Boston Financial Investment Management

Kenneth J. Cutillo

Chief Executive Officer

Mr. Cutillo is the Chief Executive Officer of Boston Financial. He has 15 years of experience in the low-income housing tax credit industry as a senior executive and tax attorney. Prior to joining Boston Financial, Mr. Cutillo was a Senior Vice President at Alliant Asset Management Company, LLC. From 2001 to 2008, Mr. Cutillo was responsible for supervising that firm's acquisition department. From 1998 to 2001, Mr. Cutillo was a Tax Partner at McGuireWoods, LLP and Chairman of its Affordable Housing Group. His practice at McGuireWoods, LLP focused exclusively on the representation of institutional investors, syndication firms and developers working in the affordable housing industry. Mr. Cutillo began his career in affordable housing in 1994 as tax counsel at Ungaretti & Harris, where he represented large financial institutions in their investment in various tax advantaged products. Mr. Cutillo received his B.A. from The University of the South in Political Science and History, a Juris Doctor cum laude from the University of Georgia School of Law, and a Master of Laws in Taxation from the University of Florida's Graduate Tax Program.

Gregory B. Judge

Chief Operating Officer

Mr. Judge is Boston Financial’s Chief Operating Officer and has been employed by its predecessor companies since 1989. As Chief Operating Officer, Mr. Judge is responsible for structuring and arranging investment capital for Boston Financial’s tax credit funds, as well as overseeing the Finance and Acquisition groups. Prior to his current role, Mr. Judge was President of MMA Financial and responsible for the tax credit syndication platform, affordable debt group, and asset management operation. Mr. Judge also held roles of Chief Investment Officer, Chief Acquisition Officer, and Production Officer. Mr. Judge has been a member of Boston Financial’s investment approval committee and executive leadership team for more than 11 years. Under his guidance, Boston Financial increased annual low income housing tax credit syndication activity from $450 million to over $1.3 billion, grew assets under management by almost $7 billion, and amassed a portfolio that exceeds available industry standards for quality and performance. Since 2000, Mr. Judge has operated as the firm’s Chief Investment Officer and has selected the investments that the firm pursued for acquisition. In his role as a Production Officer, Mr. Judge was responsible for originating, structuring and closing more than $700 million of tax credit acquisitions. Mr. Judge is a board member of the Affordable Housing Tax Credit Coalition and various other industry groups as well as a frequent industry lecturer. Mr. Judge received a B.A. from Colorado College and a M.B.A. from Boston University.

James S. Dailey, Jr.

Executive Vice President, Chief Credit Officer

Mr. Dailey is Boston Financial’s Chief Credit Officer. He has 24 years of experience in affordable housing and is responsible for the underwriting of all affordable property acquisitions at the firm. Mr. Dailey has been involved in numerous aspects of the low income housing business, including tax credit acquisitions, corporate fund treasury management, investor sales, and asset management where he specialized in real estate workouts. Mr. Dailey has been a member of the firm’s Investment Committee since 1994 and has been integrally involved with helping the company assemble its tax credit portfolio. Prior to joining Boston Financial, Mr. Dailey was a Senior Accountant and Certified Public Accountant with Ernst & Whinney. Mr. Dailey received a B.B.A. from the University of Notre Dame and a Master’s of Business Administration from Babson College.

Michael H. Gladstone

Executive Vice President, General Counsel

Mr. Gladstone leads the Capital Transactions team for Boston Financial, with the primary responsibility for property work-outs, dispositions and refinancings. Mr. Gladstone brings 24 years of affordable housing experience to his role and has acted in numerous capacities at the firm, including General Counsel and Deputy General Counsel under previous ownership structures. Prior to joining Boston Financial, Mr. Gladstone was an attorney with Herrick & Smith and Powers & Hall. Mr. Gladstone has served on the advisory board of Housing and Development Reporter and has lectured at Harvard and Cornell Universities on affordable housing matters. He is a member of the Cornell Real Estate Council and Massachusetts Bar. Mr. Gladstone earned a B.A. from Emory University and a Juris Doctor and Master’s of Business Administration from Cornell University.

