Brandt Blanken


Brandt Blanken has been involved in the affordable housing business for over 20 years in various capacities including structuring, financing and asset managing properties and portfolios.  During that time, Mr. Blanken has gained extensive knowledge regarding the financial, operational, accounting, tax, and legal aspects of affordable housing and other tax incentive investments. From 1992 to 1999, Mr. Blanken and Mr. Sheftell developed a specialized business of raising capital for tax incentive investments, mostly Low Income Housing Tax Credit partnerships.  During that period, Mr. Blanken and Mr. Sheftell raised capital, advised and financed over $2 billion of investments for large institutional clients. Mr. Blanken graduated from George Washington University with a Bachelor of Arts in Finance.

Craig Sheftell

Chief Executive Officer


Craig Sheftell has been responsible for LIHTC equity investments in excess of $5 billion since 1987.  In addition, Mr. Sheftell has advised various state agencies, Fortune 500 companies, banks and insurance companies in regards to structuring their tax incentive programs and has helped finance investments that include state and federal subsidies in the areas of alternative energy, historic preservation and the entertainment industry.  In 1999, Mr. Sheftell and Mr. Blanken founded Fallbrook Capital Securities Corporation, a FINRA member broker dealer. In 2004 Mr. Sheftell and Mr. Blanken established Fallbrook Affordable Housing, LP.  In 2010 Mr. Sheftell and Mr. Blanken developed a new investment strategy to assist several of Fallbrook’s institutional investors in their desire to make affordable housing investments in project based Section 8 properties.  Along with one of its institutional investors, Fallbrook began to purchase properties under Fallbrook Multifamily Investments (“FMI”). Mr. Sheftell graduated from University of South Florida with a Bachelor of Arts in Communications.

Mike Lederer



As a principal of FDC, Mr. Lederer has been active in affordable housing since the early 90’s.  Mike’s capacity has been on the ownership side of multifamily, senior and affordable housing for the past 28 years.  Mike is also the founder of Quantum General Incorporated, an affordable housing development company which now encompasses several thousand apartment units across the United States.  He continues to invest in real estate through several partnerships as well as serving on many investment committees.  Mike is a graduate of the University of Southern California.

Essie Safaie

Chief Financial Officer


Essie Safaie was the Director of Development at Dudley Ventures, a Phoenix based national real estate company that joint ventured with Morgan Stanley to develop projects through New Market Tax Credit financing and other government subsidies, prior to joining Fallbrook.  Mr. Safaie closed over $80 million of acquisition financing through the New Market Tax Credit program.  Prior to Dudley Ventures, Mr. Safaie was the Chief Financial Officer and CEO of Century Pacific for over sixteen years.  Mr. Safaie also served in a series of senior management capacities for various real estate companies including acquisition, syndication, and property management duties pertaining to low income housing tax credit (LIHTC).  Mr. Safaie graduated from California State University Los Angeles with a Bachelor’s of Arts in Business Administration, majoring in accounting and is currently an IRS enrolled agent (EA).

Gil Mizrahi

General Counsel

Gil Mizrahi joined Fallbrook in 2013 and brings with him a detailed approach to deal structuring as well as a legal perspective in the implementation of Fallbrook’s strategies and goals. Mr. Mizrahi has counseled a wide array of clients ranging from Fortune 500 companies to small businesses and individuals and has advised national businesses and organizations on federal and state regulatory measures. He was admitted to the State Bar of California and the U.S. District Court, Central District in December 2009 and graduated from The University of California, Santa Cruz with a Bachelor of Arts in Linguistics and Southwestern Law School with a Juris Doctorate.  

Wendy Ellen

Chief Operating Officer


Wendy Ellen brings 27 years of financial operations, insurance, investment and management experience, having founded and run a successful Business Management company, Investment and Insurance Management firm and has worked with Fallbrook for over 14 years. Ms. Ellen oversees the operations of Fallbrook Development Company and its affiliate entities. Her responsibilities include establishing and maintaining operations and accounting procedures, managing the company’s reporting guidelines as well as Human Resources, Compliance and Investor Relations. Ms. Ellen holds a Series 24 Principal license, Series 7, 63 and 99 and is a Notary Public.

Christian Albacarys

Vice President of Aquisitions


Christian Albacarys is responsible for sourcing, structuring and financing real estate developments. Mr. Albacarys has originated over $100 million in Low Income Housing Tax Credit (LIHTC) equity for affordable housing projects across the United States, Puerto Rico and Saipan. In addition, he has secured $25 million in predevelopment funds for affordable housing projects and syndicated over $200 million in losses from Section 42 LIHTC developments. Mr. Albacarys works with multi-family affordable housing developers and borrowers to help structure and execute on property financing.  Mr. Albacarys graduated from Florida State University with a Bachelor’s of Science in Finance. 

Daniela Santos

Vice President of Asset Management

Daniela Santos joined Fallbrook in 2013. Prior to joining Fallbrook, Ms. Santos worked for Archion, a manufacturer of digital storage for the entertainment industry, as an office administrator. Ms. Santos brings experience in development, underwriting and analysis and is responsible for project management.  Ms. Santos manages the processing of tax exempt bond and tax credit applications and streamlining the development process. Ms. Santos graduated from UC Santa Cruz with a Bachelors of Arts in Global Economics.

Ryan Songerath

Vice President of Underwriting and Analysis


Ryan Songerath has analyzed over $900 million in affordable housing projects for bridge and predevelopment loans, the purchase of LP interests in LIHTC partnerships, and the purchase of bonds backed by LIHTC properties.  With his comprehensive knowledge of Section 42 regulations and the HUD MAP Guide, Mr. Songerath adds crucial skills to the Fallbrook team, helping to efficiently allocate capital and maximize the use of resources.  Mr. Songerath graduated from California State University, Los Angeles with a Bachelor’s and Master’s Degree in Economics.