Non-Profit/Municipal Loan Origination
Overview
Cohen & Company Securities offers low-cost financing to small and medium-sized non-profit organizations and other eligible borrowers for the purposes of land acquisition and building construction, equipment acquisition, renovation of existing facilities, refinancing of prior debt, reimbursement of prior capital expenditures and all other permitted uses for tax-exempt borrowings. Once issued, these tax-exempt bonds may be placed into a fund that we manage or sold to other qualified purchasers. Our first fund, Non-Profit Preferred Funding Trust I, closed in November, 2006 and was ultimately ramped to a final size of over $400 million.
We directly originate transactions in the primary market through our experienced team of originators and underwriters who specialize in uncovering value in transactions that can sometimes be overlooked by others. By taking a deal from start to finish, we gain a unique, in-depth understanding of a credit and its niche within the marketplace.
Investment Criteria
Cohen & Company Securities invests in 501(c)(3) organizations that are eligible to borrow tax-exempt debt, including but not limited to: healthcare organizations, schools and educational institutions, cultural institutions, museums, performing arts organizations, membership and service organizations, foundations, public interest and advocacy organizations, social and human service providers, non-profit housing developers, and scientific and research organizations. We can offer fixed rate, tax-exempt debt on a senior, junior, or subordinate basis at competitive, market rates with flexible amortization and prepayment terms.
Our typical investment may exhibit the following criteria:
- Strong, sustainable market position or an essential service provider
- Pro-forma debt service coverage of 1.25 times or greater
- A first lien position on the borrower’s primary facilities, as well as all other property financed
- A first position pledge of the gross revenues of the borrower
- A debt service reserve fund equal to maximum annual debt service (or equivalent security)
Recent Transactions
Origination Team
Christopher Conley, Managing Director
Eileen Mullin, Director
Matthew Fardy, Director
Christopher G. Morse, Vice President
Lance A. Roth, Vice President
Daniel J. DiBono, Associate
Christopher Conley
Mr. Conley is a managing director at Cohen & Company Securities, LLC and co-head of the Municipal Finance Platform for Cohen & Company. Mr. Conley joined Cohen & Company in January, 2007. Previously, from 1997 to 2007, Mr. Conley was president of Nonprofit Capital, LLC which he founded to meet the capital needs of acute care, rural healthcare, behavioral healthcare and long-term care facilities through a national funding program. Prior to establishing Nonprofit Capital, LLC, Mr. Conley was a senior vice president at Tucker Anthony & Company from 1995 to 1997, where he led the municipal bond securitization effort. Prior to Tucker Anthony, Mr. Conley was senior vice president in charge of the Healthcare Group at Lehman Brothers in New York from 1983 to 1995 where he completed $1 billion of financing for healthcare facilities of all types, including multi-hospital systems, community based hospitals, academic medical centers, behavioral healthcare providers and long-term care facilities. Previously, Mr. Conley was employed in the Healthcare Group in Booz, Allen & Hamilton’s New York office from 1980 to 1993. Apart from his business activities, Mr. Conley has served as chairman of the board of Our Lady of Mercy Medical Center in the Bronx, New York, and has served on the finance committee of Catholic Health Initiatives (CHI), a multi-state $6 billion revenue health system. Mr. Conley is a graduate of the University of Notre Dame, where he obtained a B.A. in anthropology in 1977, and was awarded a Masters of Health Administration from Duke University in 1980
Ellen Mullin
Ms. Mullin joined Cohen & Company as a director January 2007 and heads the group that performs in-depth credit analysis of all potential borrowers in the company’s municipal finance sector. Previously, Ms. Mullin worked as a health care rating analyst at Moody’s Investors Service for several years, where she had responsibility for Moody’s new and ongoing health care ratings in thirteen states. Ms. Mullin also published state-by-state reports that outlined the major issues and challenges faced by health care providers within each state as well as updated individual reports for each of Moody’s outstanding ratings. Previously, Ms. Mullin worked as an investment banker in the health care finance group for both Kidder, Peabody & Co. and Bear, Stearns and Co. Ms. Mullin received her undergraduate degree from Smith College and a Master’s in Business Administration from Boston University.
Matthew Fardy
Mr. Fardy is a director at Cohen & Company having joined the firm in June, 2007. Most recently he served as a Senior Portfolio Manager at Kore Capital, managing and trading all municipal cash and derivative portfolios. Prior to Kore, Mr. Fardy was the Head of Public Financial Engineering at Dexia Credit Local where again he managed and traded all municipal cash and derivative products in the U.S. and Canada. In this capacity he was responsible for creating and daily managing a $2B Tender Option Bond book and $7.5B Taxable Municipal Bond book. Mr. Fardy began his career at Goldman, Sachs & Co. Mr. Fardy is a graduate of Boston University having earned a BSBA, and Carnegie Mellon having earned an MBA.
Christopher G. Morse
Lance A. Roth
Daniel J. DiBono
Mr. DiBono joined Cohen & Company in January 2007 and is responsible for closing all directly originated tax-exempt bond transactions. In addition, Mr. DiBono is responsible for surveillance of existing credits as well as other areas of operations and structuring and Mr. DiBono provides support to the origination and underwriting groups. Mr. DiBono’s experience includes turnaround management, financial forecasting, and business plan development in the corporate sector and business development in the financial services sector. In 2002, Mr. DiBono received a Bachelor of Science in Business Administration from SUNY Albany, concentrating in Finance and Marketing.
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