Director, Equity Underwriting

Boston Financial Investment Management, LP is one of the largest multi-family investment managers of low-income housing in the U.S.  The firm specializes in low-income housing tax credit (LIHTC) investment syndication and asset management. Boston Financial is a wholly owned subsidiary of ORIX, USA.

Purpose and Job Summary:

The Underwriting Director will be responsible for taking deals through the acquisitions and investor placement process from proposal letter through due diligence to closing with both the developer and investor while establishing and maintaining high standards of deal quality, integrity and structure. The Underwriting Director will maintain and enhance client relationships with developers, investors and investor advisors through attentive and responsive client servicing.  This role is expected to close 5-7 deals per year, depending on complexity.

Essential Duties and Responsibilities:

• Review and analyze prospective deal opportunities with Originators, including project feasibility, strength of general partner/developer and financial return opportunities. Work with Originators and Senior Management to establish pricing, structure deal terms, determine investor interest and to prepare and execute proposal letter.  
• Take ownership of your work, deals and relationships.  Oversee preparation of screening and investment committee packages. 
• Oversee deal due diligence process, including financial analysis, market analysis, and review of other information and material required to evaluate project feasibility. Serves as contact for general partners/developers on individual deals to ensure timely, efficient, and thorough processing of due diligence.
• Evaluate the effect of underwriting decisions on investors and developers, as well as the impact to other Boston Financial departments through the full holding period of the investment.
• Identify and evaluate solutions to potential deal issues. Work with originators, capital and senior management to build a consensus around an optimal strategy to mitigate deal risk.  Participate in client negotiation to achieve successful resolution of issues, or if unsuccessful, to terminate deal.
• Act as a role model and mentor for more junior employees, developing and training analysts as they assist you with deal modeling, screening and due diligence.
• Collect and disseminate market intelligence on tax credit investment industry, including deal term and structure trends and state tax allocation activity.  Be willing to lead initiatives and accept change around new innovative processes, keeping form documents relevant, and achieving company goals.
• Serve as primary contact for all third party activity, including legal, tax, engineering, consulting, asset management, and other services. Use critical thinking to ensure scope of review is appropriate and consistent with investment committee guidelines based on characteristic of deal and coordinate all communications and transfers of information to maximize efficiency and to ensure the highest level of client service.
• Due to the fast-paced nature of the responsibilities for this position, extended hours may be required.

Education, Skills and Experience:

Required

• Bachelor’s Degree in business, real estate or finance
• 8+ years work experience in the real estate industry
• 5+ years of LIHTC (Low Income Housing Tax Credit) underwriting experience
• Excellent verbal, written presentation and organizational skills
• Ability to balance multiple projects and communicate effectively with senior management, developers and investors
• Strong negotiation and problem-solving skills
• Advanced financial and analytical skills with the ability to understand complex real estate and financial transactions, tax credit, partnership and understanding of general accounting principles 
• Proficient with MS Office              

Annual base salary gross: $180,000 - $200,000 (MA only). The base salary range represents the estimated low and high end of ORIX’s salary for this position based on geography. Actual base salaries will vary and will be based on various factors, such as candidate’s qualifications, skills, competencies and proficiency for the role. The base pay is one component of ORIX’s total compensation package for employees. Other rewards and benefits include cash bonuses, long term incentives, health insurance, accident and life insurance, and retirement benefits.  Please visit our Benefits page for additional information.

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