Construction Manager

About the role

Toorak Capital Partners is a leading private credit firm specializing in residential and commercial bridge, fix-and-flip, and ground-up construction lending. We partner with experienced loan originators to finance complex real estate projects across the United States, with a significant concentration in the New York City metro market. The Construction Budget Associate is an individual contributor role responsible for serving as Toorak's subject matter expert in construction cost analysis and budget underwriting across the company's active loan portfolio. This is a high-impact position requiring deep, hands-on expertise in construction cost estimating and a thorough command of NYC regulatory and market requirements. The ideal candidate brings 10–15 years of direct experience and operates with a high degree of autonomy, credibility, and analytical rigor.

Toorak Capital Partners is a KKR-backed private credit firm and one of the leading purchasers of residential and small balance commercial bridge loans in the United States. With a national originator network and a rigorous approach to credit, Toorak provides certainty of execution for experienced real estate operators and developers. Our team combines deep market expertise with institutional-grade processes to deliver best-in-class outcomes for borrowers and investors alike.

Responsibilities

• Review and analyze construction budgets for ground-up development and renovation loan projects to ensure accuracy, completeness, and alignment with current market norms prior to loan closing
• Validate line-item budgets against prevailing labor and material costs, regional pricing benchmarks, and industry standards
• Identify budget gaps, cost discrepancies, scope omissions, and credit risk red flags across all project types
• Assess hard costs, soft costs, contingencies, and contractor markups for reasonableness and internal consistency
• Evaluate contractor qualifications, financial capacity, and project track record as part of the pre-closing underwriting process
• Monitor construction progress across an active portfolio of loans, coordinating with borrowers, general contractors, and third-party inspectors
• Review AIA G702/G703 forms, lien waivers, and third-party inspection reports in connection with construction progress milestones
• Monitor budget-to-actual cost performance throughout the construction period and flag material variances for asset management review
• Assess construction sequencing and confirm project milestones align with approved budget and schedule
• Resolve discrepancies with borrowers and contractors in a timely and professional manner
• Maintain ongoing oversight of construction progress across all active files, providing early identification of project delays, cost overruns, or contractor issues
• Produce periodic reporting on portfolio construction health for senior management and asset management teams
• Collaborate with underwriting, originations, and legal on construction-related loan modifications or workouts

Requirements

• 10–15 years of hands-on experience in construction cost estimating, project management, or construction lending — field experience strongly preferred over purely office-based backgrounds
• Demonstrated track record managing construction budgets and monitoring construction progress within a lending, private credit, or real estate finance environment
• Subject matter expert-level command of hard costs, soft costs, contingency structuring, and contractor markup analysis
• Deep familiarity with construction sequencing and the relationship between project