New York, NY (PRWEB) March 20, 2014
The Community Development Trust (CDT), the country’s first and largest private real estate investment trust (REIT) which provides capital for the preservation of affordable housing, today announced the promotions of two members of its management team: Brian Dowling was promoted to Senior Vice President - Community Investments, and Christopher Blair was promoted to Senior Vice President - Finance and Treasurer.
“Brian and Christopher have been instrumental to the growth and success of the Community Development Trust, and we are proud to recognize their contributions to our organization with these promotions,” said Joseph Reilly, President and CEO of CDT. “Both are passionate about our mission to preserve and expand the country’s supply of affordable housing, and their expertise will help further our national impact.”
Since joining CDT in 2005, Brian has worked on more than $150 million worth of equity acquisitions. Over the past several years, Brian has been responsible for projects based in California – including Santa Ana Towers in Santa Ana, Steinbeck Commons in Salinas, and Pleasant View Apartments in Fresno – and in the Coney Island section of Brooklyn, where CDT made its most recent equity investment at Ocean Towers. As the Senior Vice President - Community Investments, Brian will be responsible for CDT’s fast growing equity acquisitions program, which provides equity capital to affordable housing operators for the purpose of acquiring and preserving properties. Brian has devoted his entire career to the development and financing of affordable housing.
Christopher has played a role in a number of important CDT initiatives since joining the company in 2006. He has been invaluable in securing CDT’s $125 million CDFI Bond Guarantee award, annual CDFI grants, CDT’s Federal Home Loan Bank membership, and negotiating renewals of CDT’s debt participation agreements. As Senior Vice President - Finance and Treasurer, Christopher will be responsible for all of CDT’s treasury activities, including pricing of debt transactions, CDT’s short-term lending program, business planning and forecasting, investment pricing, new business initiatives, and overall market research. He also plays a key role in the structuring and pricing of various facilities for CDT’s investments. A Certified Commercial Investment Member and CFA Level III Candidate, Christopher has 12 years of multi-family housing experience.
CDT is the country’s first and largest private real estate investment trust with a focus on providing capital for the preservation of affordable housing. Working with local and national partners, our organization makes long-term equity investments in affordable housing and both originates and purchases long-term mortgages which support the development and preservation of affordable housing. After more than fifteen years of operations, CDT has provided over $950 million in debt and equity capital to properties in 42 states – helping to preserve and create more than 33,000 units of affordable housing. CDT is an approved Fannie Mae affordable lender, a member of the Federal Home Loan Bank of New York, and a certified CDFI.