Our Team

We understand the challenges facing affordable housing developments. Our team of experienced professionals will apply best practices and lessons learned from projects across the U.S. to deliver tailored, innovative solutions that achieve your goals.


Christopher Hesen, Chief Executive Officer

As the owner and Chief Executive Officer, Christopher Hesen is responsible for defining the firm’s current and future direction, setting strategic and operational goals, identifying and developing new business opportunities, and keeping the firm at the forefront of innovation in affordable housing. Mr. Hesen has over 25 years of experience in managing consulting firms, with the past 14 years dedicated exclusively to affordable housing consulting, transaction management, and capital planning and leads the Capital Planning division of Recap. 

Shannon Lestan, Managing Director

Shannon Lestan is the Managing Director of Recap Real Estate Advisors. She has over 19 years of affordable housing experience to draw upon when structuring complex affordable housing preservation transactions. Her deal background encompasses a broad range of public housing and HUD Multifamily programs including RAD Components I and II, Section 18 Demo/Dispo, Section 8 PBRA, Section 236 Decoupling, LIHPRHA, and Project-Based Vouchers. At Recap, Shannon has helped over 40 Public Housing Authorities navigate the complexities of HUD’s portfolio asset repositioning programs, starting with a site visit, in depth discussions of long-term organizational goals, financial feasibility, application, and closing. The potential overlap in subsidies and regulatory compliance makes conversion/preservation complicated and greatly impacts the residents and the existing employees. Shannon’s in-depth understanding of HUD’s site-level management and occupancy requirements and strong communication skills lessen the anxiety for the Owners, Agents, and residents.

David Smith, Chairman

As Recap’s founder, David Smith leads the firm into new market segments, strategic relationships, and business products and services. For nearly four decades he has successfully pioneered transactions, service lines, business models, programs, and government policy innovations that started as opportunities, turned into replicable models, and became national movements of practice. Mr. Smith is a graduate of Harvard, and he previously served as a partner at Boston Financial Group. Mr. Smith runs the Affordable Housing Institute, a global non-profit organization.

Affordable Housing Consulting Team

Nicole Wickliffe, Vice President

Nicole Wickliffe brings over 11 years of experience developing and renovating affordable rental and homeownership housing for the Fairfax County Department of Housing and Community Development (HCD) in Virginia. HCD has served as the Developer or the Co-Developer on senior, family, and supportive housing developments. Her specialized experience includes RAD public housing portfolio conversions, LIHTC regulatory compliance, establishing appropriate income tiers in accordance to the demographics and the need within the jurisdiction, and navigating proffer laws.

Stan McCall, Principal

Stan has over 25 years of experience in Project and Construction Management, including everything from commercial, high-end residential and specialty construction. However, he chose to focus his efforts in the Affordable Housing Industry with a firm commitment to providing clients with a unique team approach that focuses first on the client’s best interest. Having worked in the Affordable Housing industry for over 14 years, he has developed meaningful relationships and enjoys serving those working in the industry. Stan believes that the best process is one that works well for everyone, including the affordable housing residents. He strives to use his platform as a catalyst to build up individuals and their families and enhance communities through strategic planning and self-sufficiency programs.

Joyce Floyd, Senior Principal

Joyce Floyd is a Principal employee with over 30 years of affordable housing experience. Joyce specializes in Strategic Planning components and all areas of RAD conversions from no debt to LIHTCs and FHA financing. Prior to joining Recap, Ms. Floyd served as the VP of Strategic Planning and Development at another firm and was responsible for leading the Strategic Planning process; as well as leading their multi-phase portfolio RAD conversion. Ms. Floyd currently serves as the Chair of the SERC/NAHRO RAD Committee and as a lead RAD representative on the NAHRO CR&D Committee.

Gates Dunaway, Principal

Gates Dunaway is a Principal and HUD subject matter expert on multifamily preservation strategies. She specializes in executing preservation strategies for our clients with HUD 202 Direct Loans, Section 236 Loans, Flexible Subsidy Loans, expiring Tax Credits, Section 8 contracts, and RAP and Rent Supplement contracts. Ms. Dunaway spent 15 years with regional and local non-profit affordable housing developers and worked with a team of HUD experts on preservation strategy training which took place at HUD offices around the country. She serves on the board of the Institute for Aging, is a special consultant to the national LeadingAge organization on matters related to preservation financing and is a frequent trainer for HUD. Ms. Dunaway holds a Bachelor of Science in Civil Engineering and a Master of City Planning, each from the Georgia Institute of Technology.

