Forbright announces the launch of the PACE business activity and the strengthening of the sustainable finance division
CHEVY CHASE, Maryland – (COMMERCIAL THREAD) – Forbright Bank, recently renamed Congressional Bank, today announced the launch of a new Commercial Property Assessed Clean Energy (Commercial PACE) business line and the strengthening of its Sustainable Finance division. Mike Cary had been named Managing Director, PACE Commercial Loans, and oversee the new business. Besides, Sonia khanna had been named Managing Director, Sustainable Finance, and will focus on sustainable lending opportunities across Forbright’s platform. Taken together, these measures demonstrate the Bank’s commitment to accelerate the transition to a more sustainable, low-carbon economy. Cary joined Forbright on October 4 and Khanna joined on September 20, 2021.
Commercial PACE is a specialized financing approach through which commercial property owners can secure low-cost up-front financing for clean energy projects and other eligible improvement projects that is reimbursed through a voluntary appraisal in addition to the owner’s property taxes. Providing sustainable and innovative financing opportunities like this is one of the ways that Forbright will do its part in the global effort to build the green economy of the future.
As the leader of Forbright’s PACE commercial team, which will sit within the Sustainable Finance division, Cary will be responsible for finding, underwriting and managing PACE commercial lending opportunities in qualified jurisdictions across jurisdictions. United States. Prior to joining Forbright, he helped build and lead the PACE business effort at Poppy Bank as Senior Vice President, National PACE Lending. Cary has over 30 years of experience in commercial lending, including numerous executive roles with Citibank, First Nationwide Mortgage Corporation and CIT Group.
As Managing Director of Sustainable Finance, Khanna will be responsible for expanding Forbright’s sustainable finance platform, including sourcing, underwriting and managing a wide range of top-tier secured financings for investors. , businesses and entrepreneurs contributing to decarbonisation and sustainability. Prior to Forbright, she spent 15 years developing relationships with investors, operators and intermediaries in the primary and secondary markets across the country as a senior member of the Commercial Real Estate group at Pacific Western Bank, where She was a senior manager and led the Washington, DC commercial real estate design team. Prior to that, Khanna worked at CapitalSource Inc and UBS Investment Bank.
“These measures position Forbright as an indispensable financial partner for commercial real estate and private equity investors leading to decarbonization and the shift to a clean energy economy, ”said Founder and Executive Chairman John Delaney. “Our approach at Forbright is rooted in building teams with focused expertise and a track record of building successful platforms, and Mike and Sonia are important strategic hires, ”added Don Cole, CEO of Forbright Bank.
About Forbright Bank
Forbright Bank (www.forbrightbank.com), renamed Congressional Bank, member of the FDIC, is a full-service bank, commercial lender and asset manager headquartered in Chevy Chase, Maryland, committed to accelerate the transition to a sustainable and clean energy economy by funding the companies, investors and innovators who drive this change. With more than $ 4.5 billion in assets owned and managed, the Bank provides specialized banking and credit services to clients across the United States. Its Sustainable Finance, Healthcare and Specialty Lending divisions offer nationwide lending products, including personalized home loans, working capital, warehouse lines of credit and term loan purchase contracts. The Bank provides real estate loans, mortgages and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization and sustainability-focused loans, to businesses and individuals through through its Community Bank division.
FDIC member as a Bank of Congress. Congressional Bank is an Equal Housing Lender and provides loans regardless of race, color, religion, national origin, gender, disability or family status.