CIB - Tax Oriented Investments - Underwriter - Associate - Chicago

Job description

The Underwriter - Associate position is with Direct Affordable Housing (DAH) Originations, which is within JPMorgan's Tax Oriented Investments (TOI) group. The Underwriter takes a lead role in underwriting JPMCC's investments in federal low income housing tax credit (LIHTC) apartment communities throughout the United States. As a member of an Originations Team acquiring LIHTC investments, the Underwriter assists the Transaction Manager in all aspects of scoping, underwriting and closing transactions, as well as managing the team's assigned syndicator relationships.

Specific Responsibilities

· Performing preliminary feasibility analysis of prospective investment opportunities received from syndicators;

· Preparing internal preliminary approval presentations and updating data base;

· Preparing site visit packages for Transaction Manager and, when appropriate, participating in interviews of developers and other development team members;

· Analyzing the adequacy of third-party market studies and other data (e.g., appraisals, reports, etc.) for prospective markets;

· Leading independent research and analysis of demographic / socio-economic conditions of the prospective market;

· Analyzing proposed pro forma rents, operating budgets and, as applicable, federal and other subsidy programs (e.g., Section 8, Public Housing, etc.);

· Reviewing project documents (e.g., loan documents, regulatory agreements, etc.) for conformance to acquisition guidelines and consistency with transaction modeling;

· Managing the Analysts who assist the Originations Teams with site visit preparation, market and operating expense research, and Investment Summary preparation - providing training and mentoring as needed under the supervision of the Underwriting Manager;

· Assisting Transaction Manager and outside legal counsel with review of operating partnership agreements;

· Assisting Transaction Manager with review of the pricing model prepared by the Pricing Analyst;

· Assisting Transaction Manager with due diligence document control, including checklist management with syndicators, developers and outside legal counsel;

· Assisting Development Risk Manager, Pricing and Asset Management Groups as needed;

· Preparing Investment Summary for review by Transaction Manager and approval by Investment Committee;

· Participating in presentation of proposed investment to Investment Committee;

· Assisting with final closing as well as post-transaction closing administrative tasks and hand-off of transaction to Pre-Stabilized group; and

· Participating in meetings with syndicators and fostering a professional relationship among syndicator partners and industry colleagues.

Desired profile

Graduate of an undergraduate program in business, finance, real estate, urban planning or other related field and three to five years of real estate or related experience.

· Experience with multi-family (especially LIHTC, HUD housing program and mixed-income) properties preferred.

· Strong analytical and problem solving skills.

· Superior communication (written and verbal presentation) and quantitative skills.

· Advanced PC skills with experience working with spreadsheets and databases.

· Detail-oriented and accurate, with a strong desire to learn and excel.

· Ability to work independently and interact with different levels of management.

· Ability to prioritize workload and competing demands for time and attention.
Some travel may be required.