Construction Risk, Equity

The Construction Risk, Equity position will assist the Construction Risk team and Underwriting team in conducting pre-closing construction and environmental reviews of potential LIHTC investments, as well as assisting the Asset Management team with post-closing construction reviews of closed LIHTC investments to ensure construction is proceeding as expected and ultimately close out all construction requirements upon completion. During the pre-closing phase, the Construction Risk, Equity position will assess construction and environmental related risks and associated mitigants by reviewing and evaluating construction and environmental due diligence documents to ensure that all relevant concerns are sufficiently addressed to ensure that the property is constructed as expected. During the construction phase, the Construction Risk, Equity position will review all third-party monthly construction reviews to identify issues or concerns and ensure that construction is proceeding as expected, particularly from a schedule and budget standpoint. Upon construction completion, the Construction Risk, Equity position will review and sign off on all construction related close out items.  

• Review the third-party Pre-Construction Review Report.
• Conduct review of construction-related documents that include but are not limited to:

          - Plans and Specifications - Owner/General Contractor Agreement

          - Owner/Architect Agreement

          - Project Cost Estimate (Schedule of Values)

          - Development Budget

          - Building Permits

          - Project Schedule

          - Contractor Qualifications 

          - Architect Qualifications

          - Geotechnical Reports

          - Zoning Reports

          - ALTA Surveys

          - Environmental due diligence reports

          - Property Condition Assessments (PCA) 

          - Seismic Risk Analysis (SRA) Reports

• Attend Committee Meetings and provide briefing of construction and environmental review process and outstanding items/concerns.
• Work with the Underwriting team to complete the construction and environmental review section of the Investment Committee Memo.
• Conduct reviews and complete status reports of third-party vendor monthly construction monitoring reports.
• Attend company meetings/functions at various offices and sites.
• Perform site due diligence visits as necessary.

Expected Experience, Skills and Education:

• Bachelor’s degree in Construction Management, Engineering, Architecture or Real Estate/Urban Planning required.
• 2 to 5 of more years of construction management, engineering or architecture experience preferred.
• Strong knowledge of multifamily real estate developments.
• Outstanding analytical skills.
• Strong attention to detail and commitment to accuracy.
• Excellent writing and oral skills.
• Strong organizational skills with the ability to manage multiple priorities simultaneously while meeting deadlines.
• Ability to function well in a team environment as well as ability to work independently to complete assigned tasks with limited oversight and follow-up.
• Knowledge of Microsoft Office programs (Word, Excel). 

ABOUT MERCHANTS CAPITAL

With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com.