PORTLAND – Spinnaker Trust announced that J. Casey McCormack, Esq., will succeed Chris O’Neil as director of real estate when O’Neil retires at the end of May.
McCormack has an extensive and diverse background in real estate, with proven results in advancing all types of real estate projects efficiently and effectively. After earning his B.A. at Colgate University, he graduated from the University of Maine School of Law, JD, magna cum laude. Prior to joining Spinnaker Trust, McCormack was a commercial real estate broker in New York City, an affordable housing consultant in the Bay Area of California, and most recently a partner at a local law firm, where he represented real estate developers, secured lenders, and tax credit investors. He is also the current co-president of the Colgate Club of Maine.
In his role as director of real estate at Spinnaker Trust, McCormack wants to emulate the way Chris managed the real estate services group in almost every way. Describing the current market as “foggy” with rising interest rates acting as a headwind amidst a historic surge in demand across many real estate property types, he will lead this Spinnaker Trust practice group with the focus and discipline clients will most benefit from. “I’m honored to continue and expand on the work that Chris started,” McCormack said.
The current market trends are clear. “We experienced significant demand over the past years for real estate asset management services. Many lifelong entrepreneurs looking to retire – or to take a step back – simply needed someone to step into the role of “owner” as they look to pass their real estate holdings to the next generation,” McCormack explained. “That’s where we step in. We find our work runs the gamut through the commercial property lifecycle – acquiring, owning, overseeing, and divesting of properties. Clients entrust us, in some cases, with their most valuable assets.”
As the only wealth management firm in Maine to offer a suite of consulting services to assist clients with their commercial real estate needs, the team at Spinnaker Trust includes former real estate attorneys, as well as tax and investment experts with over 60 years of combined commercial real estate experience. The Real Estate Services Group has two lines of specialized business offerings: Real estate asset management services and real estate investment funds, shares of which are offered only to clients of the firm.
“Our Real Estate Services Group flourished under Chris’ leadership and allowed us to take a more holistic approach to wealth management, shaping the company’s philosophy of being invested in each client’s journey as a steady, thoughtful partner for current and future generations,” said Amanda V. Rand, Esq., president, CEO, and principal of Spinnaker Trust. “We appreciate his long-term leadership and wish him well.”
Chris O’Neil is grateful to Spinnaker Trust for providing him with the opportunity to manage the Real Estate Services Group over the last decade. He has been in the real estate business since 1988 and plans to stay active in the community.
The firm also recently hired Hailee Borino as a real estate support associate to help with this leadership transition. Hailee has held various support roles, including working as the field and finance coordinator for a local real estate service company.
Spinnaker Trust is employee-owned and in the last year exceeded $2.5 billion in funds under management.
Spinnaker Trust is an employee-owned Maine bank chartered as a non-depository trust company that manages over $2.5 billion for a global clientele. Spinnaker provides a wide range of financial services, including investment management, trust and estate planning, and tax services. Spinnaker brings technical expertise, broad knowledge, and integrity in judgement, all while embracing new technology to improve the client experience. Founded in 2000, Spinnaker guides its clients toward their investment goals, helps them manage and grow their assets and works hard to ensure that their legacy is ready and waiting for future generations. For more information, visit http://www.spinnakertrust.com.