Senior Real Estate Development Officer
RIHousing is committed to creating a diverse environment and is proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
What it’s all about:
The Senior Real Estate Development Officer will be responsible for underwriting and closing multifamily investment executions for the Real Estate Development team. This position supports the credit function of the Real Estate Development Division by providing independent underwriting and analysis, loan reviews, borrower compliance and suggestions for the appropriate loan structure. The incumbent will deliver timely and thorough analysis, well written-written credit memos, continuous relationships with borrowers, and close loan applications in a prudent, timely and cost-effective manner to build, rehabilitate and/or transfer multifamily rental properties in accordance with applicable laws/regulations and Rhode Island Housing program requirements.
Typical developments are characterized by complex, multi-source financing involving taxable or tax-exempt bond financing, housing tax credits, federal HOME funds, and other debt and equity sources. The primary responsibility of the Senior RE Development Officer is to build and maintain a pipeline of real estate development projects and to supervise the execution of those projects from initial conception through construction, to lease-up and stabilized occupancy or sale.
What you’ll do on daily basis:
Loan Underwriting and Analysis
Primary responsibility for project analysis and underwriting in support of loan origination. This includes the preparation of credit memos in collaboration with senior management:
- Able to complete an analysis of the financial condition and other strengths/weaknesses or sponsors/developers;
- Able to complete tasks under a deadline and handling multiple applications/developments simultaneously;
- Ensure that all development projects assigned are designed, financed, and constructed in a manner consistent with RIHousing goals, standards and underwriting guidelines. The incumbent is assigned specific development proposals (including production proposals, loan restructurings and transfers of physical assets) to review, underwrite and close. At any given time, the incumbent works on 7 to 10 proposals with an average total development cost of between $2.5 million and $15 million;
- Assessment of the viability of funding requests including sources of repayment, development budgets/proformas, collateral, and proposed loan structure, and ability to fully analyze the identified repayment sources;
- Complete analysis and evaluation of risks and mitigating factors and recommend action of loan requests under established credit policy guidelines;
- Review documentation related to all deal sources, including loans, grants, subordinate financing, rental subsidy and regulatory agreements, to verify timing, structure and transaction terms that comport with RIHousing underwriting and approval;
- Prepare well-written, accurate and organized loan presentations in a timely manner;
- Communicate and manage workflow and priorities; and
- Participating in providing reporting and management feedback on these activities.
Business Development and Cultivating Borrower Relationships
- In conjunction with the Director and Assistant Director of Real Estate Development research and help develop and execute a structured plan to increase the Agency’s rental lending outreach efforts;
- Assist Development Officers and senior management in business development activities and strategies;
- Help create and sustain a robust real estate development pipeline consistent with RIHousing’s mission and strategic goals;
- Market RIHousing rental lending products, developing leads, assist with convening borrower meetings and originating loans with new and existing borrowers; and
- Keeping abreast of market changes and product enhancements needed to remain current and competive will also be amongst the responsibilities.
- Support the Agency’s ongoing effort to improve the lending workflow process to enhance borrowers’ experience and ensure the Agency’s ongoing competitiveness.
- Based on outreach initiatives and general industry knowledge, identify gaps in the Agency’s rental lending product line.
- Work with the Director of Development and Agency colleagues on policy initiatives and the development and implementation of mission-driven programs and products (e.g. such as workforce housing and).
- Solid knowledge of RIHousing and/or other housing agencies and current position duties and responsibilities; also, a solid knowledge of policies, processes, practices, and tools required to complete the work efficiently and effectively. Fully understands aspects of the required responsibilities and skills needed to be successful in this role. Able to break job tasks down into manageable segments.
- Delivering Results: Understands how to use resources to achieve multiple objectives and reaches closure on projects and deliverables. Skilled at setting objectives and priorities. Works steadily toward achieving goals and consistently meets deadlines. Follows through on commitments. Monitors details and quality of results and adjusts as needed. Accepts responsibility for outcomes. Continues forward appropriately in the face of obstacles or when the path is less clear. Can identify possible problems or stumbling blocks and effectively work through them.
- Teamwork and Collaboration – Actively participates as a team member to move the team forward. Maintains strong, personal connections with team members and stakeholders. Is seen as a team player and is cooperative. Easily gains the trust and support of peers and can solve problems with peers with a minimum of noise. Aligns personal work and performance with the broader team to achieve mutual outcomes. Communicates effectively and appropriately as a team member.
- Communication – Exhibits effective listening skills and checks for understanding. Demonstrates strong verbal and written communication and actively listens to others’ ideas and suggestions. Effective in a variety of presentation settings: one-on-one, small and large groups, up and down the organization and with customers. Informs others of what is needed in a clear, concise, non-threatening manner. Consistently shares appropriate information with those who need to know.
- Customer Focus – Acts with customers in mind. Establishes and maintains effective relationships with customers to gain their trust and respect. Uses customer information appropriately for improvements in products/services/processes. Is dedicated to meeting the expectations and requirements of customers – stays up to date about the marketplace. Within the parameters of the position, adds value to customers.
- Proficient at borrower financial statement analysis, financial modeling, and structuring complex real estate loans, aptitude for numbers.
- Ability to work within a team context, proficient in building relationships with people in diverse roles.
- Ability to meet schedules, deadlines, goals, and targets in a timely manner, handle multiple responsibilities simultaneously.
- Produce high-quality work with strong attention to detail
- Bachelor’s degree in business administration, real estate or related field (Masters preferred)
- In-dept understanding and experience with various real estate loan products; knowledge and experience with various affordable housing subsidy programs, especially the low-income housing tax credits program, and various HUD programs;
- Minimum five years’ experience in commercial real estate lending and/or real estate development with concentration in underwriting, appraisal review, documentation and closing;
- Working knowledge of federal and state housing subsidy programs;
- Excellent communications, negotiations, analytical, supervisory, organizational, and problem-solving skills
- Strong computer skills, including spreadsheet and report writing applications;
- Excellent knowledge of Microsoft Word and Excel
- Competitive salary
- Parking Stipend
- Medical/Dental/ Vision/Life Insurance
- Paid Time Off
- Retirement Options
- Education Reimbursement
- Onsite Fitness Classes
- Volunteer Days
- Winner of “Best Places to Work” 2016, 2018, 2019
- Worksite Health Award 2013-2019
To achieve our mission, we:
- Offer fair, affordable and innovative lending programs.
- Provide housing related education to consumers and others.
- Promote and finance sensible development that builds healthy, vibrant communities.
- Provide housing grants and subsidies to Rhode Islanders with the greatest need.
- Team up with partners to improve everything we do.
RIHousing uses its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a privately funded public purpose corporation.
RIHousing requires its employees to be highly motivated and knowledgeable, have a sound understanding of the changing needs of Rhode Island's housing market, be willing to work within and toward a smoothly integrated operation, demonstrate a commitment to serve the people of Rhode Island, especially those with low and moderate incomes in need of safe and affordable homes, and possess a high level of integrity and a deep respect for all Rhode Islanders, including customers, partners and fellow employees.
Apply at rihousing.com