• Audrey A. McGuire, Managing Member
• Margaret Neilon, Managing Director
• Russell Strom, Advisor
• Catherine Jones, Associate
• Jay McGuire, Managing Director

• Kristen Stierwalt-Huff, Managing Director
• Sal Espinosa, Director
• Michael McGuire, Senior Associate
• Marcie Langford, Associate
• Robert James, Advisor

Ms. McGuire is the Managing Member and founding partner of Emax Financial & Real Estate Advisory Services, LLC, established in 1989. She is also a partner of Emax Fund, LP, which invests in real estate and unrated tax-exempt bonds. During her 30+ years of real estate consulting and investment banking experience, Ms. McGuire has managed the development of innovative financing strategies for over $12 billion of real estate and related assets.

She served as Engagement Manager for the U.S. Department of Housing and Urban Development (HUD) Asset Sales Program and for the U.S. Department of Veterans Affairs Enhanced-Use Leasing Program. Additionally, Ms. McGuire served as Project Manager for the design of the 601 Program for HUD and as Project Manager for a task order under the Department of Education ("ED"), leading a team to design various asset management and disposition programs for ED's complex defaulted student loan portfolio. Ms. McGuire served as the Financial Advisor for trustees and bondholders on a $232 million portfolio of defaulting Mutual Benefit tax-exempt bonds. She also served as loan sale advisor to the Resolution Trust Company for a $250 million portfolio, and as investment banker to the Industrial Indemnity Company for a $120 million portfolio. As well, Ms. McGuire managed and extensively advised the Military Housing Privatization Initiative Program for the U.S. Air Force Center for Engineering and the Environment (AFCEE) and directed her team from RFP development to the transaction closure of numerous Air Force Base bond financed transactions.

Ms. McGuire received a BSFS in International Economics from the School of Foreign Service at Georgetown University. Ms. McGuire was previously a General Securities Principal (Series 24), and Municipal Securities Principal (Series 53) at a broker/dealer firm.
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Ms. Stierwalt-Huff is a Managing Director in Emax Financial & Real Estate Advisory Services, LLC's District of Columbia office. Ms. Stierwalt-Huff specializes in public/private real estate advisory services to government and quasi-government entities. Her primary areas of concentration are asset sales, securitization, privatization of government assets and public/private partnerships.

Ms. Stierwalt-Huff has more than 14 years of financial advisory and real estate experience. She has extensive experience in the real estate finance industry which includes real estate underwriting, loan servicing, program and policy analysis, mortgage-backed securities, due diligence, and feasibility studies. She has expertise in the areas of bonds, loan sales, and capital markets. She also has extensive expertise in evaluating and analyzing processes as well as making recommendations to improve and restore efficiency for lending, servicing and asset sale programs. Her strong project management skills have enabled her to successfully manage financial and real estate advisory engagements from opportunity identification through to completion.

Ms. Stierwalt-Huff’s advisory experience has included the Department of Housing and Urban Development (HUD) in support of mortgage loan sales and REO disposition; Ginnie Mae in support of securitization and new product development; the Department of Defense and the Department of the Air Force in support of military housing privatization; and the Department of Veteran Affairs in support of Enhanced Use Leasing.

Prior to joining Emax Financial & Real Estate Advisory Services, LLC, she spent six years in Ernst & Young LLP’s Real Estate Advisory Services (REAS) practice specializing in government real estate transactions and securitization. Her affordable housing experience includes nearly six years at The Enterprise Foundation, where she served as a Program Director with the Finance Group at The Enterprise Foundation and an Assistant Research Director with the Research, Evaluation, and Documentation Department.

Ms. Stierwalt-Huff has received a Masters of Public Policy from Harvard University, a Bachelor of Arts in Economics with honors from Howard University, is certified by the National Development Council as a Housing Finance Professional and is pursuing CCIM designation.
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Based outside of Philadelphia, PA Ms. Neilon leads Emax’s account activities for the Department of the Treasury, focusing on the Home Affordable Modification Program, a component of Treasury’s Troubled Assets Relief Program (TARP).

A Certified Internal Auditor, she led and delivered internal audit, risk management and compliance services for Ernst & Young, LLP for 9 years. She provided strategic guidance to internal audit clients related to methodology, people, and processes. As a project management leader, she was responsible for delivering Sarbanes Oxley 404 services, including development and presentation of training to multiple clients in various industries. She is experienced in managing and directing process improvement and reengineering projects resulting in cost savings and workflow improvements.

Ms. Neilon’s vast experience in accounting, internal controls and risk assessment, project management, and hands-on fieldwork spans more than 20 years.

Ms. Neilon graduated from Bloomsburg University where she received her B.S. in Business Administration and Accounting.

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.
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Mr. Strom serves as an Advisor to Emax. Mr. Strom has been associated with Emax Financial & Real Estate Advisory Services, LLC for approximately six years. Currently, Mr. Strom assists in engagements with the Department of Housing and Urban Development and the Air Force Center for Engineering and the Environment.

