Helping clients create, improve, sustain, and preserve affordable housing through insightful advice, innovative transactions, and comprehensive capital needs assessments.


David Smith| Chairman | VCard Info

David Smith, Recap’s founder, leads the firm into new market segments, new strategic relationships, and new business products and services.  For nearly four decades he has successfully pioneered transactions, service lines, business models, programs, and government policy innovations that have begun as opportunities, turned into replicable models, and become national movements of practice.  A 1975 Harvard graduate, he was through 1989 a partner at Boston Financial Group, and also founds and runs the global non-profit Affordable Housing Institute. Mr. Smith is an equity partner of the firm.

Christopher Hesen|Chief Executive Officer | VCard Info

As Recap’s principal owner and CEO, Mr. Hesen defines the firm’s current and future direction, sets the firm’s strategic and operational goals, identifies and develops new business lines and opportunities, personally handles several major accounts from portfolio customers, and works with founder and Chairman David A. Smith to keep Recap at the forefront of new programmatic, transactional, and impactful innovations in affordable housing. In his twelve years at Recap he has worked on key assignments across of the firm’s practice areas, including among others monitoring/ servicing of a 10-property, 1,500-apartment portfolio mezzanine loan; qualification and due diligence of potential buyer teams for 5,885-apartment Starrett City in New York, the nation’s largest private affordable housing property; and team coordination and quality control on On-Site Insight’s national public housing inventory capital needs assessment, which sampled over 650 properties from coast to coast.

Shannon Lestan|Managing Director |

Shannon Lestan is the Managing Director of Recap Real Estate Advisors. She brings over 15 years of affordable housing experience including Rental Assistance Demonstration (RAD), Prepayment and Refinancing/Acquisition of FHA-insured, State Agency, or HUD-held deals, Section 8 Project-Based Contract Renewals and Rent Increases, Conversion of Enhanced Vouchers to Project-Based Vouchers, Section 202 Prepayment Requests, and Assignment, Assumption of Mark-to-Market (M2M) Loans in TPA and Refinance Transactions. Shannon has in-depth expertise in navigating complex regulatory compliance issues that often occur in Preservation Transactions as a result of overlapping subsidies and regulatory documents. These transactions can include regulatory frameworks under LIHPRHA, Section 236, Section 202, LIHTCs, EVs, PBVs, Project-Based Section 8, Rent Supplement, RAP and Flexible Subsidy. Shannon worked as a Consultant for Green Wall Group LLC for the past three years and at Recap Advisors for 10 years prior to that.

Andrew Kerivan| Vice President|

Andrew Kerivan has over 25 years of affordable housing and commercial real estate Development, Ownership and Property Management experience. Mr. Kerivan has worked with Section 8, RAP, Rent Supplement, and other operating subsidies. He has experience with the acquisition, development, management, and unwinding of Federal and State Low Income Tax Credits, as well as, New Markets and Historic Tax Credits. He has experience with RAD alternative voucher pathways. He has brought several deals through the year 15 process for tax credits, as well as disaffiliation, rehabilitation, and resyndication of those properties. He has worked with both acquisition and disposition of properties. Prior to joining Recap, Mr. Kerivan has worked at Madison Park Development, John Hancock, and Winn Companies. Mr. Kerivan’s career has spanned from development and ownership of affordable housing, through on site property management. He brings the actual site management and resident implementation experience to the deal planning and structuring to help mitigate costly mistakes during implementation.

Guillermo Gonzalez|Principal |

Guillermo Gonzalez is a Principal specializing in the recapitalization of federally assisted housing developments through the Rental Assistance Demonstration and other federal programs.  Prior to joining Recap, he was the Development Manager at the Bridgeport Housing Authority, which holds the largest housing portfolio in CT, managing all aspects of the redevelopment 400 public housing units into a mixed-income, multi-site development, utilizing public-private partnerships and LIHTC financing, and navigating the administrative steps of Section 18 to evidence obsolescence for demolition and disposition. He was also responsible for the financing closeout of $14 million HUD Mixed-Finance project acting as the General Partner’s representative through break-even operations and asset management. Guillermo started his career in affordable housing by assisting not-for-profit developers to finance their projects using low income, federal historic and energy tax credits for equity in the projects. He also underwrote speculative multi-family investments in NYC and worked for architect Cesar Pelli, one the ten most influential living American architects, where he gained extensive experience in planning, building design and construction. Guillermo holds a Master of Real Estate Development from the W. P. Carey School of Business at the Arizona State University and a Bachelor of Architecture from the University of Mendoza in Argentina.

