ABOUT US
Our mission
ABOUT US
Our vision
Our work extends beyond real estate development-we aim to create meaningful value for the people and communities we serve.
Ever higher is the bar we set as the leader in our space, transforming how investors, owners, and stakeholders engage with and execute on a diverse range of opportunities.
ABOUT US
Core values
The highest standards
The essential equation
Ever developing excellence
TEAM
Team
The Esen Team consists of dynamic and accomplished industry leaders who bring a unique blend of expertise and insight to every real estate development.
We have over a century of combined experience and more than a decade working together, making this seasoned team the driving force behind Esen. Our deep knowledge and proven institutional track record power our strategic partnerships and innovative developments across North America. Committed to excellence, collaboration, and long-term value creation, the Esen team consistently delivers exceptional results for investors, stakeholders, and communities alike.
Founding partners
CHAIRMAN
Jim Chang
Jim Chang serves as Chairman of the board for Esen. He is also the Founder, Executive Chairman, and CEO of Singapore-based investment platforms The Croesus Group and Everglory Group, with diversified holdings across real estate, infrastructure, transportation, and financial asset management in Asia and the United States.
In 1990, Jim joined Evergreen Group, serving as a key early leader where he launched EVA Air and played a pivotal role in the adoption of Japan’s Shinkansen system for Taiwan’s High-Speed Rail. In 2004, he founded The Croesus Group, which manages a broad real estate portfolio across Asia-Pacific and the U.S., and in 2013, launched Croesus Retail Trust (CRT), which was later acquired by Blackstone. He also founded Everglory Group, focused on strategic corporate investments and financial innovation, including the acquisition of Trust Capital (now one of Japan’s largest mezzanine financing platforms) and investments in Silicon Valley technology companies. Chang was named by CNBC as one of Asia’s Best CEOs.
Jim serves as an advisor and board director for several global institutions, including Asia Society (Japan) and the Taiwan High-Speed Rail Corporation. He holds a B.A. in International Studies from Temple University, an Executive Certificate in Business Management from The Wharton School at the University of Pennsylvania, and a Global Leadership Certificate from Harvard Business School.
CHIEF EXECUTIVE OFFICER
Matt Elsesser
Matt Elsesser serves Esen as Chief Executive Officer. He is the former US Head of Development for Logistics at Brookfield Properties, where he oversaw an active pipeline of over 15 million square feet of ground-up logistics development across North America.
Prior to this role, he was President of Commercial Development at Brookfield Properties, in charge of all mixed-use projects across North America. Matt served as the Chief Development Officer at Forest City prior to Brookfield’s $11 billion acquisition of the company. Throughout his career, he has overseen 27 million square feet of development, including 10,000 multifamily units. He has experience working for both private equity and publicly held companies and managed a pipeline in excess of $5 billion in development for Brookfield. Matt has a degree from Baldwin Wallace University, where he earned his Bachelor’s in Finance.
CHIEF INVESTMENT OFFICER
Dave Boillot
Dave Boillot serves Esen as the company’s President and Chief Investments Officer. Most recently, he served as Managing Director and CIO of Croesus and Company, where he oversaw the investment in and development of over 2,500 apartment units in addition to 1 million square feet of commercial development.
Over the course of his career spanning the development and private equity sectors – including stints with both AEW and Citigroup – he has completed transactions in excess of $2 billion across all major property types. Dave graduated from Columbia with a Bachelor’s degree in Sociology and received his Master’s degree in Real Estate Development from the University of Southern California.
CHIEF DEVELOPMENT OFFICER
Jason Bonnet
Jason Bonnet serves as Chief Development Officer of Esen. He was formerly the head of Commercial Development for the East Coast region for Brookfield Properties where he managed over $7 billion in project pipeline.
