working for a not for profit or for profit developer of affordable or multifamily and single family housing
Philip G. Grossman
16 Meadow Lane, Westhampton Beach, N. Y. 11978
102-30 66th Road, Forest Hills, NY 11375
917 868 3724 (Mobile)
Washington Mutual (“WaMuâ€), Regional Sales/Lending Manager
April 2007 through January, 2009
Responsible for all community real estate lending products in the Northeast, South-East and Central USA markets. This involves establishing sales and marketing strategies as well as product sets and the review and approval of all credit reqests submitted by the relationship managers. The product set encompasses lending and various investments in the pre development/acquisition, construction, permanent, letter of credit, line of credit and private placement taxable and tax exempt bond purchase program products. Property types covered range from multifamily affordable, LIHTC housing to mixed use, mixed income, co-op, condominium, 1-4 family cluster, land, senior housing and inner city office and retail construction, rehab or refinanced developments. With 6 direct reporting relationship managers and three underwriters, plus a loan administration staff of 5, production in my first 9 months exceeded my goal of $250MM and 2008 originations exceeded $500MM.
Banc of America Securities, LLC, Principal, Syndicated Capital Markets
Real Estate/Community Development Banking (CDB)
March 2005 – March 2007
Responsible for the development of the CDB syndication program across the franchise relative to the sale of BofA originated loans, L/C’s tax-exempt taxable bonds, LIHTC bridge facilities and related debt and equity products on a national basis supporting the entire Community Development Banking Group. This was done working closely with my credit risk management partners and the local lending CDB offices. As this was a start up business, external bank and consortia relationships had to be developed, and the syndication process had to be rolled out through the lending and administration groups at BofA nationally.
Bank of America/Fleet Bank, Executive Vice President
Community Development Banking
February 1995 to April 2004 (Fleet); April 2004 – March 2005 (BAC)
As regional manager, I was responsible for the program and business line development, management,
credit/lending, marketing, relationship and product development for the residential and commercial
lending activities of the CDB group covering the region inclusive of Pennsylvania, New Jersey, NYC,
Long Island and areas Northward. This included the origination of over $300MM per year in credit
for the country’s largest community development real estate lender. Lending focuses around commercial,
retail, office, industrial, multifamily, mixed use and residential property types in inner city or rural low
and moderate income communities. Developing relationships and working closely with our governmental
and quasi-governmental agencies and not for profit groups I created products that go towards meeting
the needs of our inner city and LMI areas for not for profit and for profit developers. Primary focus was
on construction and rehab redevelopment followed by long term debt. I was also a member of the
Executive Management Team chaired by the NYC BofA President working on leadership and executive
corporate issues in NYC. I had a JCO designation under Securities MSRB Rule G-37 relative to public
finance and the taxable and tax exempt bond underwriting and lending we manage, and was
Series 7 and 63 licensed.
At Fleet I was responsible to develop, rollout and manage what became a $400MM annual lending
program for Community Real Estate Finance within the Commercial Real Estate Group. Fleets real estate
group was the largest construction lender in the Northeast and the 3rd largest in the country. This
included business development and program development for all CRA eligible real estate lending
programs for the REFG division covering the nine (9) state Fleet footprint. Primary lending is
concentrated on multifamily housing, 1-4 family developments, condominiums, cooperatives, retail and
office developments. I was also responsible to develop and manage FannieMae Partnership Five (5) year
program totaling $627MM.
Manage a local (Metro NY NJ) lending staff of five (5) experienced lenders who originate new and
manage existing business in the New York, New Jersey and Pennsylvania marketplace, targeting for-
profit as well as not- for-profit developers/organizations involved in the development of affordable
housing and related community and commercial facilities. The ultimate goal is to develop a portfolio of
highly valued customers for the REFG.
Responsible to expand and improve our existing relationships with our local for-profit and not-for-
profit organizations for the development of low and moderate income housing and related commercial
facilities in our LMI communities serviced by the bank.
To reinforce our lending relationships with the various "quasi" City controlled organizations including
The City of NY HPD, the NYC Housing Partnership, HFA, HDC, the NJ HMFA and the NJ DCA and
others. This would include an on going re-affirmation of our commitment to participate in the various
lending programs such as the Neighborhood Entrepreneur, Homework's, Partnership Plaza, New Home,
Participation Loan Programs UHORP, CDBG, Homes for Working families and HTF, as well as all new
programs developed for use in our region.
Manage the teams deposit relationships including cross-selling cash management and other Fleet products
that are attractive and benefit our customer.
