Analyst II- Development Risk Management-2

Purpose And Job Summary

Boston Financial, a subsidiary of ORIX Corporation USA, provides innovative capital solutions for affordable housing developers and offers institutional investors the opportunity to achieve compelling risk-adjusted returns while delivering meaningful social impact. We manage the largest syndicated Low Income Housing Tax Credit portfolio in the country, and maintain a platform dedicated to the preservation of existing affordable housing. Our business is built on a proven investment track record, long-term client relationships, and a commitment to housing solutions. Today, Boston Financial is recognized as a national leader in affordable housing finance and asset management.

Essential Duties And Responsibilities

The Development Risk Management (DRM) Analyst is responsible for assisting in managing the performance of a portfolio of multi-family properties in the development phase. You will be supporting a group of DRM Asset Managers. The DRM Analyst is responsible for a multitude of functions that assist in assessing construction risks, monitoring initial lease-up, and maximizing investment benefits.

This position is located at the Boston Financial headquarters in Boston, MA.

Key Responsibilities

• Become familiar with Asset Manager’s asset monitoring plans for new deals through participation in due diligence; review of investment models, market studies and Investment Committee packages.
• Review deal information entered into PRISM through the New Deal Input process to ensure it is accurate and it includes all data needed to facilitate monitoring processes.
• Monitor construction progress through collection and review of monthly draws, Engineering Consultant reports and other project information, and, when necessary, notify and discuss next steps with asset manager about any property that is not meeting expected projections.
• Collect and input rent information and monthly qualified occupancy data and compare to original underwriting projections.
• Review and analyze proposed marketing plans and tenant relocation plans.
• Monitor initial lease-up and tenant qualification through the review of rent rolls, traffic reports, and qualified occupancy reports.
• Regularly follow-up on leasing and tenant qualification activities.
• Collect resident files for review by Compliance Consultant.
• Advise Asset Manager and management company when there are variances in lease-up or tenant qualification timing compared to original projections, there is risk of missing tenant qualification deadlines, or other potential LIHTC compliance risk factors.
• Advise Asset Manager when qualified occupancy affects tax credits.
• Calculation of tax credits and capital contribution timing and steady state adjusters based on qualified occupancy.
• For any property that is not performing according to projections, research the reasons by collecting additional reports, making phone calls and discuss next steps with asset manager.
• Timely processing of capital releases.
• Review and analyze collected documentation.
• Seek approval of benchmark documentation from other departments as required.
• Update capital installment application and prepare wire form for review by Asset Manager.
• Electronically file all documentation.
• Establish and maintain relationships with management companies.
• Analyze property performance deficiencies and develop projections.
• Analyze actual development costs (Cost Certification) compared to underwriting.
• Travel required: 10 %
  
  

Required Education, Skills And Experience

• Bachelor’s Degree in business, finance, real estate or related field, preferred
• 2 years of real estate or related financial experience
• Strong analytical skills
• Strong verbal and written communication skills
• Highly proficient with MS Office, including Word, Excel (preferably expert), PowerPoint and Access
• Ability to work in a fast-paced work environment while managing conflicting priorities
• Ability to work independently and as part of a high performing team
• Excellent problem-solving skills are critical for success in this role.
  
  

Preferred

• Real estate underwriting experience
• Understanding of partnership agreements
• LIHTC experience
• Market analysis skills
  
  

Life at ORIX

We are committed to the health and well-being of our employees and offer a quality, competitive benefits package that provides valuable healthcare and financial protection for our workforce, while emphasizing a healthy work/life balance.

You Time

We want you to have the time needed to recharge and manage life with our competitive vacation policy, floating personal holidays, extensive leave options, our annual observed holidays, and more.

Family Care

Every family has a different journey and ORIX USA Group is proud to offer extensive benefit programs such as: infertility coverage, adoption support, child and elder care, fully paid maternity, and generous parental leave benefits to help you and your families along the way.

Flexible Work Arrangements

ORIX associates enjoy the advantages of our hybrid working model with a 3 day in-office minimum requirement.

Boston Financial Investment Management, LP and its parent company, ORIX USA, is an equal opportunity employer, providing equal employment opportunities (EEO), and is committed to diversifying its workforce. All employees and applicants for employment will receive consideration for employment without regard to race, color, religion, sex, national origin, age, disability, genetics, sexual orientation, gender identity or expression, pregnancy, protected veteran status or other status protected by law. This policy applies to all terms and conditions of employment.

Company: ORIX USA