Associate, CPACE

POSITION SUMMARY:

The Associate, CPACE – Underwriting & Transaction Management is responsible for underwriting, structuring and executing commercial real estate PACE financings nationwide, from initial opportunity assessment through investment approval and closing. The role combines credit analysis, transaction structuring and third-party diligence, co-lender coordination and execution management, including complex construction, renovation and bridge real estate transactions. The Associate works directly with the SVP of Originations, , and the broader CPACE credit and transaction management team.

The Associate has ownership of day-to-day transaction execution; and escalates material credit, structural and legal decisions for appropriate approval.

The ideal candidate is self-motivated, well organized, works effectively in teams, is detail oriented, and able to manage multiple transactions at once in a fast-paced environment.

• Build and review transaction-level financial models, including sources and uses, development budgets, draw schedules, cash flows, interest reserves, repayment scenarios, lender returns, LTC/LTV, debt service coverage, debt yield, and sensitivity analyses.
• Evaluate property fundamentals, market conditions, sponsor and guarantor financial strength, liquidity, project feasibility, construction execution and repayment or exit strategies.
• Determine CPACE eligibility and preliminary sizing based on applicable program requirements, eligible project costs, capital structure and Bayview credit parameters; identify and resolve budget and sizing inconsistencies.
• Prepare greenlight, investment committee and credit memoranda, including transaction rationale, key terms, strengths, risks, and mitigants.

• Develop and evaluate CPACE/CRE funding structures, including future tranches/disbursements, equity funding requirements, reserves, guarantees, completion support, and prepayment provisions.
• Analyze intercreditor and participation arrangements with senior lenders, co-lenders and capital partners, including collateral, funding priorities, consent rights, remedies, servicing and economic allocations.
• Participate in negotiations of key commercial terms with sponsors, originators, co-lenders and counsel, subject to required internal approvals.

• Lead collection, and review of transaction due diligence, including appraisals, plan-and-cost reports, construction contracts, budgets, schedules, insurance, environmental reports, title, surveys, zoning and organizational documents.
• Identify discrepancies across underwriting models, sponsor materials, third-party reports and transaction documents; prepare focused follow-up questions and track outstanding issues to resolution.
• Review construction and operating assumptions, contingencies, contractor capacity, bonding, presales or leasing, and relevant insurance coverage to assess execution risk.
• Coordinate specialist reviews with third-party consultants and external counsel; evaluate findings and incorporate material risks and mitigants into credit recommendations.

• Serve as a day-to-day transaction contact across originations, borrowers, sponsors, lenders, attorneys, consultants and CPACE program administrators.
• Own execution timelines, closing checklists, diligence trackers, open-item logs and internal approvals; coordinate document drafting and review of business terms for consistency with approved underwriting and structure.
• Work with legal counsel on financing, disbursement, participation, intercreditor, security and closing documents; elevate legal interpretations and approval decisions to the appropriate parties.
• Coordinate closing conditions, final funding sources and uses, closing costs, assessment schedules and post-closing handoffs to servicing, asset management and capital markets.

• Coordinate with SVP of originations on active opportunities, deal priorities, underwriting requirements and transaction status; maintain accurate pipeline reporting and organized transaction records. Manage day to day follow up and communication with borrowers and brokers.
• Provide guidance and quality review to junior analysts on financial models, diligence reviews, credit materials and transaction deliverables, as assigned.
• Improve underwriting templates, diligence processes, transaction…