The Pennrose Team
A Team Without Equal.
Pennrose is led by some of the industry’s most experienced and successful professionals. These include the Pennrose Properties principals, Chairman and CEO Richard K. Barnhart, President Mark H. Dambly and Senior Vice President Timothy I. Henkel, Pennrose Management Company President Lee J. Felgar, and
Chief Financial Officer Cristi Resciniti.
Pennrose Properties employs a staff of seasoned, credentialed developers made up of licensed realtors, engineers and professionals with advanced degrees in such areas as real estate, business administration, city planning and public policy. Pennrose Management Company employs over 400 professionals with expertise in everything from conventional and mixed-income apartment management to property maintenance.
Richard K. Barnhart, Chairman and CEO
Richard K. Barnhart began at Pennrose in 1985 as co-owner and president of its development company, Pennrose Properties. Upon the retirement of Pennrose founder John B. Rosenthal in 2004, Mr. Barnhart assumed the role as Chairman and Chief Executive Officer. He now provides developmental oversight and leadership to both the Pennrose team of developers and the over 400 Pennrose employees.
Mr. Barnhart’s planning, development, financial management and implementation expertise provide solid direction and guidance for successful completion of each real estate development Pennrose undertakes. Under Mr. Barnhart’s leadership, Pennrose has become particularly successful with large, mixed-use developments while fostering dozens of ongoing relationships with nonprofits and actively involving community members in the development process.
In addition to his development activities, Mr. Barnhart is a nationally recognized speaker on real estate finance and development, and has testified before the United States Senate on housing issues. He has served on the Board of Directors for the Tax Credit Advisory Committee of the New Jersey Housing and Mortgage Finance Agency, the Board of Trustees of Housing New Jersey and is a Director of the Affordable Housing Tax Credit Coalition. He is a recipient of the national Bridge Builders Award presented by Partners for Livable Communities and is involved in numerous charitable activities including having served on the Board of Trustees at The Agnes Irwin School in Rosemont for nine years. He also provides pro bono services to many Delaware Valley nonprofit organizations.
Mark H. Dambly, President
Mark H. Dambly began his career at Pennrose Properties in 1992 as a Vice President and partner. He became President of the firm in 2004. His vast experience in a variety of real-estate development arenas includes complex multi-funded transactions in both the affordable and market-rate housing markets. He is fully invested in leading the firm’s development teams through every phase of the development process, from initial financing applications and approvals through closings and construction completion.
Mr. Dambly directs the firm’s business development efforts, seeking opportunities for future business and establishing and maintaining relationships with municipalities, agencies, and lenders. Under his leadership, Pennrose’s portfolio of real-estate developments has grown to more than 10,000 units.
With his many years of experience working in the complex context of today’s real-estate development environment, Mr. Dambly understands the intricacies of residential development and takes a balanced perspective of social necessity and market opportunity. He applies his experience to form sophisticated solutions to the inherent difficulties of creating quality affordable housing in today’s market. He coordinates creative developmental financing across a broad range of sources including: low-income housing tax credits, historic tax credits, tax-exempt bonds, general obligation bonds, and HUD Section 8 Project Based Assistance and HOPE VI grants. He brings a proven financial capability, a record of accomplishment of successful properties planned and built on schedule, and a strong commitment to providing families and seniors with affordable, multifamily and market-rate housing.
Prior to joining Pennrose, Mr. Dambly owned and operated a successful home-building business. His development and building of award-winning communities provided him with significant experience in land development and financing throughout the Eastern United States. Pennrose communities reflect the same high quality of design and construction that won Mr. Dambly the Pyramid Award for Best Custom Home of the Year by the Home Builders Association in 1990 and 1992.
Among his civic activities, Mr. Dambly serves on the Pennsylvania State University Board of Trustees and the Board of Directors of the Crozer-Keystone Health System. In addition, he is a member of the Philadelphia District Council, Urban Land Institute, Chairman of the Board of Directors of the Chester Institute of Economic Development, Board Member of Legal Housing Legal Services, Housing Alliance of Pennsylvania and Maryland Affordable Housing Coalition.
