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At RBC, our culture is deeply supportive and rich in opportunity and reward. You will help our clients thrive and our communities prosper, empowered by a spirit of shared purpose.
Whether you're helping clients find new opportunities, developing new technology, or providing expert advice to internal partners, you will be doing work that matters in the world, in an environment built on teamwork, service, responsibility, diversity, and integrity.
Job Title
Job Description
What is the opportunity?
The Development Risk Manager (DRM) is responsible for providing support to the firm with respect to all aspects of multi-family project development and construction. This support includes pre-closing construction review and underwriting, construction monitoring and monthly draw review/approval and post-construction analysis. Post closing, the DRM is responsible for maintaining a portfolio of real estate assets as assigned.
RBC Community Investments (www.rbccm.com/communityinvestments), part of the Royal Bank of Canada (RBC) firm, is a leading national syndicator of State and Federal Low Income Housing Tax Credits (LIHTCs), Historic Rehabilitation Tax Credits (HRTCs), New Markets Tax Credits (NMTCs), Renewable Energy Tax Credits (RETCs) and Workforce Housing products.
What will you do?
Construction Underwriting - Review real estate projects in order to determine the feasibility and risk of each project. This could also include technical feasibility, fatal flaw risks, construction feasibility and design.
Monitoring / Monthly Site Visits - Travel frequency will be based on the project specific schedule and pursuant to the construction monitoring protocols in place for each deal.
Post Construction Analysis - Review construction completion certificates, certificates of occupancy, permits and licenses, cost overruns and final change orders, cost certification, and replacement reserves.
Ensures each development investment reaches Certificate of Occupancy ("CO").
Review pre-construction report issued by third party. Identify "cliff dates" and develop monitoring plan based on DRM review and risk ranking.
Review the most recent underwriting projection flow of equity payments against the lower tier partnership agreement requirements for the payment of equity.
Monitor construction status by reviewing the monthly draw package from the GP and reports from third party construction monitor. Approve and facilitate the monthly construction draws and funding of equity. Closely monitor the monthly sources and uses in the budget schedules to identify any potential gap. Identify and assist in the resolution of any construction related delays.
Provide oversight of project by analyzing performance data on a monthly basis and assign monthly risk rating following evaluation of monthly reports.
Communicate issues that may place a project at risk to appropriate leadership in Asset Management and develop an action plan that will help mitigate the risk and protect the investment. Recommend the implementation of strategies to resolve development, financial, and compliance related difficulties within the portfolio.
Maintain a thorough and up-to-date record of property activity and document management in the database.
Communicate with the Director - Development Risk Management on the performance of their portfolio, potential risks, and analysis of exposure.
What do you need to succeed?
Must-have
Bachelor's Degree in engineering, real estate or construction management.
Five years experience in fields which provide relevant skills required to perform the job.
Prior experience in LIHTC Industry
Key skills include real estate concepts, financial analysis, and strong organization.
Proficiency in both business and technical computer applications.
Excellent verbal and written communication skills.
Nice-to-have
Licensed PE, AIA-licensed Architect
What's in it for you?
We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.
A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable
Leaders who support your development through coaching and managing opportunities
Ability to make a difference and lasting impact
Work in a dynamic, collaborative, progressive, and high-performing team
Opportunities to do challenging work
Opportunities to building close relationships with clients
RBC's compensation philosophy and principles recognize the importance of a highly qualified global workforce and plays a critical role in attracting, engaging and retaining talent that:
Drives RBC's high performance culture
Enables collective achievement of our strategic goals
Generates sustainable shareholder returns and above market shareholder value
Job Summary
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Inclusion and Equal Opportunity Employment
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We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.
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