Magellan Appoints Caringella Director Of Magellan Project Services

Carmen Caringella, a specialist in residential mortgage financing has been appointed director of Magellan Project Services. The Magellan Development Group affiliate has been established by the highly-regarded developer as a problem-solving consultant service focusing on distressed urban multifamily developments and underperforming assets.

“Carmen brings to the position more than a decade of experience in structuring loans that fit developers’ needs and is responsible for identifying and assisting organizations that may be holding or in the process of receiving distressed properties,” explained Brian Gordon, president of Magellan Project Services.
“Holders of such properties often face difficult choices identifying what direction to take a project and Carmen’s role will be to help them with the decision-making process,” he added.

Caringella observes that as one of the nation’s largest and most successful private real estate development organizations Magellan has the experience and expertise to offer a wide range of core services that includes architectural, development, construction, marketing, property management, disposition and receivership related services.
“I’m pleased that our problem-solving portfolio embraces such a wide range of services that will provide clients with the option of securing help with any or all of the services Magellan can provide on a single project or a group of properties requiring assistance,” said Caringella. “The fact that Magellan has created and managed all phases of its own extensive real estate portfolio as well as serving outside parties as a consultant should smooth the path for extending Magellan Project Services consultancy.”
An active member and sponsor of the National Association of Home Builders, Home Builders Association of Illinois and Home Builders Association of Greater Chicago, Caringella has more than a decade of residential mortgage financing experience.
He was most recently an area sales manager for Prime Lending and Wachovia, a branch manager for Countrywide and a loan officer and branch manager for ABN/AMRO. In these posts he specialized in construction to perm and structuring loans that fit developers’ needs.

In addition to originating new loans and working with operations to ensure timely closings, his experience includes recruiting new loan consultants and implementing training courses.
He has been active with the Custom Builder Council, High Performance Green Council, Home Builders Association of Greater Chicago board of directors and governmental affairs committees in matters relating from builder lending and financing needs to acquisition and development loans.
A resident of northwest suburban Buffalo Grove, Caringella has also been involved with the Palatine Chamber of Commerce, Lake Zurich Chamber of Commerce and Chicago Association of Realtors.

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