THE DAI-ICHI KANGYO BANK, LTD.
One World Trade Center
NEW YORK, N.Y. 10048
Vice President - LEGAL DEPARTMENT
October 1994 to February 1995
Responsible for negotiating, structuring and closing of workout and debt-restructuring arrangements of
existing loans primarily secured by office buildings, retail developments, and some multifamily
developments in my portfolio which totaled approximately $500MM.
SKOPBANK
461 Fifth Avenue
New York, N.Y. 10017
Assistant Vice President - Corporate Finance /Real Estate
July 1991 to October 1994
Managed and administered a portfolio in excess of $300MM consisting of commercial real estate
developments (office, retail, warehouse, residential...) located primarily throughout the East coast. The
portfolio consisted of construction loans originated by SKOP, with SKOP retaining the primary lending
position. In addition, the portfolio consisted of land development and permanent financed properties,
also with SKOP retaining the primary lending position, as well as equity positions in various
developments. Additionally, I managed, administered and marketed a portfolio of two bank owned
properties being developed for retail, office and warehouse use, each containing over 1MM square feet.
Managed and administered an equity investment portfolio in excess of $12MM, subordinate to senior
bank held debt of $50MM on privately owned off-campus college housing developments situated
throughout the Southeast.
Managed the administration of a $45MM mortgage warehouse and servicing portfolio.
Handled special investment and financing analyses and inspections for Skop's smaller "sister" banks in
Scandinavia with regard to potential investments in the USA, with emphasis in Southern Florida.
Negotiated and drafted loan restructuring agreements relative to the overall real estate portfolio with the
various borrowers.
METROBANK FOR SAVINGS, FSB
460 Bergen Boulevard
Palisades Park, N. J. 07650
(December 1984 - April 1991)
Assistant Vice President- Division Of Special Assets
January, 1990 - April, 1991
Selected by senior management to manage and oversee the administration of all foreclosure,
bankruptcy, workout and related legal activity of the "non-performing" real estate loan portfolio.
Negotiated formal loan restructuring agreements including Stipulation and Forbearance Agreements
with borrowers and bank participants.
Managed staff relative to preparation of departmental watch list and status reports for the entire
portfolio for presentation to the Board of Directors and Asset Quality Committee.
Established the management and legal structure of the ORE area, including the formation of subsidiary
corporations and management information systems.
Assisted senior management in the preparation of formal business plans for the department and acted as
liaison for bank investors.
Assistant Vice President - Commercial Real Estate (July 1988 to December 1989)
Underwriter - Commercial Real Estate (December 1994 To June 1988)
Responsible for the review and intermediary approval of permanent, interim, land and construction loan
Financing applications on multifamily, retail, office and warehouse developments in New York, New
Jersey, Connecticut and Philadelphia, PA prior to submission to senior management and the Board of
Director’s for final approval. This also included all financing applications submitted for cooperative
Conversion’s in New York City, as well as the first successful condominium conversion in Albany.
THE MORTGAGE LOAN ENFORCEMENT &
ADMINISTRATION CORPORATION (NYS U.D.C.)
11 West 42nd Street
New York, N.Y. 10036
Compliance Officer, Loan Administrator & Legal Intern (1979 - 1984)
On a part-time evolving into a full time basis, I was primarily responsible to assist in the restructuring
negotiations of the HUD 236 developments originated by the UDC, situated throughout New York
State.
EDUCATION: Amherst College; 1981
Bachelors Degree in Business Administration
Continuing Education Courses Towards Masters Degree at NYU
Various continuing education real estate related courses, Formal Credit
Training completed 1991 (Chemical Bank)
VOLUNTEER & RELATED MEMBERSHIPS/POSITIONS (sampling):
Current: Enterprise New York Advisory Board Member,
Neighborhood Housing Services of New York Board Member and Chair of Resource
Development Committee, NY Housing Conference Planning Committee Member;
Former: Board member of : South Bronx Overall Redevelopment Organization (SOBRO); National Association of Affordable Housing Lenders (NAAHL), Long Island Housing Partnership; Citizens Housing Planning Council (CHPC); Coopers Ferry Redevelopment Authority; NYC Gay and Lesbian Anti Violence Project, Board of Governors member for National Housing Conference, Chair of the Executive Council for Bank of America Metro NYC PRIDE Affinity Group. Board Member of President of Fleet Works for Metro NY (the employee volunteer program), Representative of Fleet Corporate CRA Steering Committee, Representative of Fleet Corporate CRA Oversight Committee.
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