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 twenty five years of experience throughout a broad spectrum of real estate sectors including acquisitions, property management, leasing, and financing. At BAF, Stuart has been a principal and directly responsible for over 30 properties.   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 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 15 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.

Tina Ayala, Asset Manager

Tina is an accomplished real estate professional with over 20 years of experience in asset management, multifamily and mixed-use development, and regional operations. She has successfully led projects from acquisition through stabilization, with expertise spanning rezoning, entitlements, financial management, and construction oversight. Tina has overseen the development and repositioning of large-scale residential communities, transforming underperforming assets into high-value investments. Her leadership combines strategic vision with operational excellence, consistently driving performance and maximizing asset value. Licensed as a Florida Community Association Manager and Notary Public, Tina combines technical proficiency with strategic insight. Her experience, attention to detail, and commitment to excellence have earned her a reputation as a results-driven leader in property management and real estate development.