Summer 2026
Welcome to TBC's bi-annual newsletter connecting you with the people, opportunities, and innovative approaches transforming the future of real estate. Inside each issue: leadership insights, upcoming events, network spotlights, online resources and more.
What’s Inside
LEADERSHIP LENS
Making New Markets
There's a great deal of discussion about the capital access gap. TBC has a proven strategy to solve it. TBC founder Dave Madan breaks down the three-track approach that's already moved $55 million off the sidelines, and what's coming next.-
Welcome to the inaugural issue of the Builder Brief — our semiannual look at where TBC is headed, what we're learning, and why it matters. The Builder Coalition (TBC) is a Massachusetts nonprofit with a national footprint, working on both sides of the real estate market — cultivating the next generation of real estate investors and developers while organizing capital providers, public agencies, and industry institutions to open new pathways for them to compete and win.
Two-thirds of the world's net wealth is held in real estate. It is the most powerful engine of economic opportunity and wealth creation in our economy, and yet access to it remains tightly gated. Nowhere is this clearer than in access to capital — the most cited, least solved barrier in the field. Because of where we sit, we see things differently: we’ve built a strategy to build new capital markets, and we're hard at work executing it.
Our Capital Innovation Initiative runs on three tracks:
First, knowledge — our TBC Innovation Library now catalogs 180+ leading innovations from across the country advancing access to real estate investment and development. It's the most comprehensive field resource of its kind, and it's built to be used.
Second, ecosystem — our national Capital Investors Summit and virtual Capital Innovation Forums don't just convene people around the problem; they showcase the leading programs setting new norms for the industry, while pairing capital providers and emerging developers in structured matchmaking designed to produce deals. Our most recent Summit brought together 31 financial institutions and 53 emerging developers, and it generated an estimated $16 million in new investments.
Third, implementation — our advisory work helps financial institutions turn intention into output: new loan programs, new underwriting frameworks, new predevelopment funds. Since 2022, we've advised in the launch of more than $55 million in new capital products. And just last month, we helped to launch another $5 million fund, and immediately connected it to the emerging developers ready to deploy it.
We’re making new markets.
In this issue of the Builder Brief, we’ll dig into our Capital Lab, the formal advisory arm we launched this year to scale this work with financial institutions across Massachusetts — and soon, nationwide. But I want to name the bigger picture here: TBC has spent years demonstrating that the capital gap is solvable, systemically. That conviction is the spine of everything we do.
Mark your calendars: we'll be bringing it all together at our next Capital Investors Summit in Atlanta on March 4, 2027 — convening capital providers and developers from across the country to do deals, share models, and continue rewriting the rules.
The real estate field is ripe for reinvention. We'll be glad to have you alongside us as we work to unlock its power.
Dave Madan
Founder & Executive Director
UP NEXT
Capital in Motion
Six consulting projects. Two already underway. A $5 million fund already launched this spring. Here's how TBC's new Capital Lab is reshaping how financial institutions lend to emerging developers.-
Up Next: Capital in Motion
For the past four years, TBC has been doing something quietly consequential: advising financial institutions on how to build products for the developers we train.
Beyond convening conversations about capital access. Beyond publishing research. Rolling up our sleeves alongside banks, CDFIs, and public agencies to help them design and launch new financial products — and then getting that capital deployed, through our vast network of emerging developers ready to put it to work. As a result, through informal advisory work, we've helped to launch more than $55 million in new capital products.
This year, we turned years of reactive practice into a proactive offering – the TBC Capital Lab.
Introducing the Capital Lab
The TBC Capital Lab helps financial institutions to design, pilot, and implement new capital products and practices for emerging real estate developers. Where the TBC Institute builds the demand side of the market, cultivating developers who are investment-ready, the TBC Capital Lab builds the supply side: lenders and funders with the right tools to meet them. Each engagement pairs institutions with experienced consultants from the financial services industry, supported by TBC's national knowledge base and network. We commit not only to launching new products, but to finding the clients to utilize them.
Why TBC? We bring deep field knowledge of what emerging developers actually need, what's working in markets across the country, and how to translate that into products that institutions can underwrite and sustain.
The TBC Capital Lab is currently in a Massachusetts-focused pilot phase — working with local and regional institutions to formalize the model, stress-test it, and demonstrate outcomes we can take to scale. The Capital Lab is supported in part by JPMorgan Chase, whose investment reflects a shared belief that expanding capital access for emerging developers is both a market opportunity and an economic imperative.
