Head of Commercial Mortgage - Alternative Investments - MassMutual
Boston, MA
About the Job
MassMutual is growing and with the evolution of the real estate markets, our real estate debt and equity investment portfolios continue to become more complex and more diverse in sourcing, management and exposures. The Head of Commercial Mortgage Loans will be responsible for developing investment strategies and overseeing the execution of investment programs for commercial mortgage loans in the General Investment Account of MassMutual.
In this role, as well as all roles within MassMutual, you will demonstrate accountability, agility, a dedication to inclusiveness, a strong business acumen, and will show courage, even in the most difficult situations. We also highly value strong communication skills, a passion for learning,
leadership traits, resilience and self-awareness.
The Opportunity:
An Evolving Real Estate Portfolio:
The search for attractive returns, together with growing and diverse liabilities, continue to drive an evolving asset allocation, of which our direct and indirect real estate exposures are a critical part. From a real estate credit perspective, MassMutual makes commercial mortgage loans in the U.S., Europe and Australia/New Zealand recommended by our affiliate investment manager Barings. We also make or participate in commercial mortgage loans originated by other unaffiliated investment managers. We take commercial real estate credit exposure through CMBS securities purchased on our behalf by Barings and other managers of ABS securities and our secured portfolio lending programs where we make loans to mortgage funds or REITs secured by portfolios of commercial mortgage assets.
MassMutual invests in buildings, including real estate development projects, in the U.S. and Europe recommended by our affiliate Barings. In addition, we invest broadly in real estate equity funds managed by other managers across the U.S., Europe and Asia. MassMutual’s commitment to sustainability will further increase the complexity of managing this diverse portfolio of managers and assets. MassMutual has pledged to reduce the greenhouse gas emissions created by its investment portfolio to zero by 2050. Real estate-related asset classes are in scope for early creation and adoption of benchmarks in this path and require MassMutual to set environmental sustainability objectives for its real estate portfolio and work with its managers to achieve these goals.
The Role:
The Head of Commercial Mortgage Loans will be a key member of the Alternative Investments team with impact across the broad Alternative Investment platform. Therefore, we seek an individual with extensive real estate credit experience, including significant experience reviewing and approving the work of other deal originators across multiple credit cycles, as well as significant first-hand experience working out mortgage defaults.
Relative to MassMutual’s sustainability commitments, the Head of Commercial Mortgage Loans will work with the Head of Real Estate to drive sustainability and decarbonization goals for MassMutual’s real estate portfolio in partnership with the Head of ESG Investing and our investment managers. In that regard, given the highly technical nature of potential real estate sustainability benchmarks, the Head of Commercial Mortgage Loans will need to be technically proficient to opine upon the feasibility and economic impact of proposed benchmarks or goals and will need to use his or her relationships within the real estate community to understand how other asset owners are interpreting such technical terms as we progress down the sustainability journey as part of a community.
An important contributor to MassMutual’s success is its to generate better risk-adjusted returns than its peers and competitors. To do that, we must be proactive in the pursuit of strong risk-adjusted return and not reactive, which requires a profound top-down understanding of economic
value-creation in competitive markets and, at the same time, a fundamental bottom-up understanding of risk.
Responsibilities:
• Relying on past senior management experience, the candidate will influence the investment strategies and drive the execution of investment programs for commercial mortgage loans and CMBS in the General Investment Account of MassMutual.
• Work closely with senior-level colleagues in financial reporting, risk management, and operations to ensure that appropriate pre- and post-closing investment practices are being adhered to internally and by Barings and unaffiliated managers.
• Independently manage the relationships with our various real estate credit managers, both our affiliated investment manager Barings and unaffiliated managers.
• Participate in the review and approval of commercial mortgage loans and CMBS proposed for the MassMutual portfolio by Barings and our other commercial mortgage loan managers.
• Oversee MassMutual’s relationship with Barings’ Portfolio Finance Group as it relates to the review and approval of commercial mortgage loans proposed as collateral for portfolio lending transactions, servicing matters, and proposed facility modifications.
