POLICY PRIORITIES TRACK: Healthcare Property Challenges

Chief Underwriter- Healthcare, Berkadia

Jenifer Williams joined Berkadia in 2017 and is Chief Underwriter for the FHA Healthcare group. She is also a founding board member of the Healthcare Mortgagee Advisory Council and currently serves as its Vice President. Jenifer is a graduate of Texas A&M University and started her career as a commercial appraiser, specializing in seniors housing and healthcare properties. She transitioned to FHA healthcare underwriting in 2010 and has more than 20 years of experience in the healthcare appraisal and financing space.

Director of Asset Management and Lender Relations, Office of Residential Care F, U.S. Department of Housing and Urban Development

Tim Gruenes graduated from St. Cloud State University with a degree in Real Estate Finance. Tim joined HUD in 1991 and is the Director of Development in the Office of Residential Care Facilities (ORCF) - having previously worked in Multi-Family Development and ORCF Asset Management.

Chief Underwriter, PGIM Real Estate

Tina Laurie is Executive Director with PGIM Real Estate Agency Financing, LLC. Her role as head of the FHA Underwriting team and is responsible for managing and overseeing the underwriting on Multifamily and Healthcare deals. These duties include reviewing, mentoring, and training Multifamily and Healthcare underwriters along with assisting in the development and implementation of processes and procedures for the whole FHA Underwriting Group. Tina has 23 years of FHA Underwriting experience, including 14 years as both deputy and co-chief underwriter. She joined PGIM Real Estate Agency Financing, LLC in 2020 as a chief underwriter for the healthcare sector and was promoted to chief underwriter for both multifamily and healthcare in August 2021. Prior to joining the firm, she previously served as a deputy chief underwriter for Berkadia and co-chief underwriter for Barings Multifamily Capital and Housing and Healthcare Finance. During her tenure with Berkadia, Ms. Laurie participated in the underwriting of approximately $750M multifamily and healthcare loans. As deputy chief, she participated in the credit review of approximately $1B in loan applications. Tina received a Bachelor of Science in Business Administration degree from Maryville University as well as her Master of Business Administration.

Vice President, Valuation Information Group, CBRE Capital Markets

Mr. Lettieri has been engaged in the consulting and valuation profession since 1995 and the healthcare industry since 1993. Prior to entering the consulting industry, Mr. Lettieri was employed by a vertically-integrated regional healthcare system located in the Philadelphia area. Mr. Lettieri’s consulting experience includes the completion of appraisals, business valuations, financially feasibility studies, and market studies of various healthcare and senior housing assets, including primary care and multi-specialty physician group practices, hospitals, clinics, free-standing outpatient facilities, continuing care retirement facilities, active adult retirement communities, assisted living facilities, independent living facilities and skilled nursing and subacute facilities. The purpose and use of these studies include project acquisition, project development, traditional or REIT financing, tax-exempt bond offerings, HUD mortgage insurance financing, and corporate strategic planning. Mr. Lettieri has developed detailed market assessments to analyze the market feasibility of proposed and existing healthcare, senior housing, and real estate projects. Real estate assets have included market-rate apartment complexes and government-subsidized apartment complexes that were financed, in part, through low-income housing tax credits. These engagements include defining a primary market area, detailing area competition, and estimating demand in the defined primary market area. Mr. Lettieri’s healthcare experience has also included the formation and development of primary care and multi-specialty physician group practices, physician practice compensation plans and primary care physician development plans for regional hospitals and healthcare systems.

Deputy Assistant Secretary, FHA Office of Healthcare Programs, U.S. Department of Housing and Urban Development

Mr. Roger Lukoff has led the FHA Office of Healthcare Programs (OHP) as the Deputy Assistant Secretary for Healthcare Programs since May 2016. He is extremely proud of the 170-member Healthcare team supporting a health care facility portfolio of over $38.6 Billion in FY 2024. As a senior executive at FHA since 2010, Mr. Lukoff, in conjunction with the OHP Management Team, developed and implemented organizational policies, strategies, plans, and operating guidelines to address the national healthcare mortgage insurance program. A major accomplishment of the program since 2010 is the generation of off-setting receipts to the U. S. Treasury of an estimated $2.0 Billion. Mr. Lukoff is the former Associate Regional Administrator at the DHHS Centers for Medicare and Medicaid Services (CMS) where he was responsible for the Northeast Consortium (CMS Regions I, II and III) Survey, Certification and Enforcement Division, overseeing quality assurance and standards for hospitals, long term care facilities and other healthcare facilities and suppliers participating in federal health programs. Prior to joining CMS, he was a senior healthcare executive at a major integrated health delivery system. He is a Certified Fellow of the American College of Healthcare Executives, and completed his undergraduate degree at the University of Massachusetts at Amherst; graduate degree at The George Washington University; and completed the Wharton Management Program in Business Administration at the University of Pennsylvania. Mr. Lukoff is an adjunct professorial lecturer in the Graduate School of Public Health, Department of Health Policy at The George Washington University and in the School of Public Affairs, Department of Government at American University.