Senior Underwriter

PACE Equity•Milwaukee, WI

8h•Hybrid

About The Position

PACE Equity is hiring a Senior Underwriter to underwrite C-PACE transactions across multifamily, hospitality, office, retail, industrial, and seniors housing assets. The role builds and maintains underwriting models, develops stabilized pro formas and capital stack analyses, evaluates credit metrics, and identifies transactions outside underwriting criteria. It also assesses sponsor and construction risks and coordinates third-party diligence. The Senior Underwriter prepares credit risk scorecards, investment committee memoranda, and deal summaries that explain each transaction’s investment thesis, risks, and mitigants. The role collaborates with internal teams, borrowers, mortgage lenders, and program administrators; supports construction draw review and post-closing handoffs; and guides Transaction Analysts on assigned deals. The company describes its culture as high-performing, growth-oriented, and collaborative, and expects employees to model its values of being trusted, professional, committed, respectful, and collaborative. The role is based in connection with the downtown Milwaukee office, with work from home one day per week.

Requirements

Bachelor's degree in finance, real estate, accounting, economics, or a related field.
4–6 years of experience in commercial real estate underwriting, lending, investment banking, or valuation.
Advanced Excel skills and comfort working in complex, macro-enabled underwriting models.
Working knowledge of commercial real estate fundamentals, property-level financial statements, and lender-side credit metrics.
Clear, concise writing skills, especially for credit memos.
Strong organization and attention to detail, with the ability to manage several transactions at once.

Nice To Haves

Exposure to C-PACE, construction lending, or structured finance transactions.
Familiarity with CoStar, STR, NIC MAP, or Argus.
Understanding of state C-PACE enabling legislation and county program structures.
Progress toward a CFA, CCIM, or similar credential.

Responsibilities

Build and maintain underwriting models for C-PACE transactions across multifamily, hospitality, office, retail, industrial, and seniors housing assets.
Develop stabilized pro formas, sources and uses, and capital stack analyses.
Calculate and evaluate PACE-to-value, combined LTV/LTC, DSCR, and debt yield; flag transactions outside underwriting criteria.
Review and synthesize appraisals, rent rolls, T-12s, construction budgets, CoStar and STR reports, and market studies.
Assess sponsor strength, developer track record, and construction risks, including budget, general contractor, and completion risk.
Coordinate third-party reports, including appraisals, Phase I ESAs, property condition reports, and energy and engineering studies.
Confirm eligible improvements meet C-PACE program requirements.
Prepare credit risk scorecards, investment committee memos, and deal summaries presenting the investment thesis, key risks, and mitigants.
Partner with originations, transaction management, legal, closing, and asset management teams.
Work directly with borrowers, mortgage lenders, and county or state program administrators.
Support construction draw review and post-closing handoff to asset management.
Guide and review the work of Transaction Analysts on assigned deals.

Benefits

Medical, dental, and vision insurance.
Health Spending Account with employer contribution.
Life insurance and short-term and long-term disability insurance.
401(k) eligibility on the first day of the month following the date of hire, with a 100% match up to 5% of employee compensation.
Parental leave for all parents.
Caregiver benefits.
Tuition reimbursement.
11 paid company holidays.
Paid time off.
Free parking at the downtown Milwaukee office.
Employee Assistance Program.
Work from home one day per week.
Free lunch Wednesdays.
Monthly teaming events.