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Development Risk Manager - Construction Oversight

United States · Job Posted March 11, 2026
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Job Description

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 Responsibility

  • 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
  • Review of standard real estate documentation including plans and specifications, AIA contracts and construction forms, partnership agreements, memorandums, and certificates of occupancy / building permits
  • 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
  • Review and processing of draw requests and capital contributions to property specific partnerships
  • Performs underwriting functions for to-be-built or existing developments, and manages development risk through construction lease-up
  • Performs administration of the documentation and funding requirements
  • Provides consulting support through a high level of professional service and conduct to existing and potential customers
  • Underwriting: 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: 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
  • Administration: 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

Requirements

  • 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
  • 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
  • AIA or PE strongly preferred
  • Housing Credit Certified Professional (HCCP) - National Association of Home Builders (NAHB)
  • Tax Credit Specialist (TCS) - National Center for Housing Management (NCHM)
  • Knowledge of entitlement/permitting process and construction delivery methods and agreements
  • Knowledge of construction best practices, general building codes, and various building types
  • Knowledge of process of preparing and monitoring a multi-family housing construction schedule
  • Familiarity with the preparing and monitoring of a detailed construction budget
  • Knowledge of evaluating cost and schedule impact of change orders
  • Familiarity with environmental site assessment requirements of residential construction
  • Knowledge of fundamental concepts, principles, and practices of the real estate and construction industry
  • Knowledge of general principles of banking and finance industry operations
  • Skill in reading construction drawings and specifications
  • Skill in reading and understanding contracts and other real estate transaction documentation
  • Skill in knowledgeable in the use of Excel and real estate financial projections
  • Skill in 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
  • Ability to, 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
  • Ability to provide accurate and high quality work product in a timely manner
  • Ability to proactively demonstrate readiness and ability to initiate action
  • Ability to, with some guidance/supervision, work independently as well as collaboratively within a positive team environment
  • Ability to compile data from multiple sources, review, and accurately input data into various spreadsheets or database
  • Ability to, with some guidance/supervision, identify required tasks, develop timelines and execute
  • Ability to project a positive, professional image both internal and with external business contacts
  • Ability to convey information clearly and effectively through both formal and informal documents
  • Ability to identify relationships, draw logical conclusions and interpret results for use in decision making
  • Ability to utilize engineering/architecture background to evaluate proposed change orders, and verify whether design and cost support the investment objectives of the fund
  • Ability to 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
  • Ability to periodically visit projects under construction, utilizing engineering and/or construction background to evaluate construction risk on site

Nice to have

  • Certification as either a Professional Engineer or Registered Architect is desired
  • AIA or PE strongly preferred

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