Senior Vice President, Credit and Risk

Company: FORSYTH STREET ADVISORS

Location: New York, NY

Job Function: Finance

Posted on: June 18, 2024

Background

About the Organization

Forsyth Street is an industry leader and has successfully guided the creation and/or operation of over a dozen public- private funds focusing on affordable housing, community development, and clean energy adoption, including many of the nation’s leading, most innovative new models. This includes the NYC Acquisition Fund, San Francisco Housing Accelerator, Baltimore Neighborhood Impact Investment Fund, NYCEEC, Inclusive Prosperity Capital, JOE NYC, and the Nashville Catalyst Fund, among others.

Founded in 2003, we are a team of creative problem solvers with deep, practical experience in the public and private sectors. We help our clients create more equitable, inclusive, and resilient communities. We bring our expertise in financial structuring to bear on difficult problems. We work with our clients to provide strategic, actionable advice, manage impact-oriented investment funds, and structure and advise on affordable housing transactions.

The firm has three primary lines of business:

Asset Management – Forsyth Street Asset Management is a Registered Investment Advisor that serves as Fund Manager for several innovative public-private investment funds focused on affordable housing, community development, and clean energy.
Financial Advisory – Forsyth Street Advisors provides in-depth, high-value financial advisory services for public agencies, non-profit organizations, philanthropies, and social enterprises. The company helps clients develop, finance and run new programs and mission enterprises, among many other activities.
Affordable Housing – Forsyth Street Affordable Housing is a leading expert on financing affordable housing in New York City and nationwide. We assist both for-profit and nonprofit developers in all stages of planning and financing the acquisition, rehabilitation, construction, and preservation of affordable housing.

We have helped our clients deliver results, with more than $4 billion in transactions closed and have guided the financing for tens of thousands of units of affordable housing. We have helped capitalize numerous impact funds for our clients and currently have $310 million in assets under management, comprising five affordable housing funds operating in NYC, Los Angeles, Baltimore, the Bay Area, and Nashville and other underwriting/lending engagements across the firm.

We pride ourselves on maintaining long-term relationships with our diverse set of clients. Our clients hail from all sectors: government, non-profit, philanthropic, private, corporate, and financial institutions.

Forsyth Street Website

Summary

About the Role

The Senior Vice President, Credit & Risk serves as an organizational leader, partnering with colleagues across Forsyth Street to source, engage, and deliver high-impact advisory and asset management services. They will also develop new products, renewing and tailoring those products as market and client needs evolve. In addition, they will coach, mentor, and manage at least one staff member who focuses on credit and underwriting to support their professional development and career growth, while ensuring they have clearly defined criteria and guidance when sourcing opportunities.

Who You’ll Work With

You will report to the Managing Director of Asset Management, with a dotted line to the Chairman
You will supervise at least one member of the Credit team
You will collaborate and co-lead Forsyth Street Asset Management alongside two other senior team members

Responsibilities

Risk Management

Oversee establishment, refinement, and implementation of credit policies to ensure compliance with relevant programmatic, financial, risk, legal and impact criteria
Direct oversight and accountability for portfolio performance and asset quality across the firm’s client roster, as the business line continues to grow in size and complexity
Oversee monitoring of portfolio, including: local, state, and federal policies that impact partner funding and operating environment; political trends and public support of key industries in the markets where Forsyth Street manages assets
Support the credit/investment committees for each of Forsyth Street Asset Management’s funds, ensuring that all investments meet credit policy requirements, and all risks are effectively communicated and appropriately mitigated
Oversee the production of interim (quarterly/annual) reports that describe fund activity and portfolio quality for disbursement to clients and external stakeholders in alignment with Fund requirements

Underwriting Fund Transactions

Collaborate closely with members of the Asset Management team to develop and screen a pipeline of suitable investment opportunities and deal partners for its clients
Provide leadership, guidance, and consultation to the asset management business, ensuring all activities are coordinated and seamless, from underwriting to ongoing operations
Provide strategic direction on deal terms, participating directly in structuring and restructuring of complex investment transactions that meet impact goals, partner needs, and credit criteria
Provide responsive and creative problem solving in real time, and engage consistently with colleagues and external parties to ensure transactions move forward
Act as a thought partner to internal and external stakeholders, working closely with clients, credit committees, and colleagues, serving as a subject matter expert on affordable housing policies and practices, providing input and expertise on an ongoing basis
Monitor underwriting and asset management workflow to ensure staff capacity is aligned with short and medium term deliverables and work with Forsyth Street leadership to address staffing needs as may be warranted

Requirements

Required Skills and Experience

Minimum of 10 years experience in real estate lending, public sector underwriting and/or credit review experience at a CDFI, bank, or similar financial institution, including experience overseeing a credit risk function
Strong analytical skills and knowledge of the affordable housing sector, with the ability to analyze financial statements, cash flow projections, project development budgets, and construction budgets; expertise building financial models and projecting operating pro formas
Collaborative orientation to meeting goals, with a track record of thriving in a dynamic, team-oriented environment; willing to support colleagues with large and small tasks to meet and exceed goals
Excellent project management skills, with the ability to manage multiple work streams, effectively prioritize, and manage deadlines
Experience managing staff in both direct management and collaborative project-based settings
Demonstrated ability to synthesize and clearly communicate complex issues to a range of audiences
Strong detail orientation, committed to a high standard of conscientiousness, especially related to lending implementation and compliance issues
Highly engaged, entrepreneurial and creative problem solver exhibiting sound judgment and deep commitment and passion for Forsyth Street’s work