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Press Release

Kara McShane, Managing Director at Wells Fargo, Joins Breaking Ground Board

NEW YORK – Breaking Ground, New York’s largest supportive housing developer and manager, today announced the appointment of Kara McShane, Managing Director – Head of Commercial Real Estate Capital Markets and Finance at Wells Fargo, to its board of directors.

“Breaking Ground has an ambitious development pipeline to house thousands of New Yorkers over the next several years, and we are excited to have Kara join us in this important effort. Her leadership, strong relationships, and industry experience will help us tackle New York’s homeless crisis head-on,” said Michael Franco, Chair of Breaking Ground’s Board of Directors and Executive Vice President and Chief Investment Officer of Vornado Realty Trust.

“Kara knows New York City real estate, and we are thrilled to bring her expertise to Breaking Ground’s Board of Directors,” said Brenda Rosen, President and CEO of Breaking Ground. “We are so grateful Kara has joined our dynamic team and shares our passion for providing exceptional affordable homes to our city’s most vulnerable.”

“As a resident of New York City for the last 24 years, I have witnessed first-hand the epidemic of homelessness, and it is truly heartbreaking, “ said Kara McShane. “I am both honored and excited to join the board of Breaking Ground because I know this organization makes a difference, and I want to do whatever I can to help.”

Kara McShane joined Wells Fargo in 2010 as Managing Director – Head of Commercial Real Estate Capital Markets and Finance and presently oversees the key commercial real estate business for the firm. Ms. McShane began her career with Sanford Bernstein & Co., eventually becoming a partner in the firm. She joined Morgan Stanley in 2002, becoming Managing Director of the Securitized Products Group and Commercial Real Estate Capital Markets Division. In 2017, she was recognized with a New York Business Journal Women of Influence award. In addition, Ms. McShane is frequently listed among the Top 50 Most Important Figures of Commercial Real Estate Finance by Commercial Observer and was recently named to the #1 spot on the Power 50 list, becoming the first woman to achieve this milestone. Ms. McShane received her undergraduate degree from Duke University, and holds an MBA from the Columbia Business School.

About Breaking Ground

Breaking Ground is a nationally respected leader in efforts to end homelessness and one of the largest developers and managers of supportive housing in the nation. It also operates, under contract with the NYC Department of Homeless Services, outreach programs that target people living on the streets in all of Brooklyn and Queens and a significant portion of Midtown Manhattan. Since its founding in 1990, Breaking Ground has helped more than 13,000 people escape and avoid homelessness.


CONTACT: Jovana Rizzo or Kate Treen, 646-452-5637