Throughout his career, Jason has successfully executed over 4,000 multi-family units, 1 million square feet of office, and 500,000+ square feet of retail, hotels, parks and community spaces. This all equates to over $5 billion of development value in major markets from the East Coast to the West Coast. He obtained his Bachelor of Arts from the University of North Carolina and his Master’s degree in Real Estate Development from the University of Southern California. In addition, Jason is an alumnus of Harvard Business School.
team
Team members
Loren Morgan
Head of Construction
Loren Morgan serves as the Head of Construction for Esen. As former head of pre-construction for Brookfield Properties Commercial Development group, he oversaw all pre-construction activities for master planned communities, commercial, mixed-use, and residential projects across the United States and Canada. Loren’s leadership experience extends beyond Brookfield, with stints at Greystar, AvalonBay, and Clark Construction. Throughout his career, he has ensured the successful delivery in excess of 5,000 apartment units, 4.5 million square feet, and $2+ billion in projects. Loren holds a BS in Economics with a minor in Spanish from the US Naval Academy.
Lori Sindelar
Chief Administrative Officer
Lori Sindelar serves as the Chief Administrative Officer for Esen. She was the former Vice President of Operational Excellence with Brookfield Properties where she partnered cross-functionally with development, design, and construction resources, ensuring identification and execution of repeatable activities to scale operations. As an expert in Lean and Six Sigma methodologies, Lori spearheaded and oversaw standardized processes for managing design and construction turnover milestones & activities. In addition, she led the implementation of and unified a project management and job costing platform for all of Brookfield commercial development. Lori holds a Bachelor of Business Administration from Kent State University as well as a Master of Business Administration from The Ohio State University.
Kate Bicknell
Executive Vice President – Development
For nearly 20 years, Kate Bicknell has been leading transformational, urban development projects. Specializing in public-private, institutional and industry partnerships, she served as the Managing Director for Tishman Speyer, leading the development of the Enterprise Research Campus – a 2 million square foot life sciences, residential, hotel and conference center project in Boston. Prior to joining Tishman Speyer, Kate was the Vice President and Head of New York Development for Oxford Properties Group where she led the adaptive reuse of a former freight train terminal into a new headquarters for Google. She began her career in development at Forest City where she helped lead the development of Barclays Center & Atlantic Yards. Kate also led Forest City’s partnership with Cornell University in the development of Cornell Tech on Roosevelt Island. She holds a BS in Urban Studies from Cornell University, where she is a member of the Cornell University Council, the Cornell Alumni Advisory Board, and past Chairs of the Cornell Alumni Trustee Nominating Committee and Dean’s Advisory Board for the College of Architecture, Art & Planning. Kate received her MBA from the Wharton School at the University of Pennsylvania.
Joginder Singh serves as the Construction Lead for Esen and brings more than 45 years of experience in the construction and development industry. He was previously the Executive Vice President of Construction Services for Forest City Realty Trust in charge of construction activities involving retail, office, residential, and mixed-use projects from conceptual planning to the opening of the facility, overseeing projects ranging from $10 million to $400 million. He advised, assisted and coordinated design and construction drawings, as well as worked closely with Development and Management groups from inception through the opening of the projects.
Mr. Singh began his career with Forest City as a project manager in 1980 working on the Tucson Mall which opened in 1981. He left Forest City in 1995 to work for Stark Enterprises and returned to Forest City in 2000 as Executive Vice President – Commercial Construction.
Mr. Singh graduated from Panjab Engineering College (India) in 1974 with a degree in Civil Engineering.
Jeff Morrow
Investments Lead
Jeff Morrow serves as Esen’s investments lead as a real estate finance professional with expertise in complex financial modeling and analysis. His career includes 26 years of real estate experience in development, acquisitions, dispositions, and asset management across multiple asset classes including life science, office, retail, multifamily, warehouse and hotel. Jeff formerly served as Vice President of Transactions at Ancora L&G, leading a team responsible for the underwriting, due diligence, and closing of life science, office, and multifamily acquisitions and development. Prior to joining Ancora, he served as Vice President of Investments at Brookfield Properties, leading a team responsible for evaluating and reporting on development projects. His career also includes stints with GE Capital Investment Advisors and Pembroke Real Estate. Jeff holds a bachelor’s degree in business administration from Northeastern University. He is a member of the Real Estate Investment Advisory Council – Northeast Chapter.
