Jobs & Internships

Greater Minnesota Housing Fund has three job openings for a Loan Officer and two Multifamily Housing Syndication & Investment Officers. Please check back regularly for new job openings.

Multifamily Housing Syndication & Investment Officer

The Multifamily Housing Syndication & Investment Officer will report to and work in tandem with the Director of Equity Investing on the activities of Greater Minnesota Housing Fund’s (GMHF’s) equity business lines which include Minnesota Equity Fund (MEF) and NOAH Impact Fund (NIF).

The position is weighted towards financial analysis, deal structuring, and resolving legal and technical issues that require in-depth knowledge of multifamily real estate development. This includes experience with the production of affordable housing under the Low-Income Housing Tax Credit (LIHTC) program; and the acquisition and operation of private market, unsubsidized Naturally Occurring Affordable Housing (NOAH).

The position will also include coordinating with the Director of Equity Investing, the Director of Capital Development, the President & CEO, and/or other key GMHF staff to raise social impact capital for deployment by MEF and NIF.

Candidates must be able to work flexibly in a fast-paced environment, independently and with teams, with great attention to detail and a high degree of emotional intelligence. Candidates must demonstrate solid multifamily real estate underwriting skills, effective communication skills, and proficiency with Excel, Word, and PowerPoint.

Position Responsibilities

The Multifamily Housing Syndication & Investment Officer will work directly with the Director of Equity Investing, key GMHF staff, and outside professionals including legal counsel, developers, owner-operators, lenders, local and state government officials, consultants, strategic partners, and other organizations to assess project viability and bring funded priority projects to closing.

General Areas of Responsibility

  • Assist the Director of Equity Investing in all aspects of the business for MEF and NIF.
  • Conduct project management and administrative functions, including the timely electronic filing of all project documents, closing documents, and investment reports.
  • Research and development for special projects or programs.
  • Other duties and responsibilities as assigned.

MEF LIHTC Syndication Activities

  • In coordination with the Director of Equity Investing and/or key GMHF staff:
    • Cultivate relationships with affordable housing developers statewide.
    • Identify prospective LIHTC projects through the Super RFP or on a pipeline basis.
    • Prepare letters of interest for LIHTC projects for Super RFP applications.
    • Promote combining MEF equity and GMHF companion lending products.
    • Manage the collection and sharing of due diligence and closing documents.
    • Guide a post-closing debrief with project partners to ascertain our team’s performance.
    • Prepare presentations for MEF’s Investment Committee and MEF’s Board of Governors, as well as MEF’s investors (as applicable).
  • In coordination with the Director of Equity Investing and/or key staff at Cinnaire (GMHF’s strategic partner in MEF):
    • Complete initial development proformas and secure letters of intent.
    • Manage ongoing project underwriting and due diligence calls.
    • Help collect and share due diligence requested by investors.
    • Review project documents and loan documents, with Cinnaire’s legal counsel.
    • Negotiate partnership or operating agreements, with Cinnaire’s legal counsel.
    • Help circulate and compile closing documents and final proformas.
    • Guide a post-closing meeting to transition from development to asset management.

NIF Acquisition & Preservation Activities

  • In coordination with the Director of Equity Investing and/or key GMHF staff:
    • Recruit potential NOAH owner-operator partners in the Twin Cities metro area.
    • Identify opportunities for NOAH property acquisitions in the Twin Cities metro area.
    • Support owner-operator partners in the purchase process by reviewing offering memorandums, preparing and analyzing initial proformas, evaluating initial due diligence, and providing letters of intent.
    • Underwrite related loans if quick strike acquisition or bridge financing is required.
    • Manage contract underwriters to perform complete underwriting.
    • Conduct in-depth feasibility analysis including evaluating proformas and reviewing project information such as rent rolls, physical needs assessments, environmental assessments, market data, appraisals, and rehabilitation plans.
    • Approve the scope of work and the final proforma.
    • Negotiate loan documents and operating agreements, with NIF’s legal counsel.
    • Close the transaction, with NIF’s legal counsel.
    • Monitor rehabilitation work and approve construction draws.
    • Prepare transaction summaries, underwriting reports, and recommendations for the Investment Committee; and quarterly updates for the Board of Governors.
    • Work with GMHF’s Asset Manager as needed.

MEF & NIF Investor Relations & Capital Formation

  • In coordination with the Director of Equity Investing, the Director of Capital Development, the President & CEO, and/or other key GMHF staff:
    • Develop investor prospects including philanthropy, banks, insurance companies, civic-minded corporations, and other institutional investors.
    • Secure investor commitments by preparing presentations and representing GMHF.
    • Manage the collection and sharing of due diligence and closing documents.

Support investor relations by ensuring timely communication and reporting.

Desired Skills & Experience

  • 10 or more years of related professional experience with at least 7 – 10 years of experience in affordable housing finance or development with a proven track record of successful projects completed.
  • Experience underwriting complex financial transactions with a mix of private and public financing, including sources such as conventional bank loans, TIF, Low Income Housing Tax Credits, HOME funds, and financing from Minnesota Housing Finance Agency and USDA Rural Development.
  • Demonstrated analytical skills needed to assess complex real estate development and finance transactions.
  • Ability to think creatively and problem solve.
  • Personal maturity, strong interpersonal skills, and proven ability to negotiate effectively and resolve conflicts professionally.
  • Excellent oral and written communication skills.
  • Ability to effectively organize competing work priorities under pressure to meet deadlines while maintaining high quality work products.
  • Ability to work both independently and collaboratively in a dynamic organization.
  • Availability for occasional travel.
  • Advanced Microsoft Excel skills.
  • Bachelor’s Degree in Real Estate, Finance, or Economics, or equivalent experience.


Equity and Inclusion Statement

Greater Minnesota Housing Fund believes racial equity in housing improves life outcomes of individuals and families in areas of health, employment, educational attainment, income, and intergenerational wealth.  We believe equitable access to safe and affordable housing is critical to moving to parity in housing, health, employment, income, and other areas of life. We are committed making investments in emerging market communities to create a more equitable housing landscape.

To Apply Contact
Alexis Lancaster
Executive Assistant
alancaster@gmhf.com

Click here to download the Multifamily Housing Syndication & Investment Officer position description.

 

Loan Officer

 The Loan Officer focused on business development plays a key role in the deployment of Greater Minnesota Housing Fund’s financing, technical assistance, and partner engagement activities to advance affordable housing and community development objectives statewide. The Loan Officer primarily functions as GMHF’s origination staff member and is responsible for managing a loan pipeline by generating leads and referral business. The Loan Officer must have the experience to assist with underwriting tasks as needed. A successful Loan Officer has a passion for affordable housing and community development.

Business Development – Primary Responsibilities

  • Develop and maintain external relationships with industry partners, including real estate developers, public agencies, and community organizations as needed to successfully cultivate lending prospects and advance programmatic initiatives that advance GMHF’s strategic goals and priorities.
  • Conduct preliminary pro forma analysis to assess (1) project feasibility and credit quality; (2) conformance to GMHF’s existing loan products, policies, and underwriting standards; and (3) alignment with GMHF’s strategic priorities and charitable purpose.
  • Review initial due diligence items, such as purchase agreements, rent rolls, and development team experience.
  • Prepare project feasibility documentation, present and obtain approval for preliminary loan commitments from the Credit Committee.
  • Ensure all necessary information and documentation is submitted to the underwriter and is recorded properly in electronic file format.
  • Coordinate with GMHF’s underwriter and loan closer to ensure timely and accurate approvals and closings of loans.
  • Represent GMHF at community events and workshops.

Underwriting Responsibilities

  • As needed, conduct detailed underwriting of projects from preliminary commitment to final approval, and assist in the resolution of potential issues in GMHF’s lending process.
  • Work closely with the underwriter to assist in the preparation of the written credit reports and present loan recommendations for review and final approval by applicable GMHF committees and the Board of Directors.
  • Perform technical assistance to borrowers, project partners, and other stakeholders as needed to overcome barriers to project success and/or timely completion.
  • As needed, review due diligence and legal documents prior to closing in conjunction with the Loan Closer, and review construction draws during the construction period, if any.
  • Coordinate with Asset Manager and Loan Portfolio & Data Analyst to facilitate compliance and performance of existing loans including proactive communication with borrowers to gather information and provide technical assistance, reviewing scheduled draws, coordinating loan modifications, debt restructuring, or other remedies as needed to achieve desired outcomes.
  • Perform other duties as assigned and required.

 

Desired Skills & Experience

  • Experience in business development within multifamily housing or banking industry.
  • Expertise in multifamily real estate finance and development, including ability to review proformas and size mortgages for existing apartments and new construction.
  • Strong preference for candidates who have experience with financing affordable housing using Low Income Housing Tax Credits (LIHTC); tax-exempt bonds; tax increment financing (TIF); project-based rental assistance; and HUD, Rural Development, Freddie Mac and Fannie Mae loan products.
  • Demonstrated analytical and problem-solving skills in the context of complex real estate development and finance transactions.
  • Excellent oral and written communication skills.
  • Personal maturity, strong interpersonal skills, and proven ability to negotiate effectively and resolve conflicts professionally.
  • Ability to effectively organize competing work priorities under pressure to meet deadlines while maintaining high quality work products.
  • Ability to work both independently and collaboratively in a dynamic organization.
  • Ability to travel.
  • Computer proficiency.
  • 3 -5 years of related professional experience
  • Bachelor’s Degree in Business, Finance or Real Estate, or Equivalent Experience in affordable housing or real estate development.


Equity and Inclusion Statement

Greater Minnesota Housing Fund believes racial equity in housing improves life outcomes of individuals and families in areas of health, employment, educational attainment, income, and intergenerational wealth.  We believe equitable access to safe and affordable housing is critical to moving to parity in housing, health, employment, income, and other areas of life. We are committed making investments in emerging market communities to create a more equitable housing landscape.

To Apply Contact:
Alexis Lancaster
Executive Assistant
alancaster@gmhf.com

Click here to download the Loan Officer position description.

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Contact

Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650 West
Saint Paul, MN 55101

Main 651.221.1997
800.277.2258
Fax 651.221.1904
info@gmhf.com

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