Development Risk Manager - Construction Oversight

Job Description Summary

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.

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