Dennis Townsend

Chairman

Dennis founded Townsend Capital, LLC in 1975, after beginning his investment career at Thomson McKinnon Securities, Inc., where he was one of the pioneers in the newly-emerging field of tax-advantaged investments. Because of his tax expertise, he frequently advised tax attorneys and accountants on the analysis and structuring of these partnerships. Relying on his ability to understand the market, Dennis has guided Townsend Capital as it evolved from a registered securities broker dealer and investment advisory firm to a company that invests primarily for its own account. From purchasing empty buildings in Texas, to long-term net leases to credit tenants, to sale-leaseback transactions, to build-to-suit developments, to building laboratory research facilities for major universities, he has established lasting relationships with such clients as AT&T, Lucent Technologies, Tyco and the University of Pennsylvania.

Dennis attended Johns Hopkins University and was a member of the staff that coached the lacrosse team to five NCAA championships. An avid golfer, Dennis is also the founder of Hamilton Farm Golf Club in Gladstone, New Jersey.

David Townsend

President

For more than a decade, David has been instrumental in growing Townsend to its current size, level of sophistication, and breadth of services and expertise available to our clients. Today, David maps the strategic direction of the company and manages the company’s day-to-day operations. He brings to Townsend Capital’s unique perspective, extensive experience and expertise in financing, leasing, structuring, sale/leaseback transactions and like-kind exchange transactions. David oversaw the redevelopment of a 1,350,000 square foot manufacturing plant in Lee’s Summit, Missouri. His creative approach resulted in the sale of the property in 2007. In addition to his position of President of Townsend Capital, LLC, David is also President of Hamilton Farm Golf Club, LLC, a related company that owns an exclusive, high-end, private golf club in Gladstone, NJ.

David was a starting player for the nationally-renowned lacrosse team at Johns Hopkins University, where he graduated with a degree in economics in 1993.

Richard R. Cundiff, III

Chief Operating Officer

Rick joined Townsend Capital in 2004, bringing with him nearly a quarter century of investment banking experience, with strong expertise in the financing and capitalization of real estate projects and companies.

Rick has helped raise all forms of capital, including private and public debt and mortgages, common and preferred equity and mezzanine financing. As a Managing Director at McDonald Investments, a KeyCorp. Subsidiary, Rick founded the firm's tax credit practice, raising hundreds of millions of dollars from Corporations to invest in tax oriented transactions including IRC. Sec. 42 Affordable Housing, IRC Sec. 29 Alternative Fuels and Sec. 47 Historic Rehab credits.

While at McDonald, He was integral in advising the firm's Real Estate Investment Trust (REIT) clients on initial public offerings, secondary offerings, preferred stock issuance and corporate and mortgage debt placements. Rick was named head of McDonald's Credit Tenant Lease practice in 1998, structuring and placing billions bond and notes for the firm’s Corporate clients.

Rick organized Townsend's efforts to form a Community Development Entity (CDE) to utilize New Market Tax Credits (NMTC) as an attractive project capital source. With Townsend's successful bid for NMTC allocations, Rick and his staff are responsible for structuring the NMTC transactions and raising the equity from corporations that wish to invest in qualified projects.

Among other responsibilities, Rick has been a driving force in Townsend’s efforts to diversifying its investment portfolio. He has been integral in the acquisition of an interest in Kokam Co. Ltd, the acquisition and disposition of Kokam America and the structure, formation and funding of Dow Kokam.

Rick graduated from the University of Toledo with a bachelor of arts in finance and economics. He has served as a member of the board of trustees of Recovery Resources, the Lake Erie Nature and Science Center, and the local council of the Boy Scouts of America.

Andy Brynes

Chief Financial Officer

Andy Brynes joined Townsend Capital in 2009, bringing with him extensive international financial management experience in both the manufacturing and services sectors.

