CBRE named James Millon to replace Rachel Vinson, who has decided to depart the firm, as president of its U.S. debt and structured finance group that is working to expand as lending is tight.
Vinson, who took over as president of the group in June 2022, "has decided to leave CBRE to focus on family obligations following her husband’s medical diagnosis," spokesperson Aaron Richardson said Monday in an email without elaborating. Vinson, who has been at CBRE for about four years, has worked for more than 20 years in the real estate and finance industries.
Millon, who is based in New York City, joined CBRE in 2016 from Deutsche Bank and most recently served as a vice chair and co-head of U.S. large loans at the Dallas-based brokerage. He will assume his new role on Nov. 1 and transition his deal activities to his partner Tom Traynor, also a vice chair and co-head of U.S. large loans, CBRE said.
In his new role, Millon will steer CBRE’s debt and structured finance, or DSF, business in the United States, which is a major provider of commercial and multifamily financing.
CBRE is making the move as access to capital for new developments and commercial property purchases is harder to get. Both large banks and community banks have curtailed their commercial lending as the real estate market contends with inflation and higher interest rates. The role of debt and finance brokers is often magnified during a time of tighter credit because they can help owners and developers find debt and equity partners needed to get deals done.
Though Vinson leads the group from CBRE's Dallas headquarters, Millon will remain in New York, Richardson said.
Millon also will be charged with expanding the group's business across the country. CBRE’s DSF business has averaged more than $70 billion of loan originations over the past two years. It also manages a loan servicing portfolio valued at more than $395 billion and is one of the largest Fannie Mae Delegated Underwriting and Servicing, or DUS, lenders and a lender in Freddie Mac's Optigo multifamily program.
Before he joined CBRE, Millon held senior positions in commercial real estate capital markets at Deutsche Bank. He also worked at Société Générale on its large loan origination and structuring team.