PenFed Credit Union
Director, Commercial Real Estate Originations
PenFed Credit Union, Boston, Massachusetts, us, 02298
Overview
PenFed is hiring a (Hybrid) Director, Commercial Real Estate Originations at our Boston, Massachusetts location. PenFed is expanding its commercial real estate lending platform and seeking an experienced Commercial Real Estate (CRE) Debt Associate to support our growing portfolio. The individual will be responsible for evaluating, structuring, underwriting, and originating commercial real estate loans across multiple property types, ensuring sound credit decisions aligned with PenFed's policies, procedures and risk appetite. Responsibilities
Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned. Underwriting
Underwrite and analyze commercial real estate loans, including acquisition, refinance, bridge, and construction financing, typically ranging from $10 million to $75 million across multiple property types. Conduct comprehensive property-level and market due diligence including review of rent rolls, operating statements, appraisals, rent comparables, sale comparables, market fundamentals, property condition reports, environmental reports, and other 3rd party reports as necessary. Evaluate borrower financial capacity, collateral quality, market dynamics, and overall creditworthiness. Prepare detailed financial models to assess property and debt cash flows, loan sizing, pricing, debt metrics (Debt Yield, Debt Service Coverage, LTV), and sensitivity scenarios. Prepare clear and comprehensive investment memos and recommendations for internal investment committees and senior management. Perform property site visits and inspections as needed. Structuring
Negotiate and structure loans with covenants, reserves, future funding commitments, and other structural protections to mitigate potential cash flow shortfalls and other risks. Transaction Management / Execution: Assist with due diligence and overall transaction timelines ensuring transaction milestones and deadlines are met. Partner with the Closing and Servicing teams to ensure loan closings go smoothly. Market Intelligence
Stay informed of market trends, competitive dynamics, and regulatory changes impacting PenFed's CRE lending program and broader commercial real estate debt markets. Relationship Management
Develop and manage relationships with brokerage firms, appraisers, owners, operators, and potential borrowers. Serve as the primary point of contact for borrowers in relation to new deal reviews. Qualifications
Education: Bachelor's degree in finance, Real Estate, Economics, or related field preferred. Experience: 12 years of total professional experience, with a minimum of 3 years in commercial real estate lending, debt asset management, or related credit. Experience with underwriting larger CRE loans ($10M+) that were directly originated is a plus. 4 Yrs. of Direct Management Experience Technical Skills: Strong financial modeling and Excel skills; experience with tools such as Argus (or similar real estate cash flow / value modeling tool) and CoStar preferred. Proficiency with Microsoft Applications (Word, Excel, PowerPoint, Access, Outlook) at a level that allows independent work. Communication: Excellent written, verbal, and presentation skills, with the ability to clearly articulate complex financial and real estate concepts. Analytical Skills: Strong analytical skills and ability to interpret financial statements, rent rolls, and other reports with ease. Execution-Oriented: Proven track record of executing transactions within tight timelines, meeting deal deadlines, proactively finding solutions to issues that arise during due diligence, and proactively escalating potential delays to closing. Detail-Oriented: Strong organizational skills and ability to manage multiple priorities. Supervisory Responsibility
This position will not supervise employees. Licenses and Certifications
There Are No Additional Certifications Required. Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise. Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds. Travel
Ability to travel to perform property site visits / inspections and be on-call will be required for this role. Benefits
At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You\'ll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access. Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities. Our Purpose & About PenFed
PenFed is an Equal Housing Lender. PenFed is committed to equal employment opportunity for all applicants without regard to race, color, creed, age, sex, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status, disability, genetic information, sexual orientation, or other protected statuses in accordance with applicable law. For questions or accommodations, contact human resources at 402-639-8568.
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PenFed is hiring a (Hybrid) Director, Commercial Real Estate Originations at our Boston, Massachusetts location. PenFed is expanding its commercial real estate lending platform and seeking an experienced Commercial Real Estate (CRE) Debt Associate to support our growing portfolio. The individual will be responsible for evaluating, structuring, underwriting, and originating commercial real estate loans across multiple property types, ensuring sound credit decisions aligned with PenFed's policies, procedures and risk appetite. Responsibilities
Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned. Underwriting
Underwrite and analyze commercial real estate loans, including acquisition, refinance, bridge, and construction financing, typically ranging from $10 million to $75 million across multiple property types. Conduct comprehensive property-level and market due diligence including review of rent rolls, operating statements, appraisals, rent comparables, sale comparables, market fundamentals, property condition reports, environmental reports, and other 3rd party reports as necessary. Evaluate borrower financial capacity, collateral quality, market dynamics, and overall creditworthiness. Prepare detailed financial models to assess property and debt cash flows, loan sizing, pricing, debt metrics (Debt Yield, Debt Service Coverage, LTV), and sensitivity scenarios. Prepare clear and comprehensive investment memos and recommendations for internal investment committees and senior management. Perform property site visits and inspections as needed. Structuring
Negotiate and structure loans with covenants, reserves, future funding commitments, and other structural protections to mitigate potential cash flow shortfalls and other risks. Transaction Management / Execution: Assist with due diligence and overall transaction timelines ensuring transaction milestones and deadlines are met. Partner with the Closing and Servicing teams to ensure loan closings go smoothly. Market Intelligence
Stay informed of market trends, competitive dynamics, and regulatory changes impacting PenFed's CRE lending program and broader commercial real estate debt markets. Relationship Management
Develop and manage relationships with brokerage firms, appraisers, owners, operators, and potential borrowers. Serve as the primary point of contact for borrowers in relation to new deal reviews. Qualifications
Education: Bachelor's degree in finance, Real Estate, Economics, or related field preferred. Experience: 12 years of total professional experience, with a minimum of 3 years in commercial real estate lending, debt asset management, or related credit. Experience with underwriting larger CRE loans ($10M+) that were directly originated is a plus. 4 Yrs. of Direct Management Experience Technical Skills: Strong financial modeling and Excel skills; experience with tools such as Argus (or similar real estate cash flow / value modeling tool) and CoStar preferred. Proficiency with Microsoft Applications (Word, Excel, PowerPoint, Access, Outlook) at a level that allows independent work. Communication: Excellent written, verbal, and presentation skills, with the ability to clearly articulate complex financial and real estate concepts. Analytical Skills: Strong analytical skills and ability to interpret financial statements, rent rolls, and other reports with ease. Execution-Oriented: Proven track record of executing transactions within tight timelines, meeting deal deadlines, proactively finding solutions to issues that arise during due diligence, and proactively escalating potential delays to closing. Detail-Oriented: Strong organizational skills and ability to manage multiple priorities. Supervisory Responsibility
This position will not supervise employees. Licenses and Certifications
There Are No Additional Certifications Required. Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise. Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds. Travel
Ability to travel to perform property site visits / inspections and be on-call will be required for this role. Benefits
At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You\'ll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access. Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities. Our Purpose & About PenFed
PenFed is an Equal Housing Lender. PenFed is committed to equal employment opportunity for all applicants without regard to race, color, creed, age, sex, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status, disability, genetic information, sexual orientation, or other protected statuses in accordance with applicable law. For questions or accommodations, contact human resources at 402-639-8568.
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