Announcing the Twelve Members of BCC Capital Task Force
The Builders of Color Coalition (BCC) recently announced the launch of its two-year research and analytics study to enforce its mission of increasing access and diversity in the real estate sector and to promote the economic well-being of minority-owned businesses whose products and services serve the real estate industry. With this announcement, Builders of Color Coalition also set out to create task forces focusing on three crucial sectors – Capital, Education, and Project Impact.
Led by twelve industry leaders, the Capital Task Force will compile and assess the efficacy of interventions to expand access to commercial real estate financing for developers of color and opportunities to mobilize capital to investors of color. The task force members will be chartered to share knowledge with other industry experts, guiding and informing BCC's research and development efforts in industry-specific functions, goals, and interests. The Capital Task Force members are:
● Saeed Coates: President & Portfolio Manager, Genesis Property Group
● Darryl Settles: CEO, Catalyst Ventures Development
● Sharniece Benders: Assistant Vice President of Capital Markets, Berkshire Residential Investments
● Andy Elliot: Commercial Real Estate Mortgage Broker in the New England Market and Director of Debt & Structured Finance with The Senne Company
● David Grossman: President, First Boston Capital Partners of The Grossman Companies
● Aidan Hume: Senior Vice President and Team Leader, Cambridge Savings Bank
● Karen Kelleher: President, BlueHub Loan Fund
● Nik Ligris: Co-Managing Partner, Ligris + Associates
● Martha Nay: Managing Director in the Boston Office, JLL Capital Markets, America
● Katherine Martinez: Vice President of Business Development for the Greater Boston Region, MassDevelopment
● Megan Mulcahy: Director of Lending and Chief Credit Officer for Multifamily Rental Lending, Massachusetts Housing Partnership
● Kenneth Willis: Senior Vice President and Director of Housing and Community Investment, Federal Home Loan Bank of Boston
"We are thrilled to share the news of the Capital Task Force appointments, as we have carefully chosen individuals who excel in their respective roles," said Colleen Fonseca, executive director at the Builders of Color Coalition. "At Builders of Color Coalition, we are committed to advancing our main message by promoting greater inclusiveness and accessibility in Boston's commercial real estate sector. By announcing the first of the three task forces, we are ready to make a lasting impact on the greater community by breaking down barriers and creating opportunities for all."
With the guidance of the Capital Task Force, BCC will gather a comprehensive list of relevant funding sources, streams, and products from banks and other lending sources and perform a needs assessment to understand the gaps in the current funding streams and capital options for minority developers, including but not limited to, relevant maps, charts, and data visualizations.
The Builders of Color Coalition will lead this multi-phase effort to inform and influence the commercial real estate industry to adopt industry-wide best practices, make policy recommendations, and advocate for systemwide changes that transform the landscape of who is represented and gets access to the commercial real estate sector. Although each task force will work on distinct areas and inform different stakeholders, this is a layered approach that will work collaboratively to advance equity across the same ecosystem.