McKeown is the former Executive Vice President and Head of Construction Lending Initiatives at CPC
NEW YORK (January 18, 2022) - The Community Preservation Corporation (CPC), a leading nonprofit multifamily finance company, announced that Sadie McKeown, Executive Vice President and Head of Construction Lending and Initiatives, has been promoted to President of CPC to work alongside CEO Rafael E. Cestero. McKeown’s promotion is effective immediately.
McKeown is a recognized leader in the industry and an expert in affordable housing, community development and sustainable housing. In this new role, Sadie will lead the implementation of CPC’s strategic growth plan and the expansion of the company’s impact through its lending, equity, and impact investing activities, as well as overseeing its numerous initiatives. She will also continue to work closely with John Cannon, President of CPC Mortgage Company, the company’s Agency lending subsidiary to align all of CPC’s products and tools under the overall CPC brand.
“Sadie’s commitment to CPC’s mission is unwavering, and she has been ever willing to use her expertise and knowledge to push the company to take on new challenges in response to the evolving needs of the communities we serve,” said Rafael E. Cestero, CEO of CPC. “I can’t think of anyone better equipped to develop and drive a strategy for CPC’s ongoing growth and expansion of our impact.”
“I couldn’t be more excited to have the honor of serving as the President of CPC. We are making a real impact in expanding access to affordable housing, in advancing equity and diversity in the real estate industry, and we are a leader in driving the industry towards sustainability in both in practice and in policy,” said Sadie McKeown, President of CPC. “Even with all that we’ve been able to accomplish, I feel like we are just scratching the surface of our potential. I look forward to continuing my work with Rafael to bring our capital and expertise to the people and places where it is needed most.”
Cestero, who served as CPC’s President and CEO for the last decade, will continue to serve as CEO, working with the Board of Directors, McKeown, and senior leadership to set CPC’s vision for the future and the strategic framework needed to achieve those goals. He will also focus on leveraging CPC’s unique assets and expertise to help shape the conversations around critical housing and community development policy on the municipal, state and federal levels.
“I have known Sadie McKeown for many years and am confident that she will continue to push CPC to reach further in its growth as a business and in its ability to create an impact in communities. Throughout her career at CPC she has been a passionate advocate for the company’s mission, and she cares deeply about the outcomes it can create for the people and neighborhoods that it serves,” said Alan Wiener, Lead Independent Director, CPC Board of Directors, and Managing Director, Wells Fargo Multifamily Capital. “My congratulations to Sadie, and I look forward to working with her, Rafael, and my colleagues on the Board of Directors to drive our growth and find new ways to use CPC’s capital and unique expertise to expand its impact and influence.”
"I want to congratulate Sadie McKeown on the well-deserved elevation to the position of President of CPC. Sadie's unquestioned talent and rare commitment to affordable housing and CPC's mission make her the ideal person to continue to partner with Rafael Cestero, CPC's CEO, the CPC Board of Directors, CPC's remarkable team, and its myriad stakeholders including clients and government partners as the organization moves into the next phase of growth. I have been so impressed with her contributions during my tenure on the board and I am excited to see the impact that she makes in the future," said Richard Roberts, CPC Board Member, and Principal/Chief Business Development Officer, Red Stone Equity Partners LLC.
McKeown has served at CPC for nearly three decades and has led the company’s construction lending activities, including the operation of its six regional field offices located throughout New York State. She also oversaw numerous CPC initiatives, including its innovative sustainability practice, the ACCESS fund to strengthen and support BIPOC developers and real estate entrepreneurs, its partnership with both New York State and City to administer Storm Recovery funding, and its recent partnership with New York State in providing COVID relief funding to small multifamily building owners.
Throughout her career, McKeown has been an outspoken advocate in moving the real estate industry and built environment towards carbon neutrality. With her guidance, CPC created its innovative “underwriting efficiency” financing method that incorporates the potential savings from energy and water efficiency measures into the financing of first mortgages for multifamily buildings, leading to the financing of more than 8,620 sustainable units since the 2015 fiscal year. Most recently, McKeown led CPC’s partnership with the New York City Department of Housing Preservation and Development (HPD) and private partners on a Passive House study that aimed to demystify the economics and environmental benefits of Passive House.
In addition to these accomplishments, McKeown’s leadership helped guide CPC to its record-breaking 2021 fiscal year where it deployed roughly $937 million in capital to support impactful housing and community development projects. These projects included work across CPC’s lending and investing platforms, providing capital to finance 8,400 units, nearly 80 percent of which were affordable to households earning at or below 80 percent Area Median Income.
McKeown serves on the boards of the New York City Energy Efficiency Corporation (NYCEEC), as well as on the New York State Climate Action Council’s Energy Efficiency and Housing Advisory Panel and the NYSERDA Technical Advisory Group for the Electrification Roadmap. She was appointed to serve on the boards for the New York Housing Financing Agency (HFA) and New York State Energy Research and Development Authority (NYSERDA) in June 2021.
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.