Robert E. Spangler
Thomas A. Berger
Yonette Chung McLean
Helen Hough Feinberg
Kurt M. Freund
Natasha A . Holiday
Daniel J. Kierce
Kenneth L. Lohiser
John R. Snider
Todd A. Surbey
Jeffrey J. Wagner
Robert E. Spangler
Managing Director & Head of Municipal Finance
Bob Spangler is a Managing Director and Head of Municipal Finance at RBC Capital Markets. In this role, he oversees RBC’s 270-person municipal finance platform which includes the top four ranked Municipal Banking group and Community Investments, the leading syndicator of U.S. federal low income housing and renewable energy tax credits.
A 22-year employee of RBC, Mr. Spangler is a member of the U.S. Regional Operating Committee, the U.S. Diversity Leadership Council and is the Chairman of RBC’s U.S. Political Action Committee (PAC). He currently serves as Vice Chairman of SIFMA’s Municipal Securities Committee.
Mr. Spangler received an A.B. in History from Stanford University and a Masters in Management from the J. L. Kellogg Graduate School of Management at Northwestern University.
Director, Head of Sales Management Ohio
Nancy Amstadt joined RBC in 2012 and currently serves as Director, Head of Sales Management, supervising equity sales and legal processes of closing investor funds and closing transactions into RBC’s investor funds. Ms. Amstadt also co-manages RBC Community Investment’s strategy for state tax credit investments. Prior to this role, Nancy served as Director, Senior Counsel for RBC, providing legal advice and business support for RBC Community Investments. Ms. Amstadt has a diverse background in the business and legal aspects of Affordable Housing and Historic Rehabilitation projects having previously been the Chief Operating Officer and General Counsel for a real estate development company that specialized in large, urban affordable/historic rehabilitation projects. Prior to this, Ms. Amstadt was a partner in a boutique tax consulting firm that specialized in historic and state tax credit transactions. Ms. Amstadt holds an L.L.M. in Taxation from Case Western University, a J.D. from North Carolina Central University and a B.A. in Political Science from Michigan State University.
Mr. Baird is a Managing Director and the Co-Head of the Higher Education Finance Group in the Municipal Markets Division of RBC Capital Markets. He joined the firm in 2003, when he opened our Baltimore investment banking office and started our P3 Higher Education practice. Mr. Baird specializes in structuring innovative solutions to meet the specific needs of our higher education clients. He has extensive experience financing and refinancing various project-based funding programs, including all types of taxable and tax-exempt, fixed and variable rate structures. He has also developed an expertise in structuring project specific programs utilizing such techniques as net lease financing and various privatization models. Some of his clients have included the Texas A&M University System, the University of North Carolina System, the Pennsylvania State System of Higher Education, the University System of Maryland, Louisiana State University, the University of Oklahoma, Texas Woman’s University, Illinois State University, University of Illinois at Chicago, University of Colorado, Southern Oregon University, Portland State University, Arizona State University, Eastern New Mexico University, Howard University, University of Akron, Northeast Ohio Medical University, Montclair State University, Rowan University, College of Staten Island, Florida Atlantic University, University of Louisville, Virginia State University, Maryland Economic Development Corporation, Collegiate Housing Foundation and Provident Resources Group.
Head of Healthcare, Managing Director
Mr. Balderrama is the Head of RBC Capital Markets’ Not-For-Profit Healthcare Investment Banking group. He has over 15 years of banking experience with the majority of his career being focused in healthcare finance. His primary role includes leadership of the national healthcare team, accessing the municipal and corporate bond markets, rating agency and investor communication, and various advisory functions to support his client base. He works closely with a wide variety of health systems ranging from large multi-state health systems, children’s hospitals, and regional health organizations.
Prior to joining RBC Capital Markets, Mr. Balderrama Co-Managed Wells Fargo Securities Not-For-Profit Healthcare Investment banking practice. Under Mr. Balderrama’s time at Wells Fargo, the team doubled their market share to become a Top 5 lead manager of transactions. Notable clients include Kaiser Permanente, Dignity Health, Mercy Health (OH), SSM Health, and Intermountain Health, among others.
Mr. Balderrama works closely with several Not-For-Profit charity organizations and was a past board member of the Phoenix Boys and Girls Club of America. He holds a Bachelor of Science in Finance from the University of Arizona.
Director, Municipal Finance
Tom Banerjee is Co-head of the Department’s Quantitative Group and has over 11 years’ investment banking experience developing and executing debt financings for a wide range of public sector borrowers. He has personally structured and developed debt products for over $22 billion in sole and senior managed transactions. Tom helps lead the quantitative efforts in RBC’s market leading prepaid energy bond program and was an integral member of the team that developed RBCCM’s prepaid gas bond structure. This structure has since become the market standard and Tom has structured approximately $6 billion of these transactions since 2015.
In addition to his quantitative efforts in developing RBCCM’s prepaid gas practice, Tom has developed financing plans and structured transactions for issuers nationwide and has extensive experience in general obligation and revenue based transactions. He works closely with the Transportation Group on its public private partnership (P3) efforts and the Public Power and Utilities Group. More recently, he has been involved with financings for the State of Connecticut, the District of Columbia, the New Jersey Transportation Trust Fund Authority and the Equitable School Revolving Fund.
Thomas A. Berger
Director, New York
Thomas Berger has 28 years investment banking experience having worked at RBC Capital Markets and its predecessor firms for the last 23 years. He has particular expertise in cashflow analysis, advance and forward refunding alternatives, derivative products, and investment strategies. He has developed financing plans for issuers nationwide, with an emphasis in the Northeast and Puerto Rico. He has worked with State agencies, counties and cities as well as a variety of revenue bond issuers.
Previously, Mr. Berger worked in the Municipal Finance Departments at Artemis Capital Group, a women-owned firm acquired by RBC, and Goldman Sachs. Additionally, he worked in the Financial Strategies Group at Merrill Lynch where he developed proprietary applications for the corporate and short-term desks. Mr. Berger is a registered securities representative, currently holding Series 7, 63 and 65 licenses. He received his B.S. from the Sloan School of Management, M.I.T and his M.B.A. from the Kellogg Graduate School of Management, Northwestern University.