Mike May
Accounting Lead
Mike May serves as accounting lead for Esen, bringing more than three decades of accounting leadership to the team. He began his accounting career at PWC where he spent 14 years working on a wide variety of clients in the real estate, manufacturing and non-profit industries. After PWC, Mike joined Forest City Enterprises (FCE) where he served for 13 years as a Vice President-Finance in the Forest City Commercial Group, responsible for the internal and external financial reporting of the Group, financial forecasting and financial strategic planning. In September 2011, he transitioned into a Corporate role and led the creation of the Accounting Service Organization (ASO) for FCE as a Senior Vice President. In December 2018, FCE was acquired by Brookfield Corporation and Mike assumed the role of Senior Vice President-Development Accounting for Brookfield’s national commercial development pipeline. He holds a B.S.B.A from John Carroll University.
Shaw Henry
Development
Shaw Henry is a member of Esen’s development capability, bringing 15+ years of experience to his current role. As the former Senior Director for Commercial Development at Brookfield Properties for the East Coast Region, Shaw was responsible for overseeing the full cycle of development for mixed-use and multifamily projects, including overseeing development of the landmark mixed-use project Fifth & Broadway in Nashville. Prior to joining Brookfield, he managed several mixed-use and multifamily projects in the Washington, D.C. area including the entitlement and design of a 25-acre public-private partnership with the District’s Office of the Deputy Mayor for Planning and Economic Development. Leading multiple teams across several markets, Shaw has successfully executed over 2,500 multifamily units. He holds a Bachelor of Arts in Accounting from Furman University and Master of Science in Urban Planning from the University of Tennessee.
Martha Gurule
Controller
Martha Gurule serves as Controller for Esen. She brings more than 40 years of experience in financial management across multiple real estate asset classes. Martha’s long track record of success in development, construction and management of residential, hotel and commercial portfolios spans across multiple companies, including Croesus Group (2014-2022), the Bruder Companies (1995-2025), Bradford Homesuites (1996-2007), and various other developers and real estate owners in the southwestern US. Martha holds a bachelor’s degree from East Texas A&M University in accounting and finance.
Loren Morgan
Head of Construction
Loren Morgan serves as the Head of Construction for Esen. As former head of pre-construction for Brookfield Properties Commercial Development group, he oversaw all pre-construction activities for master planned communities, commercial, mixed-use, and residential projects across the United States and Canada. Loren’s leadership experience extends beyond Brookfield, with stints at Greystar, AvalonBay, and Clark Construction. Throughout his career, he has ensured the successful delivery in excess of 5,000 apartment units, 4.5 million square feet, and $2+ billion in projects. Loren holds a BS in Economics with a minor in Spanish from the US Naval Academy.
Lori Sindelar
Chief Administrative Officer
Lori Sindelar serves as the Chief Administrative Officer for Esen. She was the former Vice President of Operational Excellence with Brookfield Properties where she partnered cross-functionally with development, design, and construction resources, ensuring identification and execution of repeatable activities to scale operations. As an expert in Lean and Six Sigma methodologies, Lori spearheaded and oversaw standardized processes for managing design and construction turnover milestones & activities. In addition, she led the implementation of and unified a project management and job costing platform for all of Brookfield commercial development. Lori holds a Bachelor of Business Administration from Kent State University as well as a Master of Business Administration from The Ohio State University.
Kate Bicknell
Executive Vice President – Development
For nearly 20 years, Kate Bicknell has been leading transformational, urban development projects. Specializing in public-private, institutional and industry partnerships, she served as the Managing Director for Tishman Speyer, leading the development of the Enterprise Research Campus – a 2 million square foot life sciences, residential, hotel and conference center project in Boston. Prior to joining Tishman Speyer, Kate was the Vice President and Head of New York Development for Oxford Properties Group where she led the adaptive reuse of a former freight train terminal into a new headquarters for Google. She began her career in development at Forest City where she helped lead the development of Barclays Center & Atlantic Yards. Kate also led Forest City’s partnership with Cornell University in the development of Cornell Tech on Roosevelt Island. She holds a BS in Urban Studies from Cornell University, where she is a member of the Cornell University Council, the Cornell Alumni Advisory Board, and past Chairs of the Cornell Alumni Trustee Nominating Committee and Dean’s Advisory Board for the College of Architecture, Art & Planning. Kate received her MBA from the Wharton School at the University of Pennsylvania.
