Development Risk Manager

Job DescriptionPosition SummaryUnder 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 ResponsibilitiesUnderwriting (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 BaseThorough 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 ExpertiseProfessional 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.QualificationsKnowledge, Skills, and AbilitiesKnowledge OfEntitlement/permitting process and construction delivery methods and agreements.Construction best practices, general building codes, and various building typesProcess of preparing and monitoring a multi-family housing construction schedule.Familiarity with the preparing and monitoring of a detailed construction budget.Evaluating cost and schedule impact of change orders.Familiarity with environmental site assessment requirements of residential construction.Fundamental concepts, principles, and practices of the real estate and construction industry.General principles of banking and finance industry operations.Skill InReading construction drawings and specifications.Reading and understanding contracts and other real estate transaction documentation.Knowledgeable in the use of Excel and real estate financial projections.Operating standard office equipment and using required software application to produce correspondence, reports, electronic communication, and spreadsheets.Ability ToCommunicate effectively both oral and written.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.Provide accurate and high quality work product in a timely manner.Proactively demonstrate readiness and ability to initiate action.With some guidance/supervision, work independently as well as collaboratively within a positive team environment.Compile data from multiple sources, review, and accurately input data into various spreadsheets or database.With some guidance/supervision, identify required tasks, develop timelines and execute.Project a positive, professional image both internal and with external business contacts.Convey information clearly and effectively through both formal and informal documents.Identify relationships, draw logical conclusions and interpret results for use in decision making.Utilize engineering/architecture background to evaluate proposed change orders, and verify whether design and cost support the investment objectives of the fund.** 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.* Periodically visit projects under construction, utilizing engineering and/or construction background to evaluate construction risk on site.Education/Previous Experience* 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~or~* Any equivalent combination of experience, education, and/or training approved by Human Resources.Licenses/Certifications* AIA or PE strongly preferredEducationBachelor's: Accounting, Bachelor's: Business Administration, Bachelor's: FinanceWork ExperienceManager Experience - NoneCertificationsHousing Credit Certified Professional (HCCP) - National Association of Home Builders (NAHB), Tax Credit Specialist (TCS) - National Center for Housing Management (NCHM)TravelLess than 25%WorkstyleRemoteAt Raymond James our associates use five guiding behaviors (Develop, Collaborate, Decide, Deliver, Improve) to deliver on the firm's core values of client-first, integrity, independence and a conservative, long-term view.We expect our associates at all levels to:Grow professionally and inspire others to do the sameWork with and through others to achieve desired outcomesMake prompt, pragmatic choices and act with the client in mindTake ownership and hold themselves and others accountable for delivering results that matterContribute to the continuous evolution of the firmAt Raymond James - as part of our people-first culture, we honor, value, and respect the uniqueness, experiences, and backgrounds of all of our Associates. When associates bring their best authentic selves, our organization, clients, and communities thrive. The Company is an equal opportunity employer and makes all employment decisions on the basis of merit and business needs.#LI-TG1