Strategic Organizational Changes Align with NJCC’s Growth
New Brunswick, NJ – New Jersey Community Capital (NJCC), New Jersey’s oldest and largest Community Development Financial Institution (CDFI), announced today several key appointments in concert with strategic organizational changes. Marie Mascherin has been named Chief Operating Officer and Jeffrey Crum the Chief Investment Officer, while Leah Apgar steps into the role of Managing Director, Lending and Mark Munley becomes Director, Special Projects & Local Government Relations. The appointments are effective immediately.
“These appointments and the new alignment of business lines within our organizational structure better reflect our strategic focus and position us to continue creating positive impacts for families and communities, as well as our partners and investors,” said Wayne T. Meyer, President. “I have every confidence that Marie, Jeff, Leah and Mark together with the rest of our hard-working NJCC team will help us do just that.”
“I am honored to be contributing to the growth of NJCC as a national leader in economic and community development. The NJCC team is the most creative and dedicated with whom I have ever worked,” said Marie Mascherin, who as NJCC’s Chief Operating Officer will now oversee the mortgage platform, compliance, community strategies and local governmental relations in addition to lending.
Ms. Mascherin joined NJCC as Chief Lending Officer in 2008 after serving on the Board of Directors for nine years. As Chief Lending Officer, she was responsible for managing all of NJCC’s lending strategies and investment programs. Her primary duties included managing production goals, new product development, borrower relationships, budgeting and portfolio performance. Ms. Mascherin brings more than 35 years of commercial banking and real estate mortgage lending experience, including more than a decade at Midlantic National Bank (now PNC Bank). Other prior experience includes positions at GMAC Commercial Mortgage (now Berkadia Mortgage), and Quaker Capital, L.P.
Ms. Mascherin is a Lead New Jersey Fellow, the Chair Emeritus and current board member of the American Repertory Ballet/Princeton Ballet School and a New Jersey Real Estate Licensed Agent. Ms. Mascherin holds a Master of Business Administration from New York University’s Stern School of Business and a Bachelor of Science in Finance from Seton Hall University. She is a graduate of the Achieving Excellence in Community Development fellowship program at Harvard University’s John F. Kennedy School of Government.
“The groundbreaking work we’ve done with the Community Asset Preservation Corporation and ReStart program sets new standards for the ways in which we look at community re-development. I’m humbled by the opportunity to strengthen the connection between two unique programs that seek to empower under-resourced communities,” said Jeffrey Crum, who as Chief Investment Officer assumes responsibilities for ReStart’s business activities in addition to CAPC in a recasting of the role within the new organizational structure.
Mr. Crum joined NJCC in 2011 as CAPC’s Director of Real Estate to oversee real estate development, asset management, construction management, property management and real estate brokerage services. The real estate group’s primary mission involves the acquisition and rehabilitation of abandoned and foreclosed properties to stabilize communities and create quality affordable housing options. CAPC also acts as an equity investor and development partner on larger multi-family and commercial projects that create catalytic change in neighborhoods seeking holistic revitalization. Since Mr. Crum joined NJCC in 2011, the organization has completed and sold or leased nearly 700 affordable housing units totaling more than $100 million of investment in primarily low and moderate-income communities throughout New Jersey and Florida.
Prior to joining NJCC, Mr. Crum worked as Vice President of Real Estate for Build with Purpose, Inc., a nonprofit community facilities builder that develops charter school spaces and supportive housing projects. He also spent three years as the Director of Real Estate for New Jersey Community Development Corporation building multi-family supportive housing and community facilities. In aggregate, Mr. Crum has developed nearly $300 million in community real estate projects that have served thousands low-income individuals and families.
Mr. Crum holds a Bachelor of Social Work from Catholic University of America and a Master of Public Policy from the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. He is Chair of the City of New Brunswick Planning Board and serves on the Board of Directors for the Elizabeth Coalition to House the Homeless. He co-teaches Nonprofit and Community Development Finance at the Bloustein School. A member of the Lead New Jersey Class of 2008, Mr. Crum was recently selected by NJBiz as a ‘Forty Under 40’ awardee.
“I’m looking forward to continued growth in NJCC’s creative and innovative lending programs and serving our borrowers and partners in this position,” said Leah Apgar, who becomes Managing Director, Lending.
Ms. Apgar joined NJCC in June 2006 as a Wachovia Bank/Department of Community Affairs Housing Scholar and was hired by NJCC as a Lending Officer in June 2007.
She was promoted to Lending Team Leader for Housing and Healthy Communities in the fall of 2011 and has been responsible for business development, relationship management, underwriting and the complete loan process for just over $200 million in committed financing. Ms. Apgar has been instrumental in designing, capitalizing and managing specialized funds and projects. In particular, Ms. Apgar was the financial architect of Operation Neighborhood Recovery (ONR), a bulk purchase of 47 residential mortgages to mitigate foreclosure and stabilize neighborhoods by NJCC borrower, HANDS, Inc. The ONR transaction became the proof of concept for both CAPC and the ReStart program.
A Lead New Jersey Fellow, Ms. Apgar was recognized for her contributions to the community development field in 2016 when she received the ‘Rising Star Award’ from the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. Ms. Apgar sits on the Board of the Friends of Marion P. Thomas Charter School and co-teaches Nonprofit and Community Development Finance at the Bloustein School. Ms. Apgar holds dual bachelor degrees in Political Science/Economics and Psychology from the University of Pittsburgh and a Master of Public Policy with a concentration in Community and Economic Development from the Bloustein School.
“Partnerships with local governments are crucial to the continued success and growth of NJCC. I look forward to building and expanding the relationships that are pivotal to carrying out our mission,” said Mark Munley, who will move into the newly-created position of Director, Special Projects and Local Government Relations.
Mr. Munley joined NJCC as Chief Investment Officer in 2012. He served as NJCC’s point person for the ReStart initiative and other bulk purchase efforts that constituted the organization’s ground-breaking new anti-foreclosure programs.
In addition, his responsibilities included overseeing various NJCC investment efforts and major real estate endeavors in NJCC’s target markets, developing relationships with government entities and officials and helping design NJCC’s comprehensive and holistic approach to community development.
Mr. Munley possesses over 30 years of private and public-sector experience in the fields of real estate development and urban planning. He has served on three separate occasions as the Director of the Department of Housing, Economic Development and Commerce for Jersey City. A State of New Jersey licensed Professional Planner, he has also managed his own urban planning firm. Mr. Munley holds an undergraduate degree in Urban Studies from Rutgers University and a master’s degree in City Planning from Harvard University’s Graduate School of Design.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to support the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. Founded in 1987, NJCC has invested over $630 million in New Jersey communities, resulting in over 9,700 housing units, 6,700 early care slots, 17,500 education seats, and 9,600 jobs. For more information, visit https://www.newjerseycommunitycapital.org/