JPMorgan Chase Taps New Leader for CRE Lending
JPMorgan Chase has named Michelle Herrick as head of its commercial real estate business, the company said on Wednesday. The appointment will take effect in January 2025.
According to Bloomberg, Herrick has been the company’s deputy head of commercial real estate since earlier this year. She joined the company in 2017 and has also served as its central region market manager for real estate. She also previously worked at Bank of America.
In her new role, Herrick and will oversee the company’s commercial real estate loan portfolio. She succeeds Al Brooks, who will take on a new role as a vice chair for commercial banking. Based in Chicago, Herrick will report to John Simmons, head of the company’s commercial banking arm.
JPMorgan is the largest commercial real estate lender, with a current loan volume of $173.8 billion as of the second quarter.
A timely promotion
Herrick’s new assignment takes place amid improving sentiment from investors following the Fed’s recent rate cut, and with several more likely on the way. A recent survey from NAIOP shows that sentiment scores for equity, debt, first-year ownership cap rates all had sentiment scores over 50, indicating broadly improving conditions.
READ ALSO: CRE Sentiment Index Hits All-Time High
Still, CRE loan delinquencies and special servicing rates continue to climb, and this could cause existing owners to either sell defaulted-on assets or sell them to investors waiting for lower costs of capital. Either way, there should be no shortage of new business for JPMorgan and its competitors.
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