Multi-Family Real Estate Portfolio/Development Equity (Analyst/Associate)

Job Description

Job Description What is the opportunity? RBC Capital Markets – RBC Community Investments (www.rbccm.com/communityinvestments), part of the Royal Bank of Canada (RBC) firm, is a leading syndicator of Low Income Housing Tax Credits (LIHTC), Workforce Housing Investments, Renewable Energy Tax Credits, Historic Tax Credits and State Tax Credits. The Development Equity Analyst/Associate (“DEA/M”) will have a primary focus on oversight and facilitation of the equity contribution process, specifically for Final Closing and Stabilization. The DEA/M shall ensure timely and accurate engagement, review, completion and sign off on items required to effectuate the release of equity for Final Closing and Stabilization. While functioning in this capacity, this individual must manage the standards for risk mitigation demanded by both internal management and RBC’s investor partners, along with being responsive and attentive to the needs of the group’s developer partners. What will you do? Participate in hand-off meetings with the Construction Risk Manager (“CRM”) once a property transitions to the lease-up phase. Once the DEM enters the operation, this individual will become responsible for overall management of the investment until Stabilization. Communicate regularly with the team on monthly lease-up progress and achievement of 100% qualified occupancy and that initial rental rates, fees, income limits and utility allowances conform with LIHTC compliance requirements and RBC underwriting criteria. Manage the debt service coverage calculation and communication of the equity adjusters with the developer partner. Manage the conversion timeframe required of RBC’s developer partners and ensure proper communication with all internal and external parties during the process. Review sources and uses for conversion from construction to permanent financing and verify compliance with terms of partnership agreement as it relates to sizing of permanent loan and permanent loan guarantee. Monitors the achievement of Final Closing and Stabilization as defined in LPA for preparation of the DCR Test Report. Complete the DCR Test report using RBC’s underwriting standards, knowledge of the deal and it’s financial structure. Submission of the DCR Calc for final approval to the Development Equity Management-Lead and Head of Underwriting and Construction. For underperforming investments that do not meet the DCR Test, the DEM, in concert with the Acquisition Manager (“AM”) and Regional Director (“RD”), shall retain primary responsibility for understanding and presenting to the Permanent Loan Committee the initial DCR Test analysis, current issues, timing, recommended solutions and the potential relationship impact. Verify compliance with terms of partnership agreement as it relates to construction completion guarantee, permanent loan placement, and tax credit guarantee. In concert with Fund Management, the DEA/M will manage the disbursement of equity for the assigned portfolio, which w

Required Skills