Key Staff

The professionals at Frasca & Associates have dedicated their entire careers to serving municipal issuers as investment bankers or business managers of world-class facilities. The result is a comprehensive view of the issues, from a capital markets, operations and business development perspective.
Doreen M. Frasca
President and Principal
dfrasca@frascallc.com

Doreen Frasca joined the municipal industry in 1977, when she worked on the municipal bond trading desk at Dillon Read & Co. Inc. After completing an MBA in Finance from Columbia University, she joined Merrill Lynch ultimately attaining the title of Managing Director. During her 15 year tenure there, she headed two specialty groups: Airports and Transportation, and Resource Recovery, and one regional group covering the Southern United States. She served as a member of the department’s Executive Committee and the firm’s Diversity Committee. While at Merrill Lynch, she financed in excess of $20 billion in senior managed transactions including the first commercial paper program for a municipal issuer and the first interest rate swap. In 1997, she co-founded Frasca & Associates, LLC to provide specialized financial advice to airport and transportation issuers. Since its inception, the firm has consistently ranked at the top of the charts in par value of assignments, advising on over $ 50 billion in total. Included in this number are several ground breaking P3s including LaGuardia’s Terminal B and JFK’s Terminal 4. Ms. Frasca has advised Mayors and Governors on transportation and governance issues including an extensive review of Massport’s policies and procedures and the competitiveness of Connecticut’s transportation assets. She was appointed to the Boards of the New York City Off-Track Betting Corporation and the Metropolitan Transportation Authority, where she chaired the Transit Committee. She also served as a Trustee of the New-York Historical Society. Ms Frasca is a Phi Beta Kappa graduate of Wheaton College (Massachusetts) and pursued graduate studies in History at Edinburgh University in the U.K. She is an MSRB Municipal Advisor Series 50 Representative.

Ken Cushine
Principal
kcushine@frascallc.com

Mr. Cushine specializes in comprehensive financing plans, the financial structuring of projects, infrastructure, real estate development, the assessment of best practices and performance measurement, and the development of innovative financing strategies. Mr. Cushine has worked in transportation finance for over 25 years. From 1990 to 1996, Mr. Cushine held a series of positions for the Aviation Department of the Port Authority of NY & NJ. In 1997, he became a founding member of Frasca to provide financial advisory and strategic consulting services for airports. He currently serves as advisor to several large airport issuers, including Metropolitan Washington Airports Authority, Philadelphia, Atlanta Hartsfield-Jackson, Greater Orlando Aviation Authority, Charlotte Douglas, San Diego County Regional Airport Authority, Los Angeles World Airports, and Phoenix Sky Harbor. He advised the PANYNJ on the DBFOM P3 process for a new LGA Terminal B, the City of Chicago on its TIFIA application for the O’Hare intermodal facility, and the FAA on a comprehensive review of the Passenger Facility Charge program. Mr. Cushine serves on the Finance Steering Committee for ACI-NA and previously served as a panel member for the Transportation Research Board’s ACRP Project on “Airport Airline Agreements and Rate Methodologies”. Mr. Cushine received a B.S. in Electrical Engineering, magna cum laude, from Rensselaer Polytechnic Institute and an M.B.A. in Finance from Columbia University. He is an MSRB Municipal Advisor Series 50 Representative.

Harold Bean
Managing Director
hbean@frascallc.com

Harold Bean has been and investment banker or financial advisor continuously since 1985. His experience includes financings for state and local governments, debt refunding, debt restructurings, derivative products (including interest rate swaps, commodity swaps, and unwinding interest rate and basis swaps), public private partnerships, and mergers/demergers and acquisitions. He is an MSRB Municipal Advisor Series 50 Representative.

