Senior Associate, Underwriting

Overview

This role is a senior individual contributor position responsible for independently managing complex affordable multifamily transactions from initial intake through underwriting, Investment Committee approval, and closing. The position supports lender-side underwriting of affordable multifamily deals across a national portfolio, providing strong credit judgment, financial analysis, and clear investment recommendations.

This position is expected to travel less than once per month (up to 15% annually).

Responsibilities

Underwriting and Financial Analysis (45%)

• Independently manage the screening and underwriting of active transactions at varying stages, primarily affordable multifamily rental housing investments.
• Perform advanced financial and credit analysis, including historical and projected financial statements, project cash flows, sources and uses, development and operating budgets, debt service coverage, loan-to-value/loan-to-cost, and sensitivity analyses.
• Evaluate proposed rents, income, vacancy, operating expenses, construction costs, market assumptions, and overall project feasibility.
• Assess sponsor/developer capacity, organizational and ownership structures, market conditions, and transaction risks.
• Evaluate complex affordable housing financing structures, including public subsidies and, as applicable, HUD, Fannie Mae/Freddie Mac multifamily programs, tax credits, New Markets Tax Credits, and debt and equity structures.
• Review third-party diligence, including appraisals, environmental assessments, property condition reports, and other transaction-specific materials.
• Identify material credit risks and recommend appropriate mitigants, including collateral structures, reserves, covenants, guarantees, and other structural protections.

Credit Presentation and Transaction Execution (40%)

• Own assigned transactions across the underwriting pipeline, from intake through Investment Committee approval and closing.
• Prepare intake memoranda summarizing the proposed transaction, preliminary structure, key risks, and recommendation for intake committee consideration.
• Draft and review letters of intent, term sheets, and preliminary deal terms following intake approval.
• Lead comprehensive due diligence and prepare credit memoranda that clearly articulate transaction structure, financial analysis, risks, mitigants, and investment recommendations.
• Anticipate Investment Committee questions and conduct additional analysis as needed prior to presentation.
• Co-present investment recommendations to the Investment Committee and respond to questions related to credit, structure, assumptions, and risk.
• Coordinate with borrowers, lenders, co-investors, counsel, local offices, and internal teams to resolve diligence issues and keep transactions moving efficiently toward closing.
• Review closing statements and transaction documentation as appropriate and support accurate funding and transition to Asset Management.

Collaboration and Technical Leadership (15%)

• Serve as a senior underwriting resource and thought partner to underwriting leadership, local offices, and other teams on transaction structure, credit considerations, and underwriting standards.
• Independently manage assigned work, escalating material risks and issues appropriately and bringing forward potential solutions and recommendations.
• Collaborate with Fund Investments, Construction, Asset Management, Fund Management, Legal, and other functions across the transaction lifecycle.
• Support post-closing handoffs to Asset Management and provide underwriting analysis for extensions, modifications, workouts, or other portfolio matters when needed.
• Contribute to refinement and consistent application of underwriting tools, templates, processes, and internal guidelines.
• Participate in pipeline reviews and cross-functional discussions on deployment, transaction strategy, and portfolio performance.
• Provide technical guidance, mentorship, or work review for junior underwriting staff as appropriate.

Qualifications

• Minimum of 6–8 years of relevant experience in affordable housing finance, commercial banking, community development lending, or a related field, including significant experience underwriting affordable multifamily rental housing.
• Experience independently underwriting complex multifamily real estate transactions from initial evaluation through credit approval and closing.
• Prior experience presenting or co-presenting transactions to credit or investment committees.
• Advanced proficiency in financial modeling, cash flow analysis, credit analysis, and Excel.
• Demonstrated ability to independently manage multiple concurrent transactions and exercise sound credit judgment with limited oversight.
• Strong written and verbal communication skills, including the ability to synthesize complex analysis and present investment recommendations clearly.

Preferred Qualifications

• Experience underwriting transactions across multiple U.S. markets or geographies.
• Experience with LIHTC, New Markets Tax Credits, or other public subsidy structures.
• Experience underwriting equity investments in addition to debt.
• Experience mentoring or supervising junior analysts.

Compensation & Benefits

• Salary: $105k–$130k (competitive salary).
• Actual salaries may be based on factors including skill set, experience, education, work location, and other qualifications.

Benefits include:

• Medical, Dental, Vision Coverage
• Disability Insurance: Long-term and short-term coverage
• Retirement Savings: 401(k) and 403(b) plans
• Generous Holidays
• Vacation, PTO, and Sick Days
• Tuition Assistance
• Referral Program
• Professional Development Opportunities

Equal Opportunity Statement

The employer is an equal opportunity employer and does not discriminate in employment on account of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), sexual orientation, marital status, military status or veteran status, unfavorable discharge from military service, physical or mental disability, protected medical condition as defined by applicable state or local law, genetic information, or any other characteristic protected by applicable federal, state, or local laws and ordinances.

Reasonable accommodations will be provided to qualified applicants with disabilities unless the accommodation would impose an undue hardship on the operation of the business.