Robin Haddock, Principal

Robin Haddock is a Principal employee who specializes in development and project management services within the affordable housing industry. Ms. Haddock has a successful track record of utilizing a variety of affordable housing financing products and a strong understanding of the development process from project inception through construction completion and conversion. Ms. Haddock has secured competitive financing for projects including emergency shelters, supportive housing, workforce housing and housing for seniors. Ms. Haddock has experience managing a diverse array of projects including adaptive reuse, historic preservation, substantial rehabilitation and new construction. Ms. Haddock holds a Master of Science in Land Development from Texas A&M University and a Bachelor of Science in Community & Regional Planning from Iowa State University.

Tory Gunsolley, Principal

Tory Gunsolley is a Principal who is an expert on PHA policies and regulations. He specializes in streamlining PHA operations to increase revenue, efficiency and provide more resident opportunities. Tory has over 24 years of diverse experience working in multiple Public Housing Authorities. He has served as Chairman, Commissioner, CEO, CAO, Director of Administration and Policy, Director of Planning and Information, Interim HR Director, Interim HCVP Director and more. Tory is also an expert on Government and Public relations and has testified before Congress and State Legislative bodies. He has held a board seat in multiple organization’s including, CLPHA, PHADA, and others. Mr. Gunsolley holds a Bachelor of Arts in Social Sciences from Trinity college and a Master of Public Administration from the Maxwell School of Citizenship and Public Affairs at Syracuse University.

Richard Goldthwait, Associate Principal

Richard Goldthwait has over 7 years of real estate finance and development experience. He has completed over $500M in real estate transactions in his career with a focus on financing and developing affordable housing throughout the country. Richard has been involved with developing and preserving over 2,500 units of affordable housing using a wide range of capital sources including 9% and 4% tax credits, bond financing, and agency financing. Prior to joining Recap, he was at Arbor Realty Trust, a New-York based mortgage REIT, where he structured the financing for affordable multifamily properties across the country.

Audrey Martin, Associate Principal

Audrey Martin is an Associate Principal who specializes in financial feasibility and structuring of affordable housing transactions, securing funding under the 4% and 9% LIHTC programs, and affordable housing development. She has experience in both the public and private sectors including the Low Income Housing Tax Credit (LIHTC) program, the HOME Investment Partnership, and Section 8. Ms. Martin received her Bachelor of Business Administration in Finance from the University of Texas in Austin and MBA from Texas State University, in San Marcos, Texas. Prior to joining Recap, Ms. Martin worked with two LIHTC development firms and spent five years at the Texas Department of Housing and Community Affairs (TDHCA).

Joshua Anderson, Associate Principal

Joshua Anderson, Associate Principal, assists with complex financial valuation assignments and litigation support. He has prepared valuation models of limited partnership interest and large portfolios, which included affordable and market-rate housing projects as well as retail, office, and hotel uses. He also brings experience underwriting affordable housing projects funded with the Low Income Housing Tax Credit. A native of Massachusetts, Mr. Anderson holds a Bachelor of Arts in English Literature from St. Lawrence University and a Master of Science in Real Estate Development from the Massachusetts Institute of Technology. Mr. Anderson currently instructs economics and real estate development at Boston University’s Center for Continuing Education and is an adjunct professor at Wentworth Institute of Technology supporting the Master of Science in Construction Management program.

Shelby Kee, Marketing Strategist & Strategic Planning Facilitator

Shelby Kee leads the Marketing and Public Relations Department of Recap and On-Site Insight. She received her BA in Public Relations and Marketing from Union University. She specializes in ad creation, copy writing, social media management and has experience conducting research and creating strategic plans for multiple clients. Shelby is also a certified strategic planning facilitator and is involved in strategic planning engagements at the firm.