Managing Director, Texas
Mr. Boles is a Managing Director in the Dallas Municipal Finance office of RBCCM. He is a Regional Manager, overseeing the operations of our Dallas, Houston, San Antonio, and Denver Municipal Finance offices. He is also a member of the Firm’s Operating Committee.
Mr. Boles has been with RBCCM since 1991 and has been involved in financings during that period for a variety of issuers. In those 27 years, Mr. Boles has served as an investment banker or financial advisor to virtually every type of tax-exempt issuer, including school districts, counties, cities, public and private universities, community colleges, state agencies, healthcare providers and special districts. Mr. Boles’ experience has included all aspects of refunding and new money transactions in both long and short term modes, including virtually all types of security structures, as well as certain derivative instruments. As a manager, he is responsible for the formation and implementation of strategic initiatives for the firm’s Municipal Finance Group in Texas and Colorado.
Mr. Boles is a Certified Public Accountant and a registered securities representative, currently holding Series 7, 24, 50, 53, and 63 licenses. He previously served as a member of the Board of Trustees of the Municipal Advisory Council of Texas (2011-2015) and as Chairman of the Board (2013-14). Mr. Boles holds a BBA from the University of Texas at Austin and a MBA from Southern Methodist University.
Managing Director, Ohio
Mr. Cashell is a Managing Director in the Cincinnati, Ohio Municipal Finance office of RBC Capital Markets and manages Public Finance for Ohio.
Mr. Cashell joined RBC Capital Markets in 2002 after serving as Chief Operating Officer for Cincinnati Public Schools. As COO, Mr. Cashell oversaw all non-instructional areas for the district. Prior to coming to Cincinnati, Mr. Cashell served for nine years in finance, policy and administrative positions in Delaware state government. His last position there was Associate Secretary of Education for Finance, Policy and Administrative Services. Mr. Cashell specializes in education and local government transactions including tax increment financing (TIF). Mr. Cashell also administers several large structured pooled financing programs in the State of Ohio.
Mr. Cashell currently holds Series 7, Series 24, Series 50, Series 52, Series 53, Series 54, Series 63 and Series 79 licenses. Mr. Cashell holds Bachelor of Science and Master of Science degrees in Economics from the University of Delaware, specializing in mathematical economics and econometrics.
Yonette Chung McLean
Managing Director, Head of Direct Investments & Strategic Initiatives New York
Yonette Chung McLean is a Managing Director within the RBC Community Investments leading the over 100-person team’s business development, and has portfolio management responsibility of RBC’s direct investments in US tax credits. Ms. Chung McLean also manages RBC Community Investments’ syndications and co-investments in renewable energy tax credit investments, holding key relationships with multiple investor clients of financial institutions, insurance companies and investment grade corporates. As an 18-year veteran at RBC, Ms. Chung McLean has previously worked in RBC’s US Corporate Banking as part of the lending team principally credit underwriting multifamily and single family housing transactions, and in Municipal Investment Banking structuring and executing numerous multifamily bond financings.
Managing Director, Head of Asset Management North Carolina
Lorraine Coram joined RBC Community Investments in 2004 and currently serves as Managing Director, Head of Asset Management. She leads the Development Risk Management, Stabilized Asset Management, Asset Risk Management and Asset Management Operations teams for the firm. This team oversees the RBC Community Investments portfolio and their primary focus is minimizing investment risk and ensuring the dependable flow of benefits to the investor. Lorraine has been a senior member of the Asset Management leadership team since 2007, overseeing Stabilized Asset Management through 2011. Ms. Coram has over 30 years’ experience in property management and LIHTC asset management. Prior to joining RBC, she had over 16 years of experience in residential property management for a portfolio of conventional, HUD and LIHTC properties. She earned a Bachelor’s Degree in Business Administration/Marketing from the State University of New York, College at Oswego.
Managing Director, California
Greg Dawley is a Managing Director in the Los Angeles office & California Regional Municipal Manager for RBC Capital Markets.
Mr. Dawley has served over 23 years in the municipal finance and governmental industries. He focuses on a wide range of issuers throughout the Western Region, including those in the general government, utilities, public power, transportation, higher education and K-14 sectors.
Before his career in public finance, Mr. Dawley served as Assistant Chief of Staff to Los Angeles Mayor Richard Riordan. Previous firms include Morgan Stanley, Merrill Lynch, Banc One Capital Markets and J.P. Morgan Securities.
He is active in his community, serving on the Advisory Board of the Taubman Center at Harvard University’s JFK School of Government.
Mr. Dawley graduated with an M.P.P. from the University of Southern California and a B.A. in Political Science from the University of Michigan.
Helen Hough Feinberg
Managing Director, Housing
Helen Hough Feinberg has been employed by RBC Capital Markets for approximately 30 years. She presently serves as the co-head of the firm’s Housing Finance Group with management responsibilities focused on the multifamily sector and State of Florida. Ms. Feinberg has approximately 25 years’ experience in the housing sector having served as underwriter or placement agent on a wide range of single family and multifamily transactions. Her affordable housing client base includes state and local housing finance agencies, public housing authorities, developer and non-profits.
Ms. Feinberg graduated from Wake Forest University where she received a Bachelor of Arts degree with majors in both Economics and Spanish and she completed graduate work in Finance at the University of South Florida. She is a licensed General Securities Representative, Municipal Securities Principal and General Securities Principal. Ms. Feinberg currently serves as an advisory council member for the Florida Housing Coalition and a board member of the Coalition of Affordable Housing Providers. Ms. Feinberg was appointed by Governor Jeb Bush in 2003 to serve as Chair of the Affordable Housing Study Commission for a four year term and previously served as a member of Fannie Mae’s National Advisory Council for a two year term.
Managing Director, Senior Living Group
Mr. Fields joined RBCCM in April 2007 and is responsible for the Senior Living Sector within the Healthcare Finance Group. He routinely serves as Investment Banker on behalf of organizations to facilitate their issuance of tax-exempt bonds. Additionally, he is frequently involved in bond workout and, restructurings as well as orchestrating affiliations and asset dispositions for distressed CCRC’s and long-term care facilities. Over the past 3 years Mr. Fields has worked on over 30 M&A transactions totaling over $1.5 billion of bonds of which 3 transactions received nominations for M&A ‘Deal of the Year’ and one won ‘Deal of the Year’ in 2011. Mr. Fields routinely is retained by Bond Trustees as Financial Advisor to the Bondholder Committee in their efforts to retain value in severely distressed situations.