Mr. Dambly is a graduate of Pennsylvania State University, where he earned a Bachelor of Science degree in Real Estate and Insurance. He resides in Media, Pennsylvania with his wife Lauren and children Christian and Julia.
Timothy I. Henkel, Senior Vice President
Tim Henkel began his career at Pennrose in 1999. Today, he is Senior Vice President and Principal of Pennrose Properties, LLC. His many responsibilities include coordinating all aspects of the development process, including property acquisition, development financing, and land development approvals.
Mr. Henkel is an expert in all forms of public and private real estate financing and has executed the full array of Pennrose’s diverse portfolio of transactions including affordable housing via low income housing tax credits (LIHTC), historic rehabilitation tax credits (HTC), mixed-income multifamily housing via tax-exempt bonds, and public housing replacement leveraging federal HOPE VI grants. In addition, he has executed market rate and mixed income development using various combinations of New Market Tax Credits (NMTC) and various state tax credit financing tools. Mr. Henkel’s current activities are focused on the New Jersey, New York and Connecticut regions.
Mr. Henkel holds a Bachelor of Science degree in Civil Engineering from Bucknell University and a Master of Business Administration from the William E. Simon School of Business Administration at the University of Rochester. He is a professional engineer licensed in the State of New Jersey. Mr. Henkel is president of the recently formed New Jersey Affordable Housing Developers Council. He also serves on the board of Triple C Housing and Preservation New Jersey and is a frequent panelist and speaker at regional real estate development events.
Lee Felgar joined Pennrose as President of Pennrose Management Company in February, 2014. As President, Mr. Felgar oversees the company’s professional management services for Pennrose’s affordable, market rate and senior residential communities. He is responsible for setting the strategic direction of the organization, building competent leadership teams that successfully execute in a highly results-oriented environment, achieving and exceeding asset management and investment objectives, and managing all aspects of the company’s operations.
Mr. Felgar joined Pennrose after serving as president of Boston-based Preservation Housing Management, LLC, the housing operations company of Preservation of Affordable Housing, Inc. Prior to that, he held senior executive positions with Volunteers of America, as well as with the National Housing Partnership, Cardinal (now part of Equity Residential), and other conventional and affordable multi-family ownership, development and management companies across the country. Mr. Felgar has worked as a manager, asset manager and developer of multi-family real estate in 22 states and Puerto Rico. His background includes extensive experience in organizational development and reorganization.
Mr. Felgar attended Pennsylvania State University and holds an MBA from Suffolk University in Boston, with additional coursework at MIT and Duke University.
Jennifer McLean, Chief Financial Officer
Jennifer McLean serves as the Chief Financial Officer for Pennrose Management Company and oversees all accounting, asset management and finance functions for the management company and related entities. Ms. McLean is an expert in the management of financial performance and has achieved exceptional success in the maximization of asset-specific cash flow and profitability performance. She also provides her expertise to Pennrose Management Company’s tax and compliance reporting and maintains ongoing relationships with partners, agencies, development and operations to ensure the integrity of all financial data.
In addition to numerous other leadership roles at major real estate firms, Ms. McLean has previously served as Chief Financial Officer of Etkin Equities as well as Regional Controller for Premisys Real Estate Services where she was responsible for all aspects of financial and asset management for a national real estate portfolio exceeding $1 billion in value and annual revenues in excess of $250 million.
Ms. McLean holds her CPA license as well as dual bachelor’s degrees in accounting and international studies/economics from the University of Michigan and a master’s degree in finance from Wayne State University. She is a past president of CREW (Commercial Real Estate Women)-Detroit and a member of several professional organizations including the Urban Land Institute, Corenet, the American Institute of Certified Public Accountants (AICPA) and the Pennsylvania Institute of Certified Public Accountants (PICPA). Ms. McLean was a past finalist in the Ernst & Young National Entrepreneur of the Year program and has been named to Crain’s Detroit Business “40 under 40″ list.
Susan A. Rooke, Asset Manager
Susan Rooke joined Pennrose Management Company as Asset Manager in early 2010. Responsible for increasing the net operating results of the company’s apartment and commercial portfolio, Ms. Rooke is focused on maximizing property tax savings with a concentration on real property tax appeal as well as developing commercial leases and cell tower license agreements. In her position, Ms. Rooke creates and utilizes various financial tools including trend analyses, performance reports, new property budgets, and operating reports.