Capital Planning Team

Lisa Longval, Operations Manager

Lisa manages the day to day operations of the capital planning division including sales and marketing, scheduling and production and client relations. She is responsible for OSI’s REAC division, hiring and training inspectors. Lisa received a management degree with concentration in marketing from Bridgewater University.

Matthew Chown, Senior Associate

Mr. Chown is a Senior Associate in the capital planning division. He brings experience in the preparation of capital needs assessments for residential and industrial developments as well as performing property condition assessments on a variety of properties for potential real estate transactions and due diligence purposes. Mr. Chown holds a Bachelor of Technology in Civil Engineering form McMaster University and a three-year advanced diploma in Architectural Technology from the Humber School of Applied Technology. Prior to joining the firm, Matthew was a building assessment specialist with EXP Services Inc.

Bruce Hutchinson, Senior Associate

Bruce Hutchinson is a Senior Associate in the capital planning division specializing in the appraisal of many types of income-producing and specialized properties, including office buildings, industrial facilities, vacant land, subdivisions, and both small and large apartment developments. Mr. Hutchinson has more than six years of commercial real estate experience and is a BPI Certified Professional (Building Analyst/Multi-Family). He has successfully completed more than 500 capital needs assessments throughout the United States including properties financed under various programs administered by MassHousing, the Michigan State Housing Development Authority, Mercy Housing in Washington State, and the Lincoln Nebraska Housing Authority.

Daniel Iles, Senior Associate

Mr. Iles serves as a Senior Associate and energy audit specialist in the capital planning division of Recap. He has completed over 100 capital needs assessments, green capital needs assessments, and energy audits on multi-family and condominium properties, as well as commercial, school, and municipal buildings. He has a background in construction and a Bachelor of Marketing from Lasell College in Newton, Massachusetts. Mr. Iles is a Building Performance Institute (BPI) certified Multi-family Building Analyst. He has experience using several types of energy modeling software including TREAT and QUEST and prior to joining Recap, Daniel was an energy auditor for The Center for Ecological.

Bob Labadini, Senior Associate/Mechanical Systems Specialist

Mr. Labadini is an energy audit specialist in the capital planning division. He has 25 years of in-depth knowledge of a wide range of building systems, their operation, and their maintenance. He is well versed in the project management of rehabilitation and renovation construction and has experience with Boston Urban Associates, The Rouse Company, and Cambridge Technology Partners. His institutional experience includes The New England Shelter for Homeless Veterans and The Cambridge School of Weston. Mr. Labadini has completed more than 450 capital needs assessments. Mr. Labadini is a BPI Certified Professional (Building Analyst/Multi-Family).

Steve Ninos, Assessment Associate

Steve started out with OSI working with clients, writing proposals, and researching affordable housing financing programs before moving on to Assessment. He has completed more than 125 capital needs assessments on multifamily, commercial office, educational, and municipal buildings. Steve is a BPI certified Multi-family Building Analyst and LEED Green Associate, and has a degree in Materials Science Engineering from Brown University.

John Eppert, Senior Associate

John has over 25 years in real estate consulting performing structural and mechanical evaluations of buildings and systems. He has completed 500 assessments for commercial, multifamily and department of defense. John graduated from Indiana University with a degree in Business Administration.

Karen Dubowski, Controller

Karen joined OSI in 1991. Her role is providing daily/monthly accounting activities, including financial controls, payroll/HR, assisting with budget management and reporting processes. Karen received a Business Administration degree in Accounting and Business/Management from Suffolk University Sawyer School of Management.

Tina Cardoso, Account Representative/Senior Associate

Ms. Cardoso has served in the capital planning division since 1995. She is familiar with a wide array of housing authorities and clients including The Chicago Housing Authority, Lincoln Nebraska Housing Authority, the Boston Housing Authority, Rural Development, HUD, several state housing and finance agencies, health care facilities, and educational institutions. Tina specializes in accessibility (ADA) evaluation–creating presentations on accessibility, design considerations on barrier assessments, and serving as an expert witness in accessibility disputes. Tina received her Bachelor of Architecture from Wentworth Institute of Technology and has completed more than 350 capital needs assessments throughout the United States.

Jessica Noel, Administrative Assistant

Jessica is responsible for the preparation of the assessment reports sent out to the clients.  She assists in inventory of office supplies and provides support to management.