Prior to joining RBCCM, Dave led UBS’s not-for-profit Senior Living Finance effort for the prior four years. His banking experience in the Senior Living Industry spans over 20 years and encompasses over 120 financings providing over $4.5 billion to senior living projects including Start-up and existing CCRCs, Nursing Homes and Assisted Living Facilities. These assignments encompass a variety of functions including facility development, expansion and acquisition as well as asset divestiture, debt restructuring and corporate bankruptcy advisory within the important sector. During Dave’s six-year tenure at UBS, the firm ranked as a top-three senior managing underwriter of Senior Living bond issues with an average volume of over $225 million per year.
In addition to bond financing, Mr. Fields was responsible for UBS’s Senior Living Seed Equity Funding, a partnership designated to provide pre-development capital for start-up CCRC projects. In conjunction with UBS’s Global Healthcare Group, Mr. Fields fostered new avenues to promote transactions between proprietary senior living operators and funding sources with his not-for-profit clients.
Prior to joining UBS, Mr. Fields spent 8 years as an investment banker at Herbert J. Sims & Co., Inc. based in Westport, Connecticut. While at Sims, in addition to covering the Northeast, Mr. Fields initiated the development of the Ohio and West Coast markets and developed and managed Sims’ reinvestment and derivative advisory practice. Mr. Fields graduated with a Bachelor of Science in Optical Engineering from the University of Rochester and a Masters of Business Administration from the Graduate Management Institute of Union University in Schenectady, New York.
Stephen Flaherty is a Director in the Lancaster, Pennsylvania Municipal Finance office of RBC Capital Markets and manages Public Finance for Pennsylvania, New Jersey and Maryland.
Mr. Flaherty joined RBC Capital Markets in 2006. He has served as the investment banker to a large variety of tax-exempt issuers, including state and municipal entities, authorities and 501(c)(3) charitable organizations. Mr. Flaherty has worked on over $8 Billion in tax-exempt issuances and has extensive experience with both general obligation and revenue based transactions.
Prior to joining RBC Capital Markets, Mr. Flaherty was a partner in a regional law firm where his practice was concentrated in financing transactions and bond law. As an attorney, Mr. Flaherty served as bond counsel, underwriter’s counsel, and counsel to lenders in a wide range of transactions involving municipal entities. Prior to attending law school he was a corporate tax accountant for a major securities firm and the controller of a manufacturing firm with an international marketplace.
Mr. Flaherty is a registered securities representative, currently holding Series 7, Series 24, Series 50, Series 53 and Series 63 licenses. Mr. Flaherty holds a Bachelor of Business Arts in Accounting and Economics from the University of Notre Dame and received a Juris Doctorate from The Dickinson School of Law of the Pennsylvania State University.
Kurt M. Freund
Mr. Freund is a Managing Director for RBC Capital Markets, LLC, the Manager of the firm’s Arizona municipal banking operations and a member of the firm's Municipal Banking Management Committee. Mr. Freund is among the most experienced investment bankers working in the municipal finance arena and has extensive experience across a broad range of municipal financing structures. He has worked with virtually all types of issuers and political subdivisions over a career in the municipal bond industry that spans more than 25 years. During that time, he has led financings for state agencies, counties, cities, public universities, community colleges, nonprofit hospitals and a number of special financing authorities. Among the municipal entities he works extensively with in Arizona are the Governor's Office and many of the large State agencies, including the Arizona Department of Transportation, as well as all three of Arizona's public universities. Over the many years he has been in the business, Mr. Freund has developed and successfully completed many public/private partnership financings for facilities such as the University of Phoenix Football Stadium, several Cactus League baseball facilities, various mixed used developments and many other local development projects.
Prior to becoming an investment banker, Mr. Freund served in a senior staff role for seven years with the Arizona State Senate, including as the Senior Financial Advisor to the Senate where he was responsible for drafting and analyzing legislation concerning statewide tax and expenditure policy. He has developed and drafted many Arizona statutory provisions, and is regularly called upon by the Governor’s Office and the Legislative leadership and staff to provide input and advice on legislation and public policy issues.
Mr. Freund is registered with the Financial Industry Regulatory Authority, Inc. and maintains Series 7, 24, 52, 53, 63 and 79 securities licenses. He holds a Bachelors degree in economics from Arizona State University.
Christopher is a Director and Head of Higher Education Finance for RBC Capital Markets, LLC, with public sector investment banking experience providing debt capital markets, derivative, corporate banking and strategic solutions to higher education, health care and not-for-profit organizations.
He has completed financings and strategic assignments for a wide range of public and private higher education institutions and academic medical centers.
Additionally, Christopher has a special focus in the monetization of higher education infrastructure through public-private partnerships, as well providing strategic advice for higher education institutions considering mergers and affiliations, international partnerships and debt restructuring.
Christopher holds a Bachelor of Arts from Miami University and Masters with concentration in Public Finance from the University of Pennsylvania. He holds the Series 7, 50, 63 and 79 securities licenses.
Managing Director, Albuquerque / New Mexico
Erik Harrigan is the Managing Director in the Albuquerque Municipal Finance Office of RBC Capital Markets.
Mr. Harrigan is a lifelong resident of New Mexico and has over 21 years of experience in the financial services industry of which 17 have been in Public Finance servicing New Mexico clients. Erik focuses solely on New Mexico clients and actively participates in the development of long term finance plans for New Mexico universities, not for profit hospitals, utilities, school districts, cities, counties, regional water authorities, state agencies and various financing authorities. Mr. Harrigan has served as the underwriter or financial advisor to virtually every type of tax-exempt issuer. Mr. Harrigan has been involved in over 600 transactions totaling more than $6 billion of financings in New Mexico during his tenure.
Mr. Harrigan holds a bachelor’s degree in economics with an emphasis in international finance from the University of New Mexico and is a member of the NYSE and NASD. He is a registered representative currently holding a Series 7, 50, 53, 63 and 65 licenses.
