PGIM Senior Investment Associate, Affordable Underwriter

A GLOBAL FIRM WITH A DIVERSE & INCLUSIVE CULTURE

As the Global Asset Management business of Prudential, we're always looking for ways to improve financial services. We're passionate about making a meaningful impact - touching the lives of millions and solving financial challenges in an ever-changing world.

We also believe talent is key to achieving our vision and are intentional about building a culture on respect and collaboration. When you join PGIM, you'll unlock a motivating and impactful career – all while growing your skills and advancing your profession at one of the world's leading global asset managers!

If you're not afraid to think differently and challenge the status quo, come and be a part of a dedicated team that's investing in your future by shaping tomorrow today.

At PGIM, You Can!

What You Will Do

PGIM RE is seeking to hire an Underwriter to join our Agency Lending business focused on Affordable housing. The Underwriter will be responsible for underwriting both conventional and affordable multifamily transactions across Fannie Mae, Freddie Mac, balance sheet, and private placement capital sources. The role will support execution of transactions involving affordable housing restrictions and structures, while maintaining a strong foundation in agency underwriting standards and credit analysis.

The role will be a hybrid role based in any of the following locations: Arlington, Chicago, Atlanta, and Dallas.

What You Can Expect

• Monitor the collection and due diligence materials as well as approval of due diligence materials reviewed by underwriting staff.
• Review initial screening and loan application.
• Serve as the primary point of contact for clients and provide support on credit and underwriting matters with internal and external stakeholders.
• Complete review, analysis and approval of due diligence materials related to a loan submission.
• Review and provide commentary on third party reports.
• Evaluate transactions involving more complex structures, including layered capital, regulatory agreements, and affordability-related considerations, and assess implications on credit risk and execution.
• Identify key transaction risks and support development of mitigants and credit recommendations.
• Finalize the underwriting narrative and model and/or provide direction to underwriting staff.
• Ensure on-going and proactive communication on all aspects of the loan process with all key stakeholders.
• Conduct site visits independently.
• Support the preparation of materials for Investment/Loan Committee when necessary.
• Proactively collaborate with Agency partners as necessary throughout the transaction.
• Management and mentorship of the team's analysts.

What You Will Bring

• 6 or more years of experience in underwriting roles.
• Strong experience underwriting multifamily transactions with a focus on agency execution (Fannie Mae / Freddie Mac).
• Ability to independently manage transactions and exercise sound credit judgment.
• Experience navigating agency requirements and addressing transaction-specific nuances, including working through exceptions, waivers, and interpretive guidance where applicable.
• Excellent critical thinking and decision-making skills.
• Excellent verbal and written communication skills.
• Strong attention to detail.
• Proficient in analysis of Mortgage Credit and Borrower structures.
• Proven management capability.
• Demonstrated ability to take ownership of transactions while operating as part of a collaborative, fast-paced underwriting team.

What Will Set You Apart

• Familiarity with affordable housing transactions, including Fannie Mae and Freddie Mac programs (e.g., LIHTC, Section 8 / PBV, tax-exempt bond–financed transactions), and an understanding of associated regulatory restrictions, subsidies, and more complex capital structures
• Experience applying agency underwriting guidelines to affordable housing properties, including treatment of subsidies, rent restrictions, subordinate debt, low income housing tax credits, and tax abatements.
• Demonstrated understanding of long-term affordability, compliance risks, and mission-driven objectives associated with agency-financed affordable housing

*PGIM welcomes all applicants, even if you don't meet every requirement. If your skills align with the role, we encourage you to apply.

Note: Prudential is required by state-specific laws to include the salary range for this role when hiring a resident in applicable locations. The salary range for this role is from $120,000 to $135,000. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills. Roles may also be eligible for additional compensation and/or benefits.

About PGIM Real Estate

With $207.9 billion in gross assets under management and administration ($133.8 billion net), PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.

PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate's risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing, and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.