The early results are hard to argue with. Without advertising the program, we have six consulting projects lined up this year — two regional banks, two CDFIs, and two economic development agencies — with two of those engagements already underway, and with a $5 million predevelopment fund already launched last month. We haven’t yet needed to market the service; institutions are seeing the untapped market potential. By 2028, our Capital Lab aims to catalyze an additional $75 million or more in new or redesigned capital investments, establishing an adaptive, scalable national model for inclusive real estate capital markets. We've reached program capacity for 2026, but we welcome institutions to reach out and get on the waitlist for 2027.
Convening at the Epicenter
In March 2027, TBC will host our second annual Capital Investors Summit — this time in Atlanta.
The Summit brings together capital providers and developers from across the country for deal-making, model-sharing, and frank conversation about the future of capital access in real estate. At the 2027 Summit, we'll be excited to share the results of our Capital Lab pilot in Massachusetts, to officially launch the program nationwide.
If you're at a foundation, CDFI, or financial institution thinking about how to deploy capital more effectively into emerging developer pipelines — this is the room you’ll want to be in. Register your interest at capitalinvestorssummit.com, or reach out directly to info@buildercoalition.com.
We thank the TBC Capital Access Task Force — twelve industry leaders whose strategic guidance has been foundational to our capital access work, helping to shape the Capital Investors Summit, the Innovation Library, and the Capital Lab:
Aidan Hume, Senior Vice President, CRE Team Leader — Cambridge Savings Bank
Andy Elliot, Associate Director, C-PACE Market Development & Strategy — Nuveen Green Capital
Darryl Settles, President – Catalyst Ventures Development
David Grossman, President – First Boston Capital Partners
Karen Kelleher, President of Community Development Financing – BlueHub Loan Fund
Katherine Martinez, VP Business Development, Greater Boston Region — MassDevelopment
Kenneth Willis, Senior Vice President – Federal Home Loan Bank of Boston
Martha Nay, Executive Director & Senior Transactions Officer at Eaton Vance Real Estate Investment Group – Morgan Stanley
Megan Mulcahy, Director of Lending & Chief Credit Officer — Massachusetts Housing Partnership
Saeed Coates, President – The GPG Companies
Sharniece Benders, Vice President, Capital Markets – Berkshire
Troy Depeiza, Principal — DREAM Collaborative
TBC SPOTLIGHT
Fellows in Action
Lucian McPherson and Kevin Mapp are converting vacant properties into income-restricted homes across Boston and the Gateway Cities. Their story is a window into what happens when emerging developers get the right knowledge, network, and capital access.Building Opportunity in Gateway Cities: Lucian McPherson & Kevin Mapp
Across theGateway Cities in Massachusetts, affordable housing is scarce and financing complex. Lucian McPherson and Kevin Mapp of McPherson Development are meeting these challenges head on, converting long-vacant properties into income-restricted homes and scaling multifamily developments that support working families. Their efforts were recently highlighted in Banker & Tradesman, demonstrating how innovative financing, deep local knowledge, and strategic partnerships can transform communities.-
Who They Are
Lucian McPherson — Founder, McPherson Development
Kevin Mapp — Vice President of Operations, McPherson Development
With decades of experience in development, finance, and operations, the two longtime friends are expanding access to opportunity in Boston neighborhoods and Gateway Cities like Fall River and New Bedford. Since its inception in 2021, McPherson Development has offered a full spectrum of real estate services — from residential and commercial construction to project management and general contracting — helping clients and communities realize complex development projects efficiently and effectively. Their focus: projects that strengthen communities while creating pathways to homeownership for working families.
Builder Snapshot
Company: McPherson Development
Focus: Multifamily & income-restricted housing, full-service development and construction
Markets: Gateway Cities & Boston neighborhoods
Experience: Lucian — 29 yrs | Kevin — 2 yrs in development (after corporate finance)
Communities Served: Dorchester • Roxbury • Fall River • New Bedford
Completed Projects: 100+
Client Satisfaction: 100%
TBC as a Growth Lever
As McPherson Development scaled, they turned to The Builder Coalition for guidance, mentorship, and connections. Access to experienced developers and specialized capital partners helped them navigate complex financing and entitlement challenges for adaptive reuse and ground-up projects.
“Giving us access to experienced mentors — people who have been in our shoes — has been incredibly valuable. The Builder Coalition has also introduced us to finance partners we wouldn’t have otherwise known about.”
— Kevin Mapp
Transformation & Impact
Fall River Parish Schoolhouse: Converting an abandoned school into income-restricted condominiums, supported by MassHousing’s CommonWealth Builder program
Dorchester Ground-Up Development: Preparing to break ground on nine new units for working families
Broader Impact: Strengthened capital networks, enhanced operational capacity, and created replicable pathways for Gateway City development.
