MYLOGO
SB: Valuing Partnership Interests
Valuing Partnership Interests from the GP and LP Perspective
Charlie Rhuda
Partner
Novogradac & Company LLP
Charles A. Rhuda III is a partner in the Boston office of Novogradac & Company LLP. He has more than 25 years of experience in the real estate industry, predominately in affordable housing and historic rehabilitation. Mr. Rhuda works with tax credit developers, managers, syndicators and investors on structuring, financing, syndicating and disposing/restructuring both low-income housing (LIHTC) and historic rehabilitation tax credit (HTC) transactions, in addition to providing traditional audit and tax services. He is a frequent speaker at regional and national seminars on topics in the affordable housing and historic rehabilitation industries, as well as a contributor to industry trade publications. Mr. Rhuda graduated from Pace University with a bachelor’s degree in public accounting. He is licensed in New York, Massachusetts, New Jersey, Connecticut and Maryland as a certified public accountant.
Joshua Greenblatt
Executive Vice President
Vesta Corporation
Since joining Vesta in 1998, Joshua Greenblatt has been involved in all facets of the company’s operations, ranging from finance and development to property operations and construction to corporate oversight. Currently, he is tasked with growing Vesta’s portfolio of affordable properties. As such, his responsibilities include identifying new opportunities, negotiating with sellers and securing capital. Mr. Greenblatt holds a master’s degree in business administration from the University of Connecticut School of Business and a bachelor’s degree from Baltimore’s Goucher College.
Harrison Rayford
Director–Acquisitions and Development
Lemore Development Group
Harrison Rayford has been leading the acquisition and development arm of Lemor for the past three years. Lemor is an M/WBE entity that is focused primarily on affordable housing in the greater New York City metropolitan area. Over this time, Lemor has been involved in a plethora of deals including the acquisition of Year 15 portfolios, the purchase of general partnership interests and an equity infusion rehabilitation in Upper Manhattan. In its current pipeline, Lemore is focused on growing its portfolio in the Upper Manhattan area with a comfortable mix of new construction and rehabilitation projects. Mr. Rayford joined Lemor Realty in June 2012 after a two-year stint at Time Square Development while still a student at New York University’s Schack Institute of Real Estate and was quickly promoted to full-time development associate. Before attending NYU, he was involved in the development of residential subdivisions in the Atlanta area. Before embarking on a career in real estate development, he was an institutional equity sales trader at Blaylock and Partners and E*Trade Securities. Mr. Rayford obtained his master’s degree in real estate development and he holds a bachelor’s degree in biology from Morehouse College.
Stephen D. Roger
President
Affordable Housing Preservation Advisors LLC
Stephen Roger is the president of Affordable Housing Preservation Advisors (AHPA). AHPA is a consulting company focusing on the issues and opportunities of LIHTC properties nearing the end of their initial 15- year compliance period. Current engagements include working with nonprofits to explore their ownership options and rights at Year 15, advising institutional investors who invest in mature LIHTC properties and partnerships, working with developers to determine their Year 15 options and working with syndicators to maximize their LIHTC portfolio value. From 2003 until 2014, Mr. Roger was a managing director at Centerline Capital Group responsible for developing and directing the Capital Transactions Group, which refinanced or sold approximately 800 affordable housing properties or partnership interests. Valued at more than $31 billion, Centerline’s debt and equity portfolio of affordable housing properties is among the largest in the country. Mr. Roger and his team developed new affordable housing investment products and were the operating general partner for approximately 70 LIHTC REO properties. Before joining Centerline in 2003, Mr. Roger was a partner at MMA/Boston Financial and team leader of the capital transactions team. He was responsible for all property and portfolio sales, refinancing and workouts for its $8 billion equity affordable housing portfolio. Mr. Roger’s prior roles included president of Bristol Realty Advisors, a real estate investment advisory firm for private real estate investor clients, and vice president/partner for AEW a tax exempt institutional real estate investment adviser. Mr. Roger also has extensive direct experience in real estate development and management. He earned a master’s degree from Suffolk University in Boston.
Patrick Sheridan
Executive Vice President, Housing
Volunteers of America
Patrick Sheridan is an executive vice president for housing with the Volunteers of America, a national, nonprofit, spiritually based organization. Mr. Sheridan is responsible for the overall strategy and administration of senior, multifamily, special needs housing and other real estate projects for the organization’s national portfolio. Previously, Mr. Sheridan held the position of assistant deputy administrator for multifamily housing for the Rural Housing Service (RHS), an agency of the U. S. Department of Agriculture (USDA), where he was responsible for the implementation and management of the affordable multifamily housing programs administered by the agency. He has also held the positions of director of housing management with the Maryland Community Development Administration of the Maryland Department of Housing and Community Development, along with private sector positions as director of loan servicing for a national real estate advisory firm, and director of development for a multistate apartment development company. He is a member of the boards of the National Affordable Housing Trust, Stewards for Affordable Housing for the Future, the National Housing Conference, the National Housing and Rehabilitation Association, is an advisory board member to the Valued Advisor Fund, a new markets tax credit fund, and an editorial advisor to Affordable Housing Finance magazine.