By Joshua Burd
The Michaels Organization has named a new executive to lead its debt and equity platform for both new development and acquisition opportunities.
The Camden-based residential developer announced recently that Cristhian Codorniu has joined its team as vice president of capital markets. He succeeded Michael Flanagan, who was recently promoted to executive vice president of development for Michaels’ student living portfolio.
“Cristhian brings an impressive background of investment management, transaction structuring and execution and acquisitions experience to this role and we look forward to him bringing additional partners to Michaels that are interested in investing in high-quality communities across our market segments,” Mark Morgan, Michaels’ chief operating officer, said in the February announcement.
Codorniu came to the firm from Parallel Infrastructure, where he served as vice president of finance, according to a news release. Prior to that, he was head of business insights in the investment management group of Lendlease, organizing an investment management platform that focused on telecom and multifamily housing.
Michaels — the nation’s largest private-sector owner of affordable housing and an active owner, developer and manager of military, student and market-rate housing — added that Codorniu’s 10 years of experience at LendLease also included risk and insurance management and transactional management of privatized military housing.
“I am thrilled to join the Michaels Organization,” Codorniu said. “The core values encapsulated in Michaels teammates are equivalent to the values held in my life and career. I look forward to being a fellow teammate and excited to learn from them and share my experience for the betterment of the whole organization.”
Codorniu holds a master’s in real estate from New York University and a bachelor’s of business administration from Pace University in New York City.