• Oversight of the work-out of defaulted or under-performing mortgage assets on behalf of MassMutual by our respective commercial mortgage loan managers.
• Evaluate, understand and provide insight to asset allocation and senior management on the composition and risks of the portfolio of commercial real estate debt exposures of MassMutual.
• Help recruit, mentor and train our emerging investment leaders and analysts in underwriting, structuring and managing commercial real estate lending programs, including the underwriting of real estate equity and real estate credit funds.
• Assist with the pursuit of sustainability goals or benchmarks for MassMutual’s real estate portfolio.
• Drive the strategic direction of MassMutual’s CML and CMBS portfolio by influencing the policies, procedures and investment guidelines of MassMutual, Barings and our other managers relative to the real estate and real estate credit portfolios in response to changing risks and market conditions.
Minimum Qualifications
• 10+ years of commercial mortgage loan experience, including:
• At least 5 years as a voting member of a mortgage credit committee approving transactions originated and underwritten by others
• At least 5 aggregate years of commercial mortgage loan work-out experience
• Deep understanding of mortgage credit underwriting procedures and standards across the industry and an ability to teach the shortcomings in these procedures and standards learned through past cycles
• Meaningful experience investing in real estate properties and/or real estate equity funds sufficient to demonstrate a broad understanding of returns across market segments and across historical periods
• Undergraduate degree
• Team-oriented and organized, self-motivated with the proven ability to manage multiple projects with a broad range of stakeholders to deliver results in a dynamic environment.
• Accountable, with a strong sense of ownership and attention to detail.
• High degree of professionalism, integrity, and maturity.
The Ideal Qualifications:
• Significant prior responsibility for commercial mortgage credit approval for a major bank or insurance company.
• Strong analytical and written/verbal communication skills, including synthesizing research and concepts into actionable insights.
• Strong leadership skills including the ability to grow the next generation of real estate professionals.
• Masters degree or CFA Charter holder• Intellectually, relentlessly curious self-starter with a strong aptitude for quantitative and qualitative analysis.
• Critical thinking skills, creativity, and out of the box problem solving skills.
#LI-IZ1
MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
Salary Range: $209,700.00-$275,100.00
In this role, as well as all roles within MassMutual, you will demonstrate accountability, agility, a dedication to inclusiveness, a strong business acumen, and will show courage, even in the most difficult situations. We also highly value strong communication skills, a passion for learning,
leadership traits, resilience and self-awareness.
The Opportunity:
An Evolving Real Estate Portfolio:
The search for attractive returns, together with growing and diverse liabilities, continue to drive an evolving asset allocation, of which our direct and indirect real estate exposures are a critical part. From a real estate credit perspective, MassMutual makes commercial mortgage loans in the U.S., Europe and Australia/New Zealand recommended by our affiliate investment manager Barings. We also make or participate in commercial mortgage loans originated by other unaffiliated investment managers. We take commercial real estate credit exposure through CMBS securities purchased on our behalf by Barings and other managers of ABS securities and our secured portfolio lending programs where we make loans to mortgage funds or REITs secured by portfolios of commercial mortgage assets.
MassMutual invests in buildings, including real estate development projects, in the U.S. and Europe recommended by our affiliate Barings. In addition, we invest broadly in real estate equity funds managed by other managers across the U.S., Europe and Asia. MassMutual’s commitment to sustainability will further increase the complexity of managing this diverse portfolio of managers and assets. MassMutual has pledged to reduce the greenhouse gas emissions created by its investment portfolio to zero by 2050. Real estate-related asset classes are in scope for early creation and adoption of benchmarks in this path and require MassMutual to set environmental sustainability objectives for its real estate portfolio and work with its managers to achieve these goals.
The Role:
The Head of Commercial Mortgage Loans will be a key member of the Alternative Investments team with impact across the broad Alternative Investment platform. Therefore, we seek an individual with extensive real estate credit experience, including significant experience reviewing and approving the work of other deal originators across multiple credit cycles, as well as significant first-hand experience working out mortgage defaults.
