Multifamily Underwriter – Assistant Vice President

Citi • Tampa, FL

4d • $87,280 - $130,920

About The Position

Citi Community Capital (CCC), within Citi’s Institutional Credit Management Division, is seeking a Multifamily Underwriter at the Assistant Vice President level. CCC provides financial products to affordable housing developers, nonprofits, community development financial institutions, and state and local government agencies for the construction, rehabilitation, refinancing, and acquisition of affordable multifamily housing. The role contributes seasoned underwriting and credit risk expertise, helps improve processes and workflows, and supports business objectives through analysis, sound judgment, and collaboration. The underwriter also provides leadership within teams, including coaching and training, and helps ensure strong financial performance, effective risk management, and compliance.

Requirements

• 5–8 years of relevant experience in real estate underwriting or multifamily.
• Previous experience in underwriting, risk management, or equivalent training and experience.
• Ability to apply credit and risk principles toward business goals.
• Demonstrated ability to synthesize and prioritize work and drive results with a high sense of urgency.
• Highly organized, able to manage multiple projects in a fast-paced environment, and effective in interpersonal, organizational, and analytical skills.
• Extensive knowledge of and proficiency with MS Office software.
• Bachelor’s/University degree or equivalent experience.

Nice To Haves

• Experience in the affordable or commercial real estate industry.

Responsibilities

• Develop underwriting recommendations by analyzing credit and financial performance.
• Implement initiatives to promote consistency and compliance with credit policies.
• Manage a portfolio of active construction deals, including projects in lease-up or awaiting conversion.
• Confirm and monitor sources and uses for new and rehabilitation construction deals from loan closing through conversion or repayment.
• Analyze the availability and flow of funds during construction, including funding-source restrictions and project-cost requirements.
• Work with loan servicing, construction management, and credit risk partners to review and approve monthly construction loan advances in accordance with funding priorities, restrictions, and applicable state lien laws.
• Monitor monthly property performance and lease-up absorption by comparing occupancy and net operating income with underwritten projections.
• Monitor loans for covenant compliance and compliance with loan-document terms and conditions; lead efforts to resolve past-due issues.
• Prepare and present credit recommendations for material actions requiring credit committee approval, including extensions, conversions, modifications, restructures, and participations.
• Conduct annual reviews of client relationship recourse exposure by assessing sponsor and guarantor financial strength, project performance against repayment or conversion milestones, and market conditions.
• Identify and escalate issues requiring further investigation or discussion, including scheduling delays, cost overruns, accelerated contingency use, stabilization delays, and uncertainty about repayment sources; recommend and process classification changes.
• Conduct periodic risk rating analyses of sponsor strength, project performance, and the weighted average risk rating of recourse relationships.
• Update property valuations through internal assessments or third-party appraisals, considering market conditions and property performance.
• Interact externally with borrowers, syndicators, issuers, subordinate lenders, legal counsel, and other transaction parties.
• Collaborate internally with bankers, underwriters, closers, risk managers, construction managers, and loan servicing.
• Assess risk in business decisions, protect the firm’s reputation and assets, comply with applicable laws and policies, exercise sound ethical judgment, and transparently escalate, manage, and report control issues.

Benefits

• Medical, dental, and vision coverage
• 401(k)
• Life, accident, and disability insurance
• Wellness programs
• Paid time off, including vacation and sick leave
• Paid holidays
• Eligible employees may receive discretionary and formulaic incentive and retention awards

What This Job Offers

• Job Type: Full-time
• Career Level: Senior