Cinnaire has appointed Josh Ghena as president of Cinnaire Equity Partners, effective immediately, after he served as interim president since June 1, 2025. Ghena became the sole leader of the equity syndication unit on Aug. 31, 2025, following the retirement of Ryan Robinson.
Ghena has led Cinnaire Equity Partners’ efforts to finance affordable housing developments across the Midwest and Mid-Atlantic through Low-Income Housing Tax Credit (LIHTC) syndication. Cinnaire said that during the past three and a half years managing its equity business, Ghena and the team closed more than $1.8 billion in LIHTC equity, supporting 14,501 affordable housing units across rural and urban markets within the organization’s footprint.
Since joining Cinnaire in 2014, Ghena has held multiple leadership roles across the organization, including senior vice president of equity management, vice president of asset management, director of special assets, and asset manager. Cinnaire said his tenure has included refining syndication processes, developing tools to strengthen portfolio performance, and expanding investor relationships to support long-term stability.
Cinnaire is a nonprofit financial partner focused on community and economic revitalization through investments, loans, and development services. The organization said it has invested $6.8 billion since 1993 to develop more than 1,183 housing communities across 11 states, providing 76,000 affordable apartment homes and supporting broader community development lending.
Cinnaire was also recently awarded an $85 million New Markets Tax Credit (NMTC) allocation in the historic combined calendar year 2024–2025 round administered by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). And this year’s round represents a record-breaking $10 billion in NMTC allocation authority, the largest allocation in the program’s history.
KEY QUOTES:
“Strong, strategic leadership at Cinnaire Equity Partners directly supports our ability to deliver affordable housing outcomes and lasting community impact. Josh’s leadership ensures CEP is well-positioned to continue advancing our mission in partnership with investors, developers, and communities.”
Brett Oumedian, Chief Financial Officer, Cinnaire
“From leading the successful execution of our largest LIHTC fund to date to strengthening long-standing relationships with developers and investors, Josh understands how to align strong financial performance with meaningful social impact. His leadership ensures Cinnaire Equity Partners continues to provide disciplined investment management, trusted partnerships, and consistent performance for our investors and developer partners.”
Mark McDaniel, President and CEO, Cinnaire
