Underwriting Associate - Affordable Housing Finance
The professionals at Greenwich Street Community Capital (“GSCC”), a dedicated subsidiary of Situs Group, underwrite and close construction and permanent loans that are used to finance the new construction and preservation of affordable and workforce rental housing for Citi Community Capital (“CCC”). CCC is the community lending and investing arm of Citigroup, housed in the Municipal Securities Division of Citi’s Institutional Clients Group. Unique among its peers, CCC provides a comprehensive array of financial products from investment banking to lending and equity investment designed to create strong communities and contribute toward Citigroup’s Community Reinvestment Act performance. Employees of GSCC are fully integrated with Citi employees at Citi locations.
CCC works with for-profit and non-profit developers, as well as state and local government agencies on both straightforward and highly structured transactions that may use a combination of taxable and tax-exempt loans or bonds, Low Income Housing Tax Credit equity, and governmental and private subsidies. The projects we finance serve the homeless, seniors, those with disabilities, as well as low income families and individuals. They may also include workforce housing or market rate units and other commercial uses. We are among the largest Fannie Mae and Freddie Mac mortgage bankers in this sector in addition to being a balance sheet lender.
We work throughout the country from 13 offices and, according to Affordable Housing Finance Magazine, have been the #1 affordable housing lender in the United States in each of the past seven years. That success is due in large part to having the strongest, most innovative team of professionals in the country. With Citi’s capital committing capability and team of experienced professionals, we are able to provide creative financing solutions that are specifically designed to meet each client’s needs.
CCC is looking to add an Associate Underwriter; the professional will be responsible for and possess the following qualifications:
- Support Senior Underwriters in all aspects of new deal closings
- Assist in financial feasibility analysis of construction loans, permanent loans (agency and balance sheet), and permanent loan conversions
- Process deals through internal systems to ensure regulatory requirements
- Review due diligence and prepare committee packages for approval
- Manage communications among a diverse mix of internal and external participants
- Understand local and national requirements related to affordable housing financing
- Travel to markets throughout the United States to conduct site inspections, meet with internal and external clients, and participate in training opportunities
- The successful candidate will be comfortable analyzing real estate projects for financial feasibility as well as analyzing market factors. This person will be well versed in commercial real estate concept such as NOI, Cap Rates, debt service coverage, etc.
- The individual will have the tact and composure to provide client focused business while also managing internal relationships
- This person will have the ability to understand in depth real estate transactions originated by others
- High attention to detail and the desire to take ownership of a process to drive towards resolutions
- Excellent analytical and computer skills including the ability to quickly adopt new technology
- Working knowledge of the nuances of Affordable Housing, bond and LIHTC transactions will be very highly weighted in favor of the successful candidate
- Ability to travel (20% of time) on short notice necessary
- Candidate is required to have a BA/BS with a minimum of 2 years in real estate loan underwriting or equivalent experience
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