He provides services in analysis of data, development of valuation methodologies, assistance in the design of potential loan sale programs, concept and request for proposal development, negotiation with developers and deal closure. With Emax, Mr. Strom acted as a Project Manager for the Air Force Center for AFCEE’s Military Housing Privatization Initiative (MHPI) for the Hickam Air Force Base Phase II Project, assisting AFCEE from RFP development through transaction closure. He is currently working as Project Manager for another of AFCEE’s MHPI projects. Mr. Strom was also involved with Emax’s work at the Department of Veterans Affairs (VA), assisting VA in the development of a methodology for valuing enhanced-use leases (EULs), valuation of EULs, negotiation with EUL developers, and the development of a post-closure transaction requirement monitoring system.

Mr. Strom has experience in working for the Department of Education, and working on five separate task orders under Emax’s Financial Advisory contract with Federal Student Aid (FSA) Financial Partners Services (FP). Through these task orders, Mr. Strom assisted FP in the valuation of Federal assets held by state guaranty agencies, reviewed offers and assisted in negotiations for repayment of those assets, developed a report to Congress regarding the overall health of the guaranty agency system, developed a methodology and models for reviewing fiscal solvency of all guaranty agencies and developed and negotiated management plans for several guaranty agencies that did not meet certain financial and operating requirements.

Prior to joining Emax, Mr. Strom was employed as an Associate at Gabel Associates, Inc., an environmental and public utility consulting firm. Mr. Strom received a B.A. in Economics from Columbia University.
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Mr. McGuire provides analytical, quantitative, and financial modeling services for Emax clients. He currently serves as Project Manager on a contract with the Department of Veterans Affairs. His work on this includes 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 contracts third parties to perform environmental assessments and appraisals which he then evaluates.

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 a transaction which will result in the privatization of three more bases. He evaluates pro formas, cash flows, and underlying assumptions to determine the feasibility of privatization alternatives. He also analyzes credit scoring implications in order to secure approval from high-ranking government personnel.

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

Additionally, Ms. Jones works on a military housing privatization initiative (MHPI) project for the United States Air Force. Emax provides privatization real estate support services to the Air Force, advising them on the financial feasibility of privatizing housing on air force bases across the United States.

Prior to joining the firm, Ms. Jones was an Account Manager at JPMorgan Chase Hedge Fund Services. Ms. Jones graduated from the University at Albany, State University of New York where she received her BA and is currently working on her MBA at Baruch College.
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Ms. Langford is responsible for providing analytical, quantitative, and financial modeling services to governmental clients as well as handling the administrative aspects of the firm’s operations. She manages information and reports in connection with firm receivables and payables and maintains communications with clients and vendors. She oversees the organization of firm financial information for tax, accounting, and audit purposes.

Ms. Langford also handles the marketing aspects of the company. Prior to joining the Emax team, she worked in the field of online and direct mail marketing, assisting in campaigns for non-profit organizations. Ms. Langford graduated from Allegheny College where she received her B.A..
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Mr. McGuire is a Managing Director of Emax. Mr. McGuire brings over 30 years experience in senior executive management, operations management and consulting work. Mr. McGuire’s responsibilities include marketing and new business coordination. He oversees operational issues such as contracts, compliance issues, strategic planning, proposals organization, quality initiatives, risk management, and human resources.

Mr. McGuire conducted the insurance and risk management evaluations for the Hickam AFB Phase II and Lackland AFB Phase II projects.

Mr. McGuire graduated from St. John’s University in 1976 with a BS in Marketing. He was on the Board of Directors for the Navigators and NIC insurance companies and was former Chairman of the Association of Average Adjusters of the United States.
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Robert James is a member of Emax Partners, LLC. Mr. James is President and a founding partner of The Enterprise Companies. He has been involved with Enterprise for nearly 30 years. Mr. James has played an active role in the development and management of nine enclosed regional shopping malls, totaling over six million square feet.

Mr. James is involved in the ongoing management and expansion of these malls, located in Texas, Oklahoma, Kansas, Missouri and Illinois. Prior to his association with Enterprise, Mr. James was a Vice President of Mobil Oil Corporation responsible for the North American supply, distribution and traffic of crude oil. Among his responsibilities at Mobil, Mr. James supervised expenditures in excess of $1 billion per year. Early in his career, Mr. James was an Assistant Professor at the Massachusetts Institute of Technology.

Throughout his career, Mr. James has served on the board of various companies, including his 15 year tenure on the Board of Directors of Environment One, a publicly traded manufacturer of low pressure sewage pumps and fire detection devices. Mr. James received a Ph.D. in Economics from Harvard Graduate School of Arts & Sciences, an MBA from Harvard Business School and a BS in Economics from Northwestern University. Mr. James is a retired Rear Admiral of the US Naval Reserve.
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