Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day. One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization. Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
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Bank of America's Community Development Banking (CDB) group is seeking a Permanent Debt Relationship Manager to join our North Region client coverage team. CDB is part of the Commercial Real Estate Bank (CREB) and is committed to building stronger and healthier neighborhoods in low- and moderate-income communities by providing financing solutions, including equity investments, to for-profit and non-profit developers of affordable multifamily housing. In 2023, CDB delivered $7.1 billion in debt financing and equity investments to help build vibrant, sustainable communities through affordable housing and economic development across the country.
This position supports the North Region Community Development Banking team which covers affordable housing developers in the Northeast and Midwest with offices in New York, Chicago and Boston. The candidate will be responsible for partnering with regional Relationship Managers to identify and structure permanent debt solutions which align with Bank of America construction loans and LIHTC investments to support affordable multifamily development and preservation. In this role, the candidate will prepare permanent loan proposals in conjunction with designated Bank of America partners as well as other lenders, manage permanent lender relationships, provide market updates, manage pipeline reporting, ensure compliance with Bank guidelines and facilitate loan conversions. In addition, Permanent Debt Relationship Managers are responsible for coordinating Federal Home Loan Bank AHP submissions and identifying refinancing opportunities on behalf of Bank of America clients.
The Permanent Debt Relationship Manager works across our region with our best customers and prospective clients to create perm loan financing strategies for the development of affordable housing, community revitalization and rehabilitation. The Permanent Debt Relationship Manager acts in an advisory capacity to assist Relationship Managers and clients in accessing solutions to meet the clients' financial perm debt needs including GSE, life company, housing agency and CDFI programs for both taxable and tax exempt executions.
Candidate MUST have prior Commercial Real Estate/Community Development and/or GSE lending experience; affordable housing finance, LIHTC investment or similar experience a plus. Relationships with leaders in the affordable housing industry, CDFIs, tax credit investors, syndicators, municipalities, state agencies, intermediaries, consultants, and other lenders is also desirable.
Qualifications
Minimum 5 years' experience working within Commercial Real Estate, Community Development or related fields.
Bachelor's Degree (Master's degree a plus).
Excellent communication and presentation skills.
Strong knowledge of real estate debt markets, GSE and other permanent loan providers, as well as credit underwriting fundamentals.
Must possess the flexibility to travel throughout the region in support of Relationship Managers and clients.
Shift:
1st shift (United States of America)
Hours Per Week:
40