Our Leadership

Reputation is something that is developed over time, but can vanish in an instant.

This simple notion dictates how we operate our business.  It guides us in every decision we make, from whom we work with, to what type of deals we get involved in, to the type of risks we should take.  We strive to do what is right, fair, and appropriate for our clients, our employees, and everyone else we come into contact with.  

It's important to us to work with people who share this same philosophy.  We realize that by partnering with us your name is our name, and our name is your name.  We strongly believe that HHC Finance combines a stellar reputation with top-notch industry experience.


Erik Lindenauer - Executive Chairman

Housing & Healthcare Finance, LLC
5515 Security Lane, Suite 735
North Bethesda, MD  20852
(O)  301-969-3311
(E)  elindenauer@hhcfinance.com

Mr. Lindenauer has worked in the mortgage banking/investment banking industry for the past 18 years specializing in healthcare lending, multi-family housing, and FHA- and FNMA-insured loans.  Throughout his career, he has originated and/or underwritten in excess of $2 billion in mortgage loans with a focus on acute care hospitals, assisted living facilities, senior housing, and skilled nursing facilities.

Previously, Mr. Lindenauer was a Managing Director at CapitalSource and worked for a NY based investment banking/mortgage banking firm specializing in conventional and government-assisted loans.  Mr. Lindenauer has provided outside consulting services for newly established FHA mortgage companies, written articles for various magazines, and been a guest speaker at numerous healthcare conferences.

Mr. Lindenauer is a graduate of Hampshire College in Amherst, MA.


Richard Lerner - Executive Vice Chairman

Housing & Healthcare Finance, LLC
64 North Summit Street, Suite 213
Tenafly, NJ  07670
(O)  201-204-4259
(E)  rlerner@hhcfinance.com

Mr. Lerner was a Managing Director at Credit Suisse, where he was responsible for all of the Company’s healthcare and affordable multifamily housing loans.  During his tenure, Credit Suisse originated over $6 billion in mortgage loans for healthcare related real estate.  Mr. Lerner pioneered the business of making bridge loans to healthcare properties to the Department of Housing and Urban Development (HUD).  This was highlighted by a $480 million bridge loan to Life Care Centers of America in 2000.  Mr. Lerner was instrumental in creating HUD’s large loan program as the take out for the same deal. 

Mr. Lerner also structured the first Prop Co/Op Co structure for a skilled healthcare company as a means of going private and reducing PL/GL costs.  That structure was used in the privatization of 4 of the country’s 5 largest skilled nursing chains.  Mr. Lerner also served on the team that advised the board of directors of HCA on their privatization transaction. 

While at Credit Suisse Mr. Lerner oversaw the firm's acquisition of Standard Mortgage and Guilford Properties to create Column Guaranteed, an FHA approved originator of debt and tax credits for affordable housing properties.  He also oversaw the bank’s Historic and Renewable Energy Tax Credit programs.

Prior to joining Credit Suisse, Mr. Lerner was a Managing Director at Donaldson, Lufkin and Jenrette where he ran the firm’s CMBS trading desk until the firm was purchased by Credit Suisse.  He also spent 3 years running the CMBS Trading desk at Daiwa Securities America and spent 10 years before that in the mortgage trading business for Credit Suisse First Boston.

Mr. Lerner is a member of the Executive Committee of the Board of Trustees of Englewood Hospital and Medical Center.   He is Chairman of the System Board and also serves as the Chairman of the Hospital's Professional Affairs Committee, and as a member of the Finance, Investment and Strategic Planning Committees.  Mr. Lerner helped management and the board secure two loans for over $180 million from HUD for construction and rehabilitation of the hospital.

Mr. Lerner holds an A.B. in both Economics and English from Dartmouth College.


