Development Risk Manager - Construction Oversight

Raymond James

8d•Remote

About The Position

Under limited supervision, mitigate institutional investors’ construction risk and keep them knowledgeably informed on multiple low income housing projects’ construction statuses as they progress from preconstruction through construction and completion. Position is required to be knowledgeable in the review of standard real estate documentation including plans and specifications, AIA contracts and construction forms, partnership agreements, memorandums, and certificates of occupancy / building permits. Position is responsible for the coordination of multiple teams of 3rd party inspection professionals, including underwriting their firms, managing the monthly draw and inspection process, and coordinating the deliverables to institutional clients. The position is also responsible for the review and processing of draw requests and capital contributions to property specific partnerships. Performs varied work that is somewhat difficult in character requiring evaluation, originality and ingenuity to make complex decisions, process information in a timely manner, and operate within a team environment. 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. Also, performs administration of the documentation and funding requirements, and provides consulting support through a high level of professional service and conduct to existing and potential customers.

Requirements

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.
Knowledge Of Entitlement/permitting process and construction delivery methods and agreements.
Construction best practices, general building codes, and various building types
Process of preparing and monitoring a multi-family housing construction schedule.
Familiarity with the preparing and monitoring of a detailed construction budget.
Evaluating cost and schedule impact of change orders.
Familiarity with environmental site assessment requirements of residential construction.
Fundamental concepts, principles, and practices of the real estate and construction industry.
General principles of banking and finance industry operations.
Skill In Reading construction drawings and specifications.
Reading and understanding contracts and other real estate transaction documentation.
Knowledgeable in the use of Excel and real estate financial projections.
Operating standard office equipment and using required software application to produce correspondence, reports, electronic communication, and spreadsheets.
Ability To Communicate effectively both oral and written.
With minimal guidance/supervision, organize, manage and track multiple detailed tasks and assignments with frequently changing priorities in a fast-paced work environment to meet required results.
Provide accurate and high quality work product in a timely manner.
Proactively demonstrate readiness and ability to initiate action.
With some guidance/supervision, work independently as well as collaboratively within a positive team environment.
Compile data from multiple sources, review, and accurately input data into various spreadsheets or database.
With some guidance/supervision, identify required tasks, develop timelines and execute.
Project a positive, professional image both internal and with external business contacts.
Convey information clearly and effectively through both formal and informal documents.
Identify relationships, draw logical conclusions and interpret results for use in decision making.
Utilize engineering/architecture background to evaluate proposed change orders, and verify whether design and cost support the investment objectives of the fund.
Bachelor’s degree in Architecture, Engineering, Construction Management, or related field and a minimum of five (5) years construction administration, architecture, engineering experience.

Nice To Haves

Certification as either a Professional Engineer or Registered Architect is desired ~or~ Any equivalent combination of experience, education, and/or training approved by Human Resources.
AIA or PE strongly preferred
Housing Credit Certified Professional (HCCP) - National Association of Home Builders (NAHB)
Tax Credit Specialist (TCS) - National Center for Housing Management (NCHM)

Responsibilities

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.
Assist with preconstruction investment analyses, including evaluation of 3rd party plan and cost reviews, physical needs assessments, and fielding design inquiries from investors and developers.
Periodically visit projects under construction, utilizing engineering and/or construction background to evaluate construction risk on site.