Ron Moelis is stepping back from the day-today at L+M Development as the company looks to diversify its platform and expand its development business.
The veteran developer announced today that his longtime
Chief Operating Officer and affordable housing veteran Lisa Gomez will become the
company’s Chief Executive Officer starting January 1, 2022.
Moelis, the firm’s Founding Partner and CEO since 1984, will
become Chairman and remain engaged in the strategic direction of L+M and its
affiliated companies, in addition to pursuing social impact ventures
L+M has also launched a new affiliated platform, LMXD, to be
led by L+M Partner David Dishy, which will focus on expanding the company’s
active mixed-income and market-rate development business.
This platform joins
L+M Fund Management, the existing independent investment management business
led by parnter Eben Ellertson, which will continue to focus on investing
institutional capital at scale in affordable and workforce housing investments
in New York City and across high-growth markets in the U.S.
Partner Carrie Van Syckel will serve as Chief Investment
Officer for all three business lines.
Additionally, L+M Co-Founder and Chairman Sanford
Loewentheil will retire at the end of the year. Since its founding in 1984 by
Loewentheil and Moelis, L+M has been responsible for roughly $10 billion in
development and investment, and has acquired, built, or preserved nearly 35,000
apartments in New York’s tri-state area, Washington, D.C., the West Coast and
Gulf Coast regions.
“I am honored to lead a company that has always stood
out as an industry leader for all the right reasons: we invest in and partner
with the communities where we build, we set national standards for
public-private partnerships and sustainability, and we work to make a
difference every day in the lives of residents,” said Gomez.
“For more than 35 years, Ron has exemplified this approach, and I cannot thank him enough for his partnership and confidence in me. He has always done things the right way, and his leadership has inspired every member of our staff. I am focused on continuity and growth as we begin 2022, and couldn’t be more optimistic about the future of the company as we continue to do what we do best at a moment when it’s never been more urgent: creating high-quality housing and working together to build stronger communities.”
“Since before she even joined the company, I’ve seen qualities in Lisa that make her a true leader: creativity, decisiveness, empathy and a relentless drive — and I have the utmost confidence in her as she takes over as CEO,” said Moelis.
“I can honestly say that my tenure at L+M was enjoyable as
well as productive, and am incredibly proud of what the L+M and C+C teams have
accomplished over the past 37 years. The friendships I’ve built over that time
in the public and private sectors as well as my enduring partnership with Sandy
are absolute highlights. I’m excited to now work closely with Lisa and the L+M
team on this transition and also explore new opportunities in the fields of
community investment and impact investment.”
Gomez joined L+M in 2005 and has more than 25 years of
experience in real estate finance and development. She previously served in
senior management roles at the New York City Housing Development Corporation,
overseeing $1 billion annually in bond financing and mortgage insurance. She
also held various positions at JP Morgan Chase Bank, the New York City Economic
Development Corporation and Silverstein Properties, among others.
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