The professionals at Greenwich Street Community Capital (“GSCC”), a dedicated subsidiary of Situs Group, underwrite and close construction and permanent loans that are used to finance the new construction and preservation of affordable and workforce rental housing for Citi Community Capital (“CCC”). CCC is the community lending and investing arm of Citigroup, housed in the Municipal Securities Division of Citi’s Institutional Clients Group, Unique among its peers, CCC provides a comprehensive array of financial products from investment banking to lending and equity investment designed to create strong communities and contribute toward Citigroup’s Community Reinvestment Act performance. Employees of GSCC are fully integrated with Citi employees at Citi locations.
CCC works with for-profit and non-profit developers, as well as state and local government agencies on both straightforward and highly structured transactions that may use a combination of taxable and tax-exempt loans or bonds, Low Income Housing Tax Credit equity, and governmental and private subsidies. The projects we finance serve the homeless, seniors, those with disabilities, as well as low income families and individuals. They may also include workforce housing or market rate units and other commercial uses. We are among the largest Fannie Mae and Freddie Mac mortgage bankers in this sector in addition to being a balance sheet lender.
We work throughout the country from 13 offices and, according to Affordable Housing Finance Magazine, have been the #1 affordable housing lender in the United States in each of the past six years. That success is due in large part to having the strongest, most innovative team of professionals in the country. With Citi’s capital committing capability and team of experienced professionals, we are able to provide creative financing solutions that are specifically designed to meet each client’s needs.
- Coordinate new deal closings (e.g., construction loans, letters of credit, and bonds).
- Work closely with deal team members from Underwriting, Asset Management, Construction Risk, Legal Counsel and other teams throughout the closing and approval process.
- Organize deal team meetings to discuss timeline, funds flow, and equity partners on the deal.
- Coordinate Due Diligence calls with Client and track open items to ensure underwriting has met all the requirements to convert, as well as other conditions are satisfied prior to closing.
- Display a strong understanding of policies and procedures.
- Review deal summaries and legal documents to ensure the risk profile and deal structure are consistent and accurate across all systems and tracking tools.
- Book the transaction in various loan servicing and trade capture systems which feed books and records.
- Prepare settlement statements, calculate impounds and reconcile deal-related fees and expenses.
- Review core legal documentation for economic terms, conditions, and servicing requirements.
- Prepare delivery packages for servicer.
- Candidate is required to have a BA/BS. A minimum of 5 years experience in real estate industry/loan administration or equivalent role is preferred. Previous closing experience with affordable multifamily deals preferred.
- Individual must have excellent communication, organizational and interpersonal skills, and ability to multi-task and work effectively under tight deadlines.
- Energetic individual who shows initiatives, is a team player, and has a positive attitude to change.
- Ease with learning new systems/applications required. Demonstrates good excel skills, Quick learner and ability to work with minimal direct supervision.
- Highly-effective influencing skills; the ability to be coordinate internal meetings with several parties (Underwriting, Legal, Compliance, Risk, etc.) to gather information and meet conversion conditions
- Knowledge of commercial real estate legal documentation is a plus.
5+ to 7 years