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Aspen employee-housing project moves forward with public-private partnership

SCG Press Releases / October 10, 2017

A public-private partnership for the development of rental housing for local workers cleared its first Aspen City Council hurdle Monday.

Council members, by a 5-0 vote, signed off on the first reading of the major public project review for 517 Park Circle, a vacant lot at the foot of Smuggler Mountain that is intended for an 11-unit apartment complex.

The city owns the property that Aspen Housing Partners would lease and develop.

Aspen Housing, led by Jason Bradshaw, also plans to lease from the city the properties at 488 Castle Creek Road and 802 W. Main St. Those properties also are part of the public-private partnership for employee housing, with the developments headed to first readings before City Council prior to the end of the year. The three properties would combine for 50 new units in Aspen’s affordable-housing pool.

The Park Circle complex’s housing categories — which are determined based on the tenant’s income — will be figured out at a later date, Bradshaw told the council.

“I don’t think we’re necessarily saying we want the carte blanche ability to change what the categories are, but we think that flexibility would be nice to have,” he said.

Among the 50 units, half of them would be designated for tenants earning 60 percent of the area median income or less, with the remaining units being Categories 2 and 3, said Chris Everson, the city’s affordable-housing project manager.

The Park Circle application will return to City Council for a public hearing Oct. 23.

All three properties are designated moderate-density residential and are subject to zoning changes to allow for construction. The Park Circle lot, which spans 14,458 square feet, currently has approvals in place for two single-family lots.

The Park Circle plans call for a three-story structure with a floor area of 10,040 square feet, in addition to seven one-bedroom units and four two-bedroom units. Tenants would be provided storage units and either an outdoor porch or balcony area, according to a description of the project given to City Council.

Eleven parking spaces also would be built on site, while Aspen Housing Partners could potentially pay the city $114,000 as a cash-in-lieu fee to offset the other three required spaces. That fee, however, could be waived if Aspen Housing Partners hatches an agreement with Pitkin County to have shared parking on the lot north of Smuggler Trail.

Aspen Housing Partners is responsible for all three projects’ design, construction and operations of the rent-controlled housing.

Financing the projects would, in part, come through either 4 percent or 9 percent federal and state affordable-housing credits. Previous projections put the cost at $24.2 million, with $12.7 million coming through housing tax credits, $4.6 million through a first mortgage loan and a second $6.9 million mortgage loan from the city of Aspen.

The Aspen Housing Partners team was formed through a joint partnership between Massachusetts-based SCG Development Partners and Colony Partners Inc. of Oklahoma City.

Original Article: http://www.aspentimes.com/news/aspen-employee-housing-project-moves-forward/

Author: Rick Carroll
October 9, 2017

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News & Press

Engines of redevelopment humming on the East Side – and there’s more on tap

By Jonathan D. Epstein | Published January 7, 2019.

COMSTOCK HOLDING COMPANIES, SCG DEVELOPMENT and MONTGOMERY COUNTY MARK PROGRESS ON MOMENTUM PROJECT

December 18, 2018 FOR IMMEDIATE RELEASE: <em>W.

SCG Development is a privately held, integrated real estate development firm focused on creating quality, affordable homes for extraordinary communities.

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Brett Ruby

Assistant Vice President

bwr@scgdevelopment.com

Brett Ruby joined SCG Development in 2019 and is primarily responsible for assisting in the analysis and underwriting of affordable housing developments as well as the closing of acquisition and disposition transactions. Prior to joining Stratford he worked for a national title insurance company in their commercial transactions group. He received a Bachelor’s degree in Government and Politics from the University of Maryland, a J.D. from the University of Baltimore School of Law, and is pursuing a Master’s degree in Real Estate Development from Johns Hopkins University.


PAUL BOBB

Accounting Manager

PBJ@scgdevelopment.com

Paul Bobb joined SCG Development in 2018 as Accounting Manager and is responsible for conducting accounting and finance functions for the company. Prior to joining the company, he worked for a Washington, DC based real estate investment firm and has over 10 years of experience in the multi-family housing industry. He received a Bachelor’s degree in Accounting from the Catholic University of America.


