Using rigorous creativity, we thrive within the most competitive multifamily real estate markets in the United States. Our team brings it to every project, every day. The big ideas. The elegant details. It all works together, driven by an entrepreneurial mindset and strategic process.
Get to know the experts who locate opportunities and unlock value by bringing their visions to life.
Partner, Head of Capital Finance
VP, Capital Finance
VP, Capital Finance
Aaron Stevens joined Carmel in 2016 and is a Partner and the Head of Capital Finance. He leads the Capital Finance Team and oversees all the debt originations, debt management, derivatives and lender relationships. Mr. Stevens is a real estate capital markets professional with over 20 years of experience.
Prior to Carmel, Mr. Stevens headed the Capital Markets Team at Starwood Waypoint Residential Trust, where he was responsible for all equity and debt capital market activities for the firm, including mortgage-backed securities, syndicated debt, credit facilities, convertible securities and interest rate derivatives. Prior to Starwood Waypoint Residential Trust, he spent 11 years with Related Capital Company, a New York-based real estate investment firm, where he held positions in real estate development, acquisitions and fund management.
Mr. Stevens received a Bachelor of Science degree with honors and distinction from Iowa State University and a Master of Business Administration with honors from Columbia Business School.
Tracy Nguyen joined Carmel Partners in 2016 and is currently Vice President, Capital Finance, responsible for securing debt for new investments and refinancing existing assets.
Prior to Carmel, Ms. Nguyen was a key member of the Acquisitions and Investments team at Veritas, responsible for identifying and underwriting acquisitions of multifamily, mixed-use rent-controlled properties in San Francisco and led the re-design of their acquisition model. Before joining Veritas, she spent over three years at Starwood Waypoint Residential Trust, first in the Finance and Asset Management Group, where she managed a portfolio of real estate equity and debt assets with a total of ~$4B market value and then in the Capital Market Group where she managed their inaugural single rental securitization, contributed to the closing of their first convertible bond offering, researched and prepared financial models for all capital market activities, and managed relationships with lenders and vendors.
Ms. Nguyen has a Bachelor of Science in economics from the University of California, Berkeley. She is a CFA Charterholder and an active member of the CFA Society of San Francisco.
Liam Mader joined the Capital Finance Team at Carmel Partners in 2018 and oversees the debt origination process for development projects and acquisitions across all Carmel markets.
Prior to joining Carmel, Mr. Mader was at Swift Real Estate Partners and built out the company’s debt capital markets and portfolio management functions. Before Swift, he gained additional capital markets experience at Starwood Waypoint Residential Trust through his management of syndicated debt facilities and mortgage-backed securities.
Mr. Mader earned a Bachelor of Arts in economics and Spanish from the University of Wisconsin, Madison. He is a CFA charterholder and an active member of the CFA Society San Francisco.