Development Risk Manager - Construction Oversight

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.

Specific Responsibilities

Underwriting (with moderate supervision)

• 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.

Development Risk Management (with moderate supervision)

• 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.

C. Administration (with minimal supervision)

• 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.

Knowledge Base

• 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.

Educational Background and Professional Expertise

• 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.

Qualifications

Knowledge, Skills, and Abilities

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.
• 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.
  
  

  Education/Previous Experience

• Bachelor’s degree in Architecture, Engineering, Construction Management, or related field and a minimum of five (5) years construction administration, architecture, engineering experience.
• 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.
  
  

Licenses/Certifications

• AIA or PE strongly preferred