Keith Reuben - Vice Chairman

Housing & Healthcare Finance, LLC
5515 Security Lane, Suite 735
North Bethesda, MD  20852
(O)  301-969-3313
(E)  kreuben@hhcfinance.com

Mr. Reuben has worked in the commercial finance industry for 20+ years.  Prior to joining Housing & Healthcare Finance (HHC Finance), Mr. Reuben was the President of Specialty Finance Partners LLC (SFP), a healthcare and commercial finance advisory firm, which advises middle market companies on complex debt and equity restructurings.

From June 2011 through February of 2015, Mr. Reuben was the Executive Vice President of the Commercial and Specialty Finance Business at Capital One Bank and President of the following national business lines: Healthcare, Security/Homeland Defense, Technology and Capital One Business Credit.

From May 2001 through December 2009, Mr. Reuben was a member of the senior management team at CapitalSource Inc. (NYSE: CSE), most recently as the President of CSE’s Commercial Finance Business.  Prior to CapitalSource, Mr. Reuben was an executive at Heller Healthcare Finance and its predecessor company, Healthcare Financial Partners.  Prior to joining Healthcare Financial Partners, Reuben practiced corporate and securities law for Hogan & Hartson in Washington, D.C. and for King & Spalding in Atlanta.

Mr. Reuben holds a B.A. in Economics from Yale University (1988) and a J.D. from the University of Pennsylvania Law School (1993).


Susana Araoz - Chief Risk Officer

Housing & Healthcare Finance, LLC
5515 Security Lane, Suite 735
North Bethesda, MD  20852
(O)  301-969-3301
(E)  saraoz@hhcfinance.com

Ms. Araoz has more than 30 years of experience originating, processing, underwriting, and closing FHA-insured mortgage loans for healthcare facilities and multifamily properties.  She is currently the Chief Risk Officer at Housing & Healthcare Finance (HHC Finance) where she is responsible for assessing risk to the Company's portfolio, monitoring asset performance and implementing risk mitigation procedures across the lending platform.

Prior to becoming the Company's Chief Risk Officer, Ms. Araoz was HHC Finance's Chief Underwriter with responsibilities including:  transaction screening, loan underwriting, assisting with loan processing, new business development, building and maintaining HUD relationships, and providing resource assistance to HHC for HUD rules/regulations/ procedures/contacts.

Ms. Araoz has served on various task forces to develop underwriting and program guidelines for Section 232 Mortgage Insurance; created computerized underwriting programs for Sections: 232, 232(f) 223(f), 223(a)(7), and 241;  and pioneered the use of the “specialized facility” option within the Section 232 Mortgage Insurance Program to obtain mortgage insurance for alcohol and drug rehabilitation facilities, LTAC facilities and, psychiatric care facilities.

Ms. Araoz graduated with a Bachelor of Arts degree from Georgetown University.


Michael Gehl - Chief Investment Officer

Housing & Healthcare Finance, LLC
1979 Marcus Avenue, Suite 140
New Hyde Park, NY  11042
(O)  516-519-8988
(E)  mgehl@hhcfinance.com

Mr. Gehl joined Housing & Healthcare Finance (HHC Finance) in 2011 and currently serves as the Company's Chief Investment Officer.  Mr. Gehl is responsible for reviewing and structuring all loan applications that HHC Finance receives and is a member of the Company's loan committee.  He reviews all financial statements, HUD submissions, and appraisals.

Mr. Gehl was previously a Vice President at Credit Suisse in the Fixed Income department within the Investment Banking division.  He worked in the healthcare real estate lending group, where his responsibilities included underwriting property cash flows, loan profitability analysis, credit committee presentations, rating agency presentations, loan documentation review, prospectus review and preparing investor road shows.  Notable healthcare transactions he worked on include three of largest skilled nursing real estate transactions in history (Manor Care, Mariner Healthcare and Beverly Enterprises).

Mr. Gehl is a graduate of the University of Michigan.


Tony Perez - Director, Mortgage Operations

Housing & Healthcare Finance, LLC
64 North Summit Street, Suite 214
Tenafly, NJ  07670
(O)  201-683-2387
(E)   tperez@hhcfinance.com

Mr. Perez is the Director of Mortgage Operations at Housing & Healthcare Finance (HHC Finance) and is responsible for managing the Company's servicing portfolio.