Audrey Martin| Associate Principal |

Audrey Martin is an Associate Principal with expertise in the Low Income Housing Tax Credit (LIHTC) program, as well as other affordable housing programs including HOME Investment Partnership and Section 8. She has experience in both the public and private sectors, including program administration, development, consulting, and finance. Audrey spent five years at the Texas Department of Housing and Community Affairs (TDHCA), the agency responsible for the administration of the LIHTC program in Texas. At TDHCA she worked as the administrator over the 9% housing tax credit program, supervisor over the cost certification process, and manager of the division responsible for underwriting multifamily developments funded by TDHCA. Following her tenure at TDHCA, Audrey worked with two LIHTC development firms and was responsible for site selection, interfacing with local jurisdictions to secure support and development approvals, financial structuring of transactions, housing tax credit application preparation, oversight of design, entitlements, and permitting, and oversight during construction.  Audrey now provides consulting services related to financial feasibility and structuring of affordable housing transactions, securing funding under the 4% and 9% LIHTC programs, and affordable housing development. She received her BBA in Finance from the University of Texas in Austin, Texas and MBA from Texas State University, in San Marcos, Texas.

Gates Dunaway| Associate Principal |

Gates Dunaway is an Associate Principal specializing in executing preservation strategies for clients with HUD 202 Direct Loans, Section 236 Loans, Flexible Subsidy Loans, expiring Tax Credits, Section 8 contracts, and RAP and Rent Supplement contracts, ensuring that the seniors and families they serve are protected, and that the owners and their properties can flourish. Gates is an authority on preservation issues, with a deep passion for this work.  Fifteen years with regional and local non-profit affordable housing developers allowed her to develop expertise in these types of preservation transactions.  She also spent two years at the helm of the Blaine County (Idaho) Housing Authority on public policy incentives for workforce housing, restarting the valley’s focus on attracting quality LIHTC developments.  Gates has been an active educator on the topic of affordable housing development and preservation. In 2012 she was approved by HUD as a “Subject Matter Expert” and she co-facilitated 13 three-day courses for HUD, entitled “Partners in Housing: Multifamily Preservation Training”, including the two webinars for HUD that can be found on the HUD YouTube channel. In 2015 and 2016 she worked with a team of HUD experts on the second round of trainings, which took the form of HUD Preservation Clinics at HUD offices around the country. She is a frequent speaker at a variety of trade associations and conferences, focusing her presentations on helping owners understand their preservation options. Gates serves on the board of the Institute for Aging, a sister non-profit to LeadingAge Georgia, and is also a special consultant to the national LeadingAge organization on matters related to preservation financing. She graduated with a B.S. degree in Civil Engineering and a Master of City Planning degree, each from Georgia Tech.

Joshua Anderson|Associate Principal |

Joshua Anderson, Associate Principal, assists Recap’s efforts by applying his financial modeling and coding skills to complex financial structures and his wealth of real estate investment and development experience to valuation assignments and litigation support. He has prepared large valuation models of limited partnership interest as well as large portfolios, which included affordable and market-rate housing projects as well as retail, office and hotel uses. Joshua has served as a senior underwriter, underwriting affordable housing projects funded with the Low Income Housing Tax Credit. He has also been a senior finance director for several real estate development firms. A native of Massachusetts, Joshua holds a Master’s of Science degree from the Massachusetts Institute of Technology, in Real Estate Development. He also has a Bachelor of Arts in English Literature from St. Lawrence University. Joshua currently teaches classes on the economics of real estate development at Boston University, where he is an instructor at its center for continuing education and the Wentworth Institute of Technology, where he is an adjunct professor in its Master’s Degree in Construction Management program.

