About Us
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David A. Smith
CEO
Recap's founder, David A. Smith, designs, develops, and delivers new business services tailored to the needs of specific customer segments. Throughout his career, David has been a pioneer in both private transactions and government policy innovations, having created business lines in acquisition of existing affordable housing, financial recapitalization, debt restructuring, equity takeout, and renewed affordability. He has provided high-quality analysis to Congress, the Millennial Housing Commission, CBO, HUD, and others, and was a principal member of the 1996 Senate mark-to-market working group. A 1975 Harvard graduate, David is a senior fellow at the University of Maryland, an award-winning author with more than 100 published articles in real estate, valuation, and policy periodicals, and a textbook, and is a sought-after speaker.
Todd Trehubenko
President
As President, Todd Trehubenko is responsible not only for managing Recap's business overall, but also for designing and executing our most complex transactions. Since joining Recap in 1992, Todd has pioneered transactions in all of Recap business lines, and has personally structured sale, refinancing, and restructuring transactions for more than 100 properties nationwide representing more than $700 million in real estate value. He is an active participant in national housing policy discussions and industry forums, and has testified before the House Financial Services Committee (Subcommittee on Housing and Community Development) on affordable housing preservation issues.
Christopher Hesen
Vice President and Chief Operating Officer
Christopher Hesen is responsible for delivering Recap's organizational and administrative infrastructure, including financial control, marketing, human resources, information technology and administration. Chris has over 20 years of experience in finance, administration, and operations management of professional service firms. Chris has held positions as Director of Finance & Administration for a Boston-based international strategic management consulting firm, as well as Controller and Consulting Manager for two other Boston-based consulting firms.
Tricia R. Adams
Asset Manager
Tricia Adams is responsible for Special Asset Management. Prior to joining Recap, Tricia worked as an Asset Manager for Urban Edge Housing Corporation, a community development corporation. She managed a portfolio of 20 properties; served as project manager for the acquisition of a Demo-Disposition development, and acted as property manager for a UEHC mixed-used development. Tricia also brings LIHTC experience from her former position as an Origination Analyst at Boston Capital. Tricia has a BA from Stonehill College and a Masters in Urban Affairs from Boston University.
Cameron Booth
Vice President, Director-Special Assets
As lead executive in Recap's Asset Management group, Cameron Booth specializes in tax-exempt bond and conventional debt portfolio management, with the twin goals of mitigating lender exposure and maximizing the value of debt-instrument portfolios. Before joining Recap, Cam oversaw bond and LIHTC investments exceeding $600 million, including defaulted assets and REO. He also oversaw, on behalf of the sponsor, distressed assets encumbered by defaulted HUD debt that had been sold to Wall Street vulture funds. Cam's experience further includes lender enforcement and recovery, where as Team Leader with Fleet Management and Recovery Corp, he acquired and asset-managed defaulted loan pools of over 600 assets that were later securitized by Lehman Brothers Holdings, AEW and Goldman Sachs.
Ethan Handelman
Vice President
Ethan Handelman leads Recap’s Advisory group, assisting institutional capital sources, government clients, and trade associations to understand and shape the affordable housing financial and policy environment. Recent projects include development of a rental subsidy and soft debt production program for the Republic of Ireland, design of an emergency cost increase mechanism for HUD properties, analysis and transaction recommendations on a portfolio of 23 ownership interests, portfolio- and property-level fairness opinions, disposition planning for post-mature upper-tier funds, and evaluation and acquisition pricing of general and limited partnership interests.
Patricia Hardiman
Asset Manager
Patricia Hardiman is responsible for Special Asset Management. Prior to joining Recap, Patricia worked as an Asset Manager for First Partners, Inc. an investment real estate firm. She oversaw the portfolio which consisted of LIHTC properties which exceeded over $50 million in equity investments. She also has seven years of property management experience in which her main responsibilities included overseeing the lease up and management of LIHTC properties. Patricia is Tax Credit Certified and also has a BA degree from the University of South Florida.
Charles R. Kendrick, Jr.
Senior Vice President Institutional Assets
Charles Kendrick has over 30 years of experience as a developer, investment banker, and strategic advisor for urban redevelopment projects and portfolios. Most recently, Charlie has run his own company, Clarion Ventures, LLC, which attracted capital to urban communities and included Bank of America, the Local Initiatives Support Corporation (LISC), the Fannie Mae Foundation, and the US Department of Housing and Urban Development (HUD) among its clients. He was one of the managing directors of The Hamilton Securities Group, a privately held merchant bank providing services for the real estate community. Prior to that, Charlie helped create an asset management department for a portfolio of 446 properties worth $6 billion for the First Winthrop Corporation. He is a long-time trustee of the Urban Land Institute (ULI).
