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Stephen Kazanjian has spent over twenty years working in the real estate industry, obtaining extensive experience in real estate and urban economic development. Mr. Kazanjian was CEO of one of the largest community nonprofit development corporations in Philadelphia, a consultant in the real estate practices of two national accounting firms, and a commercial real estate lender at two major banking institutions. Mr. Kazanjian’s areas of expertise include the following: financial structuring and market feasibility studies of commercial, residential and industrial real estate projects utilizing multiple sources of debt, equity and public assistance programs; development advisory services for residential and commercial properties; planning studies for distressed neighborhoods and highest and best use analyses for underutilized real estate; and, preparation of strategic plans, organizational assessments, financing memorandums and grant applications for real estate developers and non-profit corporations.
Mr. Kazanjian joined Real Estate Strategies, Inc. during September 2001 to serve as Project Manager for a two-year study to create a Neighborhood Marketing Program to increase the demand for housing in six middle income neighborhoods in Philadelphia. Since that time, Mr. Kazanjian has conducted engagements involving strategic planning, organizational and financial assessments, financial structuring and market analyses for residential, commercial, industrial and mixed-use developments. He recently prepared market and financial analyses in connection with an 88-acre redevelopment project in East Baltimore including financial analyses for market rate, affordable and mixed-income sales and rental housing development proposed as new uses in the area. He also analyzed market support for a large-scale waterfront condominium and townhouse development in Buffalo, New York.
Mr. Kazanjian has worked with several clients to identify market trends and potential market support for luxury residential condominiums, single-family tract developments and rental apartment communities in Pennsylvania, Maryland, Connecticut, New York, Texas, Ohio, and several cities throughout Canada. His work assisted clients to maximize market acceptance, identify, analyze and compare existing and future competitive properties and recommend optimal building and unit configuration, interior finishes and amenities package. He has prepared market analyses for proposed rental and homeownership affordable and mixed-income housing developments in numerous Pennsylvania communities including new senior housing. He analyzed potential reuse strategies for two vacant school buildings for an agency of the City of Pittsburgh and a Baltimore development corporation and he analyzed the potential to reposition a failed school conversion for a lending institution in Cleveland. He prepared market analyses for financing by Goldman Sachs of privatized military housing, working on analyses of housing at four U.S. Navy installations in the Southeastern U.S. Mr. Kazanjian has prepared fiscal impact analyses for a major hospital expansion, construction of a new road, and a large-scale retail development.
As Chief Executive Officer of Greater Germantown Housing Development Corporation, a Philadelphia development corporation with an annual budget of $4.5 million, Mr. Kazanjian repositioned the organization financially to achieve fiscal solvency within one year. During his six-year tenure, he expanded the organization’s development and property management operations and grew the staff from 11 to 50 people. Mr. Kazanjian raised more than $50.0 million of public, private and philanthropic funding, and he oversaw the operations of ten subsidiary corporations. He successfully acquired and developed 300 affordable and market rate rental housing units using mortgage revenue bonds, Low-Income Housing Tax Credits, Section 202 subsidies, and other loan and grant funding. He also developed 125,000 square feet of commercial space and a charter school for 500 students, and he managed the CDC’s portfolio of 500 residential apartments and 175,000 square feet of commercial space.
As a consultant in the Real Estate Advisory Services Practices of Coopers & Lybrand (now PricewaterhouseCoopers L.L.P.) and Laventhol & Horwath, Mr. Kazanjian conducted market research and structured complex real estate transactions involving various forms of ownership and financing vehicles. He served as Asset Manager for a $45.0 million Resolution Trust Corporation portfolio of performing and non-performing commercial real estate loans. Mr. Kazanjian also was a Vice President at Mellon Bank Corporation (now Citizens Bank), where he established and managed the Philadelphia Division of the Retail Bank Real Estate Group. He also was a credit analyst and an account representative for Fidelity Bank (now Wachovia Bank Corporation).
Mr. Kazanjian received a Bachelor of Arts in Economics from the University of Pennsylvania. He has been active with several non-profit organizations and was a member of the Advisory Committee of the Center for Home Ownership of the Local Initiative Support Corporation (LISC).
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