Arriving at Pennrose with over 20 years of success in the residential and commercial real estate industries, Ms. Rooke possesses proven experience in asset management, land development, site planning, project management and entitlement, feasibility and cash flow analysis, due diligence, sales, marketing, leasing, and contract negotiations. Throughout her career, she has held numerous leadership positions having served as Principal for Cornerstone Associates, Vice President of Land Acquisition & Planning for Standard Pacific Homes, and as Vice President of Land Sales & Marketing for Burnett Companies, LLC.
Ms. Rooke is currently a member of the Urban Land Institute and the United States Green Building Council. She is a Certified Green Building Professional, has professional designations in Light Construction & Development Management (LCDM) and Marketing for the Residential Builder (MIRM), and holds a California Real Estate Broker License. Additionally, she previously held memberships and directorships with the Building Industry Association, Home Builder’s Council, and Building Industry Research Council.
Ms. Rooke earned a Bachelor of Science in Business Administration in Finance & Marketing with a Real Estate emphasis from California State University.
Sara Levy, Director of Marketing
A part of Pennrose since 2009, Sara Levy serves as Director of Marketing for the Pennrose Management Company where she leads the marketing team in strategic development and tactical implementation of marketing initiatives for Pennrose’s entire company portfolio.
With nearly ten years of multifamily residential real estate experience, Ms. Levy has served in such positions as Marketing Manager for King of Prussia based O’Neill Properties and as Director of Residential Marketing for the Buccini/Pollin Group where she achieved success in driving customer acquisition through marketing strategy development and the execution of long-term marketing plans, budgets and new product launches.
Ms. Levy holds a bachelor’s degree in Business Administration-Finance and an MBA degree from the University of Delaware.
Daniel Flamini, Director of Maintenance
Daniel Flamini joined Pennrose Management Company in 2008 as Director of Operations for New Jersey and the greater Philadelphia area. In 2009, he assumed the role of Director of Maintenance, which oversees maintenance for Pennrose Management Company’s entire portfolio, including fee-based properties. In his role, he is responsible for all capital improvement projects, asset preservation, mechanical contract management, deregulated utility contract management, and site inspections. Mr. Flamini also provides expert advice on building energy management solutions, safety protocols, emergency procedures, property claim procedures and facility management best practices.
Mr. Flamini possesses 25 years of experience in the real estate industry, having previously served as Vice President of Property Management for Kaplan Properties, Director of Property Management & Facilities for Project HOME, as well as several years with Insignia Residential Group. During that time, Mr. Flamini earned the highest Net Operating Income for the Northeast region for six consecutive years.
Mr. Flamini is a Certified Property Manager (CPM®) and is also a licensed Real Estate Salesperson in New Jersey. He has served as Regional Vice President for the New Jersey Apartment Association, an affiliate of the National Apartment Association. Mr. Flamini is a graduate of Philadelphia University and has also completed the Nonprofit Executive Leadership program at Bryn Mawr College Graduate School of Social Work and Social Services.
Kim Tannery, Vice President, Affordable Operations
Kim Tannery joined Pennrose Management Company in 2010 as a Regional Vice President of Operations. Ms. Tannery’s portfolio consists of more than 4,100 conventional and affordable rental units, across 65 communities in Pennsylvania, New Jersey, and Ohio. Additionally, she leads a team that includes six Regional Property Managers and over 250 employees.
Ms. Tannery possesses over 26 years of experience in the property management industry and has demonstrated success in exceeding revenue growth goals, profit expectations, business objectives, and occupancy levels, through developing strategic plans for problem solving, personal growth, training, and performance. Her previous management experience includes overseeing portfolios consisting of conventional, affordable, tax credit, bond, and rural development properties. Ms. Tannery also possesses a highly successful 18 year track record in conventional and fee owner portfolios.
Prior to joining Pennrose Management Company, Ms. Tannery held the position of Regional Vice President at AIMCO in Charlotte, North Carolina where she earned the Division Leader of the Year Award. During her tenure with AIMCO, Ms. Tannery oversaw a portfolio of nearly 9,200 conventional and affordable units across nine states.
