Managing Director, Real Estate Credit

ABOUT CLEARWATER Clearwater PACE, LLC (“Clearwater”) is a New York–based, institutionally backed direct lender providing C-PACE financing nationwide across all commercial real estate asset types. Our capital supports ground-up development, value-add repositioning, adaptive reuse, and recapitalizations of recently completed projects. Led by seasoned real estate credit and structured finance professionals, Clearwater structures customized, credit-driven financing aligned with sponsor objectives, supported by fully assumable loan features and flexible prepayment terms. When paired with more expensive senior or bridge debt, C-PACE provides a cost-effective source of capital that lowers WACC and strengthens the overall capital stack. We seek to hire the best and the brightest. Our team operates with autonomy, accountability, and a solutions-oriented mindset, contributing directly to the growth of a high-performance platform at the center of energy transition and structured-credit innovation. SUMMARY Clearwater is seeking a Managing Director, Real Estate Credit to serve as the firm’s senior credit authority across all investment activity. This role will lead credit strategy, underwriting governance, risk management, and portfolio construction across Clearwater’s origination, securitization, and balance sheet platforms. The Managing Director will define and enforce institutional credit standards while partnering closely with Originations, Capital Markets, and Executive Leadership to ensure disciplined capital deployment. This individual will serve as the primary credit voice with internal Investment Committees, warehouse lenders, rating agencies, and institutional capital partners. The ideal candidate brings deep commercial real estate lending experience across construction, bridge, and structured credit executions, with exceptional judgment across cycles. This is a senior leadership role with material influence over portfolio risk, investor confidence, and platform scalability. KEY RESPONSIBILITIES Credit Strategy & Governance Own Clearwater’s enterprise-wide credit philosophy, underwriting standards, and risk tolerance framework across all products and jurisdictions Establish and maintain institutional underwriting policy, approval authorities, concentration limits, and portfolio construction parameters Chair or serve as a senior voting member of the Credit Committee, providing final credit authority on complex or large-scale transactions Ensure all transactions align with warehouse lender covenants, investor mandates, and securitization eligibility standards Proactively assess macroeconomic risk, asset-level performance trends, sponsor behavior, and capital market conditions to adjust risk posture in real time Underwriting Leadership Provide senior oversight of all credit underwriting from initial sizing through final approval, with direct involvement in complex construction, transitional, and structured transactions Review and challenge financial models, cash flow projections, development budgets, lease-up assumptions, exit strategies, and downside cases Enforce disciplined sensitivity analysis, stress testing, and scenario modeling across all executions Serve as the final internal arbiter on credit exceptions, structure optimization, and risk mitigation strategies Ensure consistent application of underwriting frameworks across asset classes, geographies, and origination channels Portfolio & Asset Management Oversight Oversee portfolio-level credit performance, surveillance, and risk reporting across all financed assets Direct early identification of underperformance, covenant stress, construction risks, or sponsor execution issues Partner with Servicing and Asset Management to drive proactive resolution strategies and value preservation Guide reserve policy, exposure limits, and draw control frameworks to protect capital throughout the life cycle of each transaction Capital Markets & Institutional Interface Serve as Clearwater’s senior credit representative with warehouse lenders, rating agencies, institutional investors, and securitization counterparties Support ABS, rated issuance, and forward-flow strategies through portfolio construction guidance, collateral eligibility analysis, and disclosure governance Review and approve credit narratives used in offering memoranda, investor reports, and rating agency presentations Collaborate with Capital Markets on execution timing, leverage strategy, and portfolio optimization Executive Leadership Partner directly with the CEO and Head of Capital Markets on firm-wide strategy, capital deployment pacing, and growth planning Contribute to new product development, credit expansion strategies, and market entry decisions Build and mentor senior credit, underwriting, and portfolio management professionals as the platform scales Serve as a senior cultural leader reinforcing discipline, accountability, and institutional standards across the organization Qualifications Minimum 12 to 15 years of experience in commercial real estate lending, structured credit, or institutional real estate investing Demonstrated senior leadership experience overseeing enterprise-level credit and underwriting functions Deep expertise across construction, bridge, transitional, and permanent executions Strong understanding of capital markets, warehouse financing, securitization mechanics, and investor mandate compliance Proven ability to evaluate complex sponsor strategies, development risk, and capital stack dynamics Exceptional analytical rigor and credit judgment across market cycles Ability to operate at both strategic and granular underwriting levels CFA OR CAIA preferred COMPENSATION & BENEFITS Clearwater offers a highly competitive compensation package that includes a base salary and an annual performance bonus. Compensation is commensurate with experience and aligned with market benchmarks for this role. The firm offers a comprehensive benefits suite, including health, dental, and vision coverage, as well as a 401(k) retirement plan. This role follows a hybrid schedule with flexibility based on responsibilities and business needs. EQUAL OPPORTUNITY EMPLOYER Clearwater is committed to a diverse, inclusive, and equitable workplace grounded in integrity, collaboration, and respect. We welcome applicants from all backgrounds and are proud to be an equal opportunity employer. Only candidates selected for further consideration will be contacted.