Chrystal Kornegay is a mission-driven problem solver whose career is defined by repositioning organizations for growth. Her data-informed, laser focus on outcomes has led to increases in state investments in affordable housing and the launch of nationally recognized programs to advance mixed-income housing, climate resilience and homeownership.

For nearly two decades, Chrystal has held senior positions in the nonprofit and government sectors, using transactions to drive change. Under her leadership, MassHousing has grown to serve exponentially more people, and secured over $500M in government funds to expand housing production and preservation. More than one-fourth of the dollars that MassHousing has lent in the past-five decades have been delivered during Chrystal’s tenure. 

Prior to joining Mass Housing, Chrystal served as Undersecretary of the Commonwealth’s Department of Housing and Community Development. She previously served as President and Chief Executive Officer of the community development corporation Urban Edge.

Chrystal lends her fun-loving spirit to the industry by serving on the boards of the National Council of State Housing Agencies and the National Housing Trust. 

Chrystal holds a master’s degree in urban planning from the Massachusetts Institute of Technology and a Bachelor of Arts Degree from Hunter College.

Rachael Royal McDonald is an Associate Managing Director leading the Housing Finance, State Revolving Funds and Municipal Supported Products Teams. Prior to this role, Rachael spent 16 years as a lead analyst covering the State Housing Finance Agency, State Revolving Fund and Military Housing sectors. Prior to joining Moody’s, Rachael worked for Deloitte Consulting and The Advisory Board Company. Rachael holds an MBA and a Masters in Social Work from Columbia University and a BA from Brown University.

Ms. Pak is the Executive Vice President and Chief Financial Officer of Essex Property Trust since January 2021. She is responsible for the Financial Strategy of the Company, including managing the Capital Markets, Private Equity, Accounting, Tax, Treasury, Financial Planning & Analysis, Research & Analytics, Internal Audit, Due Diligence and Investor Relations departments. From 2014 to 2020 Ms. Pak held various roles within the Finance group, including leading the Capital Markets and Private Equity platforms. During her tenure at Essex, Ms. Pak successfully expanded access to capital and enhanced the balance sheet. Her accomplishments include issuing over $6 billion in unsecured bonds at attractive rates, including issuing the company’s inaugural 30-year unsecured bonds. In addition, she managed and expanded the +$4 billion co-investment platform, including raising new capital for acquisitions, monetizing existing promote income within the ventures and managing various development and redevelopment projects. Ms. Pak joined Essex in 2012 to lead the Investor Relations department where she successfully improved communications with the analyst community.

Prior to joining Essex, Ms. Pak’s career focused on REIT securities, including her time spent as a Portfolio Manager for Oak Hill REIT Management where she was responsible for the investment selection and strategy of the fund. Prior to that Ms. Pak worked at Green Street Advisors writing REIT research and advising clients on REIT investments.

Ms. Pak holds a Bachelor of Science degree in Finance from the University of South Dakota and is a Chartered Financial Analyst (CFA). She is a member of NAREIT.

Reed Valutas is an Assistant Vice President-Analyst in Moody’s Ratings’ Corporate Finance Group with coverage including commercial real estate companies since 2010. As a lead analyst, he is responsible for ratings and analysis of REITs and other real estate issuers across a diverse range of property and service types in the US and Canada. Reed is a subject matter specialist on high-yield commercial real estate issuers and currently leads the team’s coverage of Industrial and Lodging commercial real estate. Reed holds a B.A. in Economics and Business with a minor in Architecture from Lafayette College.

Chrystal Kornegay is a mission-driven problem solver whose career is defined by repositioning organizations for growth. Her data-informed, laser focus on outcomes has led to increases in state investments in affordable housing and the launch of nationally recognized programs to advance mixed-income housing, climate resilience and homeownership.

For nearly two decades, Chrystal has held senior positions in the nonprofit and government sectors, using transactions to drive change. Under her leadership, MassHousing has grown to serve exponentially more people, and secured over $500M in government funds to expand housing production and preservation. More than one-fourth of the dollars that MassHousing has lent in the past-five decades have been delivered during Chrystal’s tenure. 

Prior to joining Mass Housing, Chrystal served as Undersecretary of the Commonwealth’s Department of Housing and Community Development. She previously served as President and Chief Executive Officer of the community development corporation Urban Edge.

Chrystal lends her fun-loving spirit to the industry by serving on the boards of the National Council of State Housing Agencies and the National Housing Trust. 

Chrystal holds a master’s degree in urban planning from the Massachusetts Institute of Technology and a Bachelor of Arts Degree from Hunter College.

Rachael Royal McDonald is an Associate Managing Director leading the Housing Finance, State Revolving Funds and Municipal Supported Products Teams. Prior to this role, Rachael spent 16 years as a lead analyst covering the State Housing Finance Agency, State Revolving Fund and Military Housing sectors. Prior to joining Moody’s, Rachael worked for Deloitte Consulting and The Advisory Board Company. Rachael holds an MBA and a Masters in Social Work from Columbia University and a BA from Brown University.

Ms. Pak is the Executive Vice President and Chief Financial Officer of Essex Property Trust since January 2021. She is responsible for the Financial Strategy of the Company, including managing the Capital Markets, Private Equity, Accounting, Tax, Treasury, Financial Planning & Analysis, Research & Analytics, Internal Audit, Due Diligence and Investor Relations departments. From 2014 to 2020 Ms. Pak held various roles within the Finance group, including leading the Capital Markets and Private Equity platforms. During her tenure at Essex, Ms. Pak successfully expanded access to capital and enhanced the balance sheet. Her accomplishments include issuing over $6 billion in unsecured bonds at attractive rates, including issuing the company’s inaugural 30-year unsecured bonds. In addition, she managed and expanded the +$4 billion co-investment platform, including raising new capital for acquisitions, monetizing existing promote income within the ventures and managing various development and redevelopment projects. Ms. Pak joined Essex in 2012 to lead the Investor Relations department where she successfully improved communications with the analyst community.

Prior to joining Essex, Ms. Pak’s career focused on REIT securities, including her time spent as a Portfolio Manager for Oak Hill REIT Management where she was responsible for the investment selection and strategy of the fund. Prior to that Ms. Pak worked at Green Street Advisors writing REIT research and advising clients on REIT investments.

Ms. Pak holds a Bachelor of Science degree in Finance from the University of South Dakota and is a Chartered Financial Analyst (CFA). She is a member of NAREIT.

Reed Valutas is an Assistant Vice President-Analyst in Moody’s Ratings’ Corporate Finance Group with coverage including commercial real estate companies since 2010. As a lead analyst, he is responsible for ratings and analysis of REITs and other real estate issuers across a diverse range of property and service types in the US and Canada. Reed is a subject matter specialist on high-yield commercial real estate issuers and currently leads the team’s coverage of Industrial and Lodging commercial real estate. Reed holds a B.A. in Economics and Business with a minor in Architecture from Lafayette College.