The Project Manager will manage and coordinate due diligence and underwriting process for lower tier LIHTC project investments as assigned by the SVP of Project Management.
- Upon securing a project by originations, coordinate project meetings with developer including all entities involved.
- Lead role in arranging and reviewing third party market study. Work with third party market analyst to obtain a finished product in accordance with specifications. May conduct and participate in project market visit, as assigned.
- Prepare market write-up for investment proposal (IP) and recommend rent and income parameters for assigned deals based upon market study, market due diligence, market site visit and other third-party investigations.
- Prepare operating expense analysis (OPEX) for IP. Coordinate with internal departments to evaluate proposed operating budget. Obtain operating expenses due diligence and discuss proposed budget with project sponsor and property manager, as needed, in coordination with internal staff.
- Prepare the guarantor financial analysis (GFA) for the IP and obtain guarantor due diligence. Conduct initial guarantor and entity review, including online search.
- Responsible for updating excel spreadsheet/underwriting model as the project goes through underwriting and closing; ensure project due diligence is properly reflected in the projections.
- Review project due diligence and projections throughout closing process, with designated VP of Project Management taking the lead. Participate in closing calls, as necessary. Monitor review and completion of due diligence checklist.
- Responsible for responding to investor questions regarding specific investor requirements and third-party due diligence reviews, as requested.
- Provide assistance and support to internal staff relating to modification to deal structure post-closing, as needed.
- Monitor construction and lease-up and assist in analyses at time of project conversion to perm loan, as assigned.
The ideal candidate:
- Bachelor’s degree in business, economics, urban planning or finance. Master’s degree preferred.
- Minimum two – four years’ experience in underwriting, structuring real estate projects and credit analysis.
- Prior experience with affordable housing loans or LIHTC investments and knowledge of state and local programs a plus.
- Understanding of non-profit housing and community development and commitment to working with diverse low-income communities.
- Ability and willingness to travel as needed.