L+M Companies, the parent company of L+M Development Partners, LMXD, and L+M Fund Management, has announced a leadership reshuffle. Eben Ellertson, formerly a Partner at L+M Development Partners, has been promoted to CEO. Simultaneously, Carrie Van Syckel, previously Chief Investment Officer and Partner at L+M Development Partners, has been appointed President and Chief Investment Officer of the parent company. This information was reported by Commercial Observer.
Ellertson and Van Syckel, who have collaborated for over a decade, will be responsible for the development and securing of affordable and mixed-income housing for L+M Companies in their new roles, according to the company. Ellertson stated that the need for high-quality, affordable, and mixed-income housing across the country has never been greater. He declared that L+M is determined to address this challenge to support residents and satisfy government partners.
Strategic Expansion and Impressive Track Record
With a 40-year track record, L+M is actively pursuing a new phase of growth, extending beyond its current footprint of 15 states, while maintaining its long-standing and unwavering commitment to New York City. L+M has developed or invested in more than 60,000 homes in both the affordable and mixed-use sectors. With the support of Ellertson and Van Syckel – and a significant investment from global investor Sixth Street last summer – the company plans to drive expansion in Texas, the Mid-Atlantic region, the Midwest, the Southeast, and California.
Before joining L+M in 2010, Ellertson held various positions at affordable housing companies and investment firms in New York City. He also worked for the Bloomberg administration, focusing on structuring real estate partnerships for the New York City Department of Education. Van Syckel joined L+M in 2016, having previously served as a Managing Director at Goldman Sachs and Chief Operating Officer for Goldman Sachs' Urban Investment Group.
The new leadership duo will work closely with David Dishy, CEO of LMXD, L+M's subsidiary for the development of residential and mixed-use properties. Following the promotions of Ellertson and Van Syckel, Lisa Gomez, currently CEO of L+M Development Partners, will transition into the role of Executive Chair for the entire firm to focus on expanding affordable housing opportunities, as announced by L+M.
