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Next Generation Honoree: PGIM’s Jeff Devens Finds Home in Complex Affordable MF Sector
In his eight-year career in underwriting, PGIM Real Estate Finance’s Jeff Devens has played a critical role in providing more than $1 billion in debt financing that’s resulted in the creation or preservation of more than 15,000 affordable apartment units nationally. That remarkable achievement required him to gain an understanding of complex real estate tax codes in multiple states to first determine if the company could underwrite tax exemptions there.
That is just one of the reasons we chose Devens to be one of the ten national 2017 Next Generation Award winners. Connect Media’s Next Generation Awards recognize young leaders in the commercial real estate industry who are likely to be influential for years to come.
That learning curve also involved unraveling the intricacies of Section 8 renewal policies, mastering tax exempt bond rules to determine if a transaction would qualify for tax credits, as well as a host of other related issues to fully understand the potential risks and mitigating factors associated with affordable housing deals.
Roughly four years after joining PGIM in 2008 as an underwriting analyst with no prior real estate experience, Devens assumed management responsibilities for the underwriting team. He regularly tackles some of the more complicated deals the group handles including tax credit Section 8 transactions with short term bonds and long term debt; complex tenant-in-place rehabs and new construction mixed income (80/20) transactions.
Come see our honorees accept their awards at:
– Connect New York on Sept. 19 2017 at The Underground, Rockefeller Center
– Connect Apartments on September 28, 2017 at the InterContinental Los Angeles Downtown
– Connect Westside L.A. – December 2017, location to be determined
For comments, questions or concerns, please contact Dennis Kaiser
