Development Risk Manager - Associate - CIB JPMorgan
Tax Oriented Investments (TOI) makes tax credit equity investments in US tax advantaged projects. TOI is a leading investor in three principal product areas: Low Income Housing Tax Credit (LIHTC) investments, Historic Tax Credit (HTC) investments and investments in tax advantaged renewable power projects. We also actively manage a substantial leveraged lease portfolio. The Direct Affordable Housing (DAH) Group makes tax equity investments in apartments qualifying for Federal Section 42 Low Income Housing Tax Credits (LIHTC).
The Development Risk Manager (DRM) will work within the Originations group of DAH. The DRM will serve as a member of the Transaction Team that is charged with investigating the feasibility of investment opportunities in real estate projects under consideration that are being developed through the use of the LIHTC program. The focus of the DRM will be on the broad risks associated with real estate development with particular emphasis on design and construction. The DRM will be responsible for monitoring a portfolio of properties through construction completion and stabilization, advising the Originator/Transaction Team leader and DAH Senior Management as necessary.
• Performing preliminary feasibility analysis of prospective investment opportunities form a design and construction perspective;
• Evaluate the qualifications of the development team;
• Contribute to the investigation and analysis of the real estate market conditions and long term competitiveness of the built improvements;
• Review and evaluate site control, entitlements, approvals, soil and environmental conditions;
• With assistance of third party Architectural/Engineering consultant review and evaluate project design, budget, schedule and quality control program;
• Review and evaluate sufficiency of construction contracts and contingencies;
• Review and evaluate project insurance needs and coverages;
• Review various project documents for conformance to acquisition guidelines;
• Contribute to the presentation of prospective opportunities to the Investment Committee;
• With assistance of the third party A/E consultant, monitor the progress of the construction and lease up;
• Oversee the disbursement of the debt and equity contributions;
• Maintain project construction and lease up data bases;
• Fostering a professional relationship among syndicator partners and industry colleagues.
• Professional degree in Architecture, Engineering or Construction Management.
• A minimum of 3-5 years work experience in the fields of Architecture, Engineering, Construction or Real Estate development. Experience with multi-family product especially LIHTC properties a plus.
• An understanding of real estate development process with particular strength in architectural, engineering and construction industry practices. • Familiarity with principles of real estate finance.
• Strong analytical and problem solving skills.
• Strong communication (written and presentation) and quantitative skills.
• PC skills with experience working with spreadsheets and databases.
• Ability to work independently and interact with different levels of management.
• Ability to prioritize workload and competing demands for time and attention.
J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions in more than 100 countries. As announced in early 2018, JPMorgan Chase will deploy $1.75 billion in philanthropic capital around the world by 2023. We also lead volunteer service activities for employees in local communities by utilizing our many resources, including those that stem from access to capital, economies of scale, global reach and expertise.