Development Leadership Team

Bob Margolis
Owner/Chief Executive Officer

Chief Executive Officer of TM Associates, Inc., Robert “Bob” Margolis has over 20 years of real estate development and property management experience. Taking over as CEO in 1996 from company founder Tevis Margolis, Bob has been sitting as CEO for 21 years and doubled the size of the company during his tenure. Bob holds an MS in Business Administration from American University as well as a BA in Real Estate and Construction Management from the University of Denver. Bob has also been involved as a general partner in the ownership, development, and preservation of over 100 HUD and USDA-RD subsidized housing projects, totaling over 7,000 units.

Adam Stockmaster
President of Development

Adam Stockmaster has over 20 years of experience in the real estate industry. He has held leadership positions within housing organizations, given presentations as a subject matter expert in rental housing financing, and received accolades in recognition of his work in the industry.

Adam has been very successful in LIHTC financing, receiving over 100 awards of from many State Housing Finance Agencies for properties located in Maryland, New York, Pennsylvania, Virginia, West Virginia, Delaware, North Carolina and Washington, D.C.

Adam holds a bachelor’s degree in Finance and a minor in Economics from American University.

Ari Severe
Executive Vice President of Operations

Ari Severe has been with TM Associates since 2000. Having previously worked at Gateway Management, he came to TM as a Staff Accountant for TMAM before shifting over to the TM Associates Development team in 2001. Ari worked his way up from a Junior Development Officer to his current position of Executive Vice President of Finance. He is currently responsible for underwriting, financial application submission, lobbying, and Governmental Regulations. Ari is an expert in both new construction and rehabilitation projects and has worked with USDA-RD, HUD, LIHTC, and FHLB programs. He holds a B.S. in Accounting and Finance from University of Maryland and is a Certified Public Accountant.

Amy Brown
Chief Financial Officer

Amy Brown is responsible for all aspects of development accounting at TM Associates. She works diligently with staff members to ensure owners, state agencies, investors and lenders are provided timely and accurate reporting related to the performance of each property. 

Amy has over 20 years of affordable housing and real estate accounting experience in both public accounting and property management. She earned her bachelor’s degree of Accounting from Capital University, is a licensed Certified Public Accountant, holds the CGMA designation and is a member of the American Institute of Certified Public Accountants.

Tim Barila
Executive Vice President & Chief Construction Officer

Tim Barila joined TM Associates in January of 2018 and is well versed in contract negotiation involving development teams of architects, engineers, and general contractors. He is also familiar with a multitude of financing programs used to develop and refinance projects including conventional loans, Federal and State agency loan programs, syndication using Section 42 tax credits, GSE loan programs, participating lender loans, mezzanine debt, and tax-exempt bonds.

Tim has over 25 years of executive experience, including similar roles at Severn Companies and the Humphrey Companies. He has successfully developed over 30 projects including new construction and acquisition/rehabilitation as market rate and affordable housing communities. Additionally, he has refinanced over 20 projects using a variety of financing programs and was responsible for all activities involved with loan closings.

Tim holds a bachelor’s degree in Business Management from James Madison University and an MBA in Real Estate and Urban Development from American University.

Neil Mutreja
Senior Vice President

Neil Mutreja is responsible for the management of projects for real estate development specializing in acquisitions, renovations, and new construction of affordable housing communities. He oversees project performance and efficiency with extensive due diligence towards Investors/Syndicators, construction lenders, and various State Housing Agencies.

Neil has worked at TM Associates for over 14 years and has experience acting as liaison between private and governmental organizations and marshaling resources to ensure project completion within specific program, time, and budget specifications. Neil also has a strong background in finance modeling and strategic planning, and is particularly interested in Business Development within affordable housing.

Neil holds a bachelor’s degree in Economics from University of Maryland and has worked throughout the Mid-Atlantic region with a wide range of programs and agencies, including HUD, USDA-RD, Freddie Mac, LIHTC, VHDA, WVDHF, DHCD, and FHLB.

Noah Hale
Director of Development

Noah Hale is responsible for project acquisition and performance. He is active within the full-life cycle of the development process from origination to the coordination and completion of competitive tax credit applications.

Noah has nearly a decade of property management experience and holds a wealth of knowledge passed down from three generations of his family’s affordable housing development and management companies. Noah has extensive knowledge of LIHTC, HUD, and USDA RHS programs, as well as hands-on experience with substantial rehabilitations. His specific interests focus on design-driven affordable housing developments that reflect the communities around them.

Noah earned a bachelor’s degree in Resource Economics from the University of Florida and is President of Young Leaders in Affordable Housing, an affiliate of the National Housing Conference. His certifications include Certified Professional of Occupancy (CPO), Housing Credit Certified Professional (HCCP), and Spectrum Training Award Recipient (S.T.A.R. RD 515).