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2019 Welcome Packet
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2019 INVESTOR CONFERENCE February 6-8 / Eau Palm Beach
TABLE OF CONTENTS
Welcome Letter Resort Map Attendee List Contact List
3
4 / 5 6 / 7 8 / 9
Agenda
10 / 12
Keynote Speaker Bio
13
CREA Bios 14 / 15 Market Update/Developer Panel Bios 16 / 17 Business Partner Panel Bios 18 / 19 Notes 20 / 21
1
WELCOME
We’re Glad You’re Here! Thank you for joining us at Eau Palm Beach Resort & Spa. We hope that you enjoy your stay and find the program that we’ve prepared to be worthwhile. We have a full agenda set for the next two days, so please take a few minutes to read through the information in this packet. It includes our itinerary, conference and hotel details, as well as other important information. As the market continues to move, our agenda will be fluid with some changes from past years. Please consider this conference to be interactive and do not hesitate to ask questions and provide insight. We look forward to spending this time with you in Miami. If we can do anything to make your stay more pleasant, please contact me directly at 317.459.6853, Margie Todd at 317.679.8795 or any other CREA employee. Thank you for joining us at the CREA 2017 Investor Conference. I look forward to thoughtful discussion and catching up with you. Sincerely, Jeffrey A. Whiting President & Chief Executive Officer CREA, LLC
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RESORT MAP
AREAS OF INTEREST Salon Foyer
Hospitality & Welcome Desk Ocean Ballroom & Terrace Wednesday Lunch & Thursday Breakfast Salon 2 & 3 Conference Presentations & Panels Breeze Ocean Kitchen Wednesday Cocktail Reception Resort Lawn Wednesday Dinner & Thursday Lunch Courtyard & Tranquility Pool Thursday Cocktail Reception & Dinner Eau Spa Thursday Selected Activity Golf at PGA National - The Palmer Thursday Selected Activity - Meet at Resort Entrance Palm Beach Bicycle Tour Thursday Selected Activity - Meet at Resort Entrance Culinary Tour Thursday Selected Activity - Meet at Resort Entrance Tennis Thursday Selected Activity - Meet at Tennis Club Angle Friday Breakfast
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ATTENDEES
Frank Magana WarrenWenzloff Charles Cafazza
Ally Bank
Applegate & Thorne-Thomsen
Associated Bank
Maria Barry Carole Lau
Bank of America Merill Lynch
Bank of Hawaii
PhilipWesterman ElizabethWright
Barnes & Thornburg LLP
BMO Harris
Rick Floreani
Carlisle Tax Credit Advisors
Jill Edwards Resnick Claudia Lima Javier Guzman Cynthia Tello Steven Spall Ray Mendoza Matthew Barcello
Charles Schwab
CIT CIT CIT
Citizens Bank
City National Bank CohnReznick, LLP CohnReznick, LLP
Cindy Fang
Michelle Lemerond
Cmerica Bank & Zaliski Dauby, O’Connor & Zaliski
Sean O’Connor Mike Bernier Renee Ibarra
Ernst & Young Ernst & Young Fifth Third Bank Fifth Third Bank Fifth Third Bank Goldman Sachs Holland & Knight Huntington Bank First Republic Bank
Catherine Cawthon Kevin Donovan WilliamKrummen Lisa Flaster Mark Merino Wendy Tamis David Olenik John Kelley DeanWalston Kortney Brown PamMcIntyre Monica Sussman Richard Goldstein
Jones Day KeyBank KeyBank
Liberty Mutual
Nixon Peabody, LLP Nixon Peabody, LLP
Donny Dixon Robert Bennett Eugene Schneur Wayne Koehler Adam Berkowitz Sev Jierian Neil Silver Bryan Keller Dave Herdlick Serena Deng Michael Schwartz
Omni New York, LLC Omni New York, LLC Omni New York, LLC PAR Advisors, LLC
Prudential Rabobank
Reigns Capital Rubin Brown, LLP Rubin Brown, LLP
Santander
Signature Bank
Dave Robbins Brian Rajotte Tracy Howren
STCI STCI
UMB Bank
Michael Amristead
US Bank
Jason Bryan
USAA
