WMAC Officers

WMAC President

Stephanie McFadden

Managing Director, Debt & Structured Finance
CBRE | Capital Market

Stephanie McFadden is the President and Managing Director of CBRE HMF, Inc., CBRE's HUD FHA multifamily lending platform. Ms. McFadden has more than 20 years in commercial real estate with an emphasis on multifamily and affordable housing debt products and is experienced in all aspects of multifamily housing including finance, development, construction and asset management/servicing.

Ms. McFadden joined CBRE in 2013. In her current role, she is responsible for nationwide FHA-insured multifamily lending, managing a team of professionals specializing in FHA loan programs. Prior to joining CBRE, Ms. McFadden was Senior Vice President and FHA Product Manager at PNC Real Estate.

Ms. McFadden is a frequent speaker at industry conferences. She holds a Masters in City Planning from the University of California at Berkeley and a Bachelors of Science in Engineering in Civil Engineering and Architecture from Princeton University.

WMAC Vice President

Terry Wellman

PNC Real Estate

Terry Wellman is PNC Real Estate’s FHA Chief Underwriter, responsible for the underwriting of all FHA multifamily transactions nationwide. Over the past 20 years Mr. Wellman has provided financing for market rate and affordable multifamily housing under broad range of sources including FHA, Freddie Mac, Fannie Mae, CMBS, and LIHTC equity. Throughout his career Mr. Wellman has been directly involved in over $2 billion in multifamily and commercial real estate financing. He received a bachelor’s degree in political science from the University of Texas and has completed programs in real estate and finance through the University of Wisconsin, CCIM, and the Appraisal Institute. Under his leadership PNC Real Estate closed the first FHA-insured RAD transaction in the country.

WMAC Secretary

Raelee Jones

Wells Fargo Bank

Raelee is currently a Managing Director and Chief FHA Underwriter with Wells Fargo Bank. She has been in the Senior Housing Industry since the 1990’s with experience in development, operations and lending. She has worked as an underwriter specializing in FHA insured lending since 2001.

WMAC Treasurer

Jeremy Frankel


WMAC Co-Treasurer

Scott Thurman

Senior Managing Director
Greystone & Co., Inc.

Scott Thurman is a Senior Managing Director in Greystone’s FHA group and has over 25 years of FHA industry experience. He started his FHA career at HUD, where he served for over six years as a Multifamily Housing Representative and Information Specialist for the Multifamily Division in Portland, OR. His lending career started at CWCapital as an analyst.  Scott has served as an FHA Chief Underwriter for CWCapital, Walker & Dunlop, ACRE Capital, and Greystone. He has underwritten affordable and market rate transactions involving multifamily and healthcare developments.  He is a graduate of Portland State University and holds a bachelor’s of science in Business, with an emphasis on management.

WMAC Past President

Bruce Minchey

Dougherty Mortgage

Bruce Minchey is SVP/FHA Chief Underwriter at Dougherty Mortgage LLC. Prior to joining Dougherty, Bruce was National FHA Program Manager at KeyBank Real Estate Capital. He began working with HUD/FHA-insured loans in 1995 as an underwriter for Malone Mortgage Company, which was acquired by KeyBank in 2005. Bruce holds a Bachelor of Science from Texas A&M – Commerce (f.k.a. East Texas State University) and a Masters in Land Economics and Real Estate from Texas A&M University. He began his career as a commercial real estate appraiser. Bruce has served on several boards and is currently Vice President of the Melissa ISD Board of Trustees.

WMAC Board Member

Meredith Johnson

Centennial Mortgage, Inc.

Meredith Johnson is the Vice President of Affordable Housing at Centennial Mortgage, Inc. Ms. Johnson has over 19 years of expertise in affordable housing and Low Income Housing Tax Credits (LIHTC). Her previous business experience includes serving as a senior FHA underwriter at GMAC Commercial Mortgage, credit oversight of over $1.2B in affordable loans, $2.7B in tax credit investments and over $2.8B in other commercial real estate at Capmark Finance Inc. Ms. Johnson received a B.S. Degree from the University of Colorado at Boulder in Environmental Studies and Geography. She resides in Denver, CO with her husband and active young son.

WMAC Board Member

Kelley Klobetanz

Greystone & Co., Inc.

Kelley Klobetanz, Managing Director and Chief Underwriter at Greystone, has over 16 years of experience in the Commercial Real Estate and Lending field. Before starting with Greystone, Kelley worked as the Acting Chief Underwriter and Deputy Chief Underwriter for Prudential Huntoon Paige effectively managing their national FHA platform. She worked her way up the ranks starting as an Analyst and quickly proving her knowledge, serving for 12 years at the company. Kelley received her MAP certification January 2009 and her LEAN Certification in 2014. She has served as the Working Group Chair for the Environmental and PCNA MBA. She received her Master’s in Urban and Regional Planning with a Real Estate and Economic Development Focus at University of Colorado.

WMAC Board Member

Todd Marans

Barings Multifamily Capital