Boston Financial has one of the most tenured, experienced management teams in the industry. Senior members have an average of over 15 years experience in affordable housing and an average tenure of 14 years at Boston Financial.
Kenneth J. CutilloChief Executive Officer
Mr. Cutillo is the Chief Executive Officer of Boston Financial. He has 22 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.
Jerry AbrahamsManaging Director, ORIX USA
Jerry Abrahams is a Managing Director in the ORIX Municipal and Infrastructure Group and is also an Executive Vice President for Boston Financial Investment Management, a wholly owned subsidiary of ORIX USA. In this dual role, Mr. Abrahams ensures that Boston Financial receives the resources it needs to meet the needs of its investor and developer clients. Based in New York, Mr. Abrahams has led ORIX USA's efforts in investing in low-income housing tax credits (LIHTCs) and the renewable tax credits in recent years. He also sits on the Boston Financial Capital Committee and Executive Committee.
Mr. Abrahams has extensive experience in municipal finance, renewable energy and tax credit investment. Prior to joining ORIX USA, he spent 20 years at Citi, holding a variety of positions in capital markets and public finance, including running the municipal division's Structured Products Group and acting as Co-Head of Municipal Syndicate.
He earned a Bachelor of Science from Washington University in St. Louis and an MBA from Columbia Business School. Mr. Abrahams is an adjunct professor at the New York University Wagner School of Public Policy where he teaches a graduate-level course in municipal finance and tax credit financing.
James S. Dailey, Jr.Executive Vice President, Chief Credit Officer
Mr. Dailey is Boston Financial’s Chief Credit Officer. He has 29 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. GladstoneExecutive 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 over 30 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.
Armando PérezExecutive Vice President, Investment Management
Mr. Pérez is the Executive Vice President responsible for Investment Management. He directs asset management, fund management and client reporting activities for Boston Financial’s tax credit equity investments in more than 1,600 properties nationwide. Mr. Pérez also is responsible for third-party asset management services and for the strategic management of Boston Financial’s proprietary Information Technology platform. Mr. Pérez brings 30 years of real estate and affordable housing experience to his role, including 24 years of LIHTC experience. Prior to joining the firm, Mr. Pérez was an Asset Management Officer at the Massachusetts Housing Finance Agency. Mr. Pérez received a B.A. from Columbia University; 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 has served on the board of directors of several non-profit housing and community organizations in Boston.
Marie D. ReynoldsExecutive Vice President, Chief financial officer
Marie Reynolds joined Boston Financial in 1995 and has over 20 years of financial analysis and reporting experience within the affordable housing industry. Ms. Reynolds is currently responsible for Boston Financial's Reporting and Analysis for both the Tax Credit Funds and BFIM, LP, also including the treasury management and business planning functions. Ms. Reynolds is a member of Boston Financial’s Executive Leadership Team and Capital Committee. She was also 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, 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 the 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.
Gregory P. VoyentzieExecutive Vice President, Production
Mr. Voyentzie joined Boston Financial in 1999 and has over 22 years of experience in the affordable housing business. Mr. Voyentzie currently co-leads Boston Financial’s equity syndication efforts with Sarah Laubinger. Together, they have joint responsibility for the strategic direction of the Production group, including the identification and marketing of new capital sources, the structuring and pricing of new fund offerings, and the selection of property-level investments. Prior to joining Boston Financial, Mr. Voyentzie represented LIHTC investors at Ernst & Young and was a manager in the Real Estate Accounting practices at PricewaterhouseCoopers. Mr. Voyentzie holds a Bachelor of Science in Finance and Accounting and a Masters in Business Administration from the University of Connecticut.
Sarah J. LaubingerExecutive Vice President, Production
Sarah Laubinger joined Boston Financial in 1997 and has over 18 years of syndication experience including sourcing, structuring, underwriting and closing nearly $2 billion in low income housing and historic tax credit equity. Ms. Laubinger currently co-leads Boston Financial’s equity syndication efforts with Greg Voyentzie. Together, they have joint responsibility for the strategic direction of the Production group, including the identification and marketing of new capital sources, the structuring and pricing of new fund offerings, and the selection of property-level investments. Ms. Laubinger has been a member of Boston Financial’s Senior Management Team and Investment Committee since 2005. As such she has been instrumental in helping establish Boston Financial as one of the largest firms in the tax credit industry. Sarah is a Board Member of the Affordable Housing Tax Credit Coalition and member of the Real Estate Council of Boston College. Sarah holds a Bachelor of Science in Finance from the Carroll School of Management at Boston College.
Todd D. JonesSenior Vice President, Institutional Sales
Mr. Jones joined the firm in 2012 as a Senior Vice President where he serves as a senior member of the Production. Mr. Jones is responsible for identifying and securing institutional capital for all Boston Financial multi-investor and proprietary fund offerings. In this capacity, he oversees the fund marketing and sales activities of the firm, as well as the day to day management of all broker-dealers representing Boston Financial. Previously, Mr. Jones served as Vice President and Manager of Institutional Sales at PNC Financial Services Group where he was primarily responsible for marketing its Low-Income Housing Tax Credit ("LIHTC") investment funds. During his tenure at PNC, Mr. Jones was involved in raising more than $2.5 billion of investor capital and was instrumental in expanding the group’s investor base by creating over 25 new relationships. Prior to joining PNC in 2005, Mr. Jones served as an Assistant Vice President with National City Bank where he was responsible for managing and advising a large portfolio of clients on a wide range of credit and treasury management products. Mr. Jones received a Bachelor of Science in Accountancy from the University of Louisville and holds a Master of Business Administration from Bellarmine University where he graduated Beta Gamma Sigma.
Rocio LuhringSenior Vice President, Asset Management
Ms. Luhring is a Senior Vice President and leads the Asset Management team at Boston Financial. She oversees the asset management and compliance function for over $8.5 billion in tax credit equity investments. Assets under management include 1450 properties nationwide in both owned and third-party managed investments. Ms. Luhring has been a member of the firm’s Investment Committee since 2009. Ms. Luhring joined Boston Financial in 2000 and brings 20 years of real estate and affordable housing experience to her role, including 18 years of LIHTC experience. Prior to joining Boston Financial, Ms. Luhring was a Senior Asset Manager at Boston Capital. Prior to Boston Capital, she served as a housing consultant and Deputy Director of Property Management at a Boston-based community development corporation (CDC). Ms. Luhring received a B.A. in Economics from the College of the Holy Cross and a Master’s of Business Administration from Boston College.
Jeffrey D. RahnSenior Vice President, Dispositions
Jeffrey D. Rahn is a Senior Vice President with Boston Financial Investment Management’s Capital Transactions Group (CTG) and is responsible for dispositions and refinancings of the company’s multifamily tax credit investments. Under his supervision, the CTG has been involved in the disposition or refinancing of over 1,000 investments resulting in distributions of $600 million to BFIM affiliated tax credit funds. He has over thirty-five years of diversified experience in many facets of the real estate industry, including asset management, capital transactions and property management. Prior to assuming responsibility for his current role in 2003, Mr. Rahn was responsible for Lend Lease’s institutional multifamily asset management group and prior to that Boston Financial’s Tax Credit Asset Management Business Unit. Mr. Rahn received an MBA from DePaul University and a BS in Accounting from Eastern Illinois University. He was the 2008 President of the Real Estate Finance Association in Boston and 2009 Finance Committee Chairman for the Greater Boston Real Estate Board.