John B. McEntire

Senior Managing Director

Mr. McEntire brings more than 30 years of experience in the apartment industry as a senior executive and tax attorney. Over the last 15 years, he has been an investor in existing apartments, including many affordable housing projects. Prior to that, Mr. McEntire formed his own company, developing apartment projects in the Southeastern states. When development activity waned, his company became an investor in severely troubled assets, taking over 80 single-asset limited partnerships throughout the U.S., including many affordable housing projects. Mr. McEntire began his career as tax counsel to one of the largest developers in the country, structuring the company’s tax-oriented real estate investments. He became head of the company’s apartment development division and a member of its executive committee. Mr. McEntire is a graduate of Dartmouth College and the University of Texas School of Law.

Armando Pérez

Executive Vice President, Investment Management

Mr. Pérez directs Asset and Fund Management activities for Boston Financial’s tax credit equity investments in more than 1,700 properties nationwide and is also responsible for all third-party asset management services. Mr. Pérez brings 25 years of affordable housing real estate experience to his role, including 17 years of low-income housing tax credit experience. Prior to joining the firm, Mr. Pérez was an Asset Management Officer at the Massachusetts Housing Finance Agency. Mr. Pérez earned a B.A. from Columbia College; earned a Master’s in Regional Planning from Cornell University on a Cornell Graduate Fellowship, and completed the MIT Center for Real Estate's Minority Developers Executive Program. Mr. Pérez is a member of the Cornell Real Estate Council and sits on the Board of Directors of the ETC Development Corporation, a non-profit housing development corporation located in Boston.

Marie D. Reynolds

Executive Vice President, Finance Reporting & Treasury

Ms. Reynolds has over 15 years of financial reporting and financial analysis experience within the affordable housing industry. She is responsible for Boston Financial's Corporate and Tax Credit Fund Reporting, including the treasury and business planning functions. Ms. Reynolds has been involved in the diligence and transition phases of the three transactions involving the ownership of Boston Financial and its predecessor organizations. Ms. Reynolds started her career at Boston Financial in 1995 first as an assistant controller of the Tax Credits Funds, then as Senior Financial Analyst in the corporate reporting group. From 1999-2009, she served as Business Unit Controller under Lend Lease and MuniMae ownerships. Prior to joining Boston Financial, Ms. Reynolds was an assistant controller responsible for the financial reporting of the Lehman Brothers Commercial Office Building Limited Partnership investments. Ms. Reynolds received a B.B.A. from Siena College and an MBA from Suffolk University.

MICHAEL J. HORNBROOK

Executive Vice President, Investor Production & Portfolio Acquisition

Mr. Hornbrook brings more than 15 years of affordable housing experience to Boston Financial and manages the firm’s office in Chicago, Illinois. Mr. Hornbrook is responsible for Investor Production & Portfolio Acquisition. Mr. Hornbrook started his career in the low-income housing tax credit industry as a transactional lawyer in private practice. Prior to joining Boston Financial in 2010, Mr. Hornbrook was a Senior Vice President at AIMCO where he was responsible for all aspects of the tax credit program, including tax credit originations and equity syndications. Prior to that, Mr. Hornbrook was a Partner at McGuireWoods, LLP and co-Chairman of its Affordable Housing Group. Mr. Hornbrook received his B.A., Summa Cum Laude, from Loyola University of Chicago and his Juris Doctorate, with honors, from Rutgers University.

Gregory P. Voyentzie

Executive Vice President, Acquisitions

Mr. Voyentzie brings 14 years of affordable housing experience to Boston Financial and manages the firm’s East Coast acquisitions office in Boston, Massachusetts. In addition to managerial responsibilities, he also originates, structures and negotiates tax credit affordable housing investments in the eastern US markets. Mr. Voyentzie’s tenure with Boston Financial began in 1999 as a member of the acquisitions department, where he initially specialized in investing in historic tax credit properties for a private label, single investor fund. To date, Mr. Voyentzie has invested over $750 million of equity in affordable housing and historic properties. Prior to joining the firm, Mr. Voyentzie was a manager in the real estate accounting practices of PricewaterhouseCoopers and Ernst & Young. Mr. Voyentzie is a frequent speaker at state and national conferences and serves on the Board of Directors for the Louisiana Association for Affordable Housing. He earned a B.S. in Finance and Accounting and a Master’s of Business Administration from the University of Connecticut.

