Jobs & Internships

The following position is currently open at Greater Minnesota Housing Fund: 

NOAH Fund Manager
NOAH Preservation Multifamily Loan Originator

Naturally Occurring Affordable Housing (NOAH) Preservation Impact Investment Fund Manager

Responsible for leading the operations of the NOAH Impact Investment Fund, including real estate acquisitions and asset management assistance

The goals of the NOAH Impact Investment Fund include:

  • In partnership with qualified nonprofit and for-profit owner-operators, deploy the Fund’s capital as equity investments in appropriately structured NOAH properties where, in the absence of the Fund’s involvement, rent affordability would be at risk of loss.
  • Structure financing and partnerships to successfully preserve the affordability of the acquired NOAH properties over an expected period of 15 years.
  • Grow the Fund through effectively achieving economic and social impact goals, raising new rounds of social impact capital, and managing the Fund’s assets in a manner that supports the acquisition and preservation of additional NOAH properties.
  • Capitalize and close the NOAH Fund Pool II with $25 million, including institutional impact capital and mission-related investments (MRI).
  • Acquire 900 – 1,000 units of at-risk unsubsidized affordable rental housing in an estimated 10-15 properties over 18-24 months with NOAH Impact Fund resources.

Position Responsibilities

The position will work directly with outside professionals, including legal counsel, developers, owner-operators, lenders, local and state governments, and representatives of other intermediary organizations to assess project viability and bring funded projects to closing. The position is heavily weighted towards financial analysis, deal structuring, and resolving legal and technical issues that require knowledge and direct experience with private sector multifamily real estate development, acquisition, construction, rehabilitation, and property management issues.  The position will conduct the following activities:

General Areas of Responsibility

  • General leadership and oversight of the Fund’s operations and activities; and work in partnership with the CEO and other members of management team.
  • Secure $25 million in investment commitments per biennium, including a blend of social impact capital and institutional investor capital.
  • Identify prospective acquisitions, secure owner-operator, and conduct underwriting.
  • Leadership of owner-operator recruitment and NOAH project identification.
  • Secure necessary programmatic and economic commitments from owner-operators.
  • Prepare transaction summaries, underwriting reports, and recommendations for internal investment committee and board.
  • Obtain equity financing approvals from board, committees, and investors as needed.
  • Ensure that social impact goals and compliance requirements are agreed to and fully met.
  • Underwrite related project loans if quick strike acquisition or bridge financing is required.
  • Work directly with attorneys and accountants to resolve legal and technical issues.
  • Coordinate closing and required closing documents with legal counsel.
  • Monitor rehabilitation work and budget and approve draws.
  • Identify investor prospects including corporate, insurance, bank, and philanthropic investors.
  • Manage investor relations, conduct presentations, and close investor commitments.
  • Maintain communication and manage reporting with all investors in the Fund.
  • Conduct project management and ensure all administrative functions are performed.
  • Serve as point person for inquiries by owners, investors, and funders.
  • Other duties and responsibilities as assigned.

Pre-closing/Underwriting

  • Prepare and review multifamily real estate proformas.
  • Conduct in-depth multifamily real estate project analysis.
  • Supervise and work with staff underwriters to perform complete underwriting.
  • Review key documents including title insurance, surveys, appraisals, rent rolls, scopes of work, building condition needs assessments, environmental assessments, market information, and other reports.

Asset Management

  • Supervise asset management staff in monitoring, reporting, site visits, and risk ratings.
  • Develop asset management improvement plans to meet management objectives.
  • Maintain project files according to structure in an accessible and organized manner.
  • Ensure financial and project reporting to investors, including quarterly and annual reports, annual K-1 forms, and annual audits.
  • Support portfolio management and reporting on investment portfolio(s).
  • Supervise and assist asset management staff with underperforming properties and workouts.
  • Ensure the cash and tax benefits are determined accurately and timely delivered to the Fund and investors.

