Executive Director of the I-195 Redevelopment District Commission
Peter McNally is the Executive Director of the I-195 Redevelopment District Commission. The Commission is charged with bringing to market 19 acres of land that was reclaimed after the relocation of a portion of route I-195 in downtown Providence, Rhode Island. Mr. McNally is a nationally respected professional who has a demonstrated passion for urban projects.
He spent most of his career in the investment management industry, focused within the real estate sector. As an investor he has been responsible for well over 100 real estate transactions which include large-scale mixed-use development projects as well as numerous historic and iconic building renovations in cities across the country, including San Francisco, New York, Los Angeles, and Chicago.
Before coming to the I-195 Redevelopment District Commission, Mr. McNally was Managing Director serving as head of BlackRock Real Estate’s Global Client Group in New York City. He was responsible for all capital-raising activity and client relations for approximately 300 institutional clients which included state and corporate pension funds as well as sovereign wealth funds, central banks, and other global financial institutions. He directed a staff based in the US and Europe, serving a client base that invested in a variety of risk/return mandates in real estate debt and equity.
Prior to serving in that role, Mr. McNally headed Black Rock’s US Transactions Group with oversight for all acquisitions, dispositions, and capital market activities for BlackRock’s $20 billion real estate platform. BlackRock’s Transactions Group was one of the largest in the US and its investment activities included the acquisition of office and residential properties, retail malls, and industrial buildings. In his role as Head of Transactions during the financial crisis, Mr. McNally directed all lender negotiations and restructurings on behalf of the entire platform. This effort comprised 92 individual workouts of approximately $10 billion of restructured debt.
Mr. McNally also founded and served as Senior Portfolio Manager for Black Rock’s flagship value-add, open-end real estate fund. From the time the fund launched in 2004, Mr. McNally grew it to 65 properties with a gross asset value of close to $3 billion, and it became one of the top-performing open-end funds in the US. The investment strategy focused on marquee, urban buildings in city centers across the country. The fund’s investor base comprises 70 clients, including many of the largest US financial institutions as well as several major international investors. Mr. McNally was responsible for establishing every aspect of the fund’s investment strategy, diversification program, and its capital structure.
Earlier in his career, Mr. McNally was Senior Vice President of investments for GE Capital Investment Advisors in Boston, and prior to that he was with AEW Capital Management, also in Boston. Mr. McNally earned his B.A. degree from Boston University in 1987 and his M.A. from Massachusetts Institute of Technology in 1996.