Executive of the Year Spotlight: Katy Gnapp
- Dec 19, 2016
This article is one in a series of short profiles highlighting recipients of CPE’s Executives of the Year awards. Celebrating its 20th year, the program recognizes the contributions of commercial real estate’s top executives across all major business sectors and asset types.
First-place winners and honorable mention awardees are chosen by a confidential vote of the CPE 100, an invited group of industry leaders.
Today’s installment shines a light on Bank of America Merrill Lynch’s efforts to provide funding for the revitalization of underserved communities.
Honorable Mention: Financier of the Year
Katy Gnapp, Head of Commercial Real Estate Banking, Bank of America Merrill Lynch
Headquarters: New York City
Years with Bank of America Merrill Lynch: 34
Previous roles: Within the bank’s commercial real estate banking division, Gnapp has served as regional executive for the West region, regional executive for the Central region, credit product executive for the Central region, syndication manager of the real estate syndication desk, manager of the San Francisco real estate syndication team, regional manager for the Midwest real estate group responsible for origination and real estate relationship manager specializing in construction and corporate real estate lending.
Core responsibilities: Overseeing the client management team that delivers Bank of America’s products and services to commercial real estate and community development bank clients across the country.
In October, Bank of America partnered with USDA to launch a re-lending program, which will provide more than $400 million in low-cost, long-term financing for community development financial institutions (CDFIs) working in impoverished rural and Native American communities. Under the program, 26 community lenders and CDFIs were approved for funding.
Bank of America guaranteed up to $100 million, easing the process for CDFIs to guarantee funding and ensuring that rural communities can access low-cost capital.
San Francisco affordable housing: Last year, a partnership of the city of San Francisco, the San Francisco Housing Authority and a group of developers tapped Bank of America Merrill Lynch as lender and tax credit investor for a public housing project to rehabilitate and preserve 1,400 public housing units in the city. Under the program, the bank committed to provide around $770 million in financing to community-based nonprofit owners, arranged through a partnership with Freddie Mac.
“Bank of America Merrill Lynch is pleased to continue its work with the City of San Francisco and the San Francisco Housing Authority on SF-RAD, the largest and most complex (Rental Assistance Demonstration) transaction to date,” Gnapp told CPE. “Our team provided a comprehensive financing solution to rehabilitate nearly 3,500 affordable housing units, utilizing a combination of construction debt, permanent debt, tax-credit equity, subordinate forgivable debt and financing for services for the tenants as part of our continued commitment to help create safe and strong communities.”