Shannon Lestan
Associate
Shannon Lestan executes complex regulatory application and approvals on affordable properties, assisting owners and managers to obtain new debt and equity financing and implement new or renegotiated subsidy streams. Shannon is expert at identifying HUD regulatory barriers to recapitalization, managing lender and regulator due diligence requirements, negotiating rent increases and Section 8 contracts, and implementing Enhanced Voucher or Project-Based Voucher assistance. Certified as an Assisted Housing Manager and in Tax Credit Compliance, Shannon advises Recap clients on reconciling the often complex interaction between LIHTC compliance requirements and the mandates of other programs such as Section 8.
Philip Silva
Associate
Philip Silva works across all of Recap’s business lines. In Transactions, he helped close over 40 financing or sale transactions encompassing over 3,000 apartments. In Asset Management, he developed and maintains Recap's proprietary financial analytical models for both acquisition and ongoing oversight. In Advisory, he recently helped design the financial incentives of a new housing subsidy program for the country of Ireland, which draws on his experience as a loan specialist for USDA Rural Development (formerly the Farmers Home Administration), where he oversaw multi-family properties, single family loans, and grants to non-profits.
Thacher Tiffany
Associate
Thacher Tiffany supports the Advisory group with financial modeling, targeted quantitative and qualitative research, and analysis of property-level affordability commitments. His clients include investors, institutions and government agencies. Prior to joining Recap, Thacher worked as a research fellow at MIT’s Center for Real Estate, and previously at the Brookings Institution in Washington, DC. Thacher has also provided financial analysis, as an independent consultant, for a 53-apartment historic rehabilitation project in Boston and an 80,000 square foot shopping center in Denver. Thacher earned a BA in Economics from Hobart College and an MA in City Planning from the Massachusetts Institute of Technology.
Janaki Blum
Executive Coordinator
Janaki Blum assists Recap's CEO, David A. Smith, in delivery,fulfillment, quality control and customer/ task support. Previously, Janaki was director/manager, responsible for administering all consulting projects, at SARID, a non-profit organization specializing in community development programs, including low cost housing, in South Asia. Prior to that, she was a research and development consultant to an engineering and construction firm, following similar roles in academic institutions and start-up companies in the US and Europe, as well as being a scientific project leader in Switzerland.
Alex Jablokow
Marketing Director
Alex Jablokow is responsible for all of Recap’s marketing and communications, maintaining Recap’s brand identity as a provider of comprehensive financial services to the affordable housing industry. Previously, Alex was Marketing Manager at HealthLeaders-InterStudy, with responsibility for marketing a number of complex managed-care business information products. He has also marketed low-income healthcare to Medicaid recipients and physicians, written novels, and devised message standards for spread-spectrum radios. Alex has degrees in Engineering from the University of Southern California and Dartmouth College.
Jennifer Lyons
Office Manager
Jennifer Lyons is the Office Manager for Recap Advisors, LLC. As Office Manager, Jennifer is responsible for Corporate Travel, Administrative Support, IT, Facilities and the Corporate Library. She is a graduate of Florida International University with a BS in Hospitality Management. Prior to joining Recap Advisors, Jennifer was an account executive in Miami for a professional salon product manufacturer, where she developed new business as well as servicing the existing client base.
Ona Ridenour
Accounting Manager
Ona Ridenour manages Recap’s project accounting and payroll, and is responsible for Accounts Payable and Accounts Receivable. She also manages the time, expense, and billing systems, and assists with financial reporting and special projects. Ona is a graduate of Massachusetts College of Art with a BFA in sculpture. Prior to joining Recap, Ona was an assistant studio manager at a local pottery studio where she honed her multi-tasking skills and gained experience running a small business.
Carolyn Russo
Marketing Associate
Carolyn Russo is responsible for the concept, design, and maintenance of all Web and print materials. She manages all online content for Recap's corporate Web site and implements and integrates new marketing strategies to help Recap achieve its business goals and objectives. Prior to working at Recap, Carolyn was a Web Designer for BrassRing (now Kenexa). Carolyn designed and managed all creative for BrassRing marketing initiatives including: three Web sites, collateral, advertising, event materials, and newsletters. Carolyn is a graduate of Bridgewater State College with a B.A. in Graphic Design and a B.S. in Mathematics.