NEWPORT BEACH, CA—The Richman Group of California Development Company has appointed Rick Westberg executive vice president to spearhead the company's expansion of affordable and mixed-income housing, according to Luke Daniels, company president. Westberg was previously vice president of Related California, an affiliate of the Related Companies, L.P., a leader in affordable housing and government-sponsored programs.

Westberg will head up Richman Group's new Newport Beach office, located at 420 31st Street, Suite B-1.

Since joining Related in 2003, Westberg has managed all aspects of market rate, affordable and 80/20 mixed-income residential development, including acquisitions, entitlements and finance. During his 12-year tenure, he completed 412 residential units, valued at $128 million, and secured entitlements for an additional 1,293 residential units, valued at $629 million. He has extensive experience in developments that are financed from a combination of public and private sources, including the leverage of low-income housing tax credits, tax-exempt bond financing, and redevelopment tax increment with conventional debt and equity.

Earlier in his career, Westberg served as development coordinator for Intracorp San Diego, a multifamily real estate development company, specializing in urban infill. He holds a bachelor's degree from the University of Southern California in business administration with emphasis in finance and a minor in urban planning and real estate development.

“Rick brings a breath of knowledge about affordable housing financing and development that dovetails with Richman's stature as the nation's preeminent sponsor of affordable housing tax credit funds,” said Daniels, who noted that the Richman Group of California's first project was a 95-unit affordable seniors community in downtown Fullerton. “He is specifically charged with expanding our presence in the affordable housing field throughout California.”

The Richman Group and its affiliates have structured and sponsored real estate investment funds that have surpassed 1,300 properties acquired. Activities to date have placed the organization among the ten largest residential property owners in the country. Through public and private offerings, the firm has raised billions of equity dollars that have been invested in real estate transactions.

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Rick Westberg Joins Richman Group to Lead New Office

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