STEPHANIE MARCUS

Vice-President
smm@scgdevelopment.com

Stephanie Marcus has 15 years of experience in the multi-family industry and is responsible for the acquisition and development of affordable housing investments for SCG Development. Prior to joining the firm, Ms. Marcus worked for various multi-family and single-family home developers and oversaw the acquisition, entitlement, development and construction of over 2,000 residential units valued at over $300 million in the Mid-Atlantic region. Ms. Marcus received a Bachelor’s Degree in Urban and Public Policy Studies from the State University of New York at Buffalo.


KYLE F. WOLFF

Executive Vice-President/Principal | Director of Acquisitions
kfw@stratfordcapitalgroup.com

A founding member and owner of Stratford Capital, Mr. Wolff is Stratford Capital’s Director of Acquisitions and is primarily responsible for managing and overseeing Stratford Capital Group’s effort to acquire affordable apartment properties that benefit from various federal and state tax credits. Day-to-day activities also include project risk management, business development, asset management and general marketing. Other responsibilities include working in tandem with the investor marketing group to facilitate the review, approval and investment by institutions in Stratford Capital’s proprietary and multi-investor funds. Prior to forming Stratford Capital, he was a senior member of the Franklin Capital Group, where he was primarily involved in real estate investment acquisitions and analysis. Prior to joining Franklin Capital Group, he was employed by BankBoston, N.A. as well as Berkshire Mortgage Finance. Mr. Wolff received a Bachelor’s degree in Industrial Engineering from Lehigh University and holds an MBA from Boston University.


STEPHEN P. WILSON

President – Principal
spw@scgdevelopment.com

A founding member and owner of Stratford Capital Group, Mr. Wilson is primarily involved with the management and oversight of Stratford Capital’s property development activities. Prior to forming Stratford Capital, he was a senior member with the Franklin Capital Group where he was primarily responsible for the supervision of development projects. He has a broad development experience managing numerous types of projects that include new construction, moderate and substantial rehabilitation and adaptive re-use of historic structures. Prior to joining Franklin Capital Group in 1997, he served as president of Dulles Real Estate Corporation, a private Washington, D.C. area firm that specialized in commercial real estate and provided general advisory services to its clients, including project feasibility analysis, financing, budgetary review, marketing, development management and leasing and sales. He is an appointed Board Member of the Loudoun County Housing Advisory Board. He is a graduate of the University of Richmond with a Bachelor’s degree in Finance and holds an MBA from The George Washington University.


ROBERT M. BARNARD

Assistant Vice President
rmb@scgdevelopment.com

Mr. Barnard is primarily responsible for assisting in the analysis and underwriting of affordable housing developments. Prior to joining Stratford he worked for a Northern Virginia based real estate appraisal company. Before that, Mr. Barnard interned with Vornado Realty Trust in their Acquisitions department. He received a Bachelor’s degree in Business and Political Science from the University of Rochester and a Master’s degree in Real Estate from Georgetown University.


NICHOLAS C. BRACCO

Vice-President
ncb@scgdevelopment.com
Mr. Bracco is primarily responsible for the acquisition and development of affordable housing. He has over 10 years of experience in the real estate development industry. Prior to joining Stratford, Mr. Bracco worked for AHC Inc., leading non-profit developer of affordable housing, where he managed the development activities for a substantial portfolio of real estate assets. Prior to joining AHC Inc., he was a Development Director at Miller & Smith, a boutique real estate development firm, where he assisted in the development of a 5 million square foot mixed-use town center project. He holds a BS in Finance from George Mason University and an MS in Real Estate Development and Finance from the Carey Business School at Johns Hopkins University.


KEITH J. MCDONALD

Vice President
kjm@scgdevelopment.com

Mr. McDonald joined Stratford Capital Group in 2010 and serves as a Vice President overseeing the development process from site selection to stabilized operations. He has over 15 years of experience working in the affordable housing business in the areas of syndication, acquisition, consulting, and property development. Prior to joining Stratford Capital, he served as Vice President at Focustar Capital, a boutique capital market firm responsible for originating and placing debt and equity on multiple real estate and energy market product types. Prior to joining Focustar Capital, he was a Senior Analyst at Carpenter & Company, Inc, assisting development and acquisitions activities. Prior to Carpenter & Co., he was employed at the Reznick Group as a senior analyst where he assisted in structuring historic, new market, and low income housing tax credit transactions. He received a Bachelor’s degree in Accounting from the Boston College.


