Mutual Opportunities
Head of Commercial Mortgage - Alternative Investments
Boston, Massachusetts
Thank you to our employees for voting us one of the top places to work in Massachusetts for five consecutive years!
Overview
A career with us means you’ll work alongside exceptional people and be empowered to reach your professional and personal goals. Our employees are at the foundation of what enables MassMutual to deliver on our purpose to help people secure their futures and protect the ones they love.
We embrace the idea that we all are stronger and better through our support for one another. We strive to create a culture where employees feel valued and are celebrated for who they are.
“Since our founding in 1851, mutuality has put our policyowners at the center of everything we do. At our core, we’re a company of people helping people in their time of need, and that spirit extends to the culture we’ve built at our company. Our employees support and rely on each other each day, collaborating to deliver the best solutions for our customers and help millions more secure their future and protect the ones they love.”
Job Description
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.
MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment.
Salary Range: $209,700.00-$275,100.00
Hiring Process
Explore
Explore our open jobs by clicking 'search jobs' to find a position that aligns with your experience and skills. You may also consider joining our Talent Network.
Apply
Click the “apply” button on that job posting to complete and submit your application. Your application will be reviewed by a recruiter, which, due to the volume of applications received, may take some time as we carefully consider each application.
Screen
After your application has been reviewed, if you meet the qualifications for the role, a recruiter will reach out to you to start a conversation.
Interview
If you are invited for an interview, you will be scheduled to meet with the hiring manager and hiring team.
Offer
If you are extended an offer to join MassMutual and accept, your start will be contingent upon a satisfactory background check.
Hire
If you accept the offer, we will be so excited to welcome you to the MassMutual community!
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
By the numbers*
- 88% of employee respondents say they are proud to work at MassMutual
-
90
% of employee respondents say they feel encouraged to bring forth new ideas - 86% of employee respondents say MassMutual cares about and supports the well-being of their employees
*Source: 2024 MassMutual employee engagement survey
Award-Winning Culture
MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company operated for the benefit of our members and participating policyowners, we are defined by mutuality and our vision to provide financial well-being for all Americans. It’s more than our company structure — it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources and rely on each other when it counts.
We strive to embrace diversity in every sense, focusing on building a thriving community where everyone is valued, included, and feels that they belong.
At MassMutual, we Live Mutual.
How We Work
MassMutual’s flexible workplace approach combines the importance of connecting in person and the flexibility of working remotely. Our hybrid model puts collaboration first with employees coming in at least three days per week to our spectacular campus settings and also enjoying the flexibility of remote Fridays, company-wide remote weeks, and a bank of flexible remote weeks to use throughout the year.
Benefits for the whole you (and your loved ones)
There’s more to your life than your job and there’s more to your aspirations than a paycheck. We take a holistic view of compensation and benefits that provides the flexibility to create a healthy balance in your life for work, family, and community. We offer the benefits you’d expect, like medical, dental, 401(k), and generous vacation time, but we also offer ones you might not expect, like three paid days for volunteering, a $1,250 annual Well-Being Wallet, and up to 320 hours of caregiver leave.
Explore some of our offerings below. Benefit details can be found here.
Why MassMutual?
Kevin
Compliance Consultant
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Service Management Consultant
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Head of Experience Journey Mapping
where we work
Springfield Office
1295 State Street, Springfield, MA
Boston Office
10 Fan Pier Blvd, Boston, MA
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2 Park Ave,
New York, NY
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