Prior to joining HHC Finance, Mr. Perez was a Senior Vice President with Berkadia Commercial Mortgage LLC.  Mr. Perez managed Berkadia’s Agency (FHA, Fannie Mae, Freddie Mac, Ginnie Mae and Shared Services-Agency) servicing portfolio representing in excess of $42 billion in real estate assets.  Mr. Perez joined Berkadia in January 2001 (when it was known then as GMAC Commercial Mortgage) as a Vice President/Director of Agency Relations.

Before Berkadia, Mr. Perez was the Chief of National Asset Management for The WMF Group, Ltd. (“WMF”), a publicly held company traded on the Nasdaq exchange.  Mr. Perez directed the Servicing and Asset Management operations for WMF Washington Mortgage Corp. and WMF/Huntoon, Paige Associates Limited collectively administrating a commercial and multifamily servicing portfolio in excess of $13.1 billion.

Mr. Perez is active in various industry committees sponsored by the Mortgage Bankers Association.  In 2010 Mr. Perez was selected and served on the Freddie Mac’s Multifamily Asset Management Advisory Committee.

Mr. Perez has a B.S. in Accounting and Finance from Saint Peter’s College in Jersey City, NJ.


John Thompson - Senior Managing Director

Housing & Healthcare Finance, LLC
500 East Broadway, Suite 410
Vancouver, WA  98660
(O)  360-787-7445
(E)  jthompson@hhcfinance.com

Mr. Thompson has over 27 years of experience underwriting and closing FHA-insured loans for multifamily properties and healthcare facilities. 

Prior to joining Housing & Healthcare Finance (HHC Finance), Mr. Thompson worked with a number of FHA lenders, including Barings Multifamily Capital as its Chief Underwriter, Centennial Mortgage Inc. as a Deputy Chief Underwriter, Walker Dunlop/CW Capital as a Senior Underwriter, and Evanston Financial as a MAP and Lean Underwriter. 

Throughout his career, Mr. Thompson has underwritten and closed over $1 billion in FHA-insured mortgages consisting of 102 projects/11,882 units/beds.  He has underwritten all loan types in FHA’s multifamily (MAP) program including 221(d)(4) New Construction and Substantial Rehabilitation, Market Rate, Tax Credit, Green and Section 8, 223(f) Purchase and Refinance, Tax Credits, Section 8, 202/223(f), and 236 Decoupling. 

Under FHA’s healthcare (LEAN) program, he has underwritten 232 New Construction and Substantial Rehabilitation, 241 Supplemental, and 223(f) Refinance loans.  Mr. Thompson has also been a Construction Loan Administrator and issued GNMA certificates.

In addition to his extensive FHA experience, Mr. Thompson has closed FNMA, Life Insurance, and Conduit Loans, and was a developer of Senior Projects and Single Family Subdivisions.

Mr. Thompson received a B.S. in Business Administration from the University of Montana.


Tom Peters - Director of Business Development

Housing & Healthcare Finance, LLC
500 East Broadway, Suite 410
Vancouver, WA  98660
(O)  360-609-1166
(E)  tpeters@hhcfinance.com

Mr. Peters has 40+ years of experience in the mortgage banking business.  He has been a driving force in developing HUD's MAP and LEAN underwriting programs.

At Housing & Healthcare Finance (HHC Finance), Mr. Peters is responsible for managing the Company’s HUD originations and assisting with technical areas of underwriting.

Prior to joining the HHC Finance, Mr. Peters was part of the Group that formed ACRE Capital which was later sold to Barings Real Estate Advisers.  Prior to ACRE, Mr. Peters was responsible for managing CW Capital’s (and successors) Western Region with a focus on HUD, Fannie Mae, and Freddie Mac originations and underwriting.

Mr. Peters has originated over $34 billion of loans during his career, including $24 billion of HUD-insured multifamily and healthcare loans.