Job description
Position Summary
Under limited supervision, the Development Risk Manager (“DRM”) works within RJAHI’s Asset Management group. The DRM will be a member of a professional team that provides expertise and analysis for affordable housing investment and asset management activities. For investments representing moderate risk and complexity, performs underwriting functions for to-be-built or existing developments, and manages development risk through construction lease-up. The DRM is responsible for the administration of documentation and funding requirements. They provide consulting support through a high-level of professional service to existing and potential clients. The DRM communicate with institutional investors and developer clients directly by email, phone, and in person. Therefore, excellent oral and verbal communication skills are required.
Specific Responsibilities
Underwriting (with moderate supervision)
- Reviews the project design, entitlements, technical merit, building code, compliance, usability, and marketability of the project.
- Performs initial project underwriting site visit with development and production teams.
- Evaluates the qualifications of the development team.
- Contributes to the understanding and analysis of real estate market conditions and long term competitiveness of the project.
- Reviews development, design, and construction contracts for appropriate structure and terms.
- Analyzes the project budget, completion schedule, and delivery methods for material risk.
- Recommends and assists in review and negotiations of the partnership agreements.
- Analyzes overall risk and recommends appropriate level of oversight outsourcing.
- Determines insurance requirements in accordance with insurance guidelines and that the appropriate insurance certificates have been received before closing.
- Monitors and reports the progress of the development through construction and lease-up.
- Manages oversight and third-party consultants to mitigate and communicate the impact of cost overruns, change orders, and schedule revisions.
- Assists and advises developers and sponsors in negotiations and resolution of issues when problems develop.
- Monitor conformance with plans and specifications and perform periodic on-site inspections if material problems arise.
- Insures proper file documentation and compliance with funding requirements.
- Communicates the status of document compliance and discrepancies with the original underwriting assumptions.
- Evaluates equity fundings by reviewing and approving project draw requests and project accounting.
- Thorough understanding of architectural and engineering industry practices.
- Thorough understanding development industry practices and techniques.
- Familiarity with Real Estate and Construction Contract Law.
- Understanding of partnership and other investment contract documents.
- Understanding of Title, Construction, Ownership arid other relevant insurance policies.
- Thorough understanding of bank policies, procedures, investment, and loan structures.
- Familiarity with Environmental Risk Analysis.
- Professional degree in Architecture, Architectural Engineering, Civil/Structural Engineering or Construction Management.
- Minimum 5 years of experience in Architecture, Engineering, Construction Management or Real Estate Development.
- Some experience of course work in Real Estate Finance.
- Some experience or course work in Development Cost Accounting and Risk Management.
- Some experience or course work in Environmental Risk Assessment.
We expect our associates at all levels to:
- Grow professionally and inspire others to do the same
- Work with and through others to achieve desired outcomes
- Make prompt, pragmatic choices and act with the client in mind
- Take ownership and hold themselves and others accountable for delivering results that matter
- Contribute to the continuous evolution of the firm
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