WMAC Officers

WMAC President

Stephanie McFadden

Managing Director, Debt & Structured Finance
CBRE | Capital Market

Email: stephanie.mcfadden@cbre.com

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

Email: terry.wellman@pnc.com

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

Email: raelee.jones@wellsfargo.com

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


Email: jfrankel@frankelcapital.com

WMAC Co-Treasurer

Scott Thurman

Senior Managing Director
Greystone & Co., Inc.

Email: scott.thurman@greyco.com

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
Email: bminchey@doughertymarkets.com

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

Kevin Kozminske

Senior Managing Director

Email: Kevin.Kozminske@berkadia.com

Based in St. Louis, Kevin is responsible sources multifamily debt for clients utilizing Berkadia’s expansive platform (Fannie Mae, Freddie Mac, FHA, Life Companies, and Conduit’s).    He started his career in 2002 with GMACM Commercial Mortgage (Berkadia’s predecessor company) as a FHA branch coordinator. After working as a loan analyst in 2003 and 2004, Kevin was promoted to loan officer in 2005. In 2006, he relocated Pasadena, CA to assume the role of Branch Manager. Today, Kevin continues his role managing the Berkadia’s Western FHA operation while also overseeing the St. Louis office. Kevin received both a Bachelor of Science and Business Administration and a Master’s of Business Administration degree from University of Missouri. Kevin resides in St. Louis Hills with his wife and two children. In his spare time, he enjoys golf, spending time with his family at the Lake of the Ozarks, and attending Mizzou football games.

WMAC Board Member

Todd Marans

Barings Multifamily Capital

Email: todd.marans@barings.com