Position: Construction Loan Analyst/Associate\
Division: Asset Management
Location: Dallas, Texas
Reporting to: Adele Fairman
The Analyst/Associate roles are client facing positions responsible for protecting and enhancing asset value and investor returns by monitoring, facilitating, analyzing, and reporting on the performance of large, heavily structured commercial loans. The Analyst/Associate will be responsible for the identification and management of construction risks associated with complex commercial construction loans by providing ongoing analysis of project budgets, completion schedules and sufficiency of project funding sources. Individuals will work on a broad variety of large, opportunistic, and value-add institutional real estate loans encompassing multiple property types across the U.S. such as, multifamily, office, mixed use, industrial, condos, land development, hotels and retail assets.
• Manage a diverse portfolio of ~20 large, complex commercial construction loans consisting of both ground-up and renovation projects. Each project typically ranges in size from $40MM to $150MM
• Review and approve monthly construction loan advances in accordance with funding priority and lender requirements; confirm the adequacy of the overall sources and uses in the development budget for construction deals through project completion, lease-up and stabilization.
• Proactively manage borrower relationships and ensure adherance to terms and conditions of the loan documents; take a leadership role in problem-solving and resolving any budget shortfalls or past due issues in a timely manner.\
• Analyze project performance against underwritten milestones and have awareness of relevant labor and material shortages that may impact the project. Post construction, monitor lease-up and net operating income against original projections; assist with loan re-underwriting as needed
• Conduct ongoing loan surveillance by identifying and escalating issues that warrant additional internal discussion such as schedule delays, cost overruns, accelerated contingency usage, market deterioration or uncertainty in adequacy of funding sources. Monitor financial reporting requirements and guarantor covenant compliance; update loan risk ratings as needed
• Process lease approvals and other administrative requests; prepare / present formal Credit Memos as needed; facilitate loan modifications, restructures, collateral releases, and loan paydowns/payoffs.
• Work collaboratively with Team Leads, Asset Managers, Bankers, Closers, Accounting, Loan Servicers, third party construction consultants and attorneys.
• Review and abstract loan agreements to ensure that all requirements for advancing funds and administering the loan are consistently met and actionable critical date triggers are handled appropriately
• Periodically review and re-underwrite Sponsor or Guarantor liquidity and net worth (financial statement review and analysis)
• Update investor presentations and participate in quarterly asset reviews
• This is not a comprehensive listing of activities, duties or responsibilities, which may change at any time without notice
• Bachelor's degree in Construction, Civil Engineering, Architecture, or related field(s); or equivalent non-residential construction industry or loan administration experience
• 1-5 years of experience in either construction project management, project engineering, or cost estimating is preferred.
• Familiarity with typical construction documents, AIA G702/G703 draw forms, retainage, lien waivers, change orders, plans/specs, etc. Working knowledge of construction materials and methods, standard construction practices, building codes, change orders and standard contract requirements.
• Strong analytical and problem-solving skills, including the ability to proactively identify and flag concerns with business plan execution, project budget adequacy and potential completion delays.\
• Excellent proficiency with Microsoft Office suite (Excel, Word, PowerPoint Outlook, etc.); Advanced experience with complex Excel spreadsheets is required
• Exceptional character, personal integrity, and work ethic
• Extremely organized and detail-oriented, highly accurate; excellent time management skills; able to thrive in a dynamic environment and effectively handle multiple competing and time sensitive deadlines and priorities
• Great team player with good judgment and effective written and verbal communications skills; interacts well with teammates and external parties at all levels
Compensation: As an equal opportunity employer, ACORE Capital offers a competitive benefits package and salary/bonus commensurate with experience.
To apply: Exceptional candidates with relevant experience are encouraged to apply at email@example.com with the subject line ‘Construction Loan Analyst/Associate.’ Recent graduates may be considered if they meet other key requirements.
ACORE Capital, LP is one of the largest credit managers focused on commercial real estate lending. ACORE originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. With approximately 100 commercial real estate professionals situated across offices in San Francisco, Los Angeles, Dallas and New York, ACORE specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For more information, please visit www.acorecapital.com.