Senior Underwriter

PACE Equity; Milwaukee (WI); On-site; USD 95,000 - 135,000; Full time

Benefits offered by this job

Medical/dental/vision insurance

Health Spending Account

Life Insurance

401K matching

Paid time off

Free parking

Job summary

PACE Equity in Milwaukee seeks a Senior Underwriter to drive underwriting and execution of C-PACE financings from intake through closing. The role offers exposure to commercial real estate finance, construction lending, and sustainable capital across multifamily, hospitality, office, retail, industrial, and seniors housing assets.

The ideal candidate has 4–6 years in underwriting, lending, investment banking, or valuation; prior C-PACE is preferred but not required. Reports to the VP of Credit.

Qualifications

• Bachelor's degree in finance, real estate, accounting, economics, or related field.
• 4–6 years of CRE underwriting, lending, investment banking, or valuation.
• Advanced Excel skills and macro-enabled underwriting models.

Responsibilities

• Build and maintain underwriting models for C-PACE transactions across asset classes.
• Develop stabilized pro formas, sources and uses, and capital stack analysis.
• Evaluate credit metrics: PACE-to-value, LTV/LTC, DSCR, debt yield.
• Review appraisals, rent rolls, T-12s, budgets, CoStar and STR reports.

Skills

Advanced Excel

CRE fundamentals

Underwriting models

Credit metrics

Strong writing

Education

Bachelor's degree in finance/real estate/accounting/economics

Tools

CoStar

STR

NIC MAP

Argus

Job description

At PACE Equity Finance we deliver C-PACE financing for the development and renovation, or recapitalization of efficient commercial buildings. We believe in the power of C-PACE financing to help our customers achieve financial success. We strive to improve our planet by helping customers develop sustainable projects that maximize energy savings and improve financial outcomes. Our vision is innovating for impact.

PACE Equity is seeking a Senior Underwriter to drive the underwriting and execution of C-PACE financings from intake through closing. This position offers broad exposure to commercial real estate finance, construction lending, and sustainable capital across multifamily, hospitality, office, retail, industrial, and seniors housing assets. The ideal candidate will be an analytically strong commercial real estate professional with 4–6 years of experience in underwriting, lending, investment banking, or valuation. Prior C-PACE experience is preferred but not required. This position reports to the VP of Credit and works closely with originations, transaction management, legal, closing, asset management, and Investment Committee.

Day-to-Day Responsibilities

Underwriting & Financial Analysis

• Build and maintain underwriting models for C-PACE transactions across multifamily, hospitality, office, retail, industrial, and seniors housing assets.
• Develop stabilized pro formas, sources and uses, and capital stack