Director, Commercial Real Estate Originations

Pen Fed is hiring a (Hybrid) Director, Commercial Real Estate Originations at our Boston, Massachusetts location. Pen Fed is expanding its commercial real estate lending platform and seeking an experienced Commercial Real Estate (CRE) Debt Associate to support our growing portfolio. The individual will be responsible for evaluating, structuring, underwriting, and originating commercial real estate loans across multiple property types, ensuring sound credit decisions aligned with Pen Fed’s policies, procedures and risk appetite.

Equivalent combination of education and experience is considered

• Education:
  
  Bachelor’s degree in finance, Real Estate, Economics, or related field preferred.
• Experience:
  
  12 years of total professional experience, with a minimum of 3 years in commercial real estate lending, debt asset management, or related credit. Experience with underwriting larger CRE loans ($10M+) that were directly originated is a plus.
• 4 Yrs. of Direct Management Experience
• Technical
  
  Skills:
  
  Strong financial modeling and Excel skills; experience with tools such as Argus (or similar real estate cash flow / value modeling tool) and CoStar preferred. Proficiency with Microsoft Applications (Word, Excel, PowerPoint, Access, Outlook) at a level that allows independent work.
• Communication:
  Excellent written, verbal, and presentation skills, with the ability to clearly articulate complex financial and real estate concepts.
• Analytical
  
  Skills:
  
  Strong analytical skills and ability to interpret financial statements, rent rolls, and other reports with ease.
• Execution-Oriented:
  Proven track record of executing transactions within tight timelines, meeting deal deadlines, proactively finding solutions to issues that arise during due diligence, and proactively escalating potential delays to closing.
• Detail-Oriented:
  Strong organizational skills and ability to manage multiple priorities.

Supervisory Responsibility

This position will not supervise employees.

Licenses and Certifications

There are no additional certifications required.

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

* Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*

Travel

Ability to travel to perform property site visits / inspections and be on-call will be required for this role.

#LI-Hybrid

Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned.

Underwriting:

• Underwrite and analyze commercial real estate loans, including acquisition, refinance, bridge, and construction financing, typically ranging from $10 million to $75 million across multiple property types.
• Conduct comprehensive property-level and market due diligence including review of rent rolls, operating statements, appraisals, rent comparables, sale comparables, market fundamentals, property condition reports, environmental reports, and other 3rd party reports as necessary.
• Evaluate borrower financial capacity, collateral quality, market dynamics, and overall creditworthiness.
• Prepare detailed financial models to assess property and debt cash flows, loan sizing, pricing, debt metrics (Debt Yield, Debt Service Coverage, LTV), and sensitivity scenarios.
• Prepare clear and comprehensive investment memos and recommendations for internal investment committees and senior management.
• Perform property site visits and inspections as needed.

Structuring:

• Negotiate and structure loans with covenants, reserves, future funding commitments, and other structural protections to mitigate potential cash flow shortfalls and other risks.
• Transaction Management / Execution:
• Assist with due diligence and overall transaction timelines ensuring transaction milestones and deadlines are met.
• Partner with the Closing and Servicing teams to ensure loan closings go smoothly.

Market Intelligence:

• Stay informed of market trends, competitive dynamics, and regulatory changes impacting Pen Fed’s CRE lending program and broader commercial…