Our History

After starting their careers at Salomon and Lehman Brothers, respectively, Joe Geraci and Dan Wisniewski began their partnership at Citi’s Municipal Securities Division in 2003. Together, they played a key role in building that business into Wall Street’s leading municipal franchise through innovations in affordable housing finance, renewable energy, derivatives, structured products, and global distribution.

Joe and Dan’s efforts to expand Citi’s Municipal Securities Division into the affordable housing business led to the acquisition of Newman & Associates from Capmark (formerly GMAC Commercial Mortgage). They then integrated this business with Citi’s community development franchise.  Together they became known as Citi Community Capital, the platform has been ranked the #1 Affordable Housing Lender for 15 consecutive years.

In partnership with a few long time colleagues and friends, Joe and Dan acquired a fly fishing lodge on Lake Iliamna.  Over the years, the Orvis-endorsed lodge has become one of the leading fly fishing lodges in Alaska and has hosted many distinguished guests –  including a former U.S. President.

Joe was promoted to Co-Head of the Citi’s newly created Global Spread Products division, with Dan serving as Chief Operating Officer.  In these roles, they led the integration of Citi’s Credit, Municipal, Securitized Products, and Commercial Real Estate businesses into a unified global platform.  In their final year, the division earned over $6 billion and achieved the #1 global ranking on Wall Street.

Under Joe and Dan’s Global Spread Products leadership, Citi Community Capital executed the first ever unenhanced, municipal conduit securitization of tax-exempt, affordable housing loans. The structure has since transformed the industry by driving down borrowing costs and expanding access to capital for affordable housing development.

Joe and Dan left Citigroup in 2021 and founded Intricate Bay Capital.  In 2022, they formed strategic corporate partnerships with L+M Development and Old Orchard Capital Management.

Intricate Bay launched its first real estate investment fund, Copper River I, to purchase and restructure cash escrow accounts supporting pools of senior mortgages on affordable multifamily housing properties.

Intricate Bay entered into a long term strategic corporate relationship with Tangram to closely align the organizations in the acquisition, preservation, and management of affordable housing portfolios.

In conjunction with Tangram, Intricate Bay served as consultant or principal on three affordable multifamily housing portfolios that used pledged cash flows from general partnership interests to raise capital. Including a similar engagement in 2023, these transactions monetized over $1 billion in value.