Development
Our Development Team at Cardinal can handle all facets of the acquisition and development process, and our multi-family development experience spans a variety of product types including market rate, affordable, and special needs housing. We consistently deliver for our clients and the municipalities in which we work. We pride ourselves on sustaining a strong network with our third-party providers and have a proven track record of performance with our debt and equity partners.
Our projects have received numerous local, state, and national awards. We strive to physically position new and existing assets in a manner that maximizes capital appreciation. Our strategic advancement is a result of bringing market knowledge, industry relationships, timely execution, and strategic thinking. We are in business for the long term and place great importance on maintaining long standing relationships with our clients. We are uniquely qualified to meet the needs of our residents, the surrounding communities in which we work, and our development partners.
We are actively seeking new acquisitions and development opportunities. If you have a multi-family asset you are looking to divest of, or a development opportunity in need of a qualified partner, please consider Cardinal.
Why Invest with Cardinal Capital?
Cardinal Capital Management, Inc. (Cardinal Capital) has earned a national reputation for bringing speed, innovation and reliability in closing even the most complex acquisitions. We acquire multifamily rental properties primarily located in the Midwest, and we actively seek growth in selective markets outside the Midwest. Our extensive network of lending contacts and relationships affords us the option of utilizing conventional fixed rate bank financing, as well as accessing funds from agency lenders such as HUD, FHA, Fannie Mae, and Freddie Mac.
Our team has the skills needed to structure a transaction that will generate suitable risk adjusted return for high net worth individuals, institutional investors, philanthropic and charitable foundations and for-profit and non-profit organizations. Our flexibility allows us to structure each individual transaction in a manner that caters to the specific needs of our investment partners.
Access to Real Estate Investment Opportunities
Cardinal Capital provides investors with an efficient and safe solution to accessing investment in multifamily real estate, when it may not otherwise be available.
Opportunity-Driven Investment Strategy
Cardinal Capital is committed to pursuing value-added opportunities that have been created by dislocations in the real estate economic cycle.
Clearly-DefIned Investment Criteria
Cardinal Capital intends to acquire quality, income-producing multifamily real estate assets in secondary and tertiary markets considered to offer favorable economic conditions.
Experienced Investment Management
Cardinal Capital has a strong and proven track record in the identification, acquisition, management, and development of multifamily housing.
Solid Long-Term Fundamentals for Multifamily Real Estate
Recent demographic changes, such as the noticeable shift from home-ownership to renting, are driving long-term rental demand. Therefore we believe rents will rise over time, leading to capital appreciation.
Cash Flow and Capital Growth Potential
Cardinal Capital’s careful approach with repositioning and management of each asset aims to increase the overall net operating income and to subsequently achieve capital appreciation with each investment.
Development TEAM
Erich Schwenker
President
Erich Schwenker
Erich Schwenker has been involved in real estate management for over 40 years, half of which time he spent working with regional and national banks. He is proud to serve as Cardinal’s President since 2002, leading a dynamic growing development team, overseeing acquisition, asset and property management and business operations.
Erich has a particular interest in Special Needs and Supportive Housing. Cardinal and its affiliates have acquired/developed, financed, and managed 8,500+ units of affordable housing on behalf of various non-profits. On behalf of its clients, Cardinal has developed housing that addresses the needs of Veterans, Homeless, Deaf and Deaf-Blind, persons with Developmental Disabilities, Youth Aging out of Foster Care, and those Recovering from Mental Illness. Cardinal is also committed to creating workforce and other kinds of market-rate housing. Today’s housing market is extraordinarily diverse. Cardinal’s mission is to respond to this diverse market with socially aware, financially sound housing tailored to each community’s needs.
Dan O’ Connell
Executive Vice President
Dan O’ Connell
Dan O’Connell brings over 40 years of real estate development and management experience. Beginning Cardinal Capital with Erich in 2002, Dan’s expertise is in the areas of acquisition, financing and development. Dan has achieved national acclaim for his work with HUD’s Affordable Housing Programs. His valuable experience in both the construction and development side of the industry, affords a skillful perspective overseeing development, construction and management of both commercial projects and affordable housing.
Dan heads the acquisition team, identifying appropriate apartment communities in need of preservation, performing the feasibility work, negotiating and handling complex financial transactions and identifying a sponsor or owner for the real estate.
Dan has a master’s degree in Business Administration and Finance.
Chris Geiger
Vice President
Chris Geiger
Chris is a dedicated member of the Cardinal team with over 35 years of experience in the real estate industry. His journey began as a licensed real estate broker and expanded into property management. In February 2006, Chris joined Astar Capital Management where he took on the role of asset manager for approximately 1,000 affordable housing units owned by a local non-profit organization, which grew to a portfolio of 2800+ units covering 70+ sites in Wisconsin.
Chris plays an integral part in Cardinal’s Development Team, contributing his expertise in developing Workforce and Market Rate projects across the country.
Chris holds a Bachelor’s degree in Finance from the University of Wisconsin-Whitewater and has received the following designations: Certified Occupancy Specialist, Blended Occupancy Specialist, and Certified Property Manager. His commitment to professional growth is exemplified by his involvement in various organizations. Chris has served on the Board of Directors for IREM Milwaukee – Chapter 13 and currently serves as a board member for Community Projects for Seniors.
Throughout his career, Chris has demonstrated an unwavering dedication to the real estate industry. With his sharp attention to detail and extensive knowledge, Chris continues to make a positive impact in the realm of real estate, improving communities and ensuring the successful execution of projects.
Thomas Harris
Vice President of Development
Thomas Harris
As VP of Development, Thomas generates interest in developments and initiates company growth by networking and partnering with officials on local and state levels, and developers. He also works closely with elected officials to create innovative solutions to redevelop difficult sites and to help address housing needs in rural & urban areas throughout Arkansas, Wisconsin, Alabama, Texas, Georgia, North/South Carolina, Arizona, and Colorado.
Thomas spent more than a decade working in local, county, state and federal government including serving as Chief of Staff in the Wisconsin State Senate, Director of Community Relations for the Milwaukee County Executive, and Special Assistant to Milwaukee’s Mayor. He also worked as an associate in Michael Best & Friedrich LLP, Government Affairs Department, lobbying in Wisconsin, Chicago and Washington D.C.
Dana McMullin
Development Coordinator
Dana McMullin
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