L+M Companies Names Eben Ellertson Its New CEO

L+M Companies, the umbrella company of L+M Development Partners, LMXD and L+M Fund Management, has named a new CEO and president, Commercial Observer has learned.

Eben Ellertson, previously a partner at L+M Development Partners, has been promoted to CEO, while Carrie Van Syckel, formerly chief investment officer and a partner at L+M Development Partners, was elevated to president and chief investment officer of the umbrella company.

Ellertson and Van Syckel, who have worked together for over a decade, will oversee L+M Companies’ affordable and mixed-income housing development and preservation in their new roles, according to the firm.

“Across the country, the need for quality affordable and mixed-income housing has never been higher, and L+M is committed to meeting the moment to support our residents and to deliver for our partners in government,” Ellertson said in a statement. “With a 40-year track record, we are actively pursuing a new phase of growth beyond our current footprint of 15 states — while continuing our long-standing and unwavering commitment to New York City.” 

L+M has developed or invested in more than 60,000 homes across both affordable and mixed-income developments. With the help of Ellertson and Van Syckel — and a sizable investment from global investor Sixth Street last summer — the firm has plans to drive expansion in Texas, the Mid-Atlantic, the Midwest, the Southeast and California.

Before joining L+M in 2010, Ellertson held various roles in affordable housing and investment firms in New York City and worked for the Bloomberg administration with a focus on structuring real estate partnerships for the New York City Department of Education. Van Syckel, meanwhile, joined L+M in 2016 after doing stints as a managing director at Goldman Sachs and chief operating officer at Goldman Sachs’ Urban Investment Group.

The pair will work alongside David Dishy, CEO of LMXD, L+M’s affiliate focused on mixed-income and mixed-use development. 

In tandem with Ellertson and Van Syckel’s promotions, Lisa Gomez, currently CEO of L+M Development Partners, will transition to executive chair of the overall firm to focus on expanding its affordable housing opportunities, L+M said. Ron Moelis, who co-founded L+M in 1984, will continue to serve as chair of the board.

Isabelle Durso can be reached at idurso@commercialobserver.com.