Megatel Capital Investment, the capital markets division of The Megatel Group, has hired industry veteran Andrew Nerney as regional vice president, responsible for external wholesaling efforts in the company’s northern territory. The company also added two associate vice presidents to its internal sales desk, Joel Rickner and Stan Smrke.
Nerney joins the external wholesaling team and is responsible for the northern territory, which spans 28 states from the Midwest to New England. He brings more than 25 years of experience in financial services, wholesaling various products including non-traded REITs, variable annuities and venture capital, among other investment offerings.
Prior to joining MCI, Nerney was the national accounts director in charge of wholesaling for iSelect Fund and has also worked at Pacific Life, Fidelity Advisor Funds and Colonial Funds. He holds both FINRA Series 7 and 63 licenses and graduated with a degree in business communication from Rhode Island College.
Rickner will support Nerney from the internal sales desk and brings more than 15 years of experience to MCI, most recently with Allstate Financial and previously with AIG, Texas Securities and Capitas Financial.
Smrke has also been hired as an associate vice president offering internal support. He holds a degree in finance from the University of Oklahoma and has previously worked at Advisor’s Resource Company.
The new sales team hires follow Megatel’s recent announcement that it will begin to offer Delaware statutory trust investment funds tied to the parent-company’s “Rent Back” incentive program, which is designed to help renters purchase a home by offering a credit of their previous year of rent to be applied towards upfront home purchase costs.
Megatel, which is an active homebuilder, noted that many potential homebuyers continue to rent due to a lack of funds to pay the upfront costs associated with home ownership, and believes their program will help renters buy their first home by mitigating these costs.
“As The Megatel Group expands its business into the multifamily arena and its investment offerings to include complimentary Delaware statutory trusts, our sales team must necessarily also expand to support these efforts,” said Trey Hoppe, MCI’s executive vice president and managing director. “Andrew is a seasoned professional who brings a wealth of experience and contacts to our team, while Joel and Stan add significant muscle to our internal sales desk.”
The DST initiative and Rent Back program are part of Megatel’s push into higher density housing, including the acquisition and development of multifamily communities. The company plans to focus on acquiring stabilized multifamily properties with its DST offerings and introduce the Rent Back program to those properties.
“Megatel believes the Rent Back program will add greater value to the multifamily properties owned by its DST investors, as the program should drive greater occupancy and lower rent concessions, which are not available to renters who choose to participate in the incentive program,” the company said.
Megatel Homes is a Texas-based homebuilder that funds part of its operations through private placements offered by Megatel Capital Investment. Megatel Homes is one of the largest homebuilders in the state of Texas, with more than 100 developments comprised of several thousand homes completed since its 2006 founding. The company currently has more than 100 communities and is spreading throughout the Dallas-Fort Worth metroplex.