Senior Real Estate Underwriter at New Jersey Economic Development Authority

Posted in Business Development 12 days ago.

Location: Trenton, New Jersey

Job Description:

New Jersey Economic Development Authority

Equal Opportunity Employer

Job ID 2021-1618



This position is responsible for analyzing real estate projects requesting financial assistance under the NJEDA's tax incentive and loan programs to developers. Real estate projects range in size from $25 million to over $100 million.


  • Working with Business Development Officers, meets with real estate developers who are requesting assistance through the Authority's tax incentive and loan assistance programs to discuss potential projects and determine eligibility of the project.
  • Reviews applications and evaluates request to ensure project meets statutory requirements including economic feasibility.
  • Analyzes cash flows to determine project feasibility and prepares proforma analysis and cash flows to determine net operating income and project returns. Performs financial gap analysis.
  • Prepares real estate & community development analysis and/or report(s), which includes financial underwriting, supporting financial spreadsheets. Prepares and presents recommendations for consideration at monthly Incentive Committee meeting.
  • Obtains and analyzes data on market supply and demand, project costs, lease and sale prices and construction costs for prospective projects.
  • Reviews draft approval/commitment letters to ensure consistency with Board approvals. Responds to applicant questions, negotiates changes and makes recommendations for approval of changes as required.
  • Manages outstanding commitments and ensures compliance with project milestones and approval conditions.
  • Assists other Departments of the Authority as necessary on matters relating to real estate incentive projects.
  • Coordinates the work of consultants in regard to the above.
  • Participates in special projects as required by Underwriting Department and EDA initiatives.
  • Promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers.
  • Performs other duties and special projects, as assigned.


Required Skills and Abilities

  • Knowledge of the urban real estate development market
  • Knowledge of market rents and capitalization rates
  • Ability to understand and interpret real estate appraisals and environmental reports
  • Knowledge and ability to function with and within municipal, state, and federal programs
  • Ability to manage multiple complex projects at a time
  • Demonstrated knowledge in Project Finance including:
  • Ability to analyze Special Purpose Entities and their financial models
  • Ability to analyze Project Assets and Cash Flows
  • Ability to identify, analyze and mitigate project risks
  • Understanding of income statement, balance sheet and cash flow statements and personal net worth statements and tax returns
  • Ability to understand commercial and residential tax incentive programs, Low Income Housing Tax Credit programs, and New Market Tax Credit Financing
  • Excellent interpersonal and negotiation skills when dealing with external business professionals and NJEDA staff
  • Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster communications with business professionals and EDA staff
  • Ability to prioritize workload, must be highly organized, detail-oriented, handle various tasks simultaneously and work independently within limited time constraints with little or no supervision
  1. Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff
  2. Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers
  3. Advanced Microsoft Office Suite and the ability to learn new software packages

Required Qualifications

Education and Experience Requirements
  • Bachelor's Degree with emphasis in business, planning, project management, public administration, finance, or closely related field and/or equivalent professional experience
  • Minimum seven years real estate analysis or lending experience

Advanced degree or industry specific certification may be substituted for 1 year of experience.

Physical Demands
  • Minimal
  • Ability to work outside of normal business hours, as needed

  • As necessary to events, meetings, businesses, etc.

Certificates and Licenses Required
  • Valid driver's license