Executives

Frances Penan, President & CEO

Fran brings over 40 years of real estate and marketing experience to the firm. Fran leads a team of dedicated professionals at BAF. She has been actively involved in many acquisitions comprising apartments, retail, office and hospitality properties. Fran is an expert in evaluating properties and implementing value add renovations while focusing on marketing and expense reduction to improve net cash flow. Fran was a leader in marketing for a portfolio of hotels at a predecessor company. Fran is a graduate of the University of Maryland.

Stuart Penan, CCIM, Executive Vice President

Stuart heads the acquisition and asset management departments at BAF Associates. Stuart has over fifteen years of experience throughout a broad spectrum of real estate sectors including acquisitions, property management, leasing, and financing. Prior to BAF, Stuart worked at Cohen Development Corporation handling the acquisitions, capital markets, and property management departments, overseeing a portfolio of warehouse and retail properties, and managed several large renovation and repositioning projects. Previously, Stuart was a Vice President in the construction lending division at Bank of America in New York City responsible for underwriting and structuring loans to large developers. Stuart worked at Grubb & Ellis in Manhattan on a team selling complicated development sites in NYC, including the Hard Rock building on 57th street. Stuart performed & structured complicated financial analysis using Excel & Argus to model residential & commercial development deals, and investment sales. Stuart also worked with the Community Preservation Corporation sourcing and underwriting development sites in NYC for their opportunity fund. Stuart earned a Masters degree in Real Estate Finance from NYU, and a Bachelor of Arts in Economics from Rollins College. Stuart is an Adjunct Professor at NYU, where he has been teaching Real Estate Portfolio and Risk Analysis for over ten years. Stuart is a past board member of the NYU’s Master of Science Real Estate Institute Alumni Association. Stuart is a licensed real estate broker.

BAF Associates

BAF Associates