NEWPORT BEACH, CA—The Richman Group of California Development Company has appointed Rick Westberg executive vice president to spearhead the company's expansion of affordable and mixed-income housing, according to Luke Daniels, company president. Westberg was previously vice president of Related California, an affiliate of the Related Companies, L.P., a leader in affordable housing and government-sponsored programs.
Westberg will head up Richman Group's new Newport Beach office, located at 420 31st Street, Suite B-1.
Since joining Related in 2003, Westberg has managed all aspects of market rate, affordable and 80/20 mixed-income residential development, including acquisitions, entitlements and finance. During his 12-year tenure, he completed 412 residential units, valued at $128 million, and secured entitlements for an additional 1,293 residential units, valued at $629 million. He has extensive experience in developments that are financed from a combination of public and private sources, including the leverage of low-income housing tax credits, tax-exempt bond financing, and redevelopment tax increment with conventional debt and equity.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
