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Berkadia pushes further into affordable finance sector

Berkadia has acquired LIHTC Advisors, an Idaho-based brokerage firm that specializes in Low Income Housing Tax Credit (LIHTC) and other affordable housing properties.

The acquisition will broaden Berkadia Affordable’s market presence and support long-term strategic growth under the leadership of David Leopold, SVP and Head of Berkadia Affordable.

Leading the team will be Jeff Irish and Brandon Grisham, former principals with LIHTC Advisors who, prior to joining Berkadia, have been involved in the sale of over $2 billion of affordable housing assets throughout the country.

Irish and Grisham have been in the affordable housing brokerage business for a combined 19 years representing both general and limited partners. In 2019, they closed 53 transactions—and expect to exceed that in 2020.

“This is a huge step forward in Berkadia’s goal of expanding our affordable housing team, another investment in this critical space,” said Berkadia CEO Justin Wheeler.


“Jeff, Brandon, and their team bring a long and successful record of providing excellent advisory and client service—what Berkadia is known for in this asset class and in our industry.” 

This investment advances Berkadia’s strategic growth initiative in the affordable business.

David Leopold joined as SVP and Head of Berkadia Affordable in 2019. He leads the strategy of Berkadia Affordable’s Mortgage Banking, Investment Sales and recently integrated Tax Credit Syndication teams, which together deliver comprehensive capital and advisory services to support the growth of Berkadia’s affordable housing clients.

In 2019, Berkadia’s loan origination volume was $27 billion while its investment sales platform totaled $9 billion. 

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