Managing Director, Minnesota
Mr. Hoeppner is a Managing Director in RBC CM’s Midwest/Large Client/Housing Groups and is Manager of the Minneapolis public finance office. Mr. Hoeppner has 19 years of banking experience, which includes work at a national financial advisory firm that specialized in providing quantitative cash flow analyses, pricing, and program development services for issuers of municipal housing bonds. Mr. Hoeppner has served as banker on senior managed issues for various State Agencies in Colorado, Florida, Illinois, Iowa, Minnesota, New York State, North Dakota, Ohio, Tennessee, Texas, Vermont, and Wisconsin.
Mr. Hoeppner received a Bachelor of Science in Finance from the University of St. Thomas in St. Paul, Minnesota. Prior to joining RBCCM in February of 2008, Mr. Hoeppner spent 4 years in Citigroup’s public finance group and spent 5 years prior to that at a regional underwriting firm. In addition, he has his Series 7 and Series 63 Securities registrations.
Natasha A . Holiday
Managing Director and Head of the New York Office, Municipal Finance
Natasha is a Managing Director at RBC Capital Markets and Head of the New York office where she structures debt and sells bonds in the public markets to raise capital on behalf of large city and state governments to fund public infrastructure. Natasha has worked as a banker and financial advisor for 14 years and has financed and/or advised on over $14 billion of municipal bond transactions. Natasha is a senior relationship banker to the Cities of New York, Philadelphia, and the District of Columbia, and the states of Connecticut, Massachusetts and New York including select transportation agencies.
Natasha was recognized in 2020 as a Crain’s New York Business 40 Under 40 honoree and received one of six Northeast Women in Public Finance Trailblazing Women awards in 2019, the 2016 Rising Star Award by Women in Public Finance and the inaugural Bond Buyer 2016 Rising Star Award, honoring professionals who will have a long-term impact in the industry.
She and her husband established The Holiday Party in 2012, which has raised over $220,000 for NYC-based non-profit organizations including Sponsors for Educational Opportunity (SEO), the Council of Urban Professionals (CUP), iMentor and Allstar Code. Each year more than 400 people attend and donate to The Holiday Party, with 100% of the proceeds donated to a select non-profit.
Natasha earned her Master’s of Public Policy from Harvard Kennedy School of Government, with a concentration in urban development and transportation policy, and a BA in History/BS in Political Science from Xavier University (OH), where she currently serves as a member of the Board of Trustees and the Executive Committee. At RBC, Natasha serves as a member of the U.S. Municipal Finance Operating Committee and the co-chair of RBC’s U.S. Capital Markets Diversity Leadership Council. Natasha is a political enthusiast, avid basketball fan, and most importantly mom to her two sons – ages 6 and 4.
Daniel J. Kierce
Managing Director, Co-Head of Originations and Sales Ohio
Dan Kierce, Managing Director, Co-Head of Originations and Sales is responsible for co-managing and providing leadership and guidance to Community Investments’ originations and sales team. Mr. Kierce is also responsible for originating, structuring and negotiating LIHTC investments in the Central Region. Mr. Kierce originally joined RBC in 2003, has over 28 years of experience in LIHTC syndication and has closed equity transactions in over 30 states. His experience includes working with for-profit and non-profit developers on a wide range of projects which includes 9% tax credit and tax-exempt bond projects, historic tax credit projects, RAD conversions, high profile urban projects, as well as rural communities. Prior to joining RBC, Mr. Kierce had 11 years of experience with a major financial institution and a syndication firm where he was responsible for acquiring and structuring tax credit investments, as well as providing additional debt products to developer clients.
Mr. Kierce is a board member of the Texas Affiliation of Affordable Housing Providers, where he serves as immediate past president. Mr. Kierce is also a board member of the Michigan Housing Council, a member of the Indiana Affordable Housing Council, the board chairman of the Rose-Mary Center, a non-profit organization that serves children and adults with development disabilities and an ex officio board member of Catholic Charities Diocese of Cleveland. Mr. Kierce graduated with honors with a Bachelor of Science in Business Administration from Nichols College and also served with honor in the United States Marine Corps. He is a frequent speaker at state and national industry conferences.
Kenneth L. Lohiser
Managing Director, Co-Head of Originations Management Ohio
Ken Lohiser currently serves as Managing Director, Co-Head of Originations Management supervising the Investment Diligence and Investment Manager groups and collaborating with the Underwriting team on all aspects of closing investments at the lower tier. Ken joined RBC in early 2006 to serve as Associate General Counsel. He brings to the organization over thirty years of real estate experience, including fourteen years in private practice and six years as corporate counsel for a Fortune 500 company. Mr. Lohiser has represented real estate developers in acquisitions, dispositions, commercial and residential developments and financing of real estate. He has an extensive background in due diligence for multi-parcel transactions, including title insurance, environmental compliance, survey review, zoning and construction issues. Mr. Lohiser is a graduate of the University of Cincinnati, College of Law and has an undergraduate degree from The Ohio State University. He is a frequent speaker at industry conferences and has served is a member of the Governing Committee for the American Bar Association Forum on Affordable Housing and Community Development Law.
Director & Sector Co-Head
Andrew Mendelson is a Director in the Municipal Finance Group at RBC Capital Markets and is Co-Head of Municipal Transportation Finance. He specializes in project finance with expertise and experience including:
- P3 transportation financings for both greenfield and brownfield projects representing both the private and public sectors as financial advisor and financer (tax-exempt, private-activity, and taxable bonds; bank facilities);
- Tax-exempt and taxable municipal banking for transportation and large governmental issuers; specializing in user fee (toll road and mass transit), transportation revenue (sales tax, gas tax) and P3 (demand risk and availability payment) financings; and
- Particular expertise with Federal programs such as TIFIA.
Public-Private Partnership Experience
Selection of Senior Managed Underwriting, Financing, and Advisory Mandates
Selection of Senior Managed Underwriting, Financing, and Advisory Mandates
Andrew focuses on complex debt strategies and financial structuring / engineering for transportation infrastructure projects nationwide. He has led the development and structuring of multiple new indentures for large bonding programs and worked through rating agency and investor education processes for the related new credits.
