PEOPLE

Audrey McGuire, Managing Member

Ms. McGuire is the Managing Member and founding partner of Emax Financial and Real Estate Advisory Services, LLC, a management consulting firm which specializes in providing public/private real estate advisory services to government and private sector entities.   She is also a partner with the Emax Fund, LP, a real estate fund which invests in real estate and unrated real estate backed securities.  Ms. McGuire began her career as an investment banker in 1978, and has been continuously providing real estate consulting and investment banking services since then, resulting in the execution of over $30 billion of real estate, energy and other asset backed transactions.

With over 30 years of experience, Ms McGuire has advised numerous federal and local government agencies, including the Department of the Air Force (AF),  Office of the Secretary of Defense (OSD), Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA),  Department of Agriculture (USDA), Department of Education (ED), and others, on real estate and capital market transactions.  Her expertise includes feasibility analyses, asset valuations, capital market financing, evaluation of program risk, the design and implementation of public/private partnerships, federal housing programs and projects, real estate financing structures and alternatives, and accounting and reporting processes.

Ms. McGuire’s current assignments include: acting as the Engagement Manager for both the Air Force Real Estate Support Service contract and for the post closing oversight of the VA EUL portfolio;  acting as a Senior Advisor to the Department of Housing and Urban Development Asset Sales Program and the Government National Mortgage Association REMIC programs.  Additionally, she is Program Managing for the Air Force 2 Military Housing Privatization Initiatives for the Western Group and ACC III MHPI projects.

Ms. McGuire received a BSFS in International Economics from the School of Foreign Service at Georgetown University. Ms. McGuire is a certified Project Management Professional, and was previously a General Securities Principal (Series 24), and Municipal Securities Principal (Series 53) at a broker/dealer firm.

Kristen Stierwalt-Huff, Managing Director

As a Managing Director at Emax,  Ms. Stierwalt-Huff provides financial, transaction, and real estate advisory services to public and quasi-public entities with a special focus on asset sales, securitization, privatization of government assets and public-private partnerships.    With more than 17 years of financial advisory and real estate experience she helps her clients develop solutions to address a broad range of challenges.  Her engagements focus on innovative financing, transaction execution, program and policy development, implementation and enhancement, process improvement, and oversight and compliance for enhanced use lease, privatized military housing, and federally guaranteed mortgage loan and securities programs.  At Emax, she has served as Project Director and Project Manager for various engagements with our clients.  Prior to joining Emax, she was with Ernst & Young LLP’s Real Estate Advisory Services (REAS) practice for six years specializing in government real estate transactions and securitization where she worked on implementation and oversight of the Military Housing Privatization Initiative with the Department of Defense and with Ginnie Mae.  Her affordable housing experience includes nearly six years at The Enterprise Foundation (renamed Enterprise Community Partners), where she served as a Program Director with the Finance Group at The Enterprise Foundation and underwrote and serviced loans to rental and homeownership projects, and as an Assistant Research Director with the Research, Evaluation, and Documentation Department.

Ms Stierwalt-Huff received her Bachelor of Arts in Economics with honors from Howard University, and Masters of Public Policy from Harvard University.  Certified by the National Development Council as a Housing Finance Professional and is pursuing CCIM designation.

Sal Espinosa, Director

Mr. Espinosa is responsible for providing analytical, quantitative, and financial modeling services to governmental clients. Currently he provides analytical support for the Asset Sales Office at the Department of Housing and Urban Development, the Air Force Center for Engineering and the Environment, and the Government National Mortgage Association’s Capital Markets division.

He has participated in the analysis of credit subsidy in single family and multifamily loan sales as well as military housing privatization. He works with the Asset Sales Office at HUD to develop and implement programs to assist homeowners with moderate to low income and to provide alternatives to foreclosure for defaulted borrowers. At Ginnie Mae, he has helped to structure securities with the goal of gaining wide market acceptance in order to provide high levels of liquidity and ultimately benefit borrowers. He was involved in structuring the first government-guaranteed Home Equity Conversion Mortgage Backed Security (HMBS), and has been involved in the oversight of Ginnie Mae’s multiclass security program.

In his work with the Air Force, Mr. Espinosa has helped to solicit and evaluate bids on housing privatization projects and subsequently to bring these transactions to closure by assisting the Air Force in their negotiations with selected developers.

Prior to joining the firm, Mr. Espinosa was an educator in New York City. He received a BA from Harvard University and graduated with honors.

Michael McGuire, Director

Mr. McGuire provides analytical, quantitative, and financial modeling services for Emax clients. He currently serves as Project Manager for the Air Force Center for Engineering and the Environment’s (AFCEE) Military Housing Privatization Initiative (MHPI), assisting AFCEE from RFP development through transaction closure.

Mr. McGuire plays a key role in projects with the Air Force. He supported the project team in the privatization of Lackland Air Force Base and currently works on transactions which will result in the privatization of six more Bases. He is experienced in creating economic models and feasibility analysis, developing RFQs and RFPs, evaluating developer responses, and structuring the financing and the transaction closing. He also analyzes credit scoring implications in order to secure approval from high-ranking government personnel.

In the past, Mr. McGuire has served as a Project Manager on a contract with the Department of Veterans Affairs where his work consisted of analyzing and developing reports for the administrative oversight, monitoring and compliance of enhanced-use lease transactions and providing quality control and amending Access-based tools.  Additionally, Mr. McGuire assisted the DVA in contracting and evaluating third party environmental assessments and appraisals. Mr. McGuire has also worked on contracts with the U.S. Department of Housing and Urban Development, Ginnie Mae, and the Office of the Secretary of Defense.

Before joining Emax, Mr. McGuire received an MBA in Marketing at St. John’s University where he worked as a graduate assistant handling various cash flow projects. He received his BA in psychology from Georgetown University.

Allison Scott, Associate

Ms. Scott is responsible for providing analytical, quantitative, and financial modeling services to governmental clients.  Currently, Ms. Scott works with the Office of Asset Enterprise Management (OAEM) at the VA developing processes and tools for the oversight and monitoring of VA’s Enhanced-Use Lease program.  Additionally, she works with the U.S. Air Force on MHPI projects, advising them on the financial feasibility of privatizing housing on bases across the United States.  Ms. Scott has assisted the ASO at HUD in the facilitation of multifamily, health care, and single family loan sales, and has also worked with the Office of Capital Markets at Ginnie Mae in support of securitization and investor outreach.

Ms. Scott graduated from Princeton University, where she received a B.A. in Politics with a primary concentration in International Relations.

Anuj Rastogi, Analyst

Mr. Rastogi is responsible for providing analytical, quantitative, and financial modeling services to governmental clients.  Currently, he is working with the Asset Sale Office (ASO) at U.S. Department of Housing and Urban Development.  He assists the ASO in the facilitation of loan sales, provides due diligence, and prepares research reports about various aspects of the economy and its impact on the housing market.

Mr. Rastogi graduated from the College of Agriculture and Life Sciences at Cornell University where he received his BA.