Development Risk Manager - Construction Oversight
Raymond James Financial, Inc.
**Position Summary**
Under 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 Responsibilities**
**Underwriting (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 Base**
+ Thorough 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 Expertise**
+ 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.
**Qualifications**
**Knowledge, Skills, and Abilities**
**Knowledge Of**
+ Entitlement/permitting process and construction delivery methods and agreements.
+ Construction best practices, general building codes, and various building types
+ Process 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 In**
+ Reading 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 To**
+ Communicate 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 preferred
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