Multi-Family Real Estate Portfolio/Development Equity (Analyst/Associate)
RBC Capital Markets, LLC, Denver, CO, United States
What is the opportunity?
RBC Capital Markets – RBC Community Investments (www.rbccm.com/communityinvestments), part of the Royal Bank of Canada (RBC), is a leading syndicator of Low Income Housing Tax Credits (LIHTC), Workforce Housing Investments, Renewable Energy Tax Credits, Historic Tax Credits and State Tax Credits.
As a Development Equity Analyst/Associate (DEA/M) you will focus on oversight and facilitation of the equity contribution process, specifically for Final Closing and Stabilization. You will ensure timely and accurate engagement, review, completion and sign‑off on items required to release equity for Final Closing and Stabilization while managing risk mitigation standards demanded by internal management and RBC’s investor partners, and responding to the needs of developer partners.
What will you do?
Participate in hand‑off meetings with the Construction Risk Manager (CRM) once a property transitions to the lease‑up phase and continue overall investment management until Stabilization.
Communicate regularly with the team on monthly lease‑up progress and achievement of 100% qualified occupancy and ensure initial rental rates, fees, income limits and utility allowances conform with LIHTC compliance requirements and RBC underwriting criteria.
Manage debt service coverage calculations and communication of equity adjusters with the developer partner.
Manage the conversion timeframe required of RBC’s developer partners and ensure proper communication during the process.
Review sources and uses for conversion from construction to permanent financing and verify compliance with partnership terms for sizing of permanent loan and guarantee.
Monitors the achievement of Final Closing and Stabilization as defined in LPA for the preparation of the DCR Test Report.
Complete the DCR Test report using RBC’s underwriting standards; submit the DCR calculation for final approval to the Development Equity Management‑Lead and Head of Underwriting and Construction.
For underperforming investments that do not meet the DCR Test, collaborate with Acquisition Manager (AM) and Regional Director (RD) to present to the Permanent Loan Committee the initial DCR Test analysis, current issues, timing, recommended solutions and potential relationship impact.
Verify compliance with partnership terms related to construction completion guarantee, permanent loan placement and tax credit guarantee.
In concert with Fund Management, manage disbursement of equity for the assigned portfolio, including the final upward or downward capital adjustments pursuant to partnership terms and provide a source and use for each equity funding package.
Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, partnership terms, loan documents, LURAs, QAPs and tax credit applications; pursue noted deficiencies on 8823 filings with the Compliance Analyst.
Complete annual property inspections for early identification of potential issues; follow up on code violations or other health and safety conditions and determine future capital needs and their financial impact.
Expedite the receipt of financial and operational information from lower‑tier partnerships on a monthly, quarterly and annual basis; identify data patterns indicating problems and prepare informative narrative investor reports on property performance, complete the RBC risk ratings report, provide problem resolution and workout strategies as applicable; meet with investors to discuss portfolio performance.
Provide technical assistance in project performance and managerial strategy to ensure continuous flow of tax credit benefits, net operating income and cash flow.
Initiate communication with General Partners to ensure timely submission of tax returns and audits each year; track progress and provide periodic reminder notices as necessary.
Review the annual operating budget for each property in the portfolio for performance compared to original projections and evaluate new trends in income and expense categories.
Communicate risks that may jeopardize a project to appropriate leadership in Development Equity Management and develop an action plan to mitigate risk and protect the investment; recommend strategies to resolve operational, financial and compliance difficulties within your portfolio.
Maintain a thorough and up‑to‑date record of property activity and document management in the database to maintain the integrity of the asset management database and other electronic systems.
Maintain familiarity with regional and local economic and demographic trends within portfolio markets.
Develop and maintain relationships with General Partners, management agents, lenders, contractors, third‑party monitors, investors, local and state housing agencies and others in the LIHTC industry to ensure flow of current and relevant information.
Proactively identify operational risks/control deficiencies in the business.
Review and comply with Firm Policies applicable to your business activities.
Escalate operational risk loss events, control deficiencies and risks that you identify to your line manager and the relevant risk and control functions on a timely basis.
Participate in hand‑off meetings with the Stabilized Asset Manager (SAM) once a property achieves Stabilization.
What do you need to succeed?
Bachelor’s degree, preferably in Finance, Economics, Accounting or Real Estate/Urban Planning; an MBA or master’s in finance, accounting or real estate is a plus.
Experience in affordable housing, tax credit syndication, transaction processing, real estate underwriting or financial modeling.
Key skills: real estate concepts, financial analysis, strong organization and prioritization.
Interest in real estate investment and/or affordable housing; proficiency in MS‑Outlook, MS‑Excel and MS‑Office.
Excellent verbal and written communication skills.
What's in it for you? We thrive on challenge, progressive thinking and collaboration 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 mutual success.
A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions and stock where applicable.
Leadership support for your development through coaching and opportunities.
Ability to make a lasting impact.
Working in a dynamic, collaborative, progressive and high‑performing team.
Opportunities to do challenging work.
Opportunities to build close relationships with clients.
Salary Good‑faith expected salary range for the position is $85,000–$125,000 depending on experience, skills, registration status, market conditions and business needs. This range does not include other total compensation elements such as discretionary bonuses, benefits (401(k) with company matching, health, dental, vision, life and disability insurance, paid time‑off).