Larry Belinsky
Managing Director
lbelinsky@frascallc.com

Mr. Belinsky joined the firm in 2011, and has more than 30 years in government and finance, specializing in financial, strategic, and transactional advisory for airports and infrastructure development projects. Mr. Belinsky currently leads Frasca’s P3 practice focusing on infrastructure, including airports, real estate, parking and arenas. Mr. Belinsky advised LaGuardia CTB $4 billion Replacement Project, the Los Angeles World Airports on its $5.5 billion P3 Landside Access Modernization Program, Westchester County on the privatization of their Airport under the FAA Pilot Privatization Program and Port Everglades on the Development of a logistics center and foreign trade zone. He has advised the City of Kansas City ATAG committee on future Terminal development at MCI. As part of these projects, Mr. Belinsky reviewed and evaluated capital programs, financing structures and assisted in the development of alternative financing structures and the development of revenues streams. He also serves as municipal advisor to the New York State Transportation Development Authority and assists LAX, SAF, SYR, PHX and FLL airports in the identification and development of other potential P3 opportunities. Over the course of his career, at Merrill Lynch he served as the investment banker on the issuance of more than $10 billion of financing for various governmental entities and developed more than $250 million of real estate. He also has extensive green technology development experience, having developed multiple LEED projects and negotiated power purchase agreements for solar power. Mr. Belinsky served as a board member of the Long Island Power Authority. He is a graduate of the State University of New York at Albany with a B.A. in Political Science and received his M.B.A. from Columbia University. He is an MSRB Municipal Advisor Series 50 Representative.

Juan Pittman
Managing Director
jpittman@frascallc.com

Mr. Pittman specializes in developing innovative financial strategies for the advancement and expansion of airport and seaport capital projects. He has extensive airport and transportation finance experience as an investment banker, financial advisor and investment advisor. He has served in a consulting role to a variety of large capital programs including the Atlanta Hartsfield-Jackson International Airport, the San Diego International Airport, the Metropolitan Washington Airports Authority, the Los Angeles World Airports, the Philadelphia International Airport, and the Port of Los Angeles. He has over 25 years of municipal investment banking and project finance experience. Prior to joining Frasca in 2008, Mr. Pittman spent over a decade on Wall Street. He was a First Vice President in the Los Angeles office of PaineWebber and UBS, working on a variety of transactions with a total par value in excess of $8 billion. He subsequently joined the Los Angeles office of Bear Stearns, where he worked on over $10 billion of transactions, achieved the title Managing Director/Principal, and relocated to Atlanta to open a new regional office for the firm in 2007. A licensed attorney, Mr. Pittman served as a bond counsel lawyer before becoming an investment banker. In addition, he was appointed an Assistant Deputy Mayor for Policy and Finance under Mayor Richard Riordan and served as the debt manager for the Los Angeles County Metropolitan Transportation Authority. Mr. Pittman is a graduate of Howard University with a B.A. in Political Science (1988) and received his J.D. from George Washington University (1992). Mr. Pittman is an MSRB Municipal Advisor Series 50 Representative and a registered investment advisor.

Marvin Sun
Managing Director
msun@frascallc.com

Mr. Sun’s municipal finance career began in 1998, and he has been with Frasca since 2009. Previously, he was a Vice President in the public finance departments of Bear Stearns and Merrill Lynch where he specialized in structuring and executing transactions for airport and other transportation issuers. Mr. Sun has experience with a variety of financings including fixed rate debt, variable rate debt, credit facilities, derivatives, interim financings and commercial paper. Mr. Sun graduated with honors from James Madison University with a B.B.A in Accounting and received his M.B.A. in Finance from New York University. He is an MSRB Municipal Advisor Series 50 Representative.

Sonia M. Toledo
Managing Director
stoledo@frascallc.com

Ms. Toledo joined Frasca in July 2017 from Wells Fargo Securities where she worked for 7 years. Previously, at Bank of America Merrill Lynch, she headed the Northeast Region. Over her 28 year career as a public finance investment banker, she developed solutions to address financing and market challenges for large issuers throughout the Northeast, including Connecticut, New York and Massachusetts. Her notable “firsts” include: the first New York State-supported refunding to invest an escrow in agency securities (Thruway Authority), the put bond refunding program implemented by the Dormitory Authority of the State of New York, the Thruway Authority and the Empire State Development Corporation to enhance savings during the State’s economic recession of the early-to-mid 2000s, the State’s first BABs issue through the Dormitory Authority of the State of New York, the cross-credit refunding for the Metropolitan Transportation Authority’s Dedicated Tax Fund Bonds, the restructuring of the Metropolitan Transportation Authority’s Service Contract Bonds, the inaugural issuance of the New York City Transitional Finance Authority’s Personal Income Tax Bonds, the creation of that Authority’s subordinated resolution, and the development of the Massachusetts Grant Anticipation Note Program to help fund the Central Artery mega project. She is a past president of the Municipal Forum of New York and is Vice-Chair of Grow NYC, which supports environmental initiatives and farmers throughout New York, New Jersey and Pennsylvania. In 2015, Ms. Toledo was selected as one of the Trailblazing Women in Public Finance. Ms. Toledo grew up in Puerto Rico and is a graduate of Harvard University and Columbia Business School. She is an MSRB Municipal Advisor Series 50 Representative.