Andy began his career as an auditor with KPMG, and later moved into the firm’s tax practice in Paris, France, where he advised multinational corporations and their executives on a broad range of international tax issues.  After returning to the United States, he joined Price Waterhouse in the greater New York City area where he became a Manager in the firm’s International Assignment Services group.

Following the completion of his graduate studies, Andy served as Global Controller for the Fragrances Division of Geneva, Switzerland-based Givaudan Corporation, and later as Chief Financial Officer for Laureate Education’s operations in France.  He has completed two overseas assignments and speaks fluent French.

Andy earned his B.S. in Accounting from the University of RI, and his MBA in Finance from Duke University.  He is a Certified Public Accountant in the State of RI.

Michael Swanenburg

General Counsel

Michael joined Townsend Capital in 2004, after many years of service in the real estate practice group of a large, national law firm.  He has extensive experience in a wide variety of sophisticated real estate transactions, including financing arrangements and leasing.  Since joining Townsend, he has participated in the closing of several large transactions, including the sale of the company’s largest asset, as well as several acquisitions and sales of 1031 exchange properties.

Michael is a 1991 graduate of Duke University, double-majoring in Art History and Political Science, and a 1994 graduate of the Southern Methodist University School of Law.  Michael is the current Chair of the approximate 2,000 member Real Property Section of the Maryland State Bar Association.

Steven W. Rich, P.E.

Vice President

Steve joined Townsend Capital in 1999. He has more than 27 years of real estate experience, including development, construction, leasing and sale of commercial office, research and industrial buildings as well as full service convention center hotels. Steve most recently directed the design, development and construction of a $46 million, 200,000 square foot research/medical office building above a seven story parking garage for Washington University in St. Louis, Missouri. Other projects include the conversion of a three story, 128,232 square foot historic building to a research and development facility for the Illinois Institute of Technology, as well as an extensive, multi-facility project for the University of Hawaii. As a founding partner of Argus Real Estate Partners, Steve developed, leased and sold over $325 million of commercial real estate in Denver, Colorado, and Dallas-Fort Worth, Texas.

Steve graduated from Colorado State University with a bachelor of science degree and a master of science from the University of Texas, where he was inducted as a Chi Epsilon and Tau Beta Pi scholar. He is a licensed professional engineer and real estate broker in the state of Colorado.

Jared P. Stile, CPA

Assistant Vice President

Jared has over 14 years of diverse accounting and financial experience.  He began his career with the Reznick Group, a large national public accounting firm, where he specialized in auditing commercial and residential real estate holdings.  From there, Jared was hired as the Controller for two start-up software development firms where he was responsible for all aspects of accounting, financial reporting, and financial forecasting.

In 2003, Jared joined Townsend Capital as the Controller and has since become a part of the transaction team, participating in the closing of many of the company’s largest real estate sales and was actively involved in repositioning a 62,000 square foot medical office building for resale.  Most recently, Jared has been an integral part of the team responsible for preparing and submitting applications to the U.S. Department of Energy and numerous state agencies requesting more than $1 billion in energy related funding.

Jared graduated from Loyola University Maryland with a Bachelor of Business Administration in Accounting and a Masters in Business Administration in Finance.  He is a Certified Public Accountant in the State of Maryland.

Josh Ferguson

Assistant Vice President

Since joining Townsend Capital in 2007, Josh has worked closely with the Executive Team on many of their strategic initiatives.  He has been an instrumental part of the company’s recent energy-related investments, and has provided much of the economic research, analysis, and financial modeling that has guided the company’s decision making.  Josh also works closely with Rick Cundiff in managing Townsend Capital’s $100 million New Markets Tax Credit (NMTC) business, and has worked on several debt placement transactions.  Josh’s previous experience includes working for three years as a Credit Analyst for a major commercial finance company.

Josh graduated from the University of Virginia’s Darden School of Business with a Master of Business Administration, and from the University of Oklahoma with a Bachelor of Business Administration in Finance.