Central city lender Legacy Redevelopment names new president
Caro was previously VP, chief lending officer
A nonprofit lender that focuses on commercial developments in Milwaukee’s central city has a new leader.
Legacy Redevelopment Corp. has named Terese Caro as its president, the organization has announced.
Caro joined Legacy, 1536 W. North Ave., in July 2016 as vice president and chief lending officer.
She is replacing José A. Mantilla, who will remain as a senior adviser through the end of the year.
Legacy also named retired commercial development executive Richard Lincoln as its newly elected board chair.
Legacy, a federally-certified community development financial institution, has provided hundreds of loans valued at over $18 million since 2003.
Legacy’s funding includes U.S. Treasury loans, loans from banks seeking to meet federal community investment regulations, foundation grants and capital from socially conscious investors.
It has helped finance such projects as Legacy Lofts at the Blommer Ice Cream Factory. That 64-unit affordable apartment development opened at 1500 W. North Ave. in 2018.
Caro “has consistently proven herself to be an exceptional leader who embodies the LRC mission to foster financial independence, sustain growth, and revitalize communities,” Lincoln said in a statement.
“Terese has a true passion to provide Milwaukee’s small businesses with the capital they need to open their doors and grow, along with the education, tools, and development needed to ensure long-term success,” he said.
Caro has spent nearly 30 years in banking and finance, managing a diverse portfolio valued at over $500 million in loans and assets.
As Legacy’s vice president, she oversaw a $10.9 million loan portfolio consisting of small business, new construction/rehab and commercial/retail real estate loans.
In addition, she has been instrumental in forging local partnerships to pursue Opportunity Zone redevelopment projects.
Mantilla, who joined Legacy in 2016, “has led significant developments for our organization and for Milwaukee as a whole, including a revitalized organizational focus on new construction and acquisition rehab,” Lincoln said.
A long-term Legacy board member, Lincoln brings over 50 years of publicand private-sector experience.
He played the lead role in the construction or rehabilitation of more than 3,000 multi-family housing units, and over 1.5 million square feet of office and retail space, in Wisconsin, Illinois and Minnesota.
Lincoln retired as senior vice president of Mandel Group Inc. in 2015. He remains professionally active as a development and finance consultant.
He assumed the board chair role from Troy Reese, president of T.L. Reese Construction.