Catherine L. Talbot

Senior Vice President, Acquisitions

Ms. Talbot brings 18 years of low-income housing experience to Boston Financial and manages the firm’s West Coast office in San Francisco, California. In addition to her managerial responsibilities, she originates, structures and negotiates tax credit affordable housing investments in the Western markets. Ms. Talbot’s tenure with Boston Financial began in 1991, where she served as a member of the Institutional Sales Team in the Boston office and as an Analyst in the Tax Credit Acquisitions Department. Ms. Talbot is directly responsible for building the firm’s presence on the West Coast and has invested over $500 million of equity in the California markets alone. Ms. Talbot is a Board member of the Mathari Children’s Fund, a non-profit organization dedicated to educating children in Kenya; a Board Member and Treasurer of the California Council for Affordable Housing, a Board Member of Project Access, a non-profit social service provider, and a frequent speaker at state and national affordable housing conferences. Ms. Talbot earned a B.A. in Economics at the University of New Hampshire.

Sarah J. Laubinger

Senior Vice President, Investor Sales

Ms. Laubinger has been with Boston Financial since 1997 and offers more than 10 years of experience in low income housing tax credit acquisitions and investor sales. Ms. Laubinger initially began her career in affordable housing as an acquisitions analyst in the firm’s Specialty Placement Group and ultimately became a production officer. Having closed more than $750 million in LIHTC acquisitions, Ms. Laubinger's extensive underwriting, originating and negotiating experience laid the groundwork for a position she accepted with the firm’s Investor Sales group in 2005. In her new role Ms. Laubinger assumed responsibility for the firm’s largest proprietary investor clients and oversaw portfolio management activities for more than $1 billion in separate account LIHTC investments. Ms. Laubinger now manages the firm’s multi and proprietary investor clients and is responsible for the selection and structuring of all prospective investments to ensure each of the firm’s acquisitions are of the highest quality. Ms. Laubinger is also a voting member of Capital Committee which approves all future investment activity. Prior to joining Boston Financial, Ms. Laubinger earned a B.S. in Finance from the Carroll School of Management at Boston College.

Damon Khouri

Senior Vice President, Information Technology

Mr. Khouri manages Boston Financial’s Information Technology infrastructure and applications development function and is responsible for defining and implementing all of Boston Financial's system and process improvements. Mr. Khouri leads Boston Financial’s efforts to leverage technology to facilitate future growth through innovation and efficiency, and ensures that Information Technology initiatives are aligned with key business objectives. Prior to joining Boston Financial, Mr. Khouri helped establish the technology platform for the Wealth Management division at John Hancock Financial. Mr. Khouri also spent several years as an Information Technology consultant, primarily working with medium and large-sized corporations in the financial services industry. Mr. Khouri received his B.A. from Bryant University, his MBA from the Franklin W. Olin Graduate School of Business at Babson College, and holds a Client/Server development certificate from Boston University and a PMP certification from the Project Management Institute.

Jennifer Tenczar

Senior Vice President, Human Resources

Ms. Tenczar joined Boston Financial in 2007 and is responsible for the overall strategic direction, design and execution of all Human Resource programs and policies in support of the company’s key business objectives. Prior to joining the company, Ms. Tenczar was a Human Resources Manager at OpenPages, Inc. and PricewaterhouseCoopers, LLP in the Boston, MA and San Jose, CA practices. Ms. Tenczar received her B.S. from Babson College and an MBA from the Franklin W. Olin Graduate School of Business at Babson College. She has her Professional Human Resources Certification and is a member of the Northeast Human Resources Association and Society for Human Resource Management. Ms. Tenczar is a Board member of STRIVE, Boston Employment Services, a non-profit organization dedicated to recruiting, training and advancing the careers of chronically unemployed men and women. She is also a Big Sister with the Big Sister Association of Greater Boston.