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Management Leadership Team
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).
Ari Severe has been with TM Associates for over 20 years and responsible for all aspects of TM Associates Management. He works closely with the executive team to ensure the strategic goals of the company are met, while also making sure all employees realize the vision and core values of the organization.
Ari’s previous position of Executive Vice President of Operations for Development responsibilities included underwriting, financial application submission, lobbying, Government relations, 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.
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Denise Craft is responsible for all aspects of property management for both third-party and TM-owned communities. She oversees the operations for TM Associates’ residential division, consisting of affordable and conventional assets with apartment homes located in 14 states and the District of Columbia.
Denise has over 24 years of experience in the Multifamily industry with extensive experience in conventional and affordable housing, including the HUD, USDA Rural Development and LIHTC programs. She has hands-on experience with new construction lease-ups, as well as the repositioning and rehabilitation of aging properties. Her field experience includes overseeing the management of large portfolios of conventional and affordable communities, tax credit compliance and managing support services departments.
Denise is a Certified Property Manager (CPM) candidate with the Institute of Real Estate Management (IREM). Her designations include Certified Apartment Portfolio Supervisor, Certified Occupancy Specialist, Tax Credit Specialist, Spectrum’s Certified Credit Compliance Professional, and Spectrum’s FmHA 515 S.T.A.R.
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.
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Judy Sarhan is responsible for apartment portfolios in the North Carolina and Virginia markets. Judy has over 20 years of property management experience with an extensive background with USDA Rural Development, HUD, and LIHTC programs. She has hands-on experience with new construction lease-ups and the rehabilitation of aging properties.
Judy’s designations include Certified Portfolio Manager, Housing Compliance Manager- Rural Development (HCM-R), Blended Occupancy Specialist (BOS), Tax Credit Specialist (C3P), Specialist in Housing Credit Management (SHCM), and Certified Professional od Occupancy (CPO) as well as an A.S Degree in Criminal Justice.
Alexis Cappano is responsible for apartment portfolios located in Illinois, Indiana, Ohio, and Michigan. Alexis has extensive experience with USDA-Rural Development, Tax Credit, HOME, PRAC-811, and Project Based Section 8 programs. She holds her HCCP, SHCM, and FmHA 515 S.T.A.R. (RD) designations.
Alexis has over 11 years of property management experience holding various positions including Director of Compliance, Senior Regional Manager, and Director of Operations.
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Debra New is responsible for apartment portfolios in the Delaware, Kentucky, Maryland, Tennessee, Virginia, and Washington DC markets. Her portfolios include urban, third party managed and affordable properties.
Debra’s 25-year career in property management encompasses all aspects of multifamily housing. Her extensive knowledge includes conventional/market rate, LIHTC (Low Income Housing Tax Credit), Rural Development (USDA-RD), Section 8 (HUD/project-based vouchers) and historical rehabs. She also has vast experience with lease ups, both market and affordable.
Debra is a Certified Property Manager (CPM) candidate with the Institute of Real Estate Management (IREM) and holds an associate’s degree in business management and marketing. Her current industry designations include Certified Apartment Manager (CAM), Certified Occupancy Specialist (COS), Housing Compliance Manager-Rural Development (HCM-R), Housing Credit Certified Professional (HCCP) and NSPIRE STAR (NSPIRE System examiner Through Observation, Accurate documentation, and Repair recommendation inspector).
Cindy has over 13 years of property management experience and is responsible for portfolios in Pennsylvania, New York, Maryland and West Virgina with focus on Urban properties and Third-Party Management. She has extensive experience in USDA-Rural Development, LIHTC, HUD and Public Housing.
Cindy holds designations as HCM-R, NPCC and Public Housing Specialist. Cindy also holds an active Pennsylvania Real Estate License and is a Certified Financial Specialist.
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Judy Brown is responsible for the development and implementation of the education curriculum with a focus on promoting learning opportunities for all TM employees, ensuring that advancement continues.
Judy has nearly 15 years of property management experience, holding various positions including Property Manager, Regional Property Manager and Corporate Trainer. She utilizes her experience to deliver quality training through her team of Training Specialists, which also has oversight of the Yardi software helpdesk.
Judy is well-versed in Affordable Housing programs, Rural Development, Tax Credit, HUD-Section 8, and conventional market rate housing. Her certifications include the S.T.A.R. RD 515 certification, C3P certification Tax Credit certification, The following 4 certifications offered by NCHM: Certified Occupancy Specialist (COS), Certified Financial Specialist (CFS), Certified Manager of Housing (CMH), Certified Manager of Maintenance (CMM), and the Housing Credit Certified Professional designation (HCCP) for Tax Credits. She recently completed the Certified Apartment Manager course through NAA. She expects to have successfully completed the exam by January 31st, 2021, earning the CAM designation.
Karen Darrah serves as Vice President of Compliance and Leasing, bringing over 25 years of experience in Multi-Family Property Management with a strong emphasis on Affordable Housing Communities. She ensures full regulatory compliance with USDA, HUD, IRS Section 42, and State Housing Finance Authorities, and has overseen a wide range of federal and local housing programs including LIHTC/Bond, Section 8, HOME, CDBG, HOPE VI, Rural Development, and the National Housing Trust Fund.
Karen has played a pivotal role in shaping internal compliance frameworks, leading the development and implementation of company-wide policies that align with federal, state, and local regulations. Her dedication to operational excellence is reflected in her hands-on approach to training and mentoring property management teams, fostering a culture of accountability and continuous improvement.
In addition to her compliance leadership, Karen has championed technology-driven solutions to streamline regulatory reporting and enhance data accuracy. Her strategic vision and commitment to innovation have strengthened organizational performance and supported the creation of well-managed, thriving communities. She holds several professional designations, including HCCP®, AHM®, and CAPS®, underscoring her deep expertise in affordable housing compliance.
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As Director of Maintenance for TM Associates, Dennis Stevenson oversees the contracting and bidding process, REACs, and construction projects for the Southern East properties. While assisting the Community Manager and Regional Manager with budgeting, day to day operations and capital needs, Dennis also leads the TM Regional Maintenance Managers division. Additionally, he is a participant in the COACH Program, the Operations and Support Committee, and The Transition Team.
Dennis’s certifications and licenses background consist of crane operating from the Department of the Navy, Gasfitter (MD, DC, and WSSC), 604 CFC, CAMT (Certified Apartment Maintenance Technician, HUD REAC for Indian Housing, Multi Family and Public Housing, Mold inspector in DC and is a LEED Green Associate.
Dennis has 21 years of experience in residential and commercial HVAC, property management for conventional, Tax Credit, Section 8, Senior living, and Rural Development. In addition, Dennis Stevenson is a Veteran of the U.S Navy as a Boatswain mate.
As the Assistant Director of Maintenance Operations for TM Associates, Joe brings over 30 years of extensive experience in home construction and maintenance. He began his career with TM in September of 2003 as an on-site maintenance supervisor, a role in which he excelled for over 18 years while developing deep expertise in building and facilities maintenance.
In 2021, Joe advanced into the role of Regional Maintenance Manager, overseeing multiple properties and ensuring efficient operations. He also serves as the 504 Coordinator, demonstrating his commitment to compliance and ensuring accessibility for all of our residents.
Joe holds a Universal EPA Refrigeration Certification and is a CAMT-designated maintenance technician, reflecting his dedication to professional development and expertise in the industry. His technical skills include single-family home construction, roofing, deck building, drywall installation, trim carpentry, heat pump installation and repair, electrical repairs, lock keying, plumbing, and painting, and other essential maintenance disciplines that support high-quality operations across TM Associates' communities.