Michael Wheet
Managing Director
mwheet@frascallc.com

Mr. Wheet joined Frasca as a Managing Director in 2009. He possesses a wealth of airport financing experience, having worked as senior managing underwriter or financial advisor for more than 29 years on many of the largest airport capital development programs in the country. Prior to joining Frasca, he was a public finance investment banker at Citigroup and Merrill Lynch & Co., where he headed the airport finance group. In addition, he worked as an attorney for five years with two national law firms, and with the government of the District of Columbia, responsible for the issuance of over $2 billion of debt by the District. His aggregate airport financing experience as a banker and financial advisor exceeds $35 billion. He has been involved in a range of transactions of all types, including those secured by general airport revenues, PFCs and CFCs, fixed and variable rate financings, special facility transactions, and transactions involving the use of swaps. He also served as the lead banker for the inaugural issuance of debt by the D.C. Water and Sewer Authority and currently advises the Maryland Department of Transportation and the District’s Convention and Sports Authority. Mr. Wheet is a graduate of Harvard University (A.B. with honors) and the University of Pennsylvania School of Law (J.D.). He is an MSRB Municipal Advisor Series 50 Representative.

Tim McNutt
Director
tmcnutt@frascallc.com

Mr. McNutt joined Frasca as a Director in 2017. He has over 14 years of airport finance experience, having worked for seven years at both Citi and Jefferies Municipal Finance Departments as part of their Airport Finance Groups as well as one year at Prager. He specializes in quantitative analytics, financing strategies and transaction execution and has provided investment banking and/or financial advisory services to a wide variety of large, medium and small hubs including Burlington International Airport, Dallas Fort Worth International Airport, Denver International Airport, Fort Lauderdale-Hollywood International Airport, Indianapolis International Airport, Metropolitan Washington Airports Authority, Pittsburgh International Airport, San Diego County Regional Airport Authority, as well as special facility financings for American, Delta and United. Tim also worked for one year at the Port Authority of New York & New Jersey as a Manager in the Long Range Financial Forecasting group determining the Port’s available capital capacity. He has a bachelor’s degree in Economics from Rutgers University. He is an MSRB Municipal Advisor Series 50 Representative.

Nora Richardson
Director
nrichardson@frascallc.com

Ms. Richardson assists airport operators in use agreement negotiations through the development of financial forecasts, comparative analysis of airline agreements at other airports, presentations to air carriers, and agreement drafting. Ms. Richardson has extensive knowledge of the federal laws and policies that pertain to airport funding and rate setting and specializes in evaluating airport financial data, preparing requests for federal funding, benchmarking cost and staffing indicators, and forecasting financial results. Her airport consulting work spans a wide range of projects including bond issuances, federal funding applications, and rental car and parking development. Ms. Richardson has assisted many airport sponsors, including the City of Philadelphia, Maryland Aviation Administration, City of Manchester’s Department of Aviation, Los Angeles World Airports, Rhode Island Airport Corporation, Tulsa Airport Authority, Norfolk Airport Authority, and City of Boise. She contributes to industry trade associations including Airports Council International-North America (ACI-NA) and the American Association of Airport Executives (AAAE). At ACI-NA and AAAE meetings she has organized conferences and regularly presents on topics such as airline agreements, airport capital funding sources, rental cars and parking, PFC funding, and FAA Letters of Intent (LOI) applications. Before joining Frasca, Ms. Richardson worked for LeighFisher, a major investment bank, and Sun Microsystems. She holds a B.S. in Industrial Engineering from Stanford University. She is an MSRB Municipal Advisor Series 50 Representative.

