Construction Risk Manager (Chicago)

Construction Risk Manager

Compensation: $120,000–$150,000 base

Travel: Approximately once every 3 weeks

A well-established real estate investment organization focused on affordable housing is seeking a Construction Risk Manager to join its growing team.

This role will evaluate and manage construction-related risk across a portfolio of multifamily developments, including both new construction and rehabilitation projects . The Construction Risk Manager will be involved from preconstruction and underwriting through active construction, closeout, and transition to operations.

This is a strong opportunity for someone with a background in architecture, construction management, engineering, development, owner's representation, or construction consulting who enjoys the technical and analytical side of construction and wants exposure to a broad portfolio of projects.

Responsibilities

• Review construction drawings, specifications, contracts, budgets, and schedules to identify potential gaps, constructability issues, cost exposure, and other project risks.
• Evaluate project scope and development teams during the preconstruction and underwriting process.
• Review construction contracts and scopes for completeness, risk allocation, and consistency with project requirements.
• Oversee third-party construction due diligence, including environmental, property condition, feasibility, and cost reviews.
• Monitor active construction through site visits, progress reports, payment applications, schedules, and budget tracking.
• Review change orders and scope revisions for cost, schedule impact, necessity, and potential scope creep.
• Monitor hard and soft costs against project budgets and identify potential cost overruns or schedule delays.
• Review construction draws and payment requests against actual project progress and supporting documentation.
• Work with developers, general contractors, architects, engineers, consultants, lenders, and internal stakeholders to resolve construction-related issues.
• Support project closeout, including inspections, punch lists, final payments, warranties, and required documentation.
• Prepare clear reporting on project progress, construction quality, risks, and recommended solutions.
• Manage multiple projects and deadlines simultaneously across a national portfolio.

Qualifications

• 10+ years of progressively responsible experience in construction management, architecture, engineering, project management, development, or a related construction discipline.
• At least 2 years of multifamily residential project experience .
• Bachelor's degree in Architecture, Civil Engineering, Construction Management, Construction, or a related field preferred; extensive relevant experience may be considered in place of a degree.
• Strong understanding of construction drawings, specifications, contracts, budgets, schedules, and construction methods.
• Experience reviewing construction progress, payment applications, change orders, budgets, and cost reconciliations.
• Strong understanding of building systems, including structural, MEP, roofing, waterproofing, and related components.
• Experience identifying constructability issues, scope gaps, quality concerns, and potential project risks.
• Ability to communicate technical construction issues clearly to both technical and non-technical stakeholders.
• Strong organization and time management skills with the ability to manage multiple active projects simultaneously.
• Experience with multifamily development, affordable housing, LIHTC, HUD programs, or construction lending/investment is highly valued but not required.

Additional Details

This is a hybrid Chicago-based position , with a preference for candidates who can work from the downtown office a couple of days per week. Exceptional candidates with highly relevant experience may be considered for a remote arrangement.

Travel is relatively limited, typically one short trip approximately every three weeks for project/site visits.