Forbright Announces Launch of Commercial PACE Business and Strengthening of Sustainable Finance Division
Key hires will help Bank finance the shift to a more sustainable clean energy economy
CHEVY CHASE, Md.–Forbright Bank, recently rebranded from Congressional Bank, announced today the launch of a new Commercial Property Assessed Clean Energy (Commercial PACE) business line and strengthening of its Sustainable Finance division. Mike Cary has been appointed Managing Director, Commercial PACE Lending,and will oversee the new business. Additionally, Sonia Khanna has been named Managing Director, Sustainable Finance, and will focus on sustainable lending opportunities across Forbright’s entire platform. Together, these moves demonstrate the Bank’s commitment to accelerating the transition to a more sustainable, low-carbon economy. Cary joined Forbright on October 4, and Khanna joined September 20, 2021.
Commercial PACE is a specialized financing approach whereby commercial property owners can obtain low-cost upfront financing for clean energy and other qualifying improvement projects that is repaid through a voluntary assessment as an addition to the owner’s property taxes. Offering innovative sustainable financing opportunities like this is one of the ways Forbright will do its part in the worldwide effort to build the green economy of the future.
As leader of Forbright’s Commercial PACE team, which will sit within the Sustainable Finance division, Cary will be responsible for sourcing, underwriting, and managing Commercial PACE lending opportunities in qualified jurisdictions across the United States. Prior to joining Forbright, he helped build and lead the Commercial PACE effort at Poppy Bank as its Senior Vice President, National PACE Lending. Cary has more than 30 years of commercial lending experience, including numerous senior leadership positions at 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 broad range of senior secured financing to investors, companies, and entrepreneurs helping to drive decarbonization and sustainability. Prior to Forbright, she spent 15 years developing relationships with investors, operators, and intermediaries in primary and secondary markets throughout the country as a senior member of the Commercial Real Estate Group at Pacific Western Bank, where she served as Senior Director and ran the Washington, DC Commercial Real Estate originations team. Prior to that, Khanna worked at CapitalSource Inc and UBS Investment Bank.
“These moves position Forbright as an indispensable financial partner to commercial real estate and private equity investors driving decarbonization and the shift to a clean energy economy,” said Founder and Executive Chairman John Delaney. “Our approach at Forbright is rooted in assembling teams with focused expertise and track records of building successful platforms, and Mike and Sonia are important strategic hires,” added Forbright Bank CEO Don Cole.
About Forbright Bank
Forbright Bank (www.forbrightbank.com), rebranded from Congressional Bank, Member FDIC, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With over $4.5 billion of owned and managed assets, the Bank provides specialty lending and banking services to clients across the United States. Its Sustainable Finance, Healthcare, and Specialty Lending divisions provide nationwide lending products, including customized real estate loans, working capital, warehouse lines of credit, and forward loan purchase agreements. The Bank provides real estate loans, mortgage loans, and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization- and sustainability-oriented loans, to businesses and individuals through its Community Bank division.
Member FDIC as Congressional Bank. Congressional Bank is an equal housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.