The following positions are currently open at Greater Minnesota Housing Fund: Capital Markets Developer and Asset Manager. Interested applicants are encouraged to submit a cover letter and resume to GMHF Chief Operating Officer Rebecca Martin. Positions are open until filled.
Capital Markets Developer
The Capital Markets Developer creates and implements the overall strategy for impact capital fund development that will maintain and expand the capital base of Greater Minnesota Housing Fund (GMHF) and its subsidiaries the Minnesota Equity Fund LLC (MEF) and the NOAH Impact Fund LLC. This includes securing investment capital from private institutional investors, philanthropies and public agencies. The Capital Markets Developer is a member of the Management Team, is responsible for developing new investor and other business relationships, plays a lead role in strategic and business planning for the organization and identifying areas for growth and impact. The Capital Markets Developer will be engaged in development of new products and programs that will be required to attract capital. The Capital Markets Developer must have proven experience in raising private capital, including securing tax credit equity and other institutional investor capital, design of offerings and other instruments to attract investors, and an understanding of the emerging social impact investment field. The position requires management of sophisticated product development and related activities, from initial product design to engaging investors, private placements, and investor reporting and outcome analysis. Specific responsibilities include oversight of a range of activities required to expand GMHF’s base of investors, including:
- Recruit impact investors from corporate, banking, philanthropic, public sectors; develop and manage investor relationships
- Conduct ongoing communications to establish and maintain investor engagement
- Assess viability of prospective investors and fit with GMHF programs and products
- Design and develop innovative finance products & fund structures to match investor interest
- Maintain knowledge of GMHF’s programs and initiatives to effectively represent GMHF
Fund Management and Reporting
- Draft offerings that reflect program & product goals, performance and other outcomes
- Manage investor reporting & compliance, ensuring requirements are met
- Assist in maintaining systems to track investor information, reporting, communications
- Assist with public relations related to educating investors and generating investor interest
- Develop annual capital plans and goals for annual capitalization
- Alternately lead and assist product development activities, including special product design initiatives and refinements
- Assist with strategic planning, including multi-year capitalization projections and analysis of growth opportunities
- 10 + years applicable experience in capital raising and fund development, including demonstrated ability to raise funding from major financial/institutional investors, government agencies & private foundations
- Demonstrated experience with private placements, regulations, structured funds, underwriting, general knowledge of banking and/or development loan funds
- Understanding of the affordable housing finance, low-income housing tax credits and Community Development Finance Institutions (CDFIs)
- Ability to write technical materials and narratives for specialized audiences
- Ability to manage multiple, complex projects with a wide range of project management and monitoring requirements
- Team oriented and able to employ a collaborative approach, demonstrate high level of emotional intelligence, and ability to cross-manage a team without direct supervision
- Strong skills with business software required, including proficiency in MS Excel and MS Word.
- Bachelor’s degree from 4-year University required. Master’s degree in business, communications, finance, public administration, or policy/urban planning or equivalent employment experience preferred
Posted September 1, 2017.
Loan Asset Manager
The Greater Minnesota Housing Fund Asset Manager oversees a development loan fund portfolio and gap loan portfolio as well as equity investments in rental properties. The growing $42 million development loan fund portfolio is composed of a diverse set of 40+ outstanding loans for various real estate developments and enterprises, including predevelopment loans, construction loans, bridge loans, mini-perm and permanent loans, with various interest rates, cash flow provisions and other terms. Greater Minnesota Housing Fund manages a $60 million “gap loan” portfolio (200+ gap loans) composed of subordinate and deferred soft second loans which are largely inactive during the term, but with 4–6 maturing loans annually which must refinanced, repaid or extended. Additionally, GMHF is in the process of investing in $25 million of rental properties to preserve unsubsidized affordable housing in the metro. The Asset Manager position will ensure ongoing compliance with executed agreements, monitoring the overall health and condition of underlying properties and adherence to various regulatory agreements. Asset management is fulfilled through disciplined monitoring, reporting, and interaction with Greater Minnesota Housing Fund Loan Officers, borrowers, real estate developers, construction managers, and the principals of real estate partnerships.
