Big Red Development LLC (“BRD”) was established in 2024 bringing together Ryan Tobin’s twenty years of experience with Low Income Housing Tax Credit (LIHTC) and multifamily development with Riley McLauglin’s fifteen years of constructing LIHTC multifamily buildings.   The collaboration between Vert Development LLC and I-Kota Construction, LLC was strategically formed to vertically integrate the two entities combined expertise and long-standing relationship that has placed an emphasis on delivery of multifamily buildings in both private equity investment and public municipal financing.

Mr. Tobin’s LIHTC experience began in 2005 with his work at Denver Housing Authority (DHA) where he was selected to help advance a new development program as the Development Program Manager to the Chief Real Estate Investment Officer. In addition to working on over 2,000 units of affordable housing as his career progressed, under Mr. Tobin’s leadership, the real estate team at DHA self-developed over 1,100 units using traditional 9% LIHTC and 4% LIHTC and including more complicated integration of financing techniques with interspersed attainable housing units within affordable buildings and twining LIHTC, New Markets Tax Credit, and Historic, and Energy Investment Tax Credits.

After his success at DHA, Mr. Tobin continued with his development work in the private sector and took a position as a Vice President of Development for Elmington Capital where he lead the Elmington Western office focused on the development of 750 affordable units.  Mr. Tobin’s continues to participate as a member in the general partner ownership of the Rapid City project with Elmington Capital called Camden Heights that closed in December of 2024 and also continues as a consultant with Elmington Capital on efforts that are pursuing 4% tax credits in Omaha and Denver.

Amidst numerous ongoing success stories with Elmington Capital, Mr. Tobin’s ongoing interest and continued passion for development under the Vert Development LLC entity has continued to grow over the last 4 years.  Most notably Vert Development LLC has initiated, as the developer and sponsor entity,   several ongoing initiatives in Firestone, CO (129 Unit 4% LIHTC), Ogallala, NE (44 unit 9% LIHTC), Sioux Falls Rhys Apartments (178 Unit 4% LIHTC) and the development and ownership interest in the Penrose luxury hi rise in Denver, completing construction in 2024 with full lease-up anticipated in late 2025.  This broader strategic alliance between Vert Development and I-Kota Construction have enabled a more closely held strategic approach toward an investment strategy with Riley McLaughlin and the I-kota team.

Mr. McLaughlin is founder and Chief Executive Officer of I-Kota Construction. Founded in 2010, Mr. McLaughlin has lead the construction of more than 200 projects, specializing in ground-up construction. I-Kota concentrates on continued relationships in affordable housing and has garnered numerous award winning construction efforts for their clients allowing Mr. McLaughlin to be particularly versed in understanding the challenges and community needs that impact these developments. He provides honed insight into the development of affordable homes, instinctive from his years of construction success.

Mr. McLaughlin has been involved as a co-sponsor to an advisor, mentor and investor in multiple real estate deals.  These deals are comprised of 611 units and a mixture of 4%, 9% and market rate funding sources. 

Mr. McLaughlin is dedicated 80% of his total bandwidth to Big Red Development and brings more than 2 decades of first hand general contracting experience and cost control to the development team.  The ability to control the construction hard costs help this development team mitigate risk on a daily basis.

Both Ryan and Riley were born in the agricultural heart land of North & South Dakota, and call upon the roots of community, helping others and doing the right thing.  This is more than a passion, it’s a purpose…