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CONTACT LIST
CHARLES ANDERSON , EVP - ACQUISITIONS [email protected] 317 690 4616 TONY BERTOLDI , EVP - SYNDICATION & INVESTOR RELATIONS [email protected] 617 921 0104 BRAD BULLOCK , SVP - ACQUISITIONS [email protected] 503 780 9740 MARK BURTON , SVP - CREDIT & UNDERWRITING [email protected] 317 340 3581 PAUL CARDAMON , AVP - SYNDICATION & INVESTOR RELATIONS [email protected] 317 902 8290 JAVIER DE LE ROCHA , EXECUTIVE ASSISTANT & OFFICE MANAGER [email protected] 617 676 5108 JOHN FRAME, SYNDICATION ANALYST [email protected] 224 436 5672 BRAD HOWARTH , SVP - SYNDICATION & INVESTOR RELATIONS [email protected] 617 519 6404
ELI KAHAN , SENIOR ANALYST - SYNDICATION & INVESTOR RELATIONS [email protected] 802 272 3834 MARY ANN LANG , SVP - SYNDICATION & INVESTOR RELATIONS [email protected] 812 631 3048 NEALA MARTIN , VP - ACQUISITIONS [email protected] 646 872 5748 VINCENT MONACO , VP - SYNDICATION & INVESTOR RELATIONS [email protected] 203 526 7087 KATY MCSHANE , SVP, DIRECTOR OF HUMAN RESOURCES [email protected] 317 670 7555
MICHAEL MURRAY , SVP - ACQUISITIONS [email protected] 617 413 4466 WAYNE NELIS , SVP - ASSET MANAGEMENT [email protected] 317 670 7439
KELLI OZDEMIR , SVP - FUND MANAGEMENT [email protected] 317 517 4299 PATTI PHILLIPS , EXECUTIVE ADMINISTRATIVE ASSISTANT [email protected] 317 384 5933 JASON RACINE ,
BILL TOMASHEWSKI , SVP - SYNDICATION & INVESTOR RELATIONS [email protected] 561 762 8478 BILL TOMLINSON 585 703 6980 BRIAN VILLA VP, LEGAL COUNSEL [email protected] 317 260 9361 ANDY VORESS, SVP, SYNDICATION & INVESTOR RELATIONS [email protected] 224 361 6565 JEFF WHITING , PRESIDENT & CHIEF EXECUTIVE OFFICER [email protected] 317.459.6853 SYNDICATION ANALYST [email protected]
VP - ACQUISITIONS [email protected] 815 343 0421 GARY RODNEY , CHAIRMAN [email protected] 917 676 5190 ROGER SHANK , CHIEF FINANCIAL OFFICER [email protected] 317 504 8596 RICHARD SHEA ,
SVP - ACQUISITIONS [email protected] 760 504 3244 RACHEL THOMAS , VP - ACQUISITIONS [email protected] 512 466 6742
MARGIE TODD, EVENT MANAGER [email protected] 317 679 8795 KRYSTEN SCHMIDT, CONTENT MARKETING MANAGER [email protected] 812 987 1533
STEFANIE BROWN, VP, MARKETING [email protected] 312 330 5541
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Wednesday, February 6th
Hospitality & Welcome Desk
12:00-2:00 PM
Salon Foyer
Lunch
12:00-2:00 PM
Ocean Ballroom & Terrace Salons 2 & 3
Welcome & Introductions Jeff Whiting, President & CEO
2:00-2:15 PM
Keynote Speaker James Grant, Editor of Grant’s Interest Rate Observer
2:15-3:15 PM
Salons 2 & 3
Break
3:15-3:30 PM
Salons 2 & 3
The State of CREA Address Jeff Whiting
3:30-4:00 PM
Salons 2 & 3
Syndication Update Tony Bertoldi, EVP, Syndication & Investor Relations
4:00-4:30 PM
Salons 2 & 3
Financial Update Roger Shank, EVP, CFO
4:30-5:00 PM
Salons 2 & 3
Daily Wrap Up & Logistics Tony Bertoldi, EVP, Syndication & Investor Relations
5:00 PM
Salons 2 & 3
Cocktail Reception
6:30-7:30 PM
Breeze Ocean Kitchen Resort Lawn
Dinner
7:30 PM
Thursday, February 7th
Breakfast
7:00-8:30 AM
Ocean Ballroom & Terrace Salons 2 & 3
Market Update/Developer Panel Charles Anderson, Moderator Panelists TBD
8:30-9:45 AM
Break
9:45-10:00 AM
Salons 2 & 3
Business Partner Panel Tony Bertoldi, EVP, Syndication & Investor Rela- tions Panelists TBD
10:00-11:15 AM
Salons 2 & 3
11:15-11:30 AM
Salons 2 & 3
Thank You & Final Thoughts Gary Rodney, Chairman
11:30-1:00 PM
Resort Lawn
Lunch
1:00-4:00 PM
Activities
6:30-7:30 PM
Cocktail Reception
Courtyard & Tranquility Pool Courtyard & Tranquility Pool
Dinner
7:30 PM
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Friday, February 9th
