McCormack Baron Salazar Announces New Capital Company and Management President
The Board of Directors of McCormack Baron Salazar today announces that Alan J. Ragan has been named President of the MBS Capital Corporation, a newly formed subsidiary of MBS that will focus on acquisition and syndication of new and existing residential real estate properties across the United States. Mr. Ragan served as President of the company’s management firm, McCormack Baron Ragan Property Management Services, Inc. for 15 years, having grown it into one of the top national real estate property management companies with a portfolio of over 13,000 units and over 450 employees.
Richard Baron, Founder and Chief Executive Officer of McCormack Baron Salazar stated, “The Board of Directors is looking forward to the continued growth of the company. Based on Al’s knowledge of our company and our industry, combined with his strong banking background, this change allows us to focus on developing new business opportunities that we have targeted in our strategic partnership with Goldman Sachs Urban Investment Group. As President of MBS Capital Corporation, Al’s leadership skills, dedication and insight will impact the overall success of the business as we make this move into the financial sector.”
Mr. Ragan commented, “McCormack Baron Salazar has been contemplating diversifying into this product line for several years and now the timing is right. We are very excited about this opportunity. The focus of the new venture will be the purchase of existing multifamily properties, rehabilitating, restructuring, and then putting them through the syndication process. This represents the next segment of our expansion and growth as a company and will enable us to add to our portfolio at a much faster rate.”
McCormack Baron Salazar is also pleased to announce that Tim Zaleski will assume the role of President of McCormack Baron Salazar ‘sproperty management affiliate, McCormack Baron Ragan Management Services, Inc. Mr. Zaleski joins MBS from National Church Residences, Inc. (“NCR”), based in Columbus, OH, where he served as the Senior Executive in charge of the Property Management Division with a portfolio totaling 22,700 units in 310 communities in 28 States and Puerto Rico. Mr. Zaleski is also an Executive Member of the National Affordable Housing Management Association. MBS conducted a year-long national search to identify the person best aligned with the planned growth of the company and with the skills to maintain the strong reputation Mr. Ragan has been instrumental in creating.
"Tim Zaleski has the specialized experience, depth of knowledge, and upright character that we think are essential for leading McCormack Baron Ragan Management Services,” explained Kevin McCormack, President of McCormack Baron Salazar. “Tim has over 20 years of experience and a strong reputation in the affordable housing industry. He will be responsible for managing our portfolio of over 13,000 units, for expanding it, and for guiding and developing all of our dedicated management employees in cities across the country.”
Mr. McCormack added, “These changes are in line with the succession management plan approved by the Board of Directors and we are energized about the future for the MBS family of companies.” Mr. Ragan and Mr. Zaleski will assume their respective positions effective September 1, 2011.
About Al Ragan: Mr. Ragan has more than 30 years of property management, financing and acquisition experience, including multi-family, single-room occupancy (SRO), elderly assistive and congregate communities, government assisted housing and HOPE VI communities and he has a successful record in turning around troubled and underperforming properties. Prior to his association with McCormack Baron Ragan Management Services, Mr. Ragan was the president of a large Midwestern property management firm with a multi-state portfolio. He has served as a board member of the Ohio Assisted Living Association and as a property management advisor to private and not-for-profit groups. In addition, he has assisted the State of Ohio in preparing a Compliance Manual for the Low Income Housing Tax Credit Program. Mr. Ragan holds a Bachelor of Science degree in Finance and Property Management from California Polytechnic State University.
About Tim Zaleski: Mr. Zaleski has more than 20 years of property management in the affordable housing industry. Prior to joining MBS, he served as the Vice President of Affordable Housing of National Church Residences, Inc. (“NCR”), in Columbus, OH. In this role, as Senior Executive in charge of the Property Management Division, he managed a portfolio totaling 22,700 units in 310 communities in 28 States and Puerto Rico. In addition to his experience in acquisition, finance, and mixed-income portfolio performance experience, Mr. Zaleski has a deep understanding of regulatory compliance for affordable housing, including HUD programs and Low Income Housing Tax Credit projects. Mr. Zaleski holds Bachelor of Arts in Economics and Business Administration from the University of Pittsburgh and is an Executive Member of the National Affordable Housing Management Association.