Former L+M Managing Director Selected to Lead CPC’s Growing Equity Business
CPC’s Equity Platform Provides Mission-driven Investments Into the Preservation And Creation of Quality Affordable and Workforce Housing
NEW YORK (February 7, 2022) – The Community Preservation Corporation (CPC), a leading nonprofit multifamily finance company, announced that Tell Metzger has been hired as its new Senior Vice President, Equity Investments. Metzger’s tenure will be effective starting February 7, 2022.
Metzger will be leading CPC’s equity investing platform which seeks to invest alongside like-minded partners to promote responsible, long-term ownership of multifamily buildings to ensure that they will remain as financially strong and physically sound homes for their tenants. Targeted investments in housing and a commitment to long-term ownership can help preserve affordability, reduce displacement, and serve as a force for stabilizing and revitalizing the community in underserved or rapidly changing neighborhoods.
“Tell brings an impressive track record of excellence and achievement to the CPC equity team. Having established a portfolio of more than $2 billion at one of the city’s top-tier development companies, he is uniquely qualified to help CPC continue to grow and find ways to leverage our capital to help preserve and stabilize our housing stock,” said Sadie McKeown, President, The Community Preservation Corporation. “We’re excited to have somebody like Tell who shares our values and commitment to our nonprofit mission joining the company.”
“I’m pleased to welcome Tell to the CPC family and look forward to working with him to expand the impact of our equity business. I would like to thank Elizabeth Propp, who over the last seven years has leveraged her expertise and relationships to transform our equity platform into the strong and impactful business it is today. She has overseen investments that have preserved affordability, provided stable ownership for dozens of properties, and will revitalize the homes of thousands of public housing residents. I wish Elizabeth well as she transitions to the next chapter of her career,” said Rafael E. Cestero, CEO, The Community Preservation Corporation.
“I’m excited to be joining a company that views their investment in a property as a means to preserve affordability and create better outcomes for the people who are living there,” said Tell Metzger, Senior Vice President, Equity Investments, The Community Preservation Corporation. “I’m looking forward to working with the CPC equity team and senior leadership to help grow the platform and expand its impact in communities.”
Metzger is replacing Elizabeth Propp, Senior Vice President, Investments and Acquisitions. Over the last seven years under Propp’s leadership, CPC’s equity business has grown to approximately 4,000 affordable units, inclusive of the acquisition in January of more than 1,000 units in a 13-building affordable housing portfolio with properties in Brooklyn, Manhattan, and the Bronx. Propp also led CPC’s efforts as part of a team of mission-driven companies selected by the City in 2019 to rehabilitate and manage 1,700 units of public housing located throughout Manhattan; developed an investment program to support minority- and women-owned developers; and played a strategic role in CPC’s successful exit from a large legacy investment in the Bronx. “The timing was right for me to seek my next challenge to bring more resources and players to the affordable housing landscape, and CPC’s equity business is well-positioned for its next stage of growth. I can’t wait to see where Tell and my CPC colleagues take things next,” Propp said.
Before joining CPC, Metzger was the Managing Director of Market-Rate and Mixed-Income Housing at L+M Development Partners where he founded and managed a team that oversaw the development of more than $2 billion of new-construction, mixed-use properties in and around New York City. He was also responsible for managing relationships with New York City and State agencies, lenders, equity providers, and partners. From 2005-2015, Metzger served as Senior Project Manager at L+M, where he directed the development of 700 units in mixed-use, affordable, and mixed-income rentals, condominiums, and townhouses.
Metzger received his Master’s degree in City Planning from the Massachusetts Institute of Technology, and his Bachelor’s degree in Psychology and History from Brown University.
About The Community Preservation Corporation (CPC)
CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable housing and drive down the costs of housing production, advance diversity and equity within the development industry, and impact the effects of climate change in our communities through the financing of sustainable housing. Since its founding, CPC has invested over $12 billion to finance the creation and preservation of more than 220,000 units of housing through its lending and investing platforms. CPC is a carbon neutral company and has been rated AA- by S&P. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.