Offer summary

Qualifications:

Bachelor’s degree in architecture, construction management, civil engineering, or related field., Minimum of 15 years’ experience in construction management or consulting, particularly in multifamily development., Strong analytical, verbal, and written presentation skills are essential., Experience with LIHTC and HUD policies is strongly preferred..

Key responsibilities:

Oversee construction due diligence during closings of LIHTC and Historic credit transactions.

Collaborate with Asset Management to monitor construction progress and vendor updates.

Review multifamily development plans and contracts for completeness and compliance with standards.

Identify risks and propose solutions in coordination with Credit & Underwriting.

Job description

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, with over $12 billion in loan originations in 2024. The firm consistently ranks in the Top 10 for Fannie Mae & Freddie Mac multifamily loan originations and is the #1 Overall HUD Multifamily and Healthcare Lender in the country. Greystone also ranks nationally as a top affordable housing, seniors housing, and small balance loan lender. At Greystone, charity is at the heart of who we are and what we do.

At Greystone, everything we do is driven by our purpose of improving others’ lives. As we work hard to maintain our ranking as a top national commercial real estate lender, our culture of caring and support is just as important. We don’t just say “Where People Matter” – we lead with this mantra every day to guide our actions and behaviors. Greystone is committed to fostering and preserving a culture of inclusion. Belonging is at the heart of our culture of caring, integrity and excellence, and is a driving force behind our entrepreneurial spirit and creativity.  

Greystone Real Estate Capital is currently recruiting for a Vice President or higher, Development Risk Manager (DRM) who reports to the Director of Credit and Underwriting for our LIHTC platform. The role works closely with senior management to analyze, recommend investment actions and close prospective equity investment opportunities into sponsored tax advantaged funds. We will consider candidates who would like to work remotely.

Primary Duties and Responsibilities:

Collaboration with Credit & Underwriting: Work with the Director of Credit & Underwriting to oversee all aspects of construction due diligence during the closings of prospective LIHTC and Historic credit transactions. The DRM shall maintain a working knowledge of Greystone’s Underwriting Guidelines and identify deviations for discussion during the closing process.
Asset Management Coordination: Collaborate with Asset Management to monitor monthly construction meetings and review updates provided by third-party vendors through construction completion.
Expertise Utilization: Utilize comprehensive expertise in construction disciplines, development, and management principles and practices. This role requires a thorough understanding of HUD, LIHTC, and other governmental contracting policies and procedures.
Development Plans & Project Document Review: Review in detail a multifamily development’s plans, specifications, schedule, and costs for completeness and reasonableness. Summarize and bring forward material findings for internal and external discussion. The DRM shall additionally review the construction contract and exhibits and highlight any material variances from AIA form documents and Greystone’s documentation standards.
Third-Party Coordination: Coordinate the engagement of third-party plan & cost reviews, physical need assessments, and other applicable reports from Greystone-approved construction consultants.
Risk Identification and Mitigation: Based on experience and market knowledge, identify potential areas of risk and work with Credit & Underwriting to propose solutions, when applicable. The DRM should coordinate with Credit & Underwriting to analyze the Environmental Review conducted by Greystone’s 3rd party environmental consultant and ensure that recommended action items are incorporated into the development’s documentation.
Due Diligence Inspections: Conduct due diligence site inspections primarily for rehabilitation developments under consideration.
Maintain a working knowledge of industry news and trends and periodically provide corresponding updates to senior management.
Review bid logs for completeness and accuracy.

Experience, Skills and Abilities Required:

Bachelor’s and/or professional degree in architecture, construction management, civil engineering, or related field.
Minimum of 15 years’ experience in construction management or consulting with an emphasis on multifamily development. LIHTC and HUD experience strongly preferred.
Experience working for a commercial lender and/or LIHTC syndicator is preferred, but not required.
Demonstrated experience in managing project timelines through effective planning and communication with both internal and external stakeholders.
Strong analytical, verbal, and written presentation skills.
Self-starter with the desire to work in a collaborative and evolving team environment.
Unconventional work hours may be required
Ability to travel and conduct site inspections, as needed.

At Greystone, we believe that finding creative solutions for our clients comes from the collaboration of people with diverse backgrounds and perspectives. We strive to build an inclusive work environment that celebrates differences and empowers all individuals with opportunities to channel their entrepreneurial spirit. Greystone is an EEO employer.

*The firm is the #1* overall HUD multifamily and healthcare lender by firm commitments, and a top 10 Fannie Mae and Freddie Mac multifamily real estate lender.*

*For HUD's 2024 fiscal year ending September 30, 2024. Based upon combined firm commitments received by Greystone Funding Company LLC and Greystone Servicing Company LLC and excludes risk sharing and hospital loans.*

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