Equity Markets and Syndicator Forum

Wednesday, November 7: 1:45pm – 3:00pm

The equity markets are hot as syndicators and direct investors compete for deals. Continued pressure exists to maintain a certain yield threshold for investors, while the development community continues to seek increased pricing. Hear views and opinions from some of the nation's top syndicators on the ever-changing equity market, and interact with the panelists on topics that include location, pricing and deal terms.

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Meg Manley, PIRHL, LLC
Meg is the Director of Development for PIRHL and has over 20 years of experience working in affordable housing real estate development and finance. In her position as Director of Development, Meg holds executive responsibility while overseeing a team of development project managers, associates, and coordinators as they work through the development and construction phases. Prior to joining PIRHL in 2018, Meg served as a Principal and Managing Director of Development for McCormack Baron Salazar where she oversaw a team of Senior Vice Presidents, Project Managers, and Associates through the development process. Her role involved high-level client relationship management with local partners, city and agency staff and elected officials, contract negotiation, oversight of project conceptualization and master planning, design and construction review, and managing schedules and deadlines to ensure timely and efficient delivery. Meg has spent almost her entire career as a developer of affordable rental housing and a champion of that cause. Since 1995, Meg has developed three thousand units of affordable housing in multiple states including Florida, Georgia, Texas, Michigan, Louisiana, Maryland, New Jersey, Virginia, Ohio and Pennsylvania. Meg is on the Executive Committee of the Housing Advisory Group where she serves as an advocate for the LIHTC and other housing programs. Education – Bachelor of Science, Political Science / Virginia Commonwealth University.


John "Jack" Kukura III, Ohio Capital Corporation for Housing
Mr. Kukura joined Ohio Capital Corporation for Housing (OCCH) in 1996 as Vice President, Underwriting and Development in the Development Department and was promoted to Chief of Acquisitions. In this capacity, he is responsible for the management of the Development Department and the Fund Management Department. The Development Department consults with nonprofit and for-profit developers to assist them in all aspects of structuring and underwriting financing for affordable housing developments. The Fund Management Department is responsible for closing transactions, structuring and management of equity funds. Mr. Kukura is responsible for the underwriting, structuring, and management of 40 low-income housing tax credit equity funds totaling more than $3.5 billion. Mr. Kukura has over 26 years' experience in the affordable housing industry. Prior to 1996, he was a Community Development Lender with KeyCorp's Community Development Corporation. Prior to KeyCorp, he worked for a law firm that provided development advisory services on LIHTC projects for both nonprofit and for-profit developers. Mr. Kukura currently serves on the Asset Management Committee of St. Mary Development Corporation, a nonprofit developer in Dayton, Ohio. Mr. Kukura also serves on the board of the Grandview Heights / Marble Cliff Education Foundation where he is currently the President of the board. Mr. Kukura is currently serving on the Advisory Board for The Center for Real Estate at The Ohio State University. Mr. Kukura currently holds the Public Office of Council Member for the Village of Marble Cliff. Mr. Kukura has a Bachelor's Degree in Business from The Ohio State University.

Catherine Cawthon, Fifth Third Community Development Corporation
Catherine A. Cawthon is President of Fifth Third Community Development Corporation (CDC) headquartered in Columbus, Ohio. The Fifth Third CDC, a wholly owned subsidiary of Fifth Third Bancorp, was created to invest in low- income housing, historic and new market tax credit projects that support community revitalization and the creation of affordable housing. The CDC invests primarily in projects within Fifth Third Bank's assessment areas, which are located in Ohio, Indiana, Kentucky, Michigan, Illinois, Georgia, Florida, Missouri, North Carolina, Tennessee, West Virginia and Pennsylvania. Since its inception, Fifth Third CDC has invested over $2 billion in more than 450 projects within their assessment areas. Ms. Cawthon is responsible for the complete investment process from underwriting and closing of the transaction through the asset management and disposition of the investments. Ms. Cawthon has served on various boards throughout Indiana and Ohio including United Way, Local Initiatives Support Corporation (LISC) and the Ohio Community Development Finance Fund. Currently, Ms. Cawthon serves on the national board of governors of the Affordable Housing Investor Council, Ohio Housing Finance Agency, Ohio Housing Council, Council for Rural Housing in Ohio's Advisory Board and the Joint Columbus and Franklin County Housing Advisory Board. Ms. Cawthon graduated from Illinois State University and earned an MBA from Indiana Wesleyan University. She currently resides with her family in Powell Ohio.

Michael Murray, CREA, LLC
Michael M. Murray joined CREA in January 2010 and is responsible for identifying, structuring and closing LIHTC partnerships on a national basis. Active in affordable housing since 1993, Michael also served 12 years as managing director of acquisitions for a major syndicator and was a partner in its predecessor firm. Prior to that, Michael was a senior vice president at a major syndication firm and a vice president at a national syndication firm. Michael has directly originated, structured and closed over $1.1 billion of tax credit equity in over 19,000 apartment units valued in excess of $2.4 billion, and has served on the board of directors for the New York State association for affordable housing (NYSAFAH) for the past ten years. Michael holds a master of architecture degree from Harvard University and a bachelor of science from the University of Maryland, and served in the U.S. Army as an Airborne Pathfinder.

Ryan Edwards, PNC Bank
Ryan Edwards is Vice President and a Regional Manager of Originations of Tax Credit Capital for PNC Real Estate. Mr. Edwards is responsible for the management of origination efforts in the Midwest and Northern regions, as well as debt and equity origination in Ohio, Kentucky, Tennessee, and Missouri. In 2010, Ryan joined PNC as an underwriting associate and spent 3 years closing debt and equity transactions. Upon moving to Originations Mr. Edwards quickly became one of PNC's top annual producers. Mr. Edwards assumed his current role in February of 2017. Mr. Edwards is active in a variety of professional and industry organizations. He serves as a board member for the Ohio Housing Council and Kentucky Affordable Housing Coalition. In addition, Mr. Edwards is very active in growing the Urban Land Institute Kentucky District Council. Mr. Edwards received his Bachelor Degree in Business Computer Information Systems from the University of Indiana Kelley School of Business and his Masters of Business Administration from the University of Indiana.

Sean O'Hagan, Enterprise Community Investment, Inc.
As a senior underwriter / associate originator on Enterprise Housing Credit Investments' Northeast acquisitions team, Sean O'Hagan evaluates equity investments in affordable housing communities financed with Low Income Housing Tax Credits throughout a 14 state region and originates investments in Ohio, Kentucky, and West Virginia. He works on a range of projects, specializing in developments that advance complimentary community initiatives, including neighborhood revitalization, rehabbing historically significant properties, serving vulnerable populations, and preserving rent subsidy. Sean has experience with a variety of funding sources in addition to low income housing tax credit equity, including HOPE VI and Choice Neighborhood grants, Rental Assistance Demonstration public housing conversions, tax-exempt bonds, historic rehab tax credits, AHP, HOME, CDBG, state tax credits, and other state and local programs. Sean also serves on the Executive Committee of the Board of Trustees for the Ohio Housing Council. Prior to joining Enterprise, Sean worked with a large non-profit affordable housing developer in Cleveland where he was responsible for the strategic oversight of the organization's real estate development activity. Sean has a Master of Urban Planning, Design and Development from the Levin College of Urban Affairs in Cleveland, Ohio.