Construction Asset Manager - AVP
Citigroup - Los Angeles, CA
posted 2 days ago
About the position
The Citi Community Capital (CCC) Business within Citi's Institutional Credit Management (ICM) Division, is seeking to hire a Multifamily Underwriting Vice President. Citi Community Capital (CCC) provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire affordable multifamily housing across the country. Committed to the communities we serve, CCC finances both straightforward and highly structured transactions for non-profit and for-profit affordable housing developers, community Development Financial Institutions, and state and local government agencies. It is the mission of CCC to be the preferred financial partner for affordable housing developers, non-profits and governmental entities that focus on community development. We provide our clients with a distinctive, remarkable experience based on world class responsiveness, customer service, creativity, and superior execution. This mission will be accomplished while delivering superior financial performance for Citi, consistent and impactful CRA results, and an inclusive and rewarding experience for our employees.
Responsibilities
- Manage the ongoing performance and oversee the credit quality of an active portfolio of construction loans financing the new construction and in-place rehabilitation of affordable multifamily developments throughout the United States.
- Confirm and monitor the overall sources and uses in the development budget for new and rehab construction deals from loan closing to loan conversion or repayment.
- Analyze the availability of the flow of funds during construction and understand the nuances and restrictions on the various funding sources as well as specific requirements for funding the project costs.
- Review and approve monthly construction loan advances in adherence with funding priority, funding restrictions and state specific lien law requirements.
- Monitor monthly property performance and absorption during lease up by tracking occupancy and net operating income against underwritten projections.
- Independently and proactively monitor covenant compliance requirements from guarantors.
- Ensure borrowers adhere to terms and conditions under the loan documents, taking a leadership role in problem solving and resolving any past due issues.
- Prepare and present credit recommendations for material credit actions that require credit committee approval such as loan extensions, modifications, restructures, participations.
- Conduct annual review of the recourse exposure of client relationships by assessing the financial strength of the sponsor and guarantors, analyzing project performance against milestones for repayment or conversion and understanding current market conditions.
- Proactively identify and escalate issues that warrant additional investigation and internal discussion such as scheduling delays, cost overruns, accelerated contingency usage, stabilization delays or uncertainty of sources of repayment that may result in a delay in repayment or conversion, recommending and processing classification changes.
- Conduct periodic risk rating analysis on the sponsor strength, project performance and weighted average risk rating of the recourse relationship.
- Update the property valuations through internal assessments or external appraisals based on current market conditions and overall performance of the property.
- Externally interact with borrowers, tax credit syndicators, bond issuers, subordinate lenders, legal counsel and other transaction parties.
- Internally interact with bankers, underwriters, closers, risk managers, construction managers, asset specialists and credit managers.
Requirements
- Experience in Affordable housing development, underwriting, asset management in any combination of the three in the field of Real Estate finance, Urban Planning and /or Community Development.
- 3+ years construction loan management or underwriting experience, preferably in the affordable housing industry.
- Real estate construction financing plus.
- Self-starter, self-motivated and results-oriented individual.
- Strong organizational skills.
- Self-motivated person who thrives in a dynamic work environment and demonstrates a flexible and adaptable work style that responds quickly.
- Individual must have excellent verbal and written communication skills, organizational and interpersonal skills, as well as the ability to manage multiple assignments at once under tight deadlines.
- Strong quantitative skills with a high proficiency with Excel and other Microsoft based programs.
- Energetic individual who shows initiative, is a team player, and has a positive attitude to change.
- Education - BA/BS in Finance or Real Estate preferred.
Benefits
- Medical, dental & vision coverage
- 401(k)
- Life, accident, and disability insurance
- Wellness programs
- Paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays
