New Wells Fargo Multifamily Head Brings Deep Public Finance Roots

Wells Fargo’s newly appointed head of multifamily capital (MFC), Peter Cannava, brings a 22-year run on the general public finance facet of funding banking that he expects to pay dividends as the corporate seems to be to extend its  government-sponsored enterprise (GSE) business actual property transaction exercise.

Cannava, who’s leaving his function as head of public finance at Wells Fargo to steer the financial institution’s MFC enterprise, mentioned his new place will profit  from established relationships fostered from years of financing inexpensive housing initiatives with GSEs Fannie Mae and Freddie Mac. He’ll report on to Kara McShane, Wells Fargo’s head of CRE, within the banking big’s Manhattan workplace and can begin Feb. 27.

“I’ve at all times specialised in multifamily housing, securitization, mission finance and actual property secured bond financings, so in a approach there was at all times a pure affinity in the direction of actual property finance,” Cannava advised Business Observer. “I’ve labored very intently with state housing finance businesses in serving to them finance inexpensive housing of their jurisdictions and partnering with the GSEs, and I’ve labored intently with the inexpensive housing builders throughout the nation, so there’s loads of synergies and there was loads of partnership constructed up over time.”

The Wells Fargo MFC group Cannava will spearhead gives financing for multifamily housing initiatives by the Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) mortgage applications. It tackles transactions with GSEs for market-rate flats, inexpensive housing, manufactured housing, pupil housing, well being care properties and senior housing developments. 

As head of public finance main Wells Fargo’s origination companies inside the Municipal Merchandise Group, Cannava collaborated with MFC in creating an inexpensive housing platform. Previous to becoming a member of Wells Fargo in 2009, he spent 9 years at Financial institution of America. 

Cannava mentioned his determination to shift from Wells Fargo’s Municipal Merchandise Group to the CRE finish of the financial institution’s enterprise was made additional enticing due to the chance to work with McShane. The CRE finance titan was ranked No. 1 in CO’s annual Energy Finance 50 checklist final yr after shepherding a document $84.8 billion of lending quantity in 2021.

“She’s a tremendous chief, she’s an incredible communicator, she’s obtained a ton of power, she is aware of the small print higher than anyone, and she or he asks the best questions,” mentioned Cannava of McShane. “Having somebody like Kara, who understands offers, understands shopper wants, understands the significance of the steadiness sheet and has a diligence to the way in which she approaches issues I feel goes to be nice for my new function.”

Wells Fargo’s CRE enterprise below McShane is already energetic on the inexpensive housing entrance  as a development lender and low-income housing tax credit score investor. Cannava is seeking to lead continued development on this space to be the No. 1 participant within the market by the launching of latest merchandise that support municipalities, significantly by the financial institution’s development lending arm.

A graduate of New York College’s Stern Faculty of Enterprise, Cannava holds board positions on the Municipal Discussion board of New York and Group Preservation Company.

“Pete brings distinctive expertise and perspective, from all through his tenure at Wells Fargo, together with vital relationships throughout the federal government and company finance sector, and is effectively positioned to steer our top-ranked multifamily platform,” McShane mentioned in a press release. “We sit up for leveraging his experience and insights as we proceed to additional place our multifamily capital platform for future success.”

Andrew Coen may be reached at acoen@commercialobserver.com