JOHN M. (“JERRY”) NELSON, IV

Chairman/Principal
jdm@stratfordcapitalgroup.com

A founding member and owner of Stratford Capital, Mr. Nelson’s primary responsibilities include strategic planning, business development and supervision of marketing activities. Prior to forming Stratford Capital, from 1995 to 2006, he was Chief Executive Officer of Franklin Capital Group, a real estate investment company specializing in the financing and development of apartment communities nationwide. During his tenure, Franklin Capital Group placed more than $350 million in equity capital in over 115 residential rental properties consisting of more than 13,500 apartment units. From 1987 to 1994, he was Executive Vice President of Sumner Development Company, a real estate company, and president of an affiliated entity, Mount Vernon Financial Corporation, where he arranged debt and equity financing and participated in project acquisition and development. From 1975 to 1987, he was Managing Director of First Winthrop Corporation and subsequently Chief Executive Officer of Winthrop Financial Associates, both Boston, Massachusetts based real estate companies. As one of the founders of Winthrop, he was responsible for the acquisition and syndication to private investors of over $5.5 billion dollars of property, including over 40,000 rental apartment units. From 1967 to 1969, he served as an officer in the United States Navy. He is a graduate of Yale University and holds an MBA from the Harvard Business School.


JONATHAN S. MILTON

Vice-President
jsm@scgdevelopment.com

Mr. Milton is a member of the asset management department. He has over 14 years of experience working in the affordable housing industry. Prior to joining Stratford, he was an asset manager at Freddie Mac, where he was responsible for overseeing a portfolio of multifamily loans in excess of $11 billion. Prior to Freddie Mac, he was an associate at Franklin Capital Group, where he was responsible for the analysis of affordable housing investments. He received a Bachelor’s degree from Bucknell University, a Master’s degree in Philosophy from Temple University and an MBA from American University.


JASON B. DUGUAY

Vice-President
jbd@scgdevelopment.com

Mr. Duguay joined Stratford in 2010 and is primarily responsible for the acquisition and development of affordable housing investments for SCG Development. Prior to joining Stratford, he worked for a Massachusetts-based real estate brokerage firm where he was involved with the analysis and brokerage of commercial and residential real estate. He received a Bachelor’s degree in Finance and Economics from Bentley University.


BENJAMIN D. MOTTOLA

President/Principal | Chief Operating Officer
bdm@stratfordcapitalgroup.com

A founding member and owner of Stratford Capital, Mr. Mottola is responsible for the day-to-day operations of the company and his primary responsibilities include strategic planning, business development and the supervision and coordination of Stratford Capital’s various business units. Prior to forming Stratford Capital and since 1996, he was the senior member of the real estate investment acquisitions staff for the Franklin Capital Group where he was primarily involved with its real estate investment and acquisition activities. During that time, he was involved in the acquisition of over 9,000 apartment units with a development value in excess of $600 million. He also oversaw most investment analysis, real estate underwriting and other transactional activities. Prior to joining Franklin Capital Group, Mr. Mottola spent six years with Copley Real Estate Advisors, a Boston, Massachusetts based institutional real estate investment advisory firm where he was responsible for the asset management of over 4,000 multi-family apartment units. He received a Bachelor’s degree in Business Administration from St. Michael’s College.


GAIL N. SEVERT

Senior Vice-President
gns@stratfordcapitalgroup.com

Ms. Severt is responsible for the accounting, finance, information technology and marketing for the Company. Gail works closely with the team to develop efficient business process, ensuring proper controls are in place to minimize risk to the company.

She has over 22 years of accounting and information infrastructure experience. Prior to joining SCG Development, she was a Manager, Business Process Outsourcing at McGladrey, LLP, where she was responsible for accounting, system implementation, and management consulting for a variety of small to mid-size businesses. Her real estate experience extends from the 8 years working as a partnership controller for the Equity Group Investment Limited Partnership Syndication portfolio. She was involved with the initial public offerings of Equity Lifestyle Properties (fka Manufactured Home Communities, Inc. (“MHC”)) and Equity Residential Properties, and subsequently served as Corporate Controller for MHC. She received a Bachelor’s degree in Accounting from St. Joseph’s College and her CPA designation in Indiana and Illinois.