Forward Vision
For McPherson and Mapp, development is about more than building units—it’s about building generational wealth and sustainable communities.
“When teachers, firefighters, and city workers can live in the communities they serve, that’s when you start building generational wealth. Getting that first home is a powerful way to bridge the gap.”
— Lucian McPherson
Through their work, they continue to demonstrate how strategic partnerships, innovative financing, and a focus on community impact can unlock opportunity in underinvested markets, while providing hands-on expertise in construction, project management, and development for both residential and commercial projects.
INVEST
Partner TBC Impact & Growth
TBC's 3,000+ network spans developers, capital providers, public agencies, and industry leaders. Our partners don't just support the work -- they're at the table when deals get made, capital gets deployed, and the next generation of real estate leaders gets built.-
Spotlight Partner: Redgate
Redgate has been a dedicated partner of The Builder Coalition since its founding in 2017. The relationship began through Darryl Settles, TBC Board Member and President and Managing Partner of Catalyst Ventures Development, who connected Redgate to the organization through their longstanding professional relationship. Since then, Redgate’s support has grown into a meaningful partnership that extends well beyond its financial contributions.
"It quickly became clear that there was strong alignment between our teams," says Kristi Dowd, Principal at Redgate who leads the firm’s Institutional Practice and Culture & Inclusion Team. "At its core, it comes down to shared values."
Redgate’s core values — Driven to Lead, Thrive on Connection, and Embrace Humility — show up directly in how the firm approaches partnerships. The belief that the best ideas come from bringing different perspectives to the table translates naturally into support for an organization dedicated to expanding access for people who haven't always had a clear pathway into the industry.
That support also reflects a practical commitment. The partnership advances several of Redgate's Culture & Inclusion priorities: building more inclusive regional relationships, strengthening their recruitment pipeline, and shaping a culture where people feel connected and supported. "It's not just philosophical alignment," the Kristi notes. "It's something that shows up in how we operate day to day."
Redgate NextGen: Building Connections That Last
In February 2026, TBC and Redgate co-hosted Redgate NextGen, an industry access and networking event at Redgate's Boston headquarters designed to connect early-career professionals with leaders across real estate development, advisory, project management, and finance.
What made the evening stand out wasn't its scale — it was its intimacy. Rather than a large, transactional event, Redgate intentionally created space for real conversations: one-on-one exchanges, personal guidance, and the kind of connection that continues well beyond a single evening. "Many of those conversations have continued beyond the event," Kristi shared.
For emerging professionals, many of whom were engaging directly with industry leaders for the first time, the night offered something genuinely rare: visibility into career pathways, access to mentors, and a sense of belonging in a field they're working to enter.
Hosting the event also proved meaningful for Redgate's own team. "It wasn't just valuable for them — it was equally impactful for us, "Kristi reflected. "There was a real sense of a two-way learning experience."
Redgate was also honored to host The Builder Coalition’s annual Summer Social at Gibson Point, a waterfront multifamily development in Revere, MA known for its pioneering wellness-focused amenities. Following Builder Coalition’s “Revere Reveal: Development Opportunities Tour,” Redgate extended the program with a full takeover of Mila’s at Gibson Point, an inviting indoor/outdoor waterfront restaurant that opens directly to the waterfront, and hosted tours throughout the development. The evening brought together emerging developers, aspiring real estate professionals, and industry leaders for a program centered on connection, collaboration, and community. "Hosting The Builder Coalition at Gibson Point was a powerful reflection of Redgate’s commitment to connection, as well as the vision behind transforming this site from an underutilized waterfront parcel into a place designed to bring people together. Creating communities where people can gather, connect, and thrive is at the heart of multifamily development, making it especially rewarding to see emerging professionals and industry leaders do just that in the space." — Kyle Warwick, Principal, Redgate
Building the Next Generation
Redgate's approach to this work is grounded in a clear conviction: "Building the next generation of leaders means showing up consistently and genuinely, reaching beyond your immediate network, investing the time, and through mutual learning, helping people find direction and maximize their strengths."
— Kristi Dowd, Principal, Redgate who leads the firm’s Culture & Inclusion Team
As TBC continues to grow its national network of developers, investors, and industry partners, collaborations like Redgate NextGen demonstrate what purposeful partnership looks like in practice — not just writing a check, but opening doors, sharing knowledge, and investing in the people who will shape the industry's future. Given everything happening in the world right now, Redgate believes this kind of work is more important than ever.