Joginder Singh serves as the Construction Lead for Esen and brings more than 45 years of experience in the construction and development industry. He was previously the Executive Vice President of Construction Services for Forest City Realty Trust in charge of construction activities involving retail, office, residential, and mixed-use projects from conceptual planning to the opening of the facility, overseeing projects ranging from $10 million to $400 million. He advised, assisted and coordinated design and construction drawings, as well as worked closely with Development and Management groups from inception through the opening of the projects.
Mr. Singh began his career with Forest City as a project manager in 1980 working on the Tucson Mall which opened in 1981. He left Forest City in 1995 to work for Stark Enterprises and returned to Forest City in 2000 as Executive Vice President – Commercial Construction.
Mr. Singh graduated from Panjab Engineering College (India) in 1974 with a degree in Civil Engineering.
Jeff Morrow
Investments Lead
Jeff Morrow serves as Esen’s investments lead as a real estate finance professional with expertise in complex financial modeling and analysis. His career includes 26 years of real estate experience in development, acquisitions, dispositions, and asset management across multiple asset classes including life science, office, retail, multifamily, warehouse and hotel. Jeff formerly served as Vice President of Transactions at Ancora L&G, leading a team responsible for the underwriting, due diligence, and closing of life science, office, and multifamily acquisitions and development. Prior to joining Ancora, he served as Vice President of Investments at Brookfield Properties, leading a team responsible for evaluating and reporting on development projects. His career also includes stints with GE Capital Investment Advisors and Pembroke Real Estate. Jeff holds a bachelor’s degree in business administration from Northeastern University. He is a member of the Real Estate Investment Advisory Council – Northeast Chapter.
Mike May
Accounting Lead
Mike May serves as accounting lead for Esen, bringing more than three decades of accounting leadership to the team. He began his accounting career at PWC where he spent 14 years working on a wide variety of clients in the real estate, manufacturing and non-profit industries. After PWC, Mike joined Forest City Enterprises (FCE) where he served for 13 years as a Vice President-Finance in the Forest City Commercial Group, responsible for the internal and external financial reporting of the Group, financial forecasting and financial strategic planning. In September 2011, he transitioned into a Corporate role and led the creation of the Accounting Service Organization (ASO) for FCE as a Senior Vice President. In December 2018, FCE was acquired by Brookfield Corporation and Mike assumed the role of Senior Vice President-Development Accounting for Brookfield’s national commercial development pipeline. He holds a B.S.B.A from John Carroll University.
Shaw Henry
Development
Shaw Henry is a member of Esen’s development capability, bringing 15+ years of experience to his current role. As the former Senior Director for Commercial Development at Brookfield Properties for the East Coast Region, Shaw was responsible for overseeing the full cycle of development for mixed-use and multifamily projects, including overseeing development of the landmark mixed-use project Fifth & Broadway in Nashville. Prior to joining Brookfield, he managed several mixed-use and multifamily projects in the Washington, D.C. area including the entitlement and design of a 25-acre public-private partnership with the District’s Office of the Deputy Mayor for Planning and Economic Development. Leading multiple teams across several markets, Shaw has successfully executed over 2,500 multifamily units. He holds a Bachelor of Arts in Accounting from Furman University and Master of Science in Urban Planning from the University of Tennessee.
Martha Gurule
Controller
Martha Gurule serves as Controller for Esen. She brings more than 40 years of experience in financial management across multiple real estate asset classes. Martha’s long track record of success in development, construction and management of residential, hotel and commercial portfolios spans across multiple companies, including Croesus Group (2014-2022), the Bruder Companies (1995-2025), Bradford Homesuites (1996-2007), and various other developers and real estate owners in the southwestern US. Martha holds a bachelor’s degree from East Texas A&M University in accounting and finance.
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