Vice President of Underwriting

The Michaels Organization is a nationally recognized, private sector firm with over 43 years of experience in producing top quality multifamily housing. All aspects of housing development, from site acquisition through property management are within the expertise of our company and its affiliates.

The Vice President of Underwriting leads functional Center of Excellence comprised of MDC staff participating in underwriting and modeling affordable and work force housing transactions. Responsible to recommend underwriting and modeling standards for affordable and workforce housing and to ensure uniform implementation of those standards across all MDC Regional business units. The Vice President of Underwriting will work closely in a collaborative matrix environment with the Regional Vice President of Acquisitions, Vice President of Development Operations, Regional business unit leaders and regional teams on underwriting and modeling transactions. This position is intended to be based in Marlton, NJ, but could be located in other The Michaels Organization offices.

* Recommend underwriting and modeling standards for all MDC real estate transactions. Ensure that approved standards are implemented uniformly and consistently across the MDC business. * Develop template pro forma model, including all assumptions and other inputs developed from or in connection with other internal and external sources, proper design / operation of the model and the design and presentation of model outputs. Develop template project running sheet or other method to track historical evolution of model and potential or alternative revisions under consideration. * In collaboration with Regional leaders and developers, undertake quality assurance reviews of project specific pro formas to ensure that models reflect comprehensive underwriting, including reasonable appropriate assumptions, project specific commercial terms, integration of development, construction and operational expenses and assumptions and the completion of transaction specific sensitivity analysis. * Ensure professional development of MDC Housing Analysts, working in coordination with Regional leaders and the direct supervisors of the Housing Analysts. * Coordinate regional sharing of MDC Housing Analysts to provide support across all MDC operating regions. * Assist SVP Finance in ensuring current project projections are reflected in MDC forecasts and business plans. * Team-oriented. Work closely with MDC Regional business units as well as other TMO companies and functions. Provide leadership, guidance and underwriting support. * Operate within and promote an environment of trust and transparency, collaborating effectively, and contributing to the long term growth and success of the team. * Understand the key TMO / MDC metrics. * Maintain current knowledge of industry trends and changes required by regulatory agencies, investors and program guidelines. * Perform other tasks/ad hoc analyses as required.

**Required Skills** * In-depth knowledge of origination, underwriting, closing and delivery of real estate development transactions. * Strong experience in affordable housing acquisitions with a substantial portion in sourcing, acquiring and underwriting Section 42 LIHTC and project-based Section 8. Work force or other multi-family rental experience preferred. * Excellent quantitative, problem solving, analytical and planning skills. Ability to easily and quickly shift between strategic and tactical thinking. * Ability to coach and instruct others, in formal and informal settings. * A spatial thinker who anticipates future opportunities and risks and plans and acts accordingly to drive positive outcomes. Possesses commercial acumen, at both enterprise and transactional levels. * Ability to multi-task and prioritize work assignments. Flexibility and ability to work under pressure in fast paced, dynamic environment. * Collaborative, innovative, creative and team oriented work style. Strong leadership and mentoring skills, and demonstrated success in motivating others and driving staff to achieve goals in a matrix environment. Ability to lead and manage others across geographically diverse locations. * Strong presentation and communication (oral and verbal) skills. Ability to pay close attention to details while maintaining a view of the big picture issues and requirements. * Strong working knowledge of Microsoft Office products; Financial modeling experience. **Required Experience** * Three to Eight years of solid multifamily affordable real estate finance analysis. Specialized experience in structuring, underwriting, and closing affordable housing transactions utilizing the Low Income Tax Credit and Historic Tax Credit Program. Work force or other multi-family rental housing experience preferred. * Strong communication and analytical/technical skills, including knowledge of financial modeling, cash flow analysis, and sensitivity analysis utilizing Net Present Value and Internal Rates of Return. **Required Education/Training:** * Bachelor’s degree in Finance, Real Estate, Business Administration or other related field required. * MBA preferred.