Real Estate Development Officer

About the role

We are seeking a dynamic professional to serve as a Real Estate Development Officer within RIHousing's Real Estate Development Department. This position is accountable for reviewing, underwriting, and closing loan applications in a prudent, timely, and cost-effective manner to support the construction, rehabilitation, and/or transfer of multifamily rental properties in accordance with applicable laws and regulations and RIHousing program requirements. This is a hybrid position based in Providence, Rhode Island, where you will be an integral part of our Development team. The role is designed for in-person collaboration and active engagement within our office environment.

Responsibilities

• Daily Review, underwrite, and close assigned development proposals, including production proposals, loan restructurings, and asset transfers, in accordance with prudent credit and underwriting standards, applicable regulations, and RIHousing funding policies and priorities.
• Analyze the completeness and compliance of applications and evaluate site suitability, marketability, development team capacity, financial feasibility, and overall project feasibility; identify and resolve underwriting issues and deficiencies in collaboration with applicants and internal staff.
• Manage approximately 7–10 active development proposals at a time, with typical total development costs ranging from $2.5 million to $15 million. Proposals generally involve complex, multi-source financing, including taxable or tax-exempt bonds, housing tax credits, federal HOME funds, and other debt and equity sources.
• Cook up coordination with applicants and a diverse range of stakeholders, including nonprofit sponsors, for-profit developers, investors, local officials, regulatory agencies, and public organizations, to facilitate successful project review and completion.
• Prepare funding recommendations, Board presentations, commitment letters, correspondence, technical and status reports, schedules, and other documentation necessary to support project approval, closing, and ongoing file management.
• Monitor and coordinate internal processes to facilitate timely and effective loan closings and ensure project assignments are completed in accordance with established deadlines.
• Promote RIHousing programs by communicating program information to clients and stakeholders through correspondence, meetings, public forums, and other outreach activities in a timely, courteous, and professional manner.
• Participate in the development and implementation of new loan programs and revisions to underwriting guidelines, policies, and procedures, including preparation of Requests for Proposals (RFPs), as assigned.
• Perform special assignments across various program areas, which may include single-family construction lending, federal tax credit programs, housing preservation, loan restructuring, and financial or database modeling.
• Prioritize and manage multiple assignments in a complex, highly negotiated financing environment while exercising sound judgment and meeting established deadlines.
• Underwriting decisions can have significant implications for RIHousing’s financial performance, bond and credit ratings, and public reputation.

Requirements

• A minimum of five years of experience in commercial real estate lending and/or real estate development, with experience in underwriting, appraisal review, loan documentation, and closing preferred.
• Working knowledge of federal and state housing subsidy programs preferred.
• Excellent communication, negotiation, analytical, supervisory, organizational, and problem-solving skills.
• Strong computer skills, including proficiency with spreadsheet and report-writing applications.
• A bachelor’s degree in business administration, real estate, or a related field required; a master’s degree preferred.

Skills

• Strong communication and negotiation skills.
• Ability to analyze and evaluate complex financial and legal documents.
• Experience with real estate development and financing.
• Proficiency in Microsoft Office Suite.

Benefits

RIHousing offers a comprehensive benefits package including:

• Medical/Dental/Vision/Life Insurance
• Paid Time Off
• Retirement Options
• Flexible Work Hours
• Employee Recognition Programs
• Mission-Driven Organization Mentorship Program
• Lunch and Learn Series
• Worksite Health Award
• PBN's Healthiest Employers of RI
• Winner of "Best Places to Work" awards

Pay

The actual salary offered will depend on factors such as experience and other job-related qualifications. Salary range: $75,222.00 - $105,310.00 per year.

Schedule

This is a hybrid position based in Providence, Rhode Island.