Development Leadership Team

Owner/Chief Executive Officer

Robert (Bob) Margolis has more than 35 years of real estate development and property management experience. He holds a master’s degree in Business Administration from American University and a bachelor’s degree in Real Estate and Construction Management from the University of Denver.  

Bob has been involved in the ownership, as general partner, in the development and preservation of over 100 HUD and USDA-Rural Development subsidized housing projects (over 7000 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 for over 20 years and responsibilities include underwriting, financial application submission, lobbying, and Governmental Regulations.

Ari has a wealth of experience in real estate, having worked his way up from Staff Accountant to Junior Development Officer to his current position and having previously worked at Gateway Management. He is an expert in both new construction and rehabilitation projects and has worked with USDA-RD, HUD, LIHTC, and FHLB programs.

Ari holds a bachelor’s degree in Accounting and Finance from University of Maryland and was a Certified Public Accountant.

Amy Brown
Chief Financial Officer

Amy Brown is responsible for all aspects of development and ownership accounting at TM Associates which includes working with the rest of the development team from award to final completion of properties. 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. Her experience includes all facets of affordable housing including USDA-RD, HUD, LIHTC, and FHLB programs.

Amy has over 25 years of affordable housing and real estate accounting experience in public accounting, property management, and real estate development. She earned her bachelor's degree of Accounting from Capital University, is a licensed Certified Public Accountant, holds the CGMA designation, is a member of the American Institute of Certified, and is one of the founding members of Chief in the Baltimore/DC area.

Art Robinson
Executive Vice President & Chief Construction Officer

Art Robinson joined TM Associates in July of 2022 with over 30 years of Construction Management experience, delivering a wide range of successful housing projects. Over the past decade, Art has worked with teams of Architects, Engineers, and General Contractors to help deliver over 2500 affordable housing units nationwide. These projects consisted of a mix of new construction, rehabilitation, adaptive reuse, and historic renovations. The projects were delivered using a variety of different funding sources including, LIHTC, Bond Programs HOME Funds, Historic Tax Credits, and CDBG.

Art continues this work with TM Associates to deliver clean, safe, and energy-efficient affordable housing. Art attended Old Dominion University and is an OSHA Certified Safety Manager.

Donald Nuzzio, Jr
Director of Development

Donald Nuzzio Jr. is responsible for the management of real estate development activities for TM Associates, specializing in acquisitions, renovations, and new construction of affordable housing communities. He leads the development process from origination to the coordination and completion of competitive tax credit applications. He is also responsible for sourcing competitive soft funding through various state agencies, FHLB, and National Housing Trust Funds. Donald holds substantial asset management experience in affordable housing syndication and consulting, and additionally has extensive knowledge of LIHTC, HUD, and USDA RHS programs.

Donald earned a bachelor's degree in finance from the College of New Jersey as well as dual graduate certificates in commercial real estate and real estate finance from Boston University. He is currently attending the University of Maryland to obtain a master's degree in real estate development. Donald also holds certifications as a housing credit certified professional (HCCP) and a housing development finance professional (HDFP).