Francine Kellman and Brian Raddock of Vitus Group are teaming up with BFC Partners to launch a new development company called Preservation Development Partners.
Preservation Development Partners is seeking to acquire existing multifamily housing for low- and middle-income working families. The new firm is focusing its sights on properties in the city, Westchester County, Long Island, as well as New Jersey. The firm is a partnership between Francine Kellman, a former vice president at the U.S. Department of Housing and Urban Development, Brian Raddock, a former executive of the New York office of Seattle-based affordable housing developer Vitus Group, as well as with BFC Partners, a New York-based builder.
Mr. Raddock said that the company plans to acquire properties in partnership with outside investors, mostly large insurance companies and banks. The firm plans to seek financing through city and state tax-exempt bond programs and through the sale of tax credits.
The NY Daily News did a good profile of Ms. Kellman early last year.