Piping Rock Partners

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Jonathan S. Ball is a Principal of Piping Rock Partners. Mr. Ball has broad experience in real estate development and real estate law, and before joining Piping Rock Partners, Mr. Ball was a consulting attorney with Sanger & Olson, a San Francisco law firm specializing in real estate and environmental law, land use, litigation, commercial and residential leasing and affordable housing.

Prior to Sanger & Olson, Mr. Ball was a Development Director at Boymelgreen Developers in New York City, where he managed large-scale, high rise
condominium development projects. Previously, Mr. Ball was a real estate attorney with the New York offices of Fried, Frank, Harrison, Shriver & Jacobson
and at Cleary, Gottlieb, Steen & Hamilton.

Mr. Ball is admitted to practice law in New York and California, and served as a clerk to the Honorable Samuel Conti, U.S. District Court Judge in the Northern District of California. He received a B.A. from Stanford University, a J.D. from Harvard Law School and Master of Urban Planning from the Harvard Graduate School of Design.

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John C. Germain is a Principal of Piping Rock Partners and a Director in the Housing Group at Barclays Capital. He joined Lehman Brothers in 1998 and transitioned to Barclays on September 22, 2008. Mr. Germain has over 20 years of experience in multi-family housing debt and equity finance and has been instrumental in financing over $3 billion of multi-family housing assets.

Mr. Germain’s current focus is on financing privatizations of multi-family military housing, currently one of the largest multi-family development activities in the United States. He also works with state housing finance agencies and private developers nationwide on various housing-related financing activities.

From 1995 through 1997 he served as Director of the New York State Housing Finance Agency’s Multi-Family Finance Department where he rewrote the
agency’s multi-family debt underwriting guidelines and significantly reduced multi-family mortgage defaults. He also served as Director of the State of New York Mortgage Insurance Fund, a $4 billion fund providing mortgage insurance for single and multi-family mortgages within the State of New York. Before that, Mr. Germain originated Fannie Mae DUS multi-family mortgages with ARCS Commercial Mortgage during the real estate downturn of the early 90’s. John received a B.A. in Economics from the University of Vermont.

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Kevin L. Kramer is a Principal of Piping Rock Partners and an investor in and developer of multi-family and single-family residential real estate projects. He
has been engaged full-time in the acquisition and management of apartments, retail, office and land development projects in Northern California, Ohio and Florida since 1993. Mr. Kramer is a licensed Real Estate Broker in California, Ohio, Kentucky, Virginia, West Virginia and Alabama.

Previously, Mr. Kramer was a senior multi-family investment specialist with Marcus & Millichap, one of the largest commercial real estate brokers in the United States. In 1991, he was the firm’s 4th highest producing agent nationwide. Prior to this, Mr. Kramer was a licensed CPA and practiced tax accounting with Arthur Andersen & Co. in San Francisco. Mr. Kramer received an undergraduate degree in civil engineering from Purdue University and an MBA from Ohio State University.

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	Management Team
	The Piping Rock management team is comprised of four professionals with highly complementary experience in the most complex and intricate disciplines in commercial real estate, along with practical experience in day to day property management and operations. The team has senior executive level experience in multi-family property acquisitions and dispositions, property management, investment management, loan pricing, credit analysis, loan sales and syndications, private placements, asset management, structured finance, securitization, real estate law, tax accounting, and investment banking. We use proven credit, operating and management technologies to identify and manage risk on multiple levels, including underwriting risk, financing risk, operating risk and legal risk. Piping Rock principals have financed over $4 billion in commercial real estate across the United States, including over $3 billion in multi-family real estate, throughout various market cycles with no defaults. The team currently owns and operates a portfolio of mid-market multi-family assets in the Western, Midwestern and Southeastern United States.
	Christopher K. Germain is the founder and president of Piping Rock Partners. Mr. Germain has over 20 years of experience in banking, capital markets and real estate, and he has completed debt and equity financings for almost $1 billion of commercial real estate across the United States, including successful principal investments in multi-family property and mixed use retail/multi-family development projects. Prior to forming Piping Rock Partners in 2006, he was an Executive Director in the Structured Products Group at CIBC World Markets. In this capacity, Mr. Germain led transaction teams responsible for the origination and syndication of $3.9 billion in domestic and cross-border tax and asset-based structured financings, including numerous commercial real estate financings involving retail, office and industrial property. Previously, Mr. Germain was associated with Citicorp Securities in New York and London. He received a B.A. in History from the University of New Hampshire. ______________________ Jonathan S. Ball is a Principal of Piping Rock Partners. Mr. Ball has broad experience in real estate development and real estate law, and before joining Piping Rock Partners, Mr. Ball was a consulting attorney with Sanger & Olson, a San Francisco law firm specializing in real estate and environmental law, land use, litigation, commercial and residential leasing and affordable housing. Prior to Sanger & Olson, Mr. Ball was a Development Director at Boymelgreen Developers in New York City, where he managed large-scale, high rise condominium development projects. Previously, Mr. Ball was a real estate attorney with the New York offices of Fried, Frank, Harrison, Shriver & Jacobson and at Cleary, Gottlieb, Steen & Hamilton. Mr. Ball is admitted to practice law in New York and California, and served as a clerk to the Honorable Samuel Conti, U.S. District Court Judge in the Northern District of California. He received a B.A. from Stanford University, a J.D. from Harvard Law School and Master of Urban Planning from the Harvard Graduate School of Design. ______________________
	John C. Germain is a Principal of Piping Rock Partners and a Director in the Housing Group at Barclays Capital. He joined Lehman Brothers in 1998 and transitioned to Barclays on September 22, 2008. Mr. Germain has over 20 years of experience in multi-family housing debt and equity finance and has been instrumental in financing over $3 billion of multi-family housing assets. Mr. Germain’s current focus is on financing privatizations of multi-family military housing, currently one of the largest multi-family development activities in the United States. He also works with state housing finance agencies and private developers nationwide on various housing-related financing activities. From 1995 through 1997 he served as Director of the New York State Housing Finance Agency’s Multi-Family Finance Department where he rewrote the agency’s multi-family debt underwriting guidelines and significantly reduced multi-family mortgage defaults. He also served as Director of the State of New York Mortgage Insurance Fund, a $4 billion fund providing mortgage insurance for single and multi-family mortgages within the State of New York. Before that, Mr. Germain originated Fannie Mae DUS multi-family mortgages with ARCS Commercial Mortgage during the real estate downturn of the early 90’s. John received a B.A. in Economics from the University of Vermont. ______________________ Kevin L. Kramer is a Principal of Piping Rock Partners and an investor in and developer of multi-family and single-family residential real estate projects. He has been engaged full-time in the acquisition and management of apartments, retail, office and land development projects in Northern California, Ohio and Florida since 1993. Mr. Kramer is a licensed Real Estate Broker in California, Ohio, Kentucky, Virginia, West Virginia and Alabama. Previously, Mr. Kramer was a senior multi-family investment specialist with Marcus & Millichap, one of the largest commercial real estate brokers in the United States. In 1991, he was the firm’s 4th highest producing agent nationwide. Prior to this, Mr. Kramer was a licensed CPA and practiced tax accounting with Arthur Andersen & Co. in San Francisco. Mr. Kramer received an undergraduate degree in civil engineering from Purdue University and an MBA from Ohio State University. ______________________ TOP OF PAGE