Andrew holds an A.B. in Economics (Suma Cum Laude/Phi Beta Kappa) and a B.S. in Systems Science and Engineering (Magna Cum Laude/Tau Beta Pi), both from Washington University in St. Louis, as well as a MBA with specializations in Finance and Management (Stern Scholar/Beta Gamma Sigma) from New York University Stern School of Business.
Managing Director, Colorado
Jon serves as Manager of RBC’s Denver Public Finance office, the leading underwriter of tax-exempt and taxable municipal securities in Colorado and the Rocky Mountain Region. He is charged with further expanding the firm’s presence in Colorado and throughout the Western Region. Jon has more than 20 years of experience serving state and local government, providing clients with financial products and access to the tax-exempt and taxable capital markets in 17 different states. He frequently serves the region’s largest governmental entities including the states of Colorado, Idaho, Montana, and Oklahoma; the cities of Aurora, Denver, Fort Collins, Kansas City Kansas and Salt Lake City; the University of Colorado, Colorado State University, University of Denver, Metropolitan State University of Denver, Regis University; and the Department of Transportation in Colorado, Montana, Nebraska and Oklahoma, Denver Regional Transportation District and Tulsa International Airport Authority. In addition to the transactions listed above, Jon brings innovative financial solutions to a development and redevelopment projects including Denver Urban Renewal Authority and RainDance Metropolitan Districts; and numerous other special districts, public private partnerships, improvement districts and urban renewal authorities.
A fourth generation native of Colorado, Jon holds a Bachelor of Science degree in Business Administration with a concentration in Finance from Colorado State University and a Juris Doctor degree from the University of Colorado School of Law. Jon holds Series 7, 24, 50, 53, 63 and 79 FINRA licenses.
Managing Director, Co-Head of Originations Management North Carolina
Eric Moody was promoted to Managing Director-Underwriting in 2019 and currently serves as Managing Director, Co-Head of Originations Management. Mr. Moody has assumed greater responsibilities since joining RBC in 2006, which includes serving as Director of Underwriting since 2011. He currently has oversight of all aspects of lower tier closings, management of underwriting staff and relationship coverage of select investor clients. Prior to this role, he served as Vice President-Acquisitions for RBC's Southeast Region in Charlotte, NC. Mr. Moody began his LIHTC career as an underwriter within Wachovia’s Tax Credit Investment Group in 2000, and has over 20 years of real estate industry experience within large financial institutions. Eric’s industry experience includes the nationwide acquisition, underwriting and structuring of federal and state tax credit investments for syndication to institutional clients. Mr. Moody is a board member of Charlotte Family Housing, a non-profit whose mission is the empowerment of families experiencing homelessness to achieve long-term self-sufficiency through housing and supportive services. He graduated from the University of North Carolina-Chapel Hill’s Kenan-Flagler Business School in 1998 with a Bachelor of Science in Business Administration.
Managing Director, New York
Mr. Puig is a Managing Director in the New York City and Albany Municipal Finance offices of RBC Capital Markets. He serves as the Co-Head of the New York Group and is a member of RBC’s large issuer practice team and the firm’s Municipal Markets Transaction Review Approval Committee.
Mr. Puig joined RBC Capital Markets in 2006, after twenty-two years at First Albany Capital. During his 30 year career in municipal finance, Mr. Puig has served as lead relationship banker for many of the largest and most sophisticated municipal issuers in the tax-exempt market, including the Dormitory Authority of the State of New York, the New York State Thruway Authority, the Empire State Development Corporation, the Metropolitan Transportation Authority, New York City, the Commonwealth of Massachusetts and the State of Connecticut.
He has also been integrally involved since inception with the development and capital plan implementation for one of the largest public private partnerships in the US, the State University of New York College of Nanoscale Science and Engineering’s (“CNSE”) research facilities in Albany and Marcy. Through 2013, New York State and over 100 private companies including IBM, Intel, Tokyo Electron, Taiwan Semiconductor, Samsung and Global Foundries have invested over $5 billion in facilities and programs at CNSE.
Mr. Puig is a registered securities representative holding Series 7, 24, 53 and 63 licenses. A graduate of Siena College and the Albany Law School of Union University, Mr. Puig has served as President of the Albany Boys and Girls Club , Treasurer of WMHT Public Television and Radio and Treasurer of the Albany Ronald McDonald House. He also serves or has served as a board member of the Interfaith Partnership for the Homeless, the Albany Institute of History and Art, The Center for Disability Services, Living Resources Foundation, the New York State Thoroughbred Capital Investment Fund and the Albany County Investment Advisory Board.
Sara Russell is a Managing Director in the Municipal Markets division of RBC Capital Markets, LLC. Her responsibilities include providing investment banking and advisory services related to the issuance of tax-exempt and taxable bonds for a variety of municipal finance and non-profit clients. She has a specialty focus in the higher education sector and significant expertise in the financing of privatized student housing. Building on her quantitative background, Ms. Russell has developed an expertise in negotiating and executing a variety of financing structures, including fixed and variable rate bonds, credit enhanced issues, public offerings and private placements for general obligation, revenue bond, lease-backed and project finance transactions. She has financed more than $8 billion in student housing and other education projects nationwide as well as $5 billion for other not-for-profit and municipal finance clients. Some of her higher education and student housing clients have included Illinois State University, University of Illinois at Chicago, Northern Illinois University, Louisiana State University, University of Louisiana at Lafayette, the University of North Carolina System, Millersville University of Pennsylvania, Pennsylvania State System of Higher Education, Delaware State University, Southern Oregon University, Texas A&M University System, Texas Woman’s University, University of Oklahoma, University System of Maryland, Cleveland State University, Montclair State University, Rowan University, Florida Atlantic University, Grambling State University, Howard University, University of Tampa, University of Toledo, University of Wyoming, Maryland Economic Development Corporation, Collegiate Housing Foundation and Provident Resources Group.
Ms. Russell has nineteen years of experience as a public finance banker. Prior to joining RBC Capital Markets in 2005, she was a Vice President in the Public Finance Department at Legg Mason Wood Walker, Incorporated. Ms. Russell graduated summa cum laude from Notre Dame of Maryland University with a degree in finance and economics and holds her Series 7, 63 and 50 securities licenses.
