David Brickman Steps Down as NewPoint CEO, Successor Named
Industry vet Nick Gesue will take the reins, effective immediately.
By Andrew Coen and Cathy Cunningham August 12, 2024 6:58 pm
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David Brickman is stepping down as CEO of NewPoint Real Estate Capital, four years after the lender was formed, Commercial Observer has learned.
The multifamily lender has appointed Nick Gesue, founder and CEO of Alder View Capital, as the firm’s new leader, effective immediately. Brickman will continue on with the company as a strategic adviser to NewPoint Impact, the firm’s affordable housing finance joint venture with Morgan Properties.
NewPoint employees learned of the leadership change late Monday.
“On behalf of all of NewPoint’s stakeholders, we extend our sincere gratitude to David Brickman for his vision and efforts in establishing NewPoint and building its national profile,” Brian Brooks, board chair of NewPoint, said in a statement. “We wish David continued success as he pursues new opportunities as a recognized industry leader.”
Brooks underscored Gesue’s “tremendous track record of innovation and client service across the commercial real estate finance industry,” as NewPoint enters its next chapter.
Indeed, Gesue is no “new” kid on the block, and brings more than two decades of commercial real estate finance experience to the CEO seat — including the building and scaling of several credit platforms over the years. He previously served as CEO of Fannie Mae, Department of Housing and Urban Development and Department of Agriculture lender Lancaster Pollard, seeing the firm through its merger with RED Capital and then leading the newly combined company through its transition to Lument in 2020. He founded Alder View Capital in January.
“Nick’s deep experience, including working through rapidly changing macro environments in multifamily housing, affordable housing and senior housing, will be invaluable as NewPoint builds on its strategy to take client service and multifamily securitization to the next level,” Brooks said.
NewPoint was founded in June 2021 as part of a partnership between Meridian Capital Group and Barings with financial backing by private equity firm Stone Point Capital. Brickman, a former CEO of Freddie Mac, had led the firm since its inception with President Jeff Lee, who was previously Capital One’s head of multifamily and head of its underwriting and asset management. Lee remains president of the platform today.
“I am incredibly proud of the success we have had building NewPoint into a leading agency and multifamily lender,” Brickman said in prepared remarks. “I am thrilled to continue to work with and focus my time on NewPoint Impact, which provides critical financing to address our nation’s need for more affordable housing. I am especially grateful to our exceptional team whom I know I am leaving in great hands. I am confident Nick will carry forward the customer relationships and reputation for execution we have earned since launching the business.”
The NewPoint shake-up comes on the heels of several high-profile exits and personnel changes at Meridian Capital Group — most prominently the replacement of longtime CEO Ralph Herzka in April and departure of President Yoni Goodman in July. The shuffles follow a Freddie Mac investigation into the brokerage’s loan origination practices in November, which was swiftly followed by a Fannie Mae ban on broker-involved agency loans. Herzka stepped down to a senior chairman role and was replaced by Brooks as CEO in mid-April.
Andrew Coen can be reached at acoen@commercialobserver.com and Cathy Cunningham can be reached at ccunningham@commercialobserver.com
