What are the responsibilities and job description for the Director, Commercial Real Estate Originations position at PenFed Credit Union?
Job Overview
PenFed is hiring a (Hybrid) Director, Commercial Real Estate Originations at our Boston, Massachusetts location. PenFed is expanding its commercial real estate lending platform and seeking an experienced Commercial Real Estate (CRE) Debt Associate to support our growing portfolio. The individual will be responsible for evaluating, structuring, underwriting, and originating commercial real estate loans across multiple property types, ensuring sound credit decisions aligned with PenFed's policies, procedures and risk appetite.
Responsibilities
Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned.
Underwriting
Equivalent combination of education and experience is considered
This position will not supervise employees.
Licenses and Certifications
There Are No Additional Certifications Required.
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*
Travel
Ability to travel to perform property site visits / inspections and be on-call will be required for this role.
Benefits
At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You'll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access. Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities.
Our Purpose
Helping members achieve their dreams since 1935.
Pentagon Federal Credit Union (PenFed) is one of America's largest federal credit unions, serving 2.8 million members worldwide with $29 billion in assets. PenFed offers market-leading certificates, checking and savings, credit cards, personal loans, mortgages, auto loans, and a wide range of other financial services, always with members' interests in mind. PenFed is federally insured by the NCUA and is an Equal Housing Lender.
Berkshire Hathaway HomeServices PenFed Realty, LLC is a full-service real estate company ready to assist our clients with buying, selling and renting a home. The company is a wholly owned subsidiary of PenFed Credit Union and is the largest independently-owned brokerage in the Berkshire Hathaway HomeServices network, placing us in the top 1% of all real estate brokerages in the country.
With almost 60 offices and nearly 2,000 world-class sales professionals, we offer complete service coverage in Virginia, Maryland, the District of Columbia, Delaware, Pennsylvania, West Virginia, Florida, Tennessee, Kansas and Texas. In addition, we also offer specialized client services which include management of vacation properties and long-term rentals, corporate relocation services and national referral network.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568.
PenFed is hiring a (Hybrid) Director, Commercial Real Estate Originations at our Boston, Massachusetts location. PenFed is expanding its commercial real estate lending platform and seeking an experienced Commercial Real Estate (CRE) Debt Associate to support our growing portfolio. The individual will be responsible for evaluating, structuring, underwriting, and originating commercial real estate loans across multiple property types, ensuring sound credit decisions aligned with PenFed's policies, procedures and risk appetite.
Responsibilities
Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned.
Underwriting
- Underwrite and analyze commercial real estate loans, including acquisition, refinance, bridge, and construction financing, typically ranging from $10 million to $75 million across multiple property types.
- Conduct comprehensive property-level and market due diligence including review of rent rolls, operating statements, appraisals, rent comparables, sale comparables, market fundamentals, property condition reports, environmental reports, and other 3rd party reports as necessary.
- Evaluate borrower financial capacity, collateral quality, market dynamics, and overall creditworthiness.
- Prepare detailed financial models to assess property and debt cash flows, loan sizing, pricing, debt metrics (Debt Yield, Debt Service Coverage, LTV), and sensitivity scenarios.
- Prepare clear and comprehensive investment memos and recommendations for internal investment committees and senior management.
- Perform property site visits and inspections as needed.
- Negotiate and structure loans with covenants, reserves, future funding commitments, and other structural protections to mitigate potential cash flow shortfalls and other risks.
- Transaction Management / Execution:
- Assist with due diligence and overall transaction timelines ensuring transaction milestones and deadlines are met.
- Partner with the Closing and Servicing teams to ensure loan closings go smoothly.
- Stay informed of market trends, competitive dynamics, and regulatory changes impacting PenFed's CRE lending program and broader commercial real estate debt markets.
- Develop and manage relationships with brokerage firms, appraisers, owners, operators, and potential borrowers.
- Serve as the primary point of contact for borrowers in relation to new deal reviews.
Equivalent combination of education and experience is considered
- Education: Bachelor's degree in finance, Real Estate, Economics, or related field preferred.
- Experience: 12 years of total professional experience, with a minimum of 3 years in commercial real estate lending, debt asset management, or related credit. Experience with underwriting larger CRE loans ($10M ) that were directly originated is a plus.
- 4 Yrs. of Direct Management Experience
- Technical Skills: Strong financial modeling and Excel skills; experience with tools such as Argus (or similar real estate cash flow / value modeling tool) and CoStar preferred. Proficiency with Microsoft Applications (Word, Excel, PowerPoint, Access, Outlook) at a level that allows independent work.
- Communication: Excellent written, verbal, and presentation skills, with the ability to clearly articulate complex financial and real estate concepts.
- Analytical Skills: Strong analytical skills and ability to interpret financial statements, rent rolls, and other reports with ease.
- Execution-Oriented: Proven track record of executing transactions within tight timelines, meeting deal deadlines, proactively finding solutions to issues that arise during due diligence, and proactively escalating potential delays to closing.
- Detail-Oriented: Strong organizational skills and ability to manage multiple priorities.
This position will not supervise employees.
Licenses and Certifications
There Are No Additional Certifications Required.
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*
Travel
Ability to travel to perform property site visits / inspections and be on-call will be required for this role.
Benefits
At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You'll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access. Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities.
Our Purpose
Helping members achieve their dreams since 1935.
Pentagon Federal Credit Union (PenFed) is one of America's largest federal credit unions, serving 2.8 million members worldwide with $29 billion in assets. PenFed offers market-leading certificates, checking and savings, credit cards, personal loans, mortgages, auto loans, and a wide range of other financial services, always with members' interests in mind. PenFed is federally insured by the NCUA and is an Equal Housing Lender.
Berkshire Hathaway HomeServices PenFed Realty, LLC is a full-service real estate company ready to assist our clients with buying, selling and renting a home. The company is a wholly owned subsidiary of PenFed Credit Union and is the largest independently-owned brokerage in the Berkshire Hathaway HomeServices network, placing us in the top 1% of all real estate brokerages in the country.
With almost 60 offices and nearly 2,000 world-class sales professionals, we offer complete service coverage in Virginia, Maryland, the District of Columbia, Delaware, Pennsylvania, West Virginia, Florida, Tennessee, Kansas and Texas. In addition, we also offer specialized client services which include management of vacation properties and long-term rentals, corporate relocation services and national referral network.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568.