Each month, BH features a different member of our wildly awesome Executive Team. In this Q&A format, they share thoughts on their role, their career, and the direction of the company in their own words. This month, we are excited to highlight Matt Darcy, SVP, Construction.
Q: What is the biggest challenge you are currently facing? How will you overcome it?
I believe the most significant challenge or challenge(s) facing multifamily construction is a combination of economic uncertainty, high construction costs, and higher interest rates. Higher interest rates obviously make borrowing more expensive, raising the cost of capital for multifamily projects. Economic uncertainty will continue at least through the end of 2024. The rate cuts are a good sign, and BH will position itself to strike new deals quickly in 2025.
Q: What is something you are most proud of working for BH?
When I joined the company in 2015, one of the things that drew me to BH was the phenomenal leadership team and the energy they had. Although the company had been around for 25 years, it still had the energy of a startup company. BH has always been highly innovative, fast-paced, and willing to take risks. Maintaining that energy and harnessing it collaboratively is remarkable and unique. Now, 10 years later, to be part of that leadership team, contribute to the growth of the company, and mentor the next generation of leaders is what I am most proud of.
Q: What is your favorite BH value, and why?
They are all super important and provide us with the special sauce to be different. When I think about our guiding principles, one value that stands out to me is “Do Business the Right Way.” That is the core value that we come back to when the decision is not easy or clear. Sometimes, you must make a decision to end a business relationship, or not start a new venture because the two parties are not aligned, and that decision is going to be difficult and may hurt the bottom line, but if you stay true to that principle, I believe you will ultimately be better off.
Q: What “keeps you up at night”?
Right now, I would say hurricanes! After hurricane season, I’m sure it would be a different answer. The BH Construction team works extremely hard to plan for and respond to all sorts of natural disasters and emergencies. So, we are constantly evaluating our preparedness and looking for ways to improve. However, sometimes, no matter how well you prepare, Mother Nature can really humble you. We had a few exceptionally large storms this season in Helene and Milton that damaged our communities, and we are still recovering.
Q: What helps you sleep at night? (In other words, what things help you handle the everyday challenges of your position?).
I am working with amazing, reliable, trustworthy people. Regardless of your business, there will be challenges or obstacles to overcome, even more so in construction. Having a dependable team that can handle all sorts of obstacles helps me focus my energy on getting things done and not wasting too much energy worrying about the next obstacle. We partner with clients and investors who share the same core values.
Q: What do you like to do in your free time to relax?
I love spending time with family as much as possible. We also love visiting new places, hiking outdoors, listening to live music, and playing golf.