Eileen Hawes Joins The Michaels Organization
Former CFO of the New Jersey Housing Mortgage Finance Agency is New VP of Finance
Marlton, NJ, Jan. 7, 2010 — Eileen Hawes has been named Vice President of Finance for The Michaels Organization, a fully integrated, full-service residential real estate organization offering development, construction, property and asset management, financing and tax credit syndication services. The Michaels’ family of companies includes Michaels Development Co., Interstate Realty Management Co., Michaels Military Housing, Prestige Renovations, Continental Mortgage Corp., and Prestige Affordable Housing Partners, LLC.
"The Michaels Organization is experiencing unprecedented growth—we have almost 11,000 units in our development pipeline right now—so we are thrilled to have someone with Eileen’s depth and breadth of experience on our team," said John J. O’Donnell, Chief Operating Officer of the Michaels Organization.
Hawes comes to Michaels after a 30-year career at the New Jersey Housing Finance Agency, where she most recently served as the Agency’s Chief Financial Officer, overseeing all fiscal operations and directing all phases of the Agency’s bond financings. She also directed the compilation of the Agency’s annual audited financial statements, with total assets in excess of $4.3 billion as well as the Agency’s annual budget with current authority of approximately $33 million. At the Michaels Organization, Hawes will work directly with Joseph F. Purcell, CPA, the organization’s Chief Financial Officer and President of Prestige Affordable Housing Equity Partners, LLC, Michaels’ tax credit syndication affiliate.
In recent years, Prestige Affordable Housing Equity Partners has become an increasing important segment of the Michaels Organization, providing in-house tax credit syndication services at competitive pricing to the Michaels Development Company, even as the LIHTC industry at large recovers from the recession and recent upheaval in the capital markets.
About the Michaels Organization: Headquartered in Marlton, NJ. , The Michaels Organization is a family of six integrated real estate companies dedicated to excellence in affordable, mixed-income, and military housing. The Michaels Organization has developed, financed, or acquired more than 40,000 apartments since its founding by Michael J. Levitt in 1973. Michaels’ property management company, Interstate Realty Management, currently manages 33,000 units in 27 states, the District of Columbia, and the U.S. Virgin Islands. Michaels Military Housing develops and manages family housing at five military bases in Kansas, Arizona, Florida and Maryland.