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.
In late 2006, Dennis predicted that the real estate industry was near its peak and set a course to divest the majority of its real estate holdings. With the sale of its primary real estate portfolio in 2007, Townsend turned its focus to various opportunities with the energy field, and formed Townsend Ventures. These new ventures included the acquisition of Encelium Technologies, a lighting controls company focused on delivering energy savings to commercial properties, significant investments in Kokam Co., Ltd., Dow Kokam, LLC and Kokam America, Inc. (now KA Remainder) as well as domestic oil and natural gas exploration.
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 began his career with Townsend Capital (“Townsend”) in 1993 as a financial analyst and asset manager of the company’s industrial real estate portfolio. In 1995, David assumed the lead role in financing the company’s existing real estate portfolio and new acquisitions.
The relationship David established with one of the company’s lenders, Nomura Capital, led to a new position in 1997 as a Real Estate Finance Officer for the large loan originations group in their Los Angeles office.
David returned to Townsend in 1999 as Vice President. In 2005, he took over as President of Townsend after completing the sale of the company’s research park development portfolio and business to Wexford Science and Technology.
In 2007, David and his father formed Townsend Ventures, shifting the company’s focus from real estate to energy-related investments. Townsend Ventures’ investments include the acquisition of Encelium Technologies (and subsequent sale to Siemens), a 49% interest in Kokam Co., Ltd., Kokam America, Inc., and the formation of Dow Kokam, LLC and subsequent buyout of Dow Chemical forming XALT Energy, LLC. David serves as President of Townsend Ventures.
For more than two decades, David has been instrumental in growing Townsend to its current size, level of sophistication and breadth of investments. Today, he oversees all aspects of Townsend’s real estate, golf, and energy investments. He brings to Townsend extensive expertise and experience in financing, acquisitions, development, leasing, structuring, and operations.
In addition to his role in Townsend Ventures, David serves as President of Hamilton Farm Golf Club, LLC, a premier private golf club in Gladstone, New Jersey.
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 in the financing and capitalization of projects and companies. Early in 2009 he was named Chief Operating Officer of Townsend Capital, the operating company for most of the company’s investments.
Rick has helped raise all forms of investment 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, he 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 of bonds and notes for the firm’s corporate clients.
Since joining Townsend Capital, Rick organized the efforts to form a Community Development Entity (CDE) to utilize New Markets 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.
Rick has also been a driving force in the formation of Townsend Ventures and its subsequent creation of a robust investment portfolio. He has been integral in the acquisition of an interest in Kokam Co. Ltd, the acquisition and disposition of Kokam America, the structure, formation and funding of Dow Kokam in addition to various other corporate investments.
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.
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 numerous transactions, including the acquisition of many of the Company’s energy related investments.
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 former Chair of the Real Property Section of the Maryland State Bar Association.
Chief Financial Officer
Daniel Emswiler has over 15 years of experience in auditing and tax accounting. He began his career with Katz Abosch, a regional public accounting firm based in Timonium, Maryland. He was regarded as a construction industry expert in both audit and tax within the firm. Mr. Emswiler was also a leader in the accounting software team which helps companies transition their software from one system to another.
Mr. Emswiler joined Townsend Capital as the Assistant Controller, later becoming the Controller and is currently the Chief Financial Officer. He oversees the accounting department which manages many diverse investments and Townsend holdings. He is responsible for providing the management team with all the financial reporting needed to help make informed decisions. He is also in charge of all audit and tax return requirements for the company.
Mr. Emswiler graduated from Towson University in May 2001 with a Bachelor’s degree in Accounting. He is a Certified Public Accountant in the state of Maryland and a member of the Maryland Association of Certified Public Accountants.
Jared P. Stile, CPA
Executive Vice President
Jared has over 20 years of diverse accounting and financial experience. He began his career with the Reznick Group, now CohnReznick, a large national public accounting firm, where he specialized in auditing commercial and residential real estate holdings. From there, Jared served as the Controller for two start-up software development firms where he was responsible for all accounting and financial aspects, including cash management, 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 dispositions and, currently, oversees Townsend’s entire real estate portfolio. Jared is also actively involved in the analysis, acquisition, and recapitalization of Townsend’s energy related investments. He has been an integral part of the team responsible for securing Federal and State funding for Townsend’s energy ventures as Townsend continues to focus its attention on enhancing the value of its existing investments, as well as exploring other opportunities in the energy sector. With extensive expertise in financial and tax structures, Jared consistently reinforces Townsend’s proven track record of creating success across a broad range of industries.
Jared graduated from Loyola University Maryland with a Bachelor of Business Administration in Accounting and a Master’s in Business Administration in Finance. He is a Certified Public Accountant in the State of Maryland.
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 Townsend Ventures’ 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 manages Townsend Capital’s $267 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 Oklahoma with a Bachelor of Business Administration in Finance, and from the University of Virginia’s Darden School of Business with a Master of Business Administration.
Steven W. Rich
Director of Project Development
Steve Rich joined Townsend Capital in 1999, bringing his expertise and experience in the development, construction, leasing and sale of commercial offices, research and industrial buildings to Townsend Capital’s unique perspective.
Among his numerous accomplishments at Townsend Capital, Steve directed the design, development and construction of a $42 million, 200,000 square foot research/medical office building above a 7-story parking garage for Washington University in St. Louis, Missouri. The project was completed in a 23-month timeframe from commencement to occupancy. He directed the conversion of a three story, 128,232 square foot existing historic building to a research and development facility with office and laboratory space for the Illinois Institute of Technology, and the redevelopment and leasing of Summit Technology Campus in Kansas City, Missouri, a 1.3 million square foot former chip assembly facility originally built by Bell Labs. The property was redeveloped into two (2) separate office and light manufacturing buildings totaling approximately 1 million square feet, coordinated the completion of over 800,000 square feet of build out. Most recently, Steve was involved in the design and development of the 400,000 square foot Dow Kokam Battery Manufacturing Facility in Midland, Michigan.
Steve brings to Townsend Capital more than 30 years of real estate development experience. As a founding partner of Argus Real Estate Partners, Steve developed, leased and sold over $325 million of commercial real estate in Denver, CO and Dallas-Fort Worth, TX.
Steve graduated from Colorado State University with a Bachelor of Science degree and received a Master of Science from the University of Texas, where he was inducted as a Chi Epsilon and Tau Beta Pi scholar. Steve is a licensed professional engineer.