VP, Co-Head of Financial Management North Carolina
Jainesh Shah serves as Vice President, Co-Head of Financial Management, responsible for the efforts of RBC Community Investment’s Pricing Group and Financial Analysis departments. He joined RBC as an Asset Manager in the Charlotte office in mid-2010, moved into a Financial Analysis role in October 2011 and assumed leadership of the Pricing Group in late 2017 overseeing the financial structuring of investments. Over his 10 year tenure, Jainesh has increased his responsibilities and has been recognized through department (Emily Moss Award) and company-wide (RBC Performance Conference) awards for his contributions and commitment. Prior to joining RBC, he was with the industry accounting firm of CohnReznick as a Senior Associate. Mr. Shah is a graduate of the University of North Carolina at Chapel Hill with a MS-Accounting and a BS-Business Administration, and is also a CPA.
Mr. Shultis joined RBC Capital Markets in 2013 and is Manager of the Client Solutions Group in Municipal Finance. In this regard he oversees a team that designs, markets and executes balance sheet based solutions for the municipal client base. These solutions include traditional banking products such as letters/lines of credit as well as direct purchase products including floating rate notes and drawdown bonds. Mr. Shultis is a member of both the Municipal Finance and the Municipal Markets Operating Committees, as well as a member of the ALCO of RBC’s US Intermediate Holding Company.
Prior to joining RBC Capital Markets Mr. Shultis was employed at Goldman, Sachs & Co. for 22 years where he was Managing Director and Head of Municipal Structured Products.
Mr. Shultis graduated magna cum laude from the University at Albany (Albany, NY) with a BS in Business Administration. Mr. Shultis is registered with FINRA with the Series 7, 24, 53 and 63 licenses.
John R. Snider
Managing Director, Charter Schools
Mr. Snider joined RBCCM in 1989 and since that time has been involved with over $10 billion in municipal bond financings for a variety of cities, counties, special districts, charter schools, school districts, universities and state agencies. While Mr. Snider has a wide variety of experience, his primary area of expertise has been financing for K-12 education borrowers, including charter schools.
Mr. Snider heads RBC Capital Markets’ Charter School Finance Group. Since 2000, RBC Capital Markets has financed in excess of 100 charter school projects for over 50 charter school organizations, securing over $1.5 billion for acquisition, construction, renovation, leasehold improvements, refinancing and related costs for charter schools. RBC Capital Markets’ Charter School Finance Group has financed charter schools in multiple states, including Arizona, California, Florida, Illinois, Indiana, Massachusetts, New Jersey, North Carolina, Ohio and Texas. Mr. Snider has served as RBC's lead banker for Aspire Public Schools, BASIS Schools and Great Hearts Academies, among others.
Outside of the K-12 education area, high profile bond financings lead and completed by Mr. Snider include $350 million of research facilities for the University of Arizona and $450 million for the Arizona Sports and Tourism Authority’s share of the home stadium of the NFL Arizona Cardinals and MLB spring training facilities.
Mr. Snider received his Bachelor’s of Science degree in finance from Arizona State University, graduating summa cum laude, and his Masters in Business Administration from the University of Chicago.
Mr. Snider’s community involvement includes sitting on several boards, including serving on the executive committees and as Board Chair of the Phoenix Boys Choir Association and Arizona School for the Arts, an excelling Arizona charter school, as well as being a member the board and advisory committee of the Arizona Charter School Association.
Todd A. Surbey
Director, Co-Head of Financial Management Ohio
Todd Surbey serves as Director, Co-Head of Financial Management at RBC, responsible for the financial reporting function of RBC and its various tax credit partnerships, along with management of the Financial Management department staff. Additionally, Mr. Surbey oversees the dispositions process, which is a collaborative effort between the financial management and asset management groups. Furthermore, Mr. Surbey provides financial analysis assistance and review and offers tax technical guidance to the asset management department. Prior to joining RBC in 2003, Mr. Surbey worked in the public accounting field where he specialized in the tax and accounting projects for many types of real estate entities, such as architects, contractors, developers, management companies and syndicators. He gained experience preparing and supervising cost certifications for low-income housing projects, preparing financial underwriting for low-income housing and historic rehabilitation developers and supervising annual audits and tax engagements. Mr. Surbey is a Certified Public Accountant and graduate of Mount Union College with a Bachelor of Arts degree in Accounting. He is a member of the AICPA and the Ohio Society of CPAs.
Managing Director, K-12 Education
Frank Vega, a Managing Director in the RBC Capital Markets Los Angeles public finance office, leads the firm’s California K-14 Education Group and currently serves as sector head for RBCCM’s National K-12 School District practice. Born and raised in Los Angeles, Frank has spent his entire public finance career working exclusively with California schools and colleges. Since joining RBC Capital Markets Frank has helped lead and senior manage more than 100 transactions for California school and community college districts. Frank specializes in structuring General Obligation Bonds, Certificates of Participation and Tax and Revenue Anticipation Notes. Recent examples of Frank’s lead manager and structuring experience include a $129 million G.O. Bond and Note restructuring for South San Francisco Unified School District, and a $5 million technology bond financing to help deliver one-to-one learning devices for Coachella Valley Unified School District.
Prior to joining RBC Capital Markets, Frank served as a legislative aide and committee consultant in the California State Legislature, and as Executive Director of California Educational Facilities Authority under State Treasurer Phil Angelides.
Frank received a Bachelor of Arts degree in Political Science from the University of California-Davis, and a Masters in Business Administration from the University of Southern California. Frank is a proud product of the California Community College system, having attended Glendale Community College. While attending Glendale College and U.C. Davis, Frank was a member of the Track & Field teams for both schools, and was part of two Northern California Athletic Conference championships in 1996 and 1997 for U.C. Davis.
Frank is married to Michelle Ann Vega, and has two children, Madeline and Teddy.
Frank currently holds FINRA Series 7, 53 and 63 securities licenses.
Head of RBC Community Investments
Craig Wagner joined RBC in 2002 and has continued to assume greater leadership responsibility, including key roles on the TCEG Operating Committee and chairmanship of the Investment Committee. He currently serves as Managing Director – Tax Credit Investments for TCEG, responsible for the oversight of the Syndications staff, as well as State Tax Credit and New Markets Tax Credit business. Prior to this role, Craig was Director of Business Development with responsibility for new products business development and managed the firm’s national accounts. Previously, he was also the Director of Originations and a Regional Director – Southeast where he led a team in the areas of origination, financial underwriting, and partnership structuring of investments.
