Alice Carr

How Did You Get Your Start In CRE Finance?

After receiving my master’s in urban planning at UCLA, I started off my career as an intern within the policy and planning division of the Los Angeles Housing Department. I always thought I’d end up being more on the policy and advocacy side, but I quickly realized that I wanted to deliver more tangible results. I found my niche in financing and discovered that I could do so much more working at a bank with the incredible tools and resources available. There’s nothing like watching the end result of all of your work be built from the ground up to provide safe and affordable housing for people who need it.

Community development banking is a very specialized type of commercial real estate. I was drawn to it because of my initial interest in public policy and urban planning. I was fascinated by how public policy, combined with the expertise of private developers and the commitment of capital from financial institutions, could form a public and private partnership that positively impacts people’s lives. Throughout the past 20 years, I’ve worked with incredibly forward-thinking clients who are developing and driving an industry of affordable housing that’s become increasingly more relevant and critical to our country.

Why Specialize In CRE Finance?

CRE, especially community development banking, impacts everyone. I’ve been lucky enough to finance innovative projects developed by high-caliber clients to help create safe, high-quality affordable housing that has transformed people’s lives and the neighborhoods where they live and work. The combination of working with intelligent clients and having a social mission is very rewarding. It’s an exciting industry to be a part of.

Are Women Represented Enough In CRE Finance?

Overall, the CRE industry has traditionally been male dominated, but in affordable housing development there are more senior women represented. It’s been an area where women have been able to flourish and are proven leaders in the industry.

Can You Speak To Your  Experience/Treatment As A Woman In CRE Finance?

There have been times in my career when I was the only woman around a table and, as a result, I have always felt that I needed to be a bit more prepared and forceful because I was the outlier. However, over time there have been more women in CRE and I’ve taken every opportunity to network with other women professionals and to support younger women in the field. I’ve always focused on the positive forces in my career development, which have included the courage to seize new opportunities, the blessing of having a strong female mentor, and the ability to find networking opportunities with women groups and high-achieving female friends. It certainly didn’t hurt my career to function as if I had to be a bit more prepared than my male counterparts!

What Can The Industry Do To Encourage Bringing More Women Into The Finance Space?

Mentorship opportunities are incredibly important. The mentors I’ve had throughout my career who have taken the time to push me and help me imagine myself in larger roles have made a huge impact. As we continue to attract new talent to the industry, it’s important to look for diverse perspectives and skills and challenge our preconceived ideas about what makes someone the right candidate for that job. We need to ensure that we have new talent representing the communities we serve and diversifying the set of skills that are seated at the table.

What Advice Would You Offer Your Former Self About Navigating The World Of CRE Finance?

Take more chances. Don’t let people tell you that you can’t do something and don’t tell yourself you’re not ready. Test yourself. We’re capable of doing so much more than we think, we just have to give ourselves a chance.