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Location

New Albany, IN | United States

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Job description

Job Summary

Performs analyses and support on all aspects of investment products. Applies experience and seasoned knowledge, skills, and practices to perform a variety of assignments.

Job Description

What is the opportunity?

RBC Community Investments (), part of the Royal Bank of Canada (RBC) firm, is a leading national syndicator of State and Federal Low Income Housing Tax Credits (LIHTCs), Historic Rehabilitation Tax Credits (HRTCs), New Markets Tax Credits (NMTCs), Renewable Energy Tax Credits (RETCs) and Workforce Housing products.  The Development Risk Manager (DRM) is responsible for providing support to the firm with respect to all aspects of multi-family project development and construction.  This support includes pre-closing construction review and underwriting, construction monitoring and monthly draw review/approval and post-construction analysis. Post closing, the DRM is responsible for maintaining a portfolio of real estate assets as assigned.

What will you do?

• Construction Underwriting - Review real estate projects in order to determine the feasibility and risk of each project. This could also include technical feasibility, fatal flaw risks, construction feasibility and design.

• Monitoring / Monthly Site Visits – Travel frequency will be based on the project specific schedule and pursuant to the construction monitoring protocols in place for each deal. 

• Post Construction Analysis – Review construction completion certificates, certificates of occupancy, permits and licenses, cost overruns and final change orders, cost certification, and replacement reserves.

• Ensures each development investment reaches Certificate of Occupancy (“CO”).

• Review pre-construction report issued by third party.  Identify “cliff dates” and develop monitoring plan based on DRM review and risk ranking.

• Review the most recent underwriting projection flow of equity payments against the lower tier partnership agreement requirements for the payment of equity. 

• Monitor construction status by reviewing the monthly draw package from the GP and reports from third party construction monitor.  Approve and facilitate the monthly construction draws and funding of equity. Closely monitor the monthly sources and uses in the budget schedules to identify any potential gap.  Identify and assist in the resolution of any construction related delays.

• Provide oversight of project by analyzing performance data on a monthly basis and assign monthly risk rating following evaluation of monthly reports.

• Communicate issues that may place a project at risk to appropriate leadership in Asset Management and develop an action plan that will help mitigate the risk and protect the investment. Recommend the implementation of strategies to resolve development, financial, and compliance related difficulties within the portfolio.

• Maintain a thorough and up-to-date record of property activity and document management in the database.

• Communicate with the Director – Development Risk Management on the performance of their portfolio, potential risks, and analysis of exposure.

What do you need to succeed?

Must-have

• Bachelor’s Degree in engineering, real estate or construction management.

• Five years experience in fields which provide relevant skills required to perform the job.

• Key skills include real estate concepts, financial analysis, and strong organization. 

• Proficiency in both business and technical computer applications.

• Excellent verbal and written communication skills.

Nice-to-have

• Licensed PE, AIA-licensed Architect, or prior experience in the LIHTC industry.

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable

• Leaders who support your development through coaching and managing opportunities

• Ability to make a difference and lasting impact

• Work in a dynamic, collaborative, progressive, and high-performing team

• Opportunities to do challenging work

• Opportunities to building close relationships with clients

RBC’s compensation philosophy and principles recognize the importance of a highly qualified global workforce and plays a critical role in attracting, engaging and retaining talent that:

·       Drives RBC’s high performance culture

·       Enables collective achievement of our strategic goals

·       Generates sustainable shareholder returns and above market shareholder value

Job Skills

Communication, Critical Thinking, Customer Service, Detail-Oriented, Industry Knowledge, Information Capture, Investment Banking, Negotiation, Product Services, Teamwork

Additional Job Details

Address:

7795 WALTON PARKWAY:NEW ALBANY

City:

New Albany

Country:

United States of America

Work hours/week:

40

Employment Type:

Full time

Platform:

Capital Markets

Job Type:

Regular

Pay Type:

Salaried

Posted Date:

2024-01-26

Application Deadline:

I nclusion and Equal Opportunity Employment

At RBC, we embrace diversity and inclusion for innovation and growth. We are committed to building inclusive teams and an equitable workplace for our employees to bring their true selves to work. We are taking actions to tackle issues of inequity and systemic bias to support our diverse talent, clients and communities.
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We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.

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Job tags

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Salary