Relative to MassMutual’s sustainability commitments, the Head of Commercial Mortgage Loans will work with the Head of Real Estate to drive sustainability and decarbonization goals for MassMutual’s real estate portfolio in partnership with the Head of ESG Investing and our investment managers. In that regard, given the highly technical nature of potential real estate sustainability benchmarks, the Head of Commercial Mortgage Loans will need to be technically proficient to opine upon the feasibility and economic impact of proposed benchmarks or goals and will need to use his or her relationships within the real estate community to understand how other asset owners are interpreting such technical terms as we progress down the sustainability journey as part of a community.
An important contributor to MassMutual’s success is its to generate better risk-adjusted returns than its peers and competitors. To do that, we must be proactive in the pursuit of strong risk-adjusted return and not reactive, which requires a profound top-down understanding of economic
value-creation in competitive markets and, at the same time, a fundamental bottom-up understanding of risk.
Responsibilities:
• Relying on past senior management experience, the candidate will influence the investment strategies and drive the execution of investment programs for commercial mortgage loans and CMBS in the General Investment Account of MassMutual.
• Work closely with senior-level colleagues in financial reporting, risk management, and operations to ensure that appropriate pre- and post-closing investment practices are being adhered to internally and by Barings and unaffiliated managers.
• Independently manage the relationships with our various real estate credit managers, both our affiliated investment manager Barings and unaffiliated managers.
• Participate in the review and approval of commercial mortgage loans and CMBS proposed for the MassMutual portfolio by Barings and our other commercial mortgage loan managers.
• Oversee MassMutual’s relationship with Barings’ Portfolio Finance Group as it relates to the review and approval of commercial mortgage loans proposed as collateral for portfolio lending transactions, servicing matters, and proposed facility modifications.
• Oversight of the work-out of defaulted or under-performing mortgage assets on behalf of MassMutual by our respective commercial mortgage loan managers.
• Evaluate, understand and provide insight to asset allocation and senior management on the composition and risks of the portfolio of commercial real estate debt exposures of MassMutual.
• Help recruit, mentor and train our emerging investment leaders and analysts in underwriting, structuring and managing commercial real estate lending programs, including the underwriting of real estate equity and real estate credit funds.
• Assist with the pursuit of sustainability goals or benchmarks for MassMutual’s real estate portfolio.
• Drive the strategic direction of MassMutual’s CML and CMBS portfolio by influencing the policies, procedures and investment guidelines of MassMutual, Barings and our other managers relative to the real estate and real estate credit portfolios in response to changing risks and market conditions.
Minimum Qualifications
• 10+ years of commercial mortgage loan experience, including:
• At least 5 years as a voting member of a mortgage credit committee approving transactions originated and underwritten by others
• At least 5 aggregate years of commercial mortgage loan work-out experience
• Deep understanding of mortgage credit underwriting procedures and standards across the industry and an ability to teach the shortcomings in these procedures and standards learned through past cycles
• Meaningful experience investing in real estate properties and/or real estate equity funds sufficient to demonstrate a broad understanding of returns across market segments and across historical periods
• Undergraduate degree
• Team-oriented and organized, self-motivated with the proven ability to manage multiple projects with a broad range of stakeholders to deliver results in a dynamic environment.
• Accountable, with a strong sense of ownership and attention to detail.
• High degree of professionalism, integrity, and maturity.
The Ideal Qualifications:
• Significant prior responsibility for commercial mortgage credit approval for a major bank or insurance company.
• Strong analytical and written/verbal communication skills, including synthesizing research and concepts into actionable insights.
• Strong leadership skills including the ability to grow the next generation of real estate professionals.
• Masters degree or CFA Charter holder• Intellectually, relentlessly curious self-starter with a strong aptitude for quantitative and qualitative analysis.
• Critical thinking skills, creativity, and out of the box problem solving skills.
#LI-IZ1
MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
Salary Range: $209,700.00-$275,100.00
Source : MassMutual