Construction Project Manager

Position Summary

As a Construction Project Manager, you are responsible for managing distressed or challenged construction projects after loan closing, with a focus on bringing projects to completion in a controlled, cost-conscious, and timely manner. You will evaluate project conditions, budgets, schedules, contractors, entitlements, and remaining risks, then develop and execute practical action plans to preserve value and improve outcomes.

Essential Duties & Responsibilities

• Project Oversight & Construction Management
  Oversee distressed, delayed, or partially completed residential construction projects from takeover, transition, or intervention through completion and stabilization.
  Monitor construction progress against schedules, budgets, milestones, and remaining scope of work.
  Conduct site visits and assess project status, quality of work in place, completion risk, safety issues, and contractor performance.
  Identify project deficiencies, cost overruns, delays, or execution issues and recommend corrective action plans.
  Coordinate completion strategies for multifamily developments, single-family subdivisions, and high-end custom residential projects.
  Manage project closeout activities, punch list completion, turnover, and readiness for lease-up, sale, or disposition.

• Contractor & Consultant Management
  Oversee existing general contractors and key subcontractors to ensure accountability, performance, and timely completion.
  Evaluate whether an existing general contractor should remain in place or be replaced based on capability, execution, financial strength, and project needs.
  Lead the process of sourcing, vetting, and onboarding replacement general contractors, construction consultants, or specialty vendors when required.
  Review construction contracts, scopes, schedules of values, change orders, and contractor payment requests.
  Coordinate third-party consultants, inspectors, engineers, architects, and cost reviewers as needed to support project completion and lender oversight.

• Budget, Draw, and Schedule Control
  Review remaining construction budgets, contingencies, cost-to-complete analyses, and cash flow needs.
  Track actual costs versus remaining budget and identify potential shortfalls or funding risks.
  Review draw packages, inspection reports, lien releases, title updates, and supporting documentation for disbursement recommendations.
  Assess adequacy of contingency balances and interest reserves in light of current project conditions and revised completion plans.
  Maintain and update project schedules, key milestones, and completion forecasts.

• Special Situations / Workout Support
  Support loan workout, modification, extension, foreclosure, and other special servicing situations involving incomplete construction projects.
  Develop practical completion and recovery strategies for projects experiencing borrower distress, contractor default, cost overruns, or schedule failure.
  Assist with lender step-in scenarios and transition planning when projects require more direct control or intensive oversight.
  Provide construction-focused recommendations regarding project viability, collateral preservation, timing, and recovery options.

• Stakeholder Communication & Reporting
  Serve as a key point of contact for internal teams, borrowers, general contractors, consultants, and other project stakeholders.
  Lead regular project update calls and provide clear status reporting on construction progress, risks, funding needs, and recommended actions.
  Prepare internal project summaries, risk assessments, and portfolio reporting for management, credit, and investment stakeholders.
  Escalate material issues promptly and provide solution-oriented recommendations.

• Construction Credit Support / New Loan Underwriting
  Support the underwriting and origination teams in evaluating new construction loan opportunities prior to closing.
  Review and assess project budgets, schedules, timelines, contingencies, and cost-to-complete assumptions for reasonableness and feasibility.
  Evaluate general contractor qualifications, relevant project experience, capacity, and overall suitability for the proposed scope.
  Review construction contracts, scopes of work, and key project documents to identify execution risk and underwriting considerations.
  Assess development status, including entitlements, permits, utility availability, environmental matters, and readiness to proceed with construction.
  Provide input on project-specific construction risks, recommended risk mitigants, and structural considerations for loan sizing and loan terms.
  Partner with asset management, underwriting, and credit teams to support a smooth transition from diligence through closing and into post-closing oversight.

Qualifications

• 8+ years of relevant experience in construction project management, with strong preference for direct experience overseeing residential or multifamily construction projects.
• Prefered background as a Construction Project Manager. Candidates with construction superintendent backgrounds will also be considered particularly those with strong residential or multifamily project oversight experience.
• Experience with distressed projects, incomplete construction, contractor transitions, or lender-controlled/project rescue situations is strongly preferred.
• Experience across multifamily, single-family subdivision development, and/or luxury custom home construction is highly desirable.
• Strong understanding of residential construction, including budgeting, scheduling, contractor oversight, entitlements, permitting, inspections, draw processes, project closeout, and pre-closing construction due diligence for new loan originations.
• Ability to assess contractor capability, review budgets and schedules, and determine realistic cost-to-complete and time-to-complete projections.
• Familiarity with construction draws, inspection reporting, title issues, change orders, contingency management, and cost control.
• Working knowledge of project risk assessment in a lending, workout, or asset management context is highly desirable.
• Ability to manage difficult situations with borrowers, contractors, and external parties while maintaining a practical, solution-oriented approach.

Compensation

The base pay range for this position is $150,000 to $200,000 per year, plus annual discretionary bonus based on performance of the individual and company.