Crescent hires new finance executive to help lead $1.2 billion worth of apartment development
Charlotte-based Crescent Communities has hired a new finance executive who will manage the stream of money powering the company’s surging apartment development pipeline.
Jason LaBonte is Crescent’s new senior vice president of finance and investments for the company’s multifamily group. He will oversee the debt and equity capitalization for Crescent’s planned apartment communities. The company has 16 apartment developments totaling 5,000 units that are set to start construction in 2016 and 2017.
The estimated cost for all of the apartments is $1.2 billion. That’s on top of $1.3 billion worth of capital the company has spent in the past five years, constructing 7,400 apartments in 23 developments.
LaBonte previously worked as an investment banker at Bank of America Merrill Lynch, and most recently worked at Centennial Holding Company, where he helped raise $200 million to fund multifamily development.
“With his experience and skill set, Jason is highly qualified to lead the ongoing capitalization of our next phase of development, and we are delighted to have him on board,” said Brian Natwick, president of Crescent’s multifamily group, in a statement. “Multifamily demand remains strong in our markets, and we believe Crescent’s consumer-oriented approach will continue to be a key differentiator among both residents and strategic investment partners.”
Crescent’s prominent Charlotte projects include Crescent Stonewall Station, where the company is building 450 apartments, two hotels and a Whole Foods, and Crescent NoDa, which will have 300 apartments next to the Blue Line light rail extension.