SVP Tom McGrath to Lead Upstate Growth; Elizabeth Propp Joins as SVP for Investments and Acquisition; Lawrence Hammond as Vice President; Christopher Schilling as Mortgage Officer
New York, NY, June 25, 2015 – The Community Preservation Corporation, Inc. (CPC), a leading not-for-profit affordable housing and neighborhood revitalization lender, announced today additions to its leadership and originations teams. Senior Vice President Tom McGrath will become Director of Upstate Revitalization, and Elizabeth Propp has joined as Senior Vice President for Investments and Acquisitions, Lawrence Hammond as Vice President and Mortgage Officer, and Christopher Schilling as Mortgage Officer.
“Our expanding team marks an exciting time in the evolution of CPC and increases our capacity to grow our core business to offer financing solutions to multifamily buildings across New York,” said Rafael E. Cestero, President and CEO, CPC. “Tom, Elizabeth, Lawrence, and Chris will play a pivotal role in helping CPC bring much needed capital to communities, and I have no doubt that they will prove invaluable to the team and our customers as we continue to address the evolving needs of New York’s housing market.”
The expanded CPC team includes:
- Tom McGrath, Senior Vice President and Director of Upstate Revitalization: Mr. McGrath will lead efforts to increase CPC’s presence in and commitment to upstate New York. His expertise will be utilized to mentor field office heads to develop upstate growth strategy and find unique ways CPC can enhance its impact in the communities it serves. Mr. McGrath started his career in CPC as the first regional director for the Hudson Valley office and was instrumental in CPC’s expansions to eastern, central, and western New York. Most recently, he oversaw all aspects of CPC Resources, CPC’s for-profit subsidiary that provides equity and develops affordable housing in underserved communities throughout New York State.
- Elizabeth Propp, Senior Vice President for Investments and Acquisitions: Before joining CPC, Elizabeth Propp worked as a research affiliate & financial consultant for the NYU Furman Center for Real Estate and Urban Policy. Prior to that, she was with JPMorgan Investment Management for 16 years, most recently as managing director and northeast acquisitions team leader. Ms. Propp earned a bachelor’s degree from Harvard University and a master’s degree from Yale School of Management.
- Lawrence G. Hammond, Vice President and Mortgage Officerin CPC’s New York City office: In his new role, Mr. Hammond will help grow the New York City office’s construction and permanent loan portfolio and ensure it reflects CPC’s core mission to stabilize and revitalize communities. With over 30 years of experience in financing community development and commercial real estate projects, he comes from the Popular Community Bank where he was the vice president and relationship manager for nine years. After receiving a bachelor’s degree from Long Island University, Mr. Hammond worked at JPMorgan Chase Community Development Group for almost 30 years, most recently serving as the vice president of its community partnership office.
- Christopher Schilling, Mortgage Officer on CPC’s Freddie Mac team: Based in the New York City office, Mr. Schilling will lead mortgage officers from all field offices to grow CPC’sFreddie Mac Small Balance Loan (SBL) portfolio. Prior to joining CPC, he worked at the Love Funding for eight years, starting as an investment analyst and advancing to the director of the New York office. He also worked at Citi in its Citi Cards and Citibank North America division for six years, becoming an expert in risk management. Mr. Schilling received a bachelor’s degree from Kenyon College and a master’s degree from Miami University.
The Community Preservation Corporation, Inc. (CPC) is a non-profit lender providing reliable capital to underserved neighborhoods throughout New York State since 1974. A nationally recognized leader in affordable housing finance, CPC is committed to delivering financing and technical expertise, and to working with community partners to create and preserve affordable housing. To date, CPC has invested more than $9 billion in over 159,000 units of housing. For more information, please visit www.communityp.com.
Contact: Eric Bederman, VP/Communications
212-895-5300, ext. 482 [email protected]