Essential Job Functions:
- Maintaining up to date knowledge of Greater Minnesota Housing Fund’s emerging and ongoing financing pipeline, existing loan assets, and a range of pending loans and equity investments.
- Conducting hand-off meetings with internal parties after closing on all new financings, including meetings of Loan Officers, Loan Administrator, Loan Portfolio & Servicing Manager, and Accounting staff.
- Coordinating with external parties including borrowers, processors, property manager, Title Company, attorneys and others as needed in order to coordinate documentation and build relationships.
- Monitoring all types of loans, including real estate loans, enterprise loans, facility loans, etc. on a monthly and/or quarterly basis to maintain direct knowledge of the status of the project/collateral and compliance with any loan requirements or covenants.
- Monitoring the ongoing operations of the investment and/or loan collateral and/or the underlying properties to ensure continued compliance with applicable programs, loan documents, and the agreements
- Reviewing operating budgets, financial statements, and audits of properties and borrowers.
- Conducting and/or facilitating on-site inspections.
- Identifying and reporting loans or assets at risk due to operating issues, including such things as high vacancy & turnover, revenue & expenses variances, building condition, market issues and other compliance issues.
- Developing and monitoring an action plan in coordination with the Lending Team on progress for troubled assets on a regular basis to ensure improved asset performance. Corresponding regularly with the borrower and internally on status.
- Flagging the need for, initiating and assisting in project workouts, involving loan officers as need to manage negotiations.
- Monitoring construction period progress including conducting site visits, evaluating, approving and processing construction draw requests, monitoring loan disbursements and/or capital contribution needs.
- Monitoring the status of occupancy and/or lease-up on investments and/or constructions loans and interacting with the Borrower, Property Manager and the Loan Officer to measure progress metrics and maintain knowledge of the loan/investment through the lease-up phase
- Managing, monitoring and communicating with Loan Officers and Finance Staff on status of required loan payments and/or the status of due dates.
- Working with the Sr. Underwriter to prepare in advance for Year 15 LIHTC refinancing/extensions/repayments; 24 months in advance of loan maturity or Year 15 LIHTC compliance term whichever is first.
- Working with and maintaining up to date loan files, including digital files on the server, email records, and paper loan file to assure completeness, audit and inspection quality.
- Managing and monitoring the accurate, timely delivery of data to the TEA system.
- Participating in strong internal communication so team members are kept informed of project status and borrower relationships.
- Continue to develop and improve asset management policies.
- Other duties as assigned.
- 3 years of experience in real estate development; finance, rent-restricted multifamily asset or property management; or community development.
- Ability to read and analyze real estate budgets and financial statements.
- Analytical skills and attention to detail with strong financial skills and knowledge is essential.
- Experience with lending, banking, affordable housing and/or community development lending a plus.
- Experience with loan servicing software.
- Expert proficiency in MS Excel and data-base analysis.
- Strong analysis, writing and reporting skills.
- Bachelor’s degree required. BA/BS in real estate finance, economics, business, accounting or related field preferred.
- Excellent communication, organizational and interpersonal skills, as well as the ability to work under tight deadlines, manage priorities, and complete assigned tasks with minimal management follow up.
- Personal maturity, emotional intelligence, strong work ethic, task oriented, highly responsive to the day to day needs of the organization, ability to work effectively with a range of personnel, including the CEO, the management team, other professional staff.
- A high degree of comfort with an iterative analytical process, including extensive feedback, ongoing collaboration and input from peers, extensive scenario planning & business planning.
- Ability to organize multi-faceted & diverse assignments, manage multiple priorities and projects simultaneously.
- Comfortable with team work and collaborative work products and interest in work process and work product critiques.
- High energy, flexibility and drive to work in an entrepreneurial organization. High tolerance for ambiguity, changing demands, and multiple priorities.
- Passion for affordable housing, community development, and social justice.
- A commitment and ongoing interest in working in the non-profit field.
Posted August 28, 2017.
GMHF is an equal opportunity employer and program provider.
No one will be denied the opportunity to participate in GMHF’s programs, employment, or promotion, based on race, color, creed, marital status, status with regard to public assistance, disability, genetic information, sexual orientation, age, religion, national origin, sex, or membership in a local human rights commission.