Summit Management Services
| Company type | Private |
|---|---|
| Industry | Property management |
| Founded | 1980 |
| Founder | Herbert Newman |
| Headquarters | Akron , United States |
Key people | Herbert Newman (majority shareholder) |
| Products | Management of multifamily residential units, including class "A" and student housing properties |
Number of employees | 120 |
Summit Management Services, Inc operates as a property management firm headquartered in Akron, Ohio, United States.
History
Established in 1980 by Herbert Newman, Summit Management Services, Inc (“SMSI”) originated from his acquisition and refurbishment of more than 15 properties in Akron beginning in 1979. The company initially specialized in managing Section 8 subsidized housing projects funded through FHA-insured loans such as 221(d)(4), 223(f), and 236. Over time, SMSI transitioned its focus toward upscale luxury apartments and market-rate developments utilizing loan programs 221(d)(4) and 223(f).
Herbert Newman, a native of Akron, earned his undergraduate degree at Ohio State University and obtained a Juris Doctor from the University of Akron School of Law. After practicing law, he dedicated five years as the director of the Akron Metropolitan Housing Authority. During his tenure, he pioneered tax-exempt financing for subsidized housing via revenue bonds under Federal Housing Regulation 811(b), a regulation he played a role in drafting. Newman also helped shape HUD/FHA financing legislation that influenced housing construction during the late 1970s and early 1980s. Leveraging this specialized knowledge, Summit MultiCapital has been able to access advantageous debt financing through FHA, Fannie Mae, Freddie Mac, and other financial institutions.
Currently, Summit Management Services employs approximately 120 full-time personnel and oversees management of more than 4,000 multifamily residential units. These primarily include class "A" and student housing properties owned by Newman and related organizations. Herbert Newman continues to hold the position of majority shareholder.