Bryan Rowan
Director
browan@frascallc.com

Mr. Rowan joined Frasca in 2007 and specializes in quantitative analytics, capital planning and financing strategies, project financings, transaction execution and PFC program implementation and administration. Mr. Rowan has worked in the aviation industry for twelve years and in airport finance for eleven. He has experience guiding clients through complex capital development projects, providing expertise in financial modeling and quantitative analysis, business plan development, airline facility lease negotiations, and the execution of project financings. Notable recent advisory work of this nature includes the $4B P3 redevelopment and operation of Terminal B at LaGuardia Airport and the $1.2B expansion of the privately developed and operated Terminal 4 at JFK Airport. Mr. Rowan has assisted in the execution of successful bond transactions for many of Frasca’s clients, including recently as lead quantitative advisor on transactions for the New York Transportation Development Corporation (LaGuardia Redevelopment), Chicago O’Hare/ Midway Airports, Broward County Aviation Department (Fort Lauderdale Airport), Atlanta Airport, Boise Airport, and Niagara Frontier Transportation Authority (Buffalo Airport). Mr. Rowan also has experience in the preparation of federal funding and PFC applications for clients, including the Port Authority of NY & NJ, Metropolitan Washington Airports Authority, San Diego County Regional Airport Authority, Long Beach Airport and Myrtle Beach Airport. He was part of the consulting team hired by the FAA to undertake a comprehensive review and streamlining of the Passenger Facility Charge program. Mr. Rowan graduated from Dowling College cum laude with a B.S. in Aeronautics and Applied Mathematics and an Aviation Management minor. He is an MSRB Municipal Advisor Series 50 Representative.

Matt Townsend
Director
mtownsend@frascallc.com

Mr. Townsend joined Frasca after serving as the Chief Financial Officer of the Houston Airport System. Prior to that, Mr. Townsend was a consultant with LeighFisher where his clients included the operators of airports serving Albuquerque, Atlanta, Baltimore, Dallas/Fort Worth, Denver, Houston, Los Angeles, and Ontario. With expertise in capital program financial planning, airline negotiations, and airline rates and charges, Mr. Townsend developed long-range financial models for four of the five busiest airports in the U.S. For Atlanta, he assisted with capital program financial planning and airline negotiations related to the airport’s $1.4 billion international terminal, and for Dallas/Fort Worth, he assisted in preparing feasibility studies for the airport’s $3.5 billion capital improvement program. Most recently in Houston, he led financial planning and airline negotiations for HAS’s $4.0 billion capital improvement program, including the proposed $1.5 billion international terminal and FIS expansion at IAH. He has prepared passenger facility charge applications and amendments for Albuquerque, Baltimore/Washington, and Houston. At Frasca, Mr. Townsend has conducted various financial consulting and advisory projects, including passenger facility charge applications for Los Angeles; parking and ground transportation studies for Baltimore/Washington, Long Beach, and Orange County; financial modeling for Minneapolis/St. Paul; capital program financial planning for Long Beach, Orlando, San Diego, and Syracuse; rating agency presentations and coordination for Jackson, New Orleans, and San Diego; a management and financial benchmarking study for Louisville; concession program financial analysis for Myrtle Beach; and various air traffic analyses for Jackson, Long Beach, New Orleans, Phoenix, and San Diego. Mr. Townsend has a bachelor’s degree in economics and English literature from Texas Christian University and a master’s degree in public policy from the University of Maryland. He is an MSRB Municipal Advisor Series 50 Representative.

Yulin Chen
Associate
ychen@frascallc.com

Ms. Chen joined Frasca in August 2017 as an Associate. She provides analytical support to the firm’s general municipal business. Ms. Chen is experienced with financial modeling and quantitative analysis. Prior to joining Frasca, she participated in a statistical consulting project for the New York City Department of Transportation. Ms. Chen received her MPA in Financial Management and Public Finance from New York University, and a Bachelor of Economics from Shanghai University of Finance and Economics.

Sandy Kanu
Analyst
skanu@frascallc.com

Ms. Kanu joined Frasca in 2015 and is responsible for transaction support including quantitative analytics and fundamental research. She has provided financial advisory services to Louis Armstrong New Orleans International Airport and Jackson Municipal Airport Authority. Prior to joining Frasca, Ms. Kanu served as the Program Coordinator for the Quality of Life Unit at the New York County District Attorney’s Office. Ms. Kanu graduated with a B.S. in Actuarial Science from the State University of New York at Albany.

George Lemmon
Analyst
glemmon@frascallc.com

Mr. Lemmon is a recent graduate of The Wharton School at The University of Pennsylvania, from which he received a degree in Accounting, Legal Studies and Business Ethics. At Penn, he played varsity squash, serving as captain during his senior year. He is an MSRB Municipal Advisor Series 50 Representative.