Bruce Hutchinson| Senior Associate |Vcard Info

Bruce Hutchinson is a senior associate in the capital planning division. Bruce has successfully completed more than 500 capital needs assessments throughout the United States. Among these assignments have been properties financed under various programs administered by MassHousing and the Michigan State Housing Development Authority, a portfolio of properties being purchased by Mercy Housing in Washington State, an evaluation of a portfolio of scattered site housing for the Lincoln Nebraska Housing Authority, and inspections of a diverse portfolio of multifamily properties for a state housing finance agency in the Midwest to aid the agency in its examination of construction standards and underwriting guidelines. Mr. Hutchinson has more than six years of commercial real estate appraisal, residential construction, and remodeling experience. He has assisted in the appraisal of many types of income-producing and specialized properties, including office buildings, industrial facilities, vacant land, subdivisions, and both small and large apartment developments throughout Massachusetts. Mr. Hutchinson is a BPI Certified Professional (Building Analyst/Multi-Family).

Daniel Iles| Senior Associate |Vcard Info

Daniel is a senior associate and energy audit specialist in the capital planning division. Prior to joining the firm, Daniel was an energy auditor for The Center for Ecological Technology and has extensive experience using several types of energy modeling software including TREAT and QUEST. He was responsible for the preparation of over 750 energy audit reports and energy savings contracts (ESCOs) with CET; and since joining the firm, Daniel has completed over 100 capital needs assessments, green capital needs assessments, and energy audits on multi-family and condominium properties, as well as commercial, school, and municipal buildings. He has a background in construction and graduated with distinction from Lasell College earning a Bachelor’s degree in Marketing. Mr. Iles is a Building Performance Institute (BPI) certified Multi-family Building Analyst.

David Jackson| Senior Associate/Mechanical Systems Specialist |Vcard Info

David Jackson is a senior associate and energy audit specialist in the capital planning division. David has more than 25 years of project engineering and project management experience in energy systems and energy management from both the private and public sector. He has successfully completed over 650 capital needs assessments including projects for HUD, USDA Rural Development, several state housing agencies, public housing authorities, municipalities, property management firms, and health care facilities. His energy background dates back to the 1980s, serving as the energy systems specialist at Boston Housing Authority, working to establish a $3M+ lighting retrofit and building upgrade utility-funded project. Mr. Jackson commissioned and managed energy audits for Boston Housing Authority, worked as an energy auditor and energy engineer for several private energy engineering firms, and designed several energy-related computer models including a dual fuel residential heating model and a time-of use (TOU) utility cost model. Mr. Jackson has also taught lighting economics for the Boston Chapter of the Illuminating Engineering Society (IES). Mr. Jackson is a BPI Certified Professional and LEED Green Associate.

Matthew Chown| Senior Associate |Vcard Info

Matthew is a senior associate in the capital planning division. Prior to joining the firm, Matthew was a building assessment specialist with EXP Services Inc. He was responsible for the preparation of capital needs assessments for residential and industrial developments as well as performing property condition assessments on a variety of properties for potential real estate transactions and due diligence purposes.  Matthew graduated with distinction from McMaster University earning a B. Tech in Civil Engineering.  In addition, Matthew possesses a three-year advanced diploma in Architectural Technology from the Humber School of Applied Technology.

Bob Labadini| Senior Associate/Mechanical Systems Specialist |Vcard Info

Bob Labadini is a senior associate and energy audit specialist in the capital planning division. He brings over twenty-five years experience in the field of facilities management to the firm. He has in-depth knowledge of a wide range of building systems, their operation and their maintenance. His experience also includes project management of rehabilitation and renovation construction. Mr. Labadini has been involved with both local and national organizations such as Boston Urban Associates, The Rouse Company, and Cambridge Technology Partners. His institutional experience includes The New England Shelter for Homeless Veterans and The Cambridge School of Weston. During his tenure Mr. Labadini has completed more than 450 capital needs assessments. Mr. Labadini is a BPI Certified Professional (Building Analyst/Multi-Family).

Tina Cardoso|Senior Associate |Vcard Info

Tina Cardoso is a senior associate in the capital planning division and has been with the firm since 1995.  Tina received her Bachelor of Architecture degree from Wentworth Institute of Technology and brings extensive experience in building design and construction, both residential and commercial to OSI.  Tina has successfully completed more than 350 capital needs assessments throughout the United States. Among these assignments have been several properties for housing authorities including The Chicago Housing Authority, Lincoln Nebraska Housing Authority, and the Boston Housing Authority. Other clients have included Rural Development, HUD, several state housing and finance agencies, numerous property management firms, health care facilities, and educational institutions.  Tina has also expanded OSI’s capacity in the area of accessibility (ADA) evaluation – creating new presentations, design considerations on barrier assessments, and serving as an expert witness in accessibility disputes.