Ms. Tannery’s long term experience in the property management industry includes many association memberships and affiliations such as the National Apartment Association (NAA), the Institute of Real Estate Management (IREM), the Texas Apartment Association, the Southeastern Affordable Housing Management Association, and the National Affordable Housing Management Association (NAHMA). She has been involved in creating, implementing, and facilitating education classes including financial training, revenue growth, time management, and cash flow management.
Steven F. Black, Business Development Manager
Mr. Black joined Pennrose Management Company in early 2012 and is the company’s Business Development Manager. Steve joins Pennrose as a strategic part of the company’s commitment to emerge as the regions property manager of choice for both private and institutional owners of market rate multifamily real estate.
Prior to joining Pennrose, Mr. Black was the Business Development Manager for Korman Residential, where he was responsible for developing and maintaining new joint venture equity relationships for the company and played an integral role in new multifamily investments.
Mr. Black began his career in multifamily real estate in 2000, as an operations and financial analyst for Greystar Real Estate Partners, headquartered in Charleston, SC. During his tenure at Greystar, Steve ascended to Director of Client Services for the Eastern US, where he successfully grew the company’s property management business and was responsible for the operating performance of a large third party managed portfolio in both North and South Carolina which consisted of lease up, stabilized and aggressively repositioned properties. He also effectively led Greystar’s One Company Campaign, which was an ambitious performance improvement and national corporate restructuring initiative for the company.
Mr. Black is the past Chairman of the Urban Land Institute (ULI) Coastal Regions Young Leaders Group, and has served on the Board of Directors for the Charleston Apartment Association. Mr. Black earned his B.S in Business Administration from the College of Charleston where he was an Academic All American and captain of the men’s swim team.
In his free time Steve enjoys playing water polo, landscaping, cooking and most of all, being with his wife Sarah, daughter Mackie (6) and son Steven (4). The Blacks also have three dogs, 2 Pugs; Hudson and Munroe and a Yellow Lab named Parker.
Cynthiann King, Director of Training
A part of Pennrose since 2012, Cynthiann King serves as Director of Training for Pennrose Management Company where she leads the training and employee development initiative with the assistance of a Corporate Trainer, Subject Matter Experts, Field Trainers and Mentors. Her immediate curriculum development plans include team building, understanding financials, personnel supervision, customer service and sales.
Cynthiann is a recognized apartment industry leader, national speaker and training expert. She has served on-site in the capacity of leasing consultant, manager and regional manager. She has worked for such prestigious firms including Trammell Crow, Security Capital, Equity Residential, PRG and Resource Residential and provided consulting services to such prominent firms as Greystar, Archstone-Smith, Princeton Properties and The Habitat Company.
She has performed consulting services for industry organizations including IREM, NAA, NAHB, AHMA, PHADA, TAA, FAA and many more. Cynthiann is the co-author of the National Apartment Association’s NALP and the Multifamily Council of the National Association of Home Builders’ CLP certification training programs. She has been an ad-hoc course presenter and advisory board member for the property management degree programs at Ball State University and Virginia Tech.
Ms. King attended the University of WI and Carthage College earning degrees and certifications in education. She has achieved the certifications of NAAEI Advanced Instructor, NALP and Creative Course Designer, to name a few. Ms. King is listed in Who’s Who in Northern America as an award-winning female entrepreneur and resides in the Philadelphia area with her daughter.
Cristi Resciniti joined Pennrose in 2013 as Controller with over 20 years of experience in financial reporting and leadership. In March of 2014, she was promoted to the position of Chief Financial Officer. In this role Ms. Resciniti provides strategic and tactical leadership to all members of the financial team while steering the vision for financial growth within Pennrose Management Company.
Prior to joining Pennrose, Ms. Resciniti spent 14 years in public accounting with Asher & Company LLC & BDO USA, CPA firms servicing a leading development and management company in the United States with emphasis on HUD, PHFA and NJHMFA financed properties.
Ms. Resciniti holds a Bachelor’s Degree in Business Administration, Accounting, from Temple University, and is a Certified Public Accountant (CPA) in the states of Pennsylvania and New Jersey.