Craig’s experience includes the acquisition and underwriting of LIHTC, HTC, and various state tax credit investments. He has worked with numerous housing authorities, for-profit developers, and non-profit developers on various property types including HOPE VI, mixed-income, and mix-use transactions. Prior to joining RBC, Mr. Wagner served in various leadership roles as an officer in the United States Navy and as a production manager for Frito Lay, Inc. in California. Craig, a graduate of Northwestern University with a Bachelor of Arts in Economics, earned his Masters in Business Administration with concentrations in Real Estate and Finance from the Kenan-Flagler Business School, University of North Carolina-Chapel Hill.
Jeffrey J. Wagner
Managing Director, Student Loans
Mr. Wagner is a Managing Director in the Municipal Finance Group of RBC Capital Markets, LLC and divides his time between the firm’s offices in Phoenix and Los Angeles. He has primary coverage responsibility for the firm’s student loan clients, as well as for several colleges and universities in California.
Mr. Wagner began his investment banking career in New York in 1986 when he joined the public finance department of Manufacturers Hanover Securities Corporation as a quantitative analyst. After spending six years at “Manny Hanny”, he joined PaineWebber in 1992 as one of four founding members of its New York-based education loan finance team. He spent four years at PaineWebber before departing in 1996 for an opportunity to launch a national education loan finance practice for one of RBC Capital Markets’ predecessor firms. By 2007 he had grown this effort from a two-person team in Phoenix to 13 professionals in three different offices. The firm’s education loan finance practice remains one of the most productive and well-respected practices of its kind, and consistently ranks as the most active lead managers.
He has completed over $48 billion in financings on behalf of 35 separate organizations since 1986, including state agencies, nonprofit organizations and private colleges and universities, and is responsible for introducing numerous new financing products, debt structuring techniques and computer modeling innovations. His current clients include the Utah State Board of Regents, Minnesota Office of Higher Education, Pennsylvania Higher Education Assistance Agency, Midwestern University, New Hampshire Higher Education Loan Corporation, Alaska Student Loan Corporation and NorthStar Education Finance.
An active participant in higher education finance industry trade groups, such as the Education Finance Council (EFC), the National Association of College and University Business Officers (NACUBO) and the Western Association of College and University Business Officers (WACUBO), Mr. Wagner is a well-known municipal finance industry veteran. He is often called upon to speak at industry conferences, issuer and investor seminars, client board meetings and other industry-related events.
Mr. Wagner is a registered securities representative, currently holding Series 7 and Series 63 licenses, and holds a B.S. in Business Administration from the State University of New York at Albany, with concentrations in Finance and Management Information Systems, and an M.B.A. in Finance from Columbia University’s Graduate School of Business.
Managing Director, Public Power & Utilities
Tim Williams heads RBCCM’s Public Power and Water Utilities Group where he focuses on SRF and water & sewer issuers nationwide. Mr. Williams has over 18 years of public finance experience, senior managed, structured, and run cash flows for many SRF and water and sewer credits. Major SRF clients include new indenture SRF credits (Virginia, Illinois, and Oklahoma); restructured SRF credits (Iowa, Kansas); Reserve Fund SRF credits (New York, Michigan, Connecticut, Colorado, Massachusetts, Missouri, and Rhode Island), and Cash Flow and Hybrid SRF credits (Ohio, Florida, Arizona, North Dakota, Maine, Virginia, and South Dakota). Major senior managed water and sewer clients include City of Columbus, City of Atlanta, Denver, Massachusetts Water Resources Water Authority, DC Water, Hampton Roads, VA, Phoenix, St. Louis, and City of Tallahassee, FL.
Mr. Williams formerly worked at J.P. Morgan, UBS Securities and Merrill Lynch & Co. and has been involved in developing new bond approaches such as Green Bonds, as well as securing ratings upgrades, developing bond issuance strategies to meet capital improvements needs and providing the insight needed to address market constraints. He is active in the environmental finance community and speaks on occasion at the Council of Infrastructure Finance Water Authority conferences. Mr. Williams received a BA from Dartmouth College, an M.A. in Urban Planning from the University of Virginia, and an M.B.A. from the Wharton School.
Managing Director & Sector Co-Head
Keith Solomon, CFA
James F. Losty
Co-Head Global Spread Products
Mark Maroney is the Head of the RBC Capital Markets Fixed Income Municipals Products business line. He is a member of the Capital Markets US Regional Operating Committee and a member of the Global Fixed Income Operating Committee.
Mr. Maroney started his career in the Municipal Securities Group at UBS, formerly PaineWebber where he ultimately was responsible for the Municipal Derivatives and Lending Group. He joined RBC Capital Markets in May of 2007 to oversee the Municipal Products Group. In 2009, he took over responsibility for the Municipal Capital Markets platform overseeing sales, trading, underwriting, derivatives and structured product activities.
Mr. Maroney is an active member of the SIFMA Municipal Executive Committee and various sub-committees focusing on secondary market infrastructure and structured products.
Mr. Maroney received his Bachelors of Science from the University at Albany, Albany, New York with dual concentrations in Finance and Management Information Systems. While at University, he participated in various independent studies of the US public finance markets. Mr. Maroney holds a Series 7, 63, 24 and 53.
Managing Director, Head, Municipal Syndication
Mr. Durando is a Managing Director and Head of Municipal Syndication for RBC Capital Markets. His primary responsibilities include RBC Capital Market’s underwriting engagements for major transactions nationally. Mr. Durando has over 32 years experience in Municipal underwriting and trading, having directed senior managed transactions in excess of $65 billion in Municipal debt during his career. Prior to joining RBC Capital Markets in 2006, Mr. Durando spent his career at Wachovia Bank and its predecessor organizations where he was a Managing Director and Manager of Municipal Trading and Underwriting.
Mr. Durando graduated from the University of Delaware in 1980 with a BS-Finance degree and Seton Hall University in 1984 with a MBA-Finance. Mr. Durando is currently registered with the Financial Industry Regulatory Authority, Inc. ("FINRA") with Series 7, 63 & 53 securities licenses.
