BRIDGE Housing Appoints CEO
Kenneth T. Lombard has been named president and CEO of BRIDGE Housing, a leading nonprofit developer, owner, and manager of affordable housing in California, Oregon, and Washington.
Lombard joins BRIDGE from Seritage Growth Properties (NYSE: SRG), where he served most recently as a special adviser. He was an original board member when the company, a self-administered and self-managed REIT, went public in 2015 and subsequently served as Seritage’s executive vice president and chief operating officer.
Earlier, Lombard was president of MacFarlane Partners, an investment management firm that acquires, develops, and manages real estate assets on behalf of pensions and institutional investors. He also served as vice chairman, partner, and head of investments for Capri Capital Partners and president of the Capri Urban Fund.
From 2004 to 2008, Lombard was president of Starbucks Entertainment, where he managed the collaboration with Concord Music to form a new Starbucks music label. As president and co-founder of Magic Johnson Enterprises from 1992 to 2004, he also launched Johnson Development Corp., creating a legacy of economic improvement in underserved communities of color in 65 cities and 17 states.
He takes over the top post at BRIDGE from Cynthia Parker, who resigned earlier this year. Susan Johnson, executive vice president and chief operating officer, had been serving as interim president and CEO.
Since it was founded in 1983, San Francisco-based BRIDGE has participated in the development of more than 18,000 homes.
Michaels Organization Names Regional VP
Christopher Earley has been promoted from vice president to regional vice president at The Michaels Organization.
Based in Washington D.C, Earley will oversee the acquisition, planning, development, and financing of affordable housing properties in the Mid-Atlantic region, which consists of the District of Columbia, Maryland, Virginia, and West Virginia. Earley joined Michaels in 2018 after five years at Capital One Bank, where he served as a senior manager in the community finance group, focusing on underwriting low-income housing tax credit and tax-exempt bond-financed transactions. Prior to that, he spent nine years serving in various roles with the D.C. Department of Housing and Community Development, last serving as chief program officer for the agency.
KeyBank Appoints Leader of New CDFI
KeyBank Community Development Lending and Investment (CDLI) has appointed Brian Maddox as the national team leader for its newly created Community Development Financial Institutions (CDFI) team.
Maddox will lead a group responsible for marketing, lending, investing, and delivering banking products and services to CDFI partners that help expand access to the economic mainstream for low-income families and communities. CDFIs are mission-driven financial institutions, which spark job growth and retention in hard-to-serve markets across the nation through the creation of economic opportunity for personal individual growth, for small business development, for the creation and preservation of quality affordable housing, and to provide essential community services.
The move comes as KeyBank continues to provide capital for affordable housing across the country and fulfil its Community Benefits Plan commitments.
Maddox is based in Las Vegas and will report to Robert Likes, national manager of KeyBank CDLI.
Prior to joining Key, he was a commercial development loan officer for Toyota Financial Savings Bank. Previously, he served as the chief production officer and a member of the executive management team at Clearinghouse Community Development Financial Institution, where he was responsible for maintaining a national lending presence and supervised a lending team across a multijurisdictional footprint, which included Arizona, California, New Mexico, and Native American land. He has also worked in community development and lending at several financial institutions including Bank of Nevada, Citibank, and California Federal Bank.
Merchants Capital Hires Executive Vice President
Barbara Girard has joined Merchants Capital as executive vice president of asset management and servicing. She is based in Dallas.
Merchants Capital is an approved Ginnie Mae seller/servicer, a nationally ranked Federal Housing Administration lender, and a Fannie Mae affordable and a Freddie Mac Optigo lender. In addition, it is a full-service tax credit equity syndicator and originates and services loans and investments on behalf of its parent company, Merchants Bank, and proprietary capital partners.
Girard’s primary charge will be to enhance the loan surveillance and asset management systems and teams as Merchants continues to grow and evolve its investor base and product types.
She has over 20 years of commercial real estate asset management experience. Most recently, Girard served as managing director, asset management, at NewPoint Real Estate Capital, formerly Barings Multifamily Capital. Prior to Barings, she was an asset manager at Prudential Financial and tax credit syndicator MMA Financial, a predecessor firm to Boston Financial Investment Management.
JPMorgan Chase Names Head of Real Estate Banking
JPMorgan Chase has appointed Michelle Herrick as head of Real Estate Banking (REB), which provides customized debt solutions and treasury services products to real estate developers, investors, operating companies, investment funds, and trusts across the U.S.
Previously, Herrick served as the REB central region market manager, overseeing the Midwest, Mountain, and Southeast markets. She led a dedicated team that helps clients with strategies and tools to maximize investment opportunities, manage operating costs, mitigate risk, and manage assets for greater efficiency.
Prior to joining JPMorgan Chase in 2017, she started her career at LaSalle Bank and remained there after Bank of America acquired the firm in 2007. She held various roles within the commercial real estate banking business, covering a national book of public and private real estate sponsors.
Herrick is a board member for Urban Land Institute Chicago and NAIOP Chicago, a commercial real estate development association.