Our Team

Patrick Vahey is the President and Co-Founder of Greenline Ventures.  He is responsible for all oversight of operational and fund management activities, including Greenline’s investment process.

Patrick has over 30 years of combined experience underwriting operating businesses and commercial real estate transactions.  Prior to co-founding Greenline, he started his career and held various positions in loan underwriting and originations at Capmark Financial Group (“Capmark”).  Most recently, Patrick served as the Managing Director of Capmark's NMTC division (“legacy Greenline”) since its inception in 2004.  In this capacity, he was responsible for originating, evaluating, and structuring mezzanine debt and preferred equity investments in operating businesses and real estate transactions.

Through Patrick’s leadership, the NMTC division remained profitable throughout the Great Recession and upon Capmark’s entrance into bankruptcy, he spearheaded an 18+ month carve-out of the division to form Greenline Ventures in 2011.  

Patrick has a B.A. in Economics from the University of Vermont.

Randy Kahn is an Executive Vice President and Co-Founder of Greenline Ventures.  He is responsible for helping determine the strategic direction of the company and assisting with oversight of operational and fund management activities of Greenline.

Randy has over 20 years of experience delivering capital to areas of need throughout the US and its territories.  Industries include low-income housing finance, project finance and private equity.  Financing activities include transaction structuring, tax credit syndication, debt financing, equity financing, origination, underwriting, asset management and program compliance (CDFI and NMTC). Randy has raised and deployed over $1 billion of debt and equity funds from/for not-for-profit entities, government instrumentalities and private clients (real estate and operating businesses).   Prior to co-founding Greenline, Randy worked for Denver Public Schools (school evaluation), Aetna (insurance), Birch and Davis Consulting (healthcare consulting), Seslia Securities/VI Capital Resources, Inc. (broker dealer / CDFI venture fund) and GMAC Commercial (low-income housing banker/NMTC practitioner). 

Randy has a B.A. in Computer Science from Dartmouth College and an MBA from the University of Pennsylvania Wharton Graduate School of Business.

Kermit Billups is an Executive President of Greenline, and is involved in activities including transaction structuring, tax credit syndication, debt financing, origination, underwriting, and NMTC compliance.

Kermit began his career at Capmark in 1999 and has been a member of the NMTC platform since 2004. He has been in investment banking since 1992, with an emphasis on developing solutions for deficiencies in low-income communities nationwide, including complex and innovative financings to benefit low-income housing tax credit and New Markets Tax Credit transactions. He has participated in over $3.5 billion of project finance and affordable housing capital. He has successfully completed over 50 taxable and tax-exempt revenue bond programs to serve low and moderate-income individuals. Prior to joining Capmark, Kermit worked for Honeywell, IBM, Legg Mason, and Stephens Inc.

Kermit has a B.A. in Economics from Harvard College and an M.B.A. from the Harvard Graduate School of Business Administration.

Fred Koch is a Vice President of Greenline Ventures, and is primarily responsible for new deal originations and syndication activities, including identifying deals, investors and coordinating financing commitments for New Markets Tax Credit and Greenline Loan Funds related activities.

Fred has worked in Capital Markets and institutional sales and trading since 1993, with a focus on institutional sales and trading with investment firms across the country.  He has participated in over $3BB of financing transactions, including structuring loan funds, multiple tax credit syndications, tax exempt municipal bonds, taxable bonds and military housing finance.  He has been with Capmark and legacy Greenline since 2001.

Fred has a B.S. in English Literature from Lewis & Clark College.

Andy Walvoord is a Vice President of Greenline, and his responsibilities include the evaluation, structuring, closing and syndication of tax credit transactions.

He began his career at Capmark in 2001, and has been a member of the NMTC Platform since 2007. Andy has been in investment banking since 1996, providing financing on over $2 billion of real estate-related projects serving low-income communities, including financing of multifamily housing, 501(c)3 bonds, industrial revenue bonds, lease revenue bonds and tax backed structures such as public facilities districts and tax increment financings.

Andy has a B.A. in English Literature from Yale University, and an M.B.A. from the University of Texas.

Kelly Morse is Vice President of Greenline Ventures.  She is responsible for oversight of all aspects of compliance including fund management & investor reporting, CDFI/IRS regulations, treasury administration, QALICB compliance/servicing, and impact tracking.  Kelly led the company at becoming a certified B-Corporation, obtaining a GIIRS Gold rating, and implementing a comprehensive Policy & Procedure plan.

Kelly began her career in 2004 at Capmark Financial Group as part of the legacy Greenline team.  At legacy Greenline, she was responsible for the compliance management of 35+ third party CDEs that received NMTC allocation.

Kelly has a B.A. in Organizational Management from Colorado State University.

Nathan Perry is a Vice President of Greenline, and oversees all Asset Management for the company.

He began his career at Capmark in 2002, and has been a member of the NMTC platform since 2006. Nathan’s focus is specifically on the asset and risk management associated with both the Greenline allocations, third party allocations, and all underlying investments.

Prior to joining the NMTC platform, Nathan was the senior asset manager for a $400 million market-rate bridge and mezzanine platform at Capmark. He performs asset and risk management associated with over $1 billion of NMTC investments.

Nathan has a B.S. in Finance and a B.A. in Economics from the University of Colorado.

Rob Mackenzie joined Greenline Ventures in January of 2022 to help oversee the development and acquisition of commercial, and multifamily assets. Prior to joining Greenline, he worked for Crescent Real Estate and its affiliated companies for approximately 15 years, and was responsible for the acquisition, financing, asset management and equity raise of over 8,000 multifamily units, equating to approximately $1 billion in asset value. The acquisitions were comprised of multiple properties in various locations across the US with larger concentrations in Florida, Texas and Colorado. Rob maintains many strong financing relationships at various banks, financing institutions, and government sponsored enterprises (GSEs). He also worked with many of the Greenline partners at the legacy Capmark prior to joining Crescent.

In addition to acquiring and managing multifamily assets, Rob has been responsible for the site acquisition and development of multiple multifamily assets, and has also overseen the acquisition, asset management and disposition of various other asset types including office, industrial and hospitality. In addition, he has a very strong debt and financing background, acquiring in excess of $1 billion of CMBS debt, mortgage loans, and mezzanine debt.

Rob has a B. S. in Finance from Lehigh University.

Chuck Jensen is the Vice President and Corporate Controller of Greenline Ventures. He is responsible for all accounting, tax, financial reporting, internal controls, and treasury functions for Greenline’s various funds.

Chuck was a part of legacy Greenline, prior to its carve out, while it was still the NMTC business segment within Capmark.  At Capmark, Chuck served as Corporate Controller and was responsible for the oversight of several platforms, including legacy Greenline.   Prior to joining Capmark, he spent 20+ years in public accounting primarily at RSM US, LLP (formerly known as McGladrey & Pullen).  During his time in public accounting, he performed financial statement audits for both public and private entities in financial services, government & public services, and consumer sectors.

Chuck is a Certified Public Accountant and has a B.S. in Accounting from the University of North Dakota.

Jessica Carrillo is an Assistant Vice President of Greenline. She has provided compliance support for all NMTC related activities at Greenline, including CDE and investor reporting, cash flow analysis and account maintenance. Jessica is also responsible for providing compliance support to third party investments that the organization has made into other CDEs. Additionally, she provides accounting related support to Greenline.

Ms. Carrillo began her career at Capmark in 2002, and has been a member of the NMTC platform since 2005. Prior to her position at Greenline, Jessica was an Accounts Payable associate at Capmark.