George Currall was named chief financial officer of Cleveland-based NRP Group (NRP). CLICK IMAGES TO ENLARGE THEM.
Currall replaces retiring Tanner who will remain as advisor
Cleveland-based NRP Group, one of the nation’s top-10 largest developers and managers of multifamily housing, has a new executive to guide the company’s strong finances through some challenging market headwinds. The change in leadership comes as a result of the retirement of the company’s longtime top financial manager.
Effective immediately, George Currall, the company’s former chief investment officer, was named as chief financial officer (CFO). The announcement follows the retirement of Andy Tanner, a 23-year veteran of NRP Group, a privately held, private equity-backed firm.
“George has played a pivotal role in transforming NRP into a national industry leader through his disciplined approach to multifamily investments, and I am excited to begin this next era of growth under his leadership,” said J. David Heller, president, chief executive officer and co-founder of NRP, in a written statement.
The NRP Group was founded in 1994 and has grown into a vertically integrated developer, owner, builder, and manager of quality multifamily rental housing for individuals and families, regardless of income. Since its founding, NRP has developed more than 50,000 apartment homes, and currently manages over 25,000 residential units.
“During his tenure, Andy made invaluable contributions and impact to our company’s financial growth and long-term stability,” Heller added. “I’m grateful for his leadership and steadfast commitment to our mission through the years.”
NRP Group has been headquartered in the Halle Building in Downtown Cleveland since 2017 when it relocated from suburban Garfield Heights (Google).
Tanner joined NRP in 2000 and played a significant role in developing best-in-class systems, processes and tools that enabled NRP to deliver top-tier investment returns and outstanding long-term performance, a company spokeswoman said. The company develops and manages both urban-infill and suburban locations, including market-rate, affordable, mixed-income, and senior housing.
During his more than two decades as CFO, NRP developed over 50,000 units valued at $8.8 billion in development cost with market rate dispositions representing nearly $3 billion. Though stepping away from his CFO duties, Tanner will remain an active member of NRP’s Advisory Board.
The company spokeswoman said Currall joined NRP in 2008 and brings a wealth of financial expertise and leadership experience to his new CFO role where he will lead Capital Markets, Asset Management, Tax and Accounting teams for NRP. He became a principal in 2016 and is a member of the Executive Committee and the Governing Board of NRP.
NEOtrans sought Currall’s views on current market conditions affecting the multifamily market, including interest rates and capital liquidity, and how they affect NRP’s plans over the coming year. Multiple projects nationwide and in Greater Cleveland have been halted, delayed or redesigned as a result of financial market headwinds.
“We appreciate your interest in exploring George’s views on interest rates and capital liquidity,” the spokeswoman said. “At this time, George is not available to answer these questions in-depth, but we’d be happy to explore a larger conversation about this sometime in the future.”
NRP Group’s 315-unit The Peninsula is under construction on Scranton Peninsula in Cleveland’s Flats, just south of downtown’s growing skyline. The Peninsula apartments are due to open later this year (KJP).
As the former chief investment officer, he managed both the Capital Markets and Asset Management divisions, leading his team to more than 300 transaction closings representing over $10 billion in total capitalization.
“I’ve had the privilege of working closely with Andy for the past 15 years as we delivered on our growth and expansion plans,” said Currall in the written statement. “I look forward to continuing his legacy and working with the incredible teams at NRP to deliver on our commitments to our partners, stakeholders, and broader communities.”
Prior to joining The NRP Group, Currall spent 11 years in multifamily mortgage banking with MMA Financial, Lend Lease Mortgage Capital, Red Mortgage Capital and Banc One Capital Corp. Currall earned his bachelor’s degree in Economics from Washington & Lee University and his MBA from The George Washington University.
“Since our partnership began in 2016, George has served as a trusted colleague with a strong track record of creating value and delivering growth in challenging economic times,” said Brad Carroll, managing partner of New York City-based TriPost Capital Partners and a member of NRP’s management team. “We’re excited to see him chart NRP’s future financial endeavors toward sustained success.”
A year ago, NRP Group sold The Edison, a 308-unit apartment complex it developed in 2017 in Cleveland’s Gordon Square. The property was sold presumably to raise capital for other projects in Cleveland and nationwide (Google).
NRP Group typically builds mid-to large-scale multifamily developments in markets with strong potential. It currently is building a 315-unit apartment complex on Scranton Peninsula in the Flats, just south of downtown’s Public Square. A year ago, NRP sold The Edison, a 308-unit lakefront apartment complex in Cleveland’s Gordon Square neighborhood, to Columbus-based Coastal Ridge presumably to free up capital.
NRP Group is rumored to be eyeing a development site at 4415 Euclid that extends over to Chester Avenue. Scott Skinner, vice president of development at NRP Group, said his firm does not have any land under contract in Midtown and therefore doesn’t have any active deals in that neighborhood. He said his firm would certainly consider any opportunity for developing affordable housing in Midtown and in other Cleveland neighborhoods.
“In Cleveland, NRP is focused primarily on developing affordable housing,” Skinner told NEOtrans in August. “The need for quality affordable housing is tremendous in every neighborhood in Cleveland, and that includes Midtown.”
NRP Group was recently a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the same award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market rate housing at national scale.