A common-sense management approach: Board member James Broderick shares his two cents
For long-serving Way Finders’ Board member James Broderick, chair of the Real Estate Investment Committee, the early days of one project stand out most in his mind.
“I remember going to a small conference room, when Way Finders’ office was in the South End of Springfield, and looking at these little pins on a map,” said Broderick, who retired as Senior Vice President and Regional Manager of Commercial Real Estate Lending at TD Bank in 2012. “I was thinking to myself, ‘We’re going to collect this parcel, and get this parcel, and that parcel? Is that really going to happen?’”
Many years later, in 2021, Broderick attended the ribbon cutting for Library Commons in Holyoke. Those pins represented Way Finders’ hope to acquire and rehabilitate three vacant historic buildings and construct a new building within walking distance of the Holyoke Public Library. A 2013 renovation of the library brought new energy to the neighborhood, which Way Finders was eager to amplify via 38 affordable housing units. (A second phase of development—Essex Village—is currently in the works, to bring 41 units to the same area.)
It takes much effort and expertise for an organization to go from putting pins on a map to welcoming families to their new homes. Broderick, who served a variety of roles over his banking career, has provided financial and budgeting guidance to Way Finders since he joined the Board in 2005. He draws upon his professional experience—in real estate lending, construction lending, and affordable housing lending—as well as his involvement as a director of Brownstone Gardens, an affordable housing development for older adults.
“The Real Estate Investment Committee is the only committee I’ve been on,” said Broderick, who noted that the scope of the committee has expanded over time. “Originally, we were basically reviewing the status of projects with the project managers. Now, we also review the status of the real estate development pipeline, the funds needed to proceed with early development steps, and the status of asset and property management.”
Two aspects of Way Finders’ work to develop affordable housing continue to surprise him.
Fall 2024 ribbon cutting at Rosewood Way in Agawam with (from left) Jasmin Naylor, Rondey Allen, Keith Fairey, and Jim Broderick
“There are an amazing number of funding entities required to make a project work. It’s astounding to me how many pieces must be put together. And the amount of juggling that has to be done! My hat is off to everyone that makes the final budget work out,” said Broderick, referring to his work on the Real Estate Investment Committee. “And the other surprising part is the timing. From identifying a potential project to getting to the actual closing, many years go by. This has become the norm.”
Another norm that he’d like to see change is the cost of building affordable housing projects.
“We need to come up with a more efficient and less costly way of developing affordable housing units,” said Broderick, who earned his undergraduate degree from Dartmouth College and his Master of Business Administration degree from Harvard Business School. “That’s not just a Way Finders issue. It’s a national issue.”
Broderick appreciates the diversity on the Board, including a wide variety of backgrounds and perspectives, and the competency with which the organization operates.
“More than anything, I’m impressed with the people who work at Way Finders. They know what they are doing, they do it well. They believe in what they’re doing. So, it’s impressive, and I find myself wanting to assist in any way I can,” said Broderick. “On the Board, I like that it’s not like-minded. We have differences and we respect one another. To the extent that I can add my two cents and it’s helpful, I am happy to do so.”
We appreciate your two decades of service, Jim, and the many two cents you’ve shared with us!