate and Public Finance and received Core Honors.

  Hanover Company

  Development Director – Mid-Atlantic

  Jake Denney

  Development Director – Mid-Atlantic

  Hanover Company

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  Pete Sikora

  As a Development Manager at Bozzuto Development Company, Pete is responsible for managing the development activities from preliminary financing and entitlements through construction for several multi-family projects throughout the Philadelphia Region. He is also actively involved in expanding joint venture opportunities within the region. Pete recently oversaw the development of a new 363-unit upscale multifamily project in the Village at Valley Forge as well as a new 250-unit upscale multi-family project in Newtown Square, PA. He is also managing the development a new upscale 55+ Active Adult multi-family community in the Village at Valley Forge. Pete is actively involved with the Pennsylvania Housing Research Center and the Urban Land Institute in Philadelphia. He holds a Bachelor of Arts degree from the Pennsylvania State University at University Park and a Masters in Business Administration from LaSalle University in Philadelphia.

  Bozzuto Development Company

  Senior Vice President

  Pete Sikora

  Senior Vice President

  Bozzuto Development Company

• Moderator

  A.J. Niedosik

  Regional Manager - Philadelphia

  Nationwide Energy Partners