Breakfast (sit down or to-go
7:00-8:30 AM
Angle
KEYNOTE SPEAKER
JAMES GRANT EDITOR OF GRANT’S INTEREST RATE OBSERVER
James Grant, financial journalist and historian, is the founder and editor of Grant’s Interest Rate Observer, a twice-monthly journal of the investment markets. His book, The Forgotten Depression, 1921: the Crash that Cured Itself, a history of America’s last governmentally unmedicated business-cycle downturn, won the 2015 Hayek Prize of the Manhattan Institute for Policy Research. His new book, “Bagehot: The Life and Times of the Greatest Victorian,” will be published in 2019. Among his other books on finance and financial history are Bernard M. Baruch:
The Adventures of a Wall Street Legend (Simon & Schuster, 1983), Money of the Mind (Farrar, Straus & Giroux, 1992), Minding Mr. Market (Farrar, Straus, 1993), The Trouble with Prosperity (Times Books, 1996), and Mr. Market Miscalculates (Axios Press, 2008). He is, in addition, the author of a pair of political biographies: John Adams: Party of One, a life of the second president of the United States (Farrar, Straus, 2005) and Mr. Speaker! The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster (Simon & Schuster, 2011). Mr. Grant’s television appearances include “60 Minutes,” “The Charlie Rose Show,” “CBS Evening News,” and a 10-year stint on “Wall Street Week”. His journalism has appeared in a variety of periodicals, including The Wall Street Journal, Financial Times, Foreign Affairs and The Claremont Review of Book. He contributed an essay to the Sixth Edition of Graham and Dodd’s Security Analysis (McGraw-Hill, 2009). Mr. Grant, a former Navy gunner’s mate, is a Phi Beta Kappa alumnus of Indiana University. He earned a master’s degree in international relations from Columbia University, began his career in journalism in 1972, at the Baltimore Sun, and joined the staff of Barron’s in 1975. He is a trustee of the New York Historical Society and a member of the Council on Foreign Relations. He and his wife, Patricia Kavanagh M.D., live in Brooklyn. They are the parents of four grown children.
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CREA BIOS
GARY RODNEY CHAIRMAN, CREA, LLC • STATE OF THE UNION ADDRESS •
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, CREA, LLC • STATE OF THE UNION ADDRESS • WASHINGTON UPDATE MODERATOR • THANK YOU & FINAL THOUGHTS
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.
TONY BERTOLDI EVP, SYNDICATION & INVESTOR RELATIONS, CREA, LLC SYNDICATION UPDATE / INVESTOR PANEL MODERATOR / CREA LIVE
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, CREA, LLC MARKET UPDATE PANEL MODERATOR
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.
ROGER SHANK EVP, CFO FINANCIAL UPDATE
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.
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MARKET UPDATE/DEVELOPER PANEL BIOS
NAME TITLE
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.
NAME TITLE
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.
NAME TITLE
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.
NAME TITLE
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.
NAME TITLE
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.
17
BUSINES PARTNER PANEL BIOS
NAME TITLE
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.
NAME TITLE
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.
NAME TITLE
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.
NAME TITLE
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.
NAME TITLE
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.
19
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