Keith Solomon, CFA
Head Municipal Products
Keith focuses on the strategic growth, risk management, new product development (including electronic trading initiatives), and day-to-day management for the Trading, Sales, and Syndication business for the Municipals and Securitized Products areas. He is also part of a team that manages a multi-billion dollar municipal buy-and-hold investment portfolio for the Bank. In addition, he interfaces with the broader RBC platform and participates in Fixed Income & Currency-wide initiatives. Keith is a member of the Municipal Capital Markets Operating Committee.
Previous roles at RBC include Managing Director in Global Rates Strategy and Management developing, implementing, and driving global strategies related to the cash and derivatives businesses, Derivatives Analyst on the Institutional Municipal Trading desk concentrating on quantitative hedging and trading strategies and building proprietary risk and analytical tools, and Senior Strategist in Fixed Income Trading Research focusing on multi-sector transaction strategies and portfolio/balance sheet analysis for institutional customers.
Prior to RBC Capital Markets, Keith worked in equity research at Susquehanna Financial Group, fixed income research at Morgan Keegan, and asset management at Goldman Sachs.
Keith holds a Bachelor of Science with a double major in Economics and Computer Science from Yale University and an MBA with a double major in Finance and Accounting from the Wharton School of the University of Pennsylvania. He is a CFA Charterholder and holds the Financial Risk Manager (FRM) designation as well Series 7, 24, 53, and 63 licenses.
Director, Retail Trading/Syndicate Risk
Mr. Colaiacovo’s current position is Retail Trading Manager/Syndicated Risk. He started in the financial industry shortly after graduating from Radford University in May of 1991. Daren has held positions as an Institutional Salesperson, Junior Trader, Retail Trader, Senior Retail Trader, Senior Institutional Trader, Senior Underwriter and currently Head of Retail Trading/Syndicate Risk.
Daren started at RBC in 1993 as a Junior Trader and then expanded his role to Retail Trader on the Fixed Income Trading desk of First Institutional Securities which was acquired by RBC in 2003. After the acquisition, his role expanded to Senior Retail Trader on the Regional Municipal Trading desk in West Paterson, NJ. He eventually moved to the NYC trading floor as a Senior Institutional Trader and then took on the role of Senior Underwriter. Daren is currently the Head of Municipal Retail Trading and Syndicate Risk.
In his current position, Mr. Colaiacovo is responsible for managing Retail Trading of municipal bonds at RBCCM. Retail Trading’s primary focus is the merchandising of municipal bonds to meet RBC’s Wealth Management’s effort to provide various product demands of the retail distribution network. Additionally, Daren manages syndicate risk by monitoring and marketing the balances of capital commitments from various syndicate municipal bond deals.
Mr. Colaiacovo holds Bachelors of Business Administration with a concentration in Finance from Radford University in Radford, VA and Series 7, 53, 56 and 63 licenses.
Director, Municipal Investment Portfolio Manager/TOB Portfolio Manager
Mr. Huesman’s current position is Municipal Investment/TOB Portfolio Manager. Prior to joining RBC, Joe was at Deutsche Bank where he traded Municipal Bonds, Municipal Derivatives and Illiquid Credit. Joe began his 25 year career in Municipal Finance at Alex. Brown and Sons in Baltimore.
Joe joined RBC Capital Markets in April 2009. Throughout his years at RBC he has held positions as a municipal bond trader, underwriter, salesperson, and tender option bond portfolio manager.
In his current position, Mr. Huesman is responsible for managing the Bank’s municipal bond portfolio, its municipal direct purchase lending portfolio and the firms 3rd party tender option bond portfolio which provides financing to RBCCM’s top tier municipal bond customers.
Mr. Huesman holds a BA in Economics from the University of Richmond and an MBA from Loyola College in Maryland and Series 7, 24, 52, 53, 55, 63 and 79 licenses.
James F. Losty
Managing Director, Municipal Products Marketing
Mr. Losty manages the RBC Capital Markets Municipal Products Group with focus on marketing to tax-exempt issuers in all sectors. He has been instrumental in developing new and innovative use of derivative structures that have received wide acceptance in the tax-exempt market. Over his 33 years in the industry, he has focused on creative financing structures in both the cash and derivative markets that have resulted in several billion dollars of financing transactions.
Additionally, Mr. Losty has also worked extensively with many state and local authorities. These include: North Texas Transportation Authority, Denver Public Schools, Texas Department of Transportation, Philadelphia Authority for Industrial Development (PAID), Montgomery County Health and Higher Education Authority and the Hospital & Higher Education Facilities Authority of Philadelphia, the Pennsylvania Turnpike Commission, the Commonwealth of Puerto Rico as well as many others. Prior to joining the Firm, Mr. Losty served as Manager of Wheat First Butcher Singer Public Finance department for over 10 years.
Mr. Losty is a graduate of Villanova University with a B.A. in Economics.
Director, Institutional Trading Manager Municipal Markets
Prior to rejoining RBC in 2011, Pat was a Director and Municipal high yield/special revenue trader at Jefferies. He managed the Municipal Middle Markets sales and trading at First Albany/Depfa Bank. Pat started his municipal career at Tucker Anthony in 1990 and traded retail, municipal Middle Markets and Institutional books during his time there. Tucker Anthony was bought by RBC and Pat traded Institutional and Middle Markets books here until 2003. Aside from his managerial responsibilities, Pat is responsible for institutionally trading high yield/ California, zeros and muni derivatives for the bank.
Pat holds a BA of Liberal Arts from St. John’s University.
He also holds the following certifications: Series 7, 53 and 63.
Managing Director, Municipal Short-Term Sales, Trading & Underwriting
Craig Laraia is the Head of RBC Capital Markets’ Municipal Short-Term Department. Mr. Laraia is responsible for the trading, underwriting, and remarketing of a complete range of short term debt instruments. Prior to joining RBC Capital Markets in 1997, Mr. Laraia managed the Short-Term Department for Alex Brown & Sons, where he was a Principal.
Mr. Laraia has been responsible for the underwriting and remarketing of over 1700 short-term issues, representing in excess of $70 billion in aggregate principal amount.
Mr. Laraia received a Bachelor of Arts degree from Adelphi University. Mr. Laraia also holds Series 7, Series 53, Series 24, and Series 63 Securities Licenses.