Senior Underwriter

At PACE Equity Finance we deliver C-PACE financing for the development and renovation, or recapitalization of efficient commercial buildings. We believe in the power of C-PACE financing to help our customers achieve financial success. We strive to improve our planet by helping customers develop sustainable projects that maximize energy savings and improve financial outcomes. Our vision is innovating for impact.

PACE Equity is seeking a Senior Underwriter to drive the underwriting and execution of C-PACE financings from intake through closing. This position offers broad exposure to commercial real estate finance, construction lending, and sustainable capital across multifamily, hospitality, office, retail, industrial, and seniors housing assets. The ideal candidate will be an analytically strong commercial real estate professional with 4–6 years of experience in underwriting, lending, investment banking, or valuation.

Prior C-PACE experience is preferred but not required. This position reports to the VP of Credit and works closely with originations, transaction management, legal, closing, asset management, and Investment Committee.

• Build and maintain underwriting models for C-PACE transactions across multifamily, hospitality, office, retail, industrial, and seniors housing assets.
• Develop stabilized pro formas, sources and uses, and capital stack analysis.
• Calculate and evaluate key credit metrics, including PACE-to-value, combined LTV/LTC, DSCR, and debt yield.
• Flag transactions that fall outside underwriting criteria.
• Review and synthesize appraisals, rent rolls, T-12s, construction budgets, CoStar and STR reports, and market studies.
• Assess sponsor strength, developer track record, and construction risk, including budget, general contractor, and completion risk.
• Coordinate third-party reports, including appraisals, Phase I ESAs, property condition reports, and energy and engineering studies.
• Confirm that eligible improvements meet C-PACE program requirements.

• Prepare credit risk scorecards, IC memos, and deal summaries.
• Clearly present the investment thesis, key risks, and mitigants for each transaction.

• Partner with originations, transaction management, legal, closing, and asset management teams.
• Work directly with borrowers, mortgage lenders, and county or state program administrators.
• Support construction draw review and post-closing handoff to asset management.

• Guide and review the work of Transaction Analysts on assigned deals.

• Bachelor's degree in finance, real estate, accounting, economics, or a related field.
• 4–6 years of experience in commercial real estate underwriting, lending, investment banking, or valuation.
• Advanced Excel skills and comfort working in complex, macro-enabled underwriting models.
• Working knowledge of CRE fundamentals, property-level financial statements, and lender-side credit metrics.
• Clear, concise writing skills, especially for credit memos.
• Strong organization and attention to detail, with the ability to manage several transactions at once.

• Exposure to C-PACE, construction lending, or structured finance transactions.
• Familiarity with CoStar, STR, NIC MAP, or Argus.
• Understanding of state C-PACE enabling legislation and county program structures.
• Progress toward a CFA, CCIM, or similar credential.

Our values guide us to how we work together at our best and how we show up for our clients, partners, and one another. In this role, you are expected to consistently model these values.

• Trusted: We trust one another to be fair minded and forthright
• Professi…