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Terra Search Helps Build Cinnaire’s Underwriting Teams

Terra Search Partners is pleased to announce the recent completion of our searches to assist Cinnaire in securing multiple leadership roles for Elaine Magil and Sarah Greenberg on their Underwriting Teams.

Elaine Magil | Senior Vice President, Equity Underwriting

Elaine joined Cinnaire in 2021 as a Senior Vice President, Equity Underwriting in Cinnaire’s Wilmington, DE office. She is charged with leading Cinnaire’s real estate equity investment team as they analyze assets associated with the LIHTC program, state housing tax credits, and Historic Tax Credits.

Elaine is a dedicated advocate for affordable housing who has provided financing and investment support to non-profit organizations for more than 15 years. She served as Investment Manager, Assistant Director and Director of Affordable Housing Advisory & Transactions for TCAM, LLC. Prior to that, she was a Senior Associate, Acquisitions for R4 Capital, a LIHTC syndicator, and Senior Manager of Strategic Initiatives at WoodGreen Community Services. She is a frequent writer, presenter and educator on a range of topics in affordable housing, including the ins and outs of asset management, valuation at disposition, and linking asset management with underwriting. Elaine earned a B.S. and M.S. from Georgetown University an MBA from Boston University.

Sarah Greenberg | Senior Vice President, Debt Underwriting

Sarah serves as Senior Vice President, Debt Underwriting in Cinnaire’s Madison office. She leads and manages the LIHTC underwriting team, overseeing workflows and business processes, and ensuring sound decision-making regarding portfolio performance.

A nationally recognized leader in affordable housing and community development, Sarah is committed to advancing racial, social, and economic equity. She has worked in community development for more than a dozen years, holding leadership positions at High Impact Financial Analysis, Forward Community Investments, Community Development Alliance, and NeighborWorks America. In 2014, she developed a consulting business, Greenberg Strategies LLC, which resulted in the Milwaukee Rental Housing Resource Center. Sarah holds Board positions with the CDFI Women’s Network; Historic Milwaukee, Inc.; Housing Resources, Inc.; and MobiliSE.

A lifelong learner, Sarah received a bachelor’s degree in Organizational Management from Tiffin University, a master’s degree in Community Planning from the University of Maryland, College Park and professional/executive education certificates from the Harvard Kennedy School of Government, the University of Chicago Harris School of Public Policy, and Georgetown University’s McDonough School of Business.

Search Team

  • Greg Melanson
    Gregory J. Melanson


Cinnaire is a CDFI and non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans, and real estate development services. Since 1993, Cinnaire has invested $4.9 billion to support the development of 863 housing communities in 10 states, providing 53,146 affordable apartment homes for more than 114,000 individuals and families and has provided community development loans to support the creation/retention of more than 4.7 million square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 80,000 jobs and spur $9.3 billion in economic impact.

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