Jay has served Of Counsel to Kleinbard since 2016. In addition, he is the Chief Executive Officer and Chairman of Philadelphia based Spring Garden Lending, a private lending group providing bridge and permanent loans to real estate developers. There he has raised $20 million in equity and $75 million in bank financing. Since opening in 2016, Spring Garden Lending has provided over $400 million in loans in the Mid-Atlantic region with offices in Philadelphia, Baltimore, Washington, D.C., and Lancaster, PA.
In addition, Jay is the co-founder of a real estate investment fund investing $100 million for the renovation and development of commercial properties in Qualified Opportunity Zones in the Callowhill and Fairmount sections of Philadelphia.
Prior to Spring Garden Lending, Jay was President and Chief Executive Officer of Valley Green Bank for 9 years. In that role he raised $25 million in equity and grew the bank to over $400 million in assets. In 2015 the bank was acquired by Univest Bank and Trust Company.
During his previous 13-year tenure as a Kleinbard partner, Jay’s practice concentrated in the areas of emerging businesses and economic development. In his new role at Kleinbard, Jay continues to act as a strategic advisor and counselor to clients seeking experienced business judgment and legal analysis relating to real estate and finance.
- Lead counsel in the sale of the Philadelphia Civic Center
- Refinancing of the Philadelphia Ritz Carlton Hotel
- Vice Chairman, Delaware River Waterfront Corporation
- Board Member, Philadelphia Industrial Development Corporation (PIDC)
- Chairman, Loan Committee
- Foundation President, Mastery Charter Schools
- Board Member, Committee of Seventy
David Hyman quoted in Philadelphia Business Journal on Dougherty’s Resignation and the Potential Impacts on the Community