Ideal Candidate Profile

This position is an integral part of GMHF’s management team and will play a key role in the corporation’s continued success. The ideal candidate:

  • Is a seasoned leader with a passion for social investing, community development, and public finance with a minimum of 10 years progressive business experience as a senior development professional in the field of multifamily real estate development, underwriting and/or public finance and private sector multifamily housing.
  • Possesses proven skills in multifamily real estate finance and developer/investor relations. The position requires strong interpersonal and organizational skills, and the ability to work in a fast-paced environment with multiple priorities while meeting firm deadlines.
  • Is extremely well-organized and self-directed, able to work in a high energy team environment with extensive interactions, and able to work independently.
  • Is able to plan, schedule, and prioritize responsibilities, and work productively under strict time constraints, and organize and schedule tasks in support of multiple projects with a wide range of production and monitoring requirements.
  • Is able to deal effectively with other dynamic internal staff, and external parties, including developers, owner-operators, investors, funders, government agencies, and the general public.

Additional qualifications include:

  • Thorough understanding ofpartnership structures and partnership issues.
  • Knowledge of multifamily real estate credit analysis, unsecured lending to nonprofit and for-profit organizations, and ability to underwrite multifamily real estate properties.
  • Experience negotiating partnerships and closing multifamily transactions with investors.
  • Proven track record of guiding multifamily real estate from predevelopment through closing, build-out, and lease-up.
  • Excellent verbal communication skills, writing and publication skills.
  • High tolerance for ambiguity and able to navigate uncertain situations.
  • Ability to work on a variety of programs and projects simultaneously.
  • Strong computer skills required in MS Office, high proficiency in Excel and Word.
  • Master’s degree in business, finance, multifamily real estate development, planning or equivalent employment experience.

Position Salary, Benefits, and Reporting

Availability: Immediate

Salary: GMHF offers a competitive salary and benefit package.

Benefits: Family medical and dental insurance, employee life insurance, short- and long-term disability insurance, employer contribution to 401k retirement plan, paid time off, negotiated flex time hours.

Reporting: Reports to the President & CEO

To Apply: Submit resume and cover letter to Rebecca Martin at rmartin@gmhf.com.

Naturally Occurring Affordable Housing (NOAH) Preservation Multifamily Loan Originator

Greater Minnesota Housing Fund (GMHF) is seeking a multifamily real estate finance expert to launch a new mezzanine loan fund within GMHF’s Community Development Finance Institution (CDFI) Division. The new loan fund (the “Small NOAH Fund”) is available to provide financing for unsubsidized multifamily properties of 4-40 units. The ideal candidate will demonstrate knowledge and expertise in financing multifamily real estate and have proven ability to develop new business relationships to drive loan volume. This is a newly created position with primary responsibility for deployment of the Small NOAH Fund through the origination of multiple loan products both directly, using GMHF capital, and through strategic partnerships with other lenders in this space. This position is heavily weighted towards financial analysis and deal structuring and requires technical expertise in private sector real estate development, acquisition, construction, rehabilitation, and asset management. This position reports to the Director of Lending and Programs and plays a key role in the continued success of the CDFI.

The position will conduct the following activities:

  • New Business Development: Implement business development strategy to engage new and existing borrowers in preservation of smaller scale affordable housing properties to advance GMHF’s strategic goals and drive community impact through investments by the Small NOAH Fund.
    • Develop cross-selling partnerships with lenders active in the Small NOAH market to identify borrower prospects and secure mezzanine loan referrals for the Small NOAH Fund.
    • Identify key lending targets include real estate developers, owner-operators of existing multifamily properties, public agencies, and community organizations.
    • Develop and maintain pipeline of loans to achieve an over-commitment ratio of 120% (committed loans as a percentage of Small NOAH fund capital)
    • Coordinate with the Director of Communications, Senior Management, and consultants as needed to develop marketing materials and platform, promote the Small NOAH Fund, and communicate goals and impacts to borrowers, lending partners, funders and other key stakeholders.
    • Conduct outreach through presentations and participation at industry conferences, direct outreach through professional network, and engagement with governmental partners and community groups in key markets.
  • Capital Raising: Promote the Small NOAH Fund to potential investors and assist in securing additional investments to grow the fund.
    • Identify potential investors in the Small NOAH Fund and develop outreach work plan, goals, and targets.
    • Coordinate with Director of Communications, Senior Management, and consultants as needed to prepare materials for distribution to potential investors, organize investor calls and meetings as needed, and ensure prompt and responsive follow-up to all requests for information by current and prospective investors.
  • Loan Origination: Execute tasks required for the successful completion of the loan approval and closing process with primary responsibility for deal structuring and credit analysis.
    • Gather necessary documents and perform due diligence review of all relevant project information including surveys, appraisals, rent rolls, scopes of work, building condition needs assessments, environmental assessments, market information, and other reports
    • Prepare project proformas and conduct project feasibility analyses
    • Coordinate with GMHF’s Senior Underwriter to secure underwriting sign-off
    • Prepare written credit reports and present loan recommendations for review and approval by applicable governance committees
    • Maintain proper documentation of all funding awards and decisions
    • Finalize loan terms with borrowers
    • Prepare and review loan documents in consultation with legal counsel
    • Coordinate with GMHF’s Closing Manager to ensure timely and accurate closing and funding of approved loans
    • Provide technical assistance to borrowers, project partners, and other stakeholders as needed to overcome barriers to project success and/or timely completion.
  • Small NOAH Fund Performance Reporting: Track and report on key metrics to ensure that social impact goals are monitored and fully met.
    • Establish Small NOAH Fund performance benchmarks taking into consideration all investor requirements and GMHF’s strategic goals and priorities for review and approval by Director of Lending and CEO.
    • Develop and implement system for tracking performance benchmarks and report results to Senior Management on a monthly basis. Coordinate all reporting with the Loan Portfolio and Data Analyst.
  • Other duties and responsibilities as assigned.

Professional Qualifications

  • Is an emerging leader with a passion for social investing, community development, and multifamily finance with a minimum of 5 years progressive professional experience in the field of multifamily real estate finance, underwriting and/or commercial real estate lending.
  • Possesses proven skills in multifamily real estate finance and small commercial lending.
  • Is extremely well-organized and self-directed, able to work in a high energy team environment with extensive interactions, and able to work independently.
  • Is able to plan, schedule, and prioritize responsibilities, and work productively under strict time constraints, and organize and schedule tasks in support of multiple projects with a wide range of production and monitoring requirements. The position requires strong interpersonal and organizational skills, and the ability to work in a fast-paced environment with multiple priorities while meeting firm deadlines.
  • Is able to deal effectively with other dynamic internal staff, and external parties, including developers, owner-operators, investors, funders, government agencies, and the general public.

Additional qualifications include:

  • Thorough understanding ofpartnership structures and partnership issues.
  • Knowledge of multifamily real estate credit analysis, unsecured lending to nonprofit and for-profit organizations, and ability to underwrite multifamily real estate properties.
  • Experience negotiating partnerships and closing multifamily transactions with investors.
  • Excellent verbal communication skills, writing and publication skills.
  • High tolerance for ambiguity and able to navigate uncertain situations.
  • Ability to work on a variety of programs and projects simultaneously.
  • Strong computer skills required in MS Office, high proficiency in Excel and Word.
  • Bachelor’s degree in business, finance, multifamily real estate development, planning or equivalent employment experience.

How to apply:

Interested applicants should send resume and cover letter to alancaster@gmhf.com and include “NOAH Preservation Position” in the subject line. Applications accepted on an ongoing basis until position is filled. Questions, please contact Alexis Lancaster at alancaster@gmhf.com.

Download the NOAH Preservation Multifamily Loan Originator job description as a PDF.

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Contact

Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650 West*
Saint Paul, MN 55101
*NOTE NEW SUITE # AS OF 1/14/19

Main 651.221.1997
800.277.2258
Fax 651.221.1904
info@gmhf.com

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