Construction Associate

3+ Years

Position: Construction Loan Associate
Division: Loan Asset Management
Location: Dallas, Texas
Reporting to: Adele Fairman, Managing Director

Summary
ACORE CAPITAL, a rapidly growing investment advisory firm, is seeking a highly motivated Construction Loan Associate with 3-6 years of commercial construction experience to join our growing Asset Management team. This position will be borrower-facing and have primary responsibility for the identification, oversight and resolution of construction and development risks associated with commercial real estate loans. Individuals will have the unique opportunity to work on a broad variety of large construction projects and diverse property types in a supportive and collaborative environment. The role requires advanced knowledge of construction methods and means, industry documentation standards, and development budgets. This is an in-office role based in Dallas, Texas, reporting directly to the Managing Director and Head of the Construction Loan Administration team.

Responsibilities

• Manage a portfolio of 15-20 highly structured, commercial construction and development loans from closing of the loan transaction and to project completion.
• Review and approve monthly loan advances in accordance with loan terms, lender requirements, and general conformance to project documents.
  • Evaluate project progress and borrower business plan execution against underwritten milestones and escalate issues that may negatively impact the property or increase loan risk.
  • Monitor and ensure adequacy of the total loan budget and confirm sufficiency of funding sources monthly. Resolve budget shortfalls or past due issues in a timely manner.
  • Review and approve project change orders, contract amendments, and release of retainage as required.
• Take leadership role in problem-solving and facilitate loan agreement modifications and additional credit approvals as needed.
• Participate in pre-closing review of project plans/specs, budgets, contracts, permits, and third-party due diligence results to help ensure feasibility of the proposed business plan.
• Manage day-to-day coordination of loan administration responsibilities and act as the primary point of contact for all loans assigned.
• Conduct periodic market surveillance, site visits and borrower meetings.
• Collaborate and facilitate relationships with internal and external stakeholders, including borrowers, loan servicers, originators, transaction closers, attorneys, other asset managers, and third-party consultants.
• Prepare and present quarterly investor updates of each project.
• This is not a comprehensive list of activities, duties or responsibilities, which may change at any time without notice.

Requirements

• Bachelor’s degree in Construction, Civil Engineering, Architecture, Project Accounting, Urban Planning or related field(s); or commensurate ‘non-single family’ construction industry, real estate or loan administration experience.
• 3+ years of experience in commercial construction, project management, engineering, cost estimating or project accounting is preferred.
• Strong familiarity with standard construction documents, conventional industry practices, AIA contracts, retainage, lien waivers, change orders, plans/specifications, and a working knowledge of building permit requirements and mechanic lien laws. 
• Proficiency in Microsoft Office, with advanced Excel skills required. 
• Strong analytical and problem-solving skills, including the ability to proactively identify and flag concerns with business plan execution, project budget adequacy and potential completion delays. 
• Capable of executing responsibilities with a meticulous attention to detail and an appropriate sense of urgency and follow-through.
• Established track record of excellence with a highly motivated, entrepreneurial, and critical thinking mindset.
• Ability to work independently and collaborate cross functionally.
• Team player with good judgment and effective written and verbal communications skills; capable of communicating at all levels of an organization.
• Extremely organized and detail-oriented, highly accurate; excellent time management skills; able to thrive in a dynamic environment and effectively handle multiple competing and time sensitive deadlines and priorities.
• Exceptional character, personal integrity, and work ethic.

Compensation: $90k-$130k DOE plus performance based bonus. As an equal opportunity employer, ACORE CAPITAL offers a competitive benefits package and salary/bonus commensurate with experience.

To apply: Please send your resume and cover letter to [email protected] with the subject line ‘Construction Loan Associate.’ Recent graduates may be considered if they meet other key requirements.

About ACORE CAPITAL
ACORE CAPITAL, LP is one of the largest credit managers focused on U.S. commercial real estate lending. This success is an outcome of its people-first culture, proven track record and longstanding relationships in the commercial real estate finance and investor communities. With over 100 professionals in offices in New York, Miami, San Francisco, Los Angeles and Dallas, ACORE CAPITAL relies on and invests in exceptional talent for their originations, credit, capital markets, capital raising, investor relations, asset management, legal and operations teams.  For more information, please visit https://www.acorecapital.com/careers