Job Skills
Adaptability
Critical Thinking
Customer Service
Detail‑Oriented
Financial Engineering
Financial Statement Analysis
Investments Analysis
Personal Development
Personal Initiative
Teamwork
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As a Development Equity Analyst/Associate (DEA/M) you will focus on oversight and facilitation of the equity contribution process, specifically for Final Closing and Stabilization. You will ensure timely and accurate engagement, review, completion and sign‑off on items required to release equity for Final Closing and Stabilization while managing risk mitigation standards demanded by internal management and RBC’s investor partners, and responding to the needs of developer partners.
What will you do?
Participate in hand‑off meetings with the Construction Risk Manager (CRM) once a property transitions to the lease‑up phase and continue overall investment management until Stabilization.
Communicate regularly with the team on monthly lease‑up progress and achievement of 100% qualified occupancy and ensure initial rental rates, fees, income limits and utility allowances conform with LIHTC compliance requirements and RBC underwriting criteria.
Manage debt service coverage calculations and communication of equity adjusters with the developer partner.
Manage the conversion timeframe required of RBC’s developer partners and ensure proper communication during the process.
Review sources and uses for conversion from construction to permanent financing and verify compliance with partnership terms for sizing of permanent loan and guarantee.
Monitors the achievement of Final Closing and Stabilization as defined in LPA for the preparation of the DCR Test Report.
Complete the DCR Test report using RBC’s underwriting standards; submit the DCR calculation for final approval to the Development Equity Management‑Lead and Head of Underwriting and Construction.
For underperforming investments that do not meet the DCR Test, collaborate with Acquisition Manager (AM) and Regional Director (RD) to present to the Permanent Loan Committee the initial DCR Test analysis, current issues, timing, recommended solutions and potential relationship impact.
Verify compliance with partnership terms related to construction completion guarantee, permanent loan placement and tax credit guarantee.
In concert with Fund Management, manage disbursement of equity for the assigned portfolio, including the final upward or downward capital adjustments pursuant to partnership terms and provide a source and use for each equity funding package.
Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, partnership terms, loan documents, LURAs, QAPs and tax credit applications; pursue noted deficiencies on 8823 filings with the Compliance Analyst.
Complete annual property inspections for early identification of potential issues; follow up on code violations or other health and safety conditions and determine future capital needs and their financial impact.
Expedite the receipt of financial and operational information from lower‑tier partnerships on a monthly, quarterly and annual basis; identify data patterns indicating problems and prepare informative narrative investor reports on property performance, complete the RBC risk ratings report, provide problem resolution and workout strategies as applicable; meet with investors to discuss portfolio performance.
Provide technical assistance in project performance and managerial strategy to ensure continuous flow of tax credit benefits, net operating income and cash flow.
Initiate communication with General Partners to ensure timely submission of tax returns and audits each year; track progress and provide periodic reminder notices as necessary.
Review the annual operating budget for each property in the portfolio for performance compared to original projections and evaluate new trends in income and expense categories.
Communicate risks that may jeopardize a project to appropriate leadership in Development Equity Management and develop an action plan to mitigate risk and protect the investment; recommend strategies to resolve operational, financial and compliance difficulties within your portfolio.
Maintain a thorough and up‑to‑date record of property activity and document management in the database to maintain the integrity of the asset management database and other electronic systems.
Maintain familiarity with regional and local economic and demographic trends within portfolio markets.
Develop and maintain relationships with General Partners, management agents, lenders, contractors, third‑party monitors, investors, local and state housing agencies and others in the LIHTC industry to ensure flow of current and relevant information.
Proactively identify operational risks/control deficiencies in the business.
Review and comply with Firm Policies applicable to your business activities.
Escalate operational risk loss events, control deficiencies and risks that you identify to your line manager and the relevant risk and control functions on a timely basis.
Participate in hand‑off meetings with the Stabilized Asset Manager (SAM) once a property achieves Stabilization.
What do you need to succeed?
Bachelor’s degree, preferably in Finance, Economics, Accounting or Real Estate/Urban Planning; an MBA or master’s in finance, accounting or real estate is a plus.
Experience in affordable housing, tax credit syndication, transaction processing, real estate underwriting or financial modeling.
Key skills: real estate concepts, financial analysis, strong organization and prioritization.
Interest in real estate investment and/or affordable housing; proficiency in MS‑Outlook, MS‑Excel and MS‑Office.
Excellent verbal and written communication skills.
What's in it for you? We thrive on challenge, progressive thinking and collaboration 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 mutual success.
A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions and stock where applicable.
Leadership support for your development through coaching and opportunities.
Ability to make a lasting impact.
Working in a dynamic, collaborative, progressive and high‑performing team.
Opportunities to do challenging work.
Opportunities to build close relationships with clients.
Salary Good‑faith expected salary range for the position is $85,000–$125,000 depending on experience, skills, registration status, market conditions and business needs. This range does not include other total compensation elements such as discretionary bonuses, benefits (401(k) with company matching, health, dental, vision, life and disability insurance, paid time‑off).
Job Skills
Adaptability
Critical Thinking
Customer Service
Detail‑Oriented
Financial Engineering
Financial Statement Analysis
Investments Analysis
Personal Development
Personal Initiative
Teamwork
#J-18808-Ljbffr