Associate, CPACE

Bayview Asset Management•New York, NY

9d•Hybrid

About The Position

The Associate, CPACE – Underwriting & Transaction Management underwrites, structures, and executes commercial real estate PACE financings nationwide, from initial opportunity assessment through investment approval and closing. The role combines credit analysis, transaction structuring, third-party diligence, co-lender coordination, and execution management, including for complex construction, renovation, and bridge real estate transactions. The Associate owns day-to-day transaction execution and escalates material credit, structural, and legal decisions for appropriate approval. The position works directly with the SVP of Originations and the broader CPACE credit and transaction management team. The ideal candidate is self-motivated, organized, detail-oriented, effective in teams, and able to manage multiple transactions in a fast-paced environment. The position is based in Bayview’s New York, NY office, with the option to work remotely on Fridays. Expected base compensation is $120,000–$150,000, commensurate with experience, plus a performance-based bonus.

Requirements

Bachelor’s degree in business administration, real estate, economics, engineering, or a math field, with a demonstrated interest in real estate finance.
Four to six years of relevant experience in commercial real estate lending, underwriting, financial services, or a related field is preferred.
Advanced Excel modeling skills and strong quantitative, analytical, and commercial real estate credit skills.
Understanding of construction finance, CPACE program requirements, capital stacks, lender protections, and complex transaction structures.
Ability to interpret third-party diligence, identify material risks, and communicate actionable recommendations.
Strong written and verbal communication, negotiation, organization, and cross-functional project management skills.
Ability to manage multiple transactions independently while exercising sound judgment and seeking appropriate approvals.
Experience with CoStar, RCA, Salesforce, or comparable market research and CRM platforms.

Nice To Haves

CPACE experience.

Responsibilities

Build and review transaction-level financial models covering sources and uses, development budgets, draw schedules, cash flows, interest reserves, repayment scenarios, lender returns, LTC/LTV, debt service coverage, debt yield, and sensitivities.
Evaluate property fundamentals, market conditions, sponsor and guarantor financial strength and liquidity, project feasibility, construction execution, and repayment or exit strategies.
Determine CPACE eligibility and preliminary sizing based on program requirements, eligible project costs, capital structure, and Bayview credit parameters; identify and resolve budget and sizing inconsistencies.
Prepare greenlight, investment committee, and credit memoranda describing transaction rationale, key terms, strengths, risks, and mitigants.
Develop and evaluate CPACE/CRE funding structures, including future tranches or disbursements, equity funding requirements, reserves, guarantees, completion support, and prepayment provisions.
Analyze intercreditor and participation arrangements with senior lenders, co-lenders, and capital partners, including collateral, funding priorities, consent rights, remedies, servicing, and economic allocations.
Participate in negotiations of key commercial terms with sponsors, originators, co-lenders, and counsel, subject to required internal approvals.
Lead the collection and review of transaction due diligence, including appraisals, plan-and-cost reports, construction contracts, budgets, schedules, insurance, environmental reports, title, surveys, zoning, and organizational documents.
Identify discrepancies across underwriting models, sponsor materials, third-party reports, and transaction documents; prepare follow-up questions and track outstanding issues through resolution.
Review construction and operating assumptions, contingencies, contractor capacity, bonding, presales or leasing, and relevant insurance coverage to assess execution risk.
Coordinate specialist reviews with third-party consultants and external counsel; evaluate findings and incorporate material risks and mitigants into credit recommendations.
Serve as a day-to-day transaction contact for originations, borrowers, sponsors, lenders, attorneys, consultants, and CPACE program administrators.
Own execution timelines, closing checklists, diligence trackers, open-item logs, and internal approvals; coordinate document drafting and ensure business terms align with approved underwriting and structure.
Work with legal counsel on financing, disbursement, participation, intercreditor, security, and closing documents; escalate legal interpretations and approval decisions to appropriate parties.
Coordinate closing conditions, final funding sources and uses, closing costs, assessment schedules, and post-closing handoffs to servicing, asset management, and capital markets.
Coordinate with the SVP of Originations on active opportunities, deal priorities, underwriting requirements, and transaction status; maintain accurate pipeline reporting and organized transaction records.
Manage day-to-day follow-up and communication with borrowers and brokers.
Provide guidance and quality review to junior analysts on financial models, diligence reviews, credit materials, and transaction deliverables, as assigned.
Improve underwriting templates, diligence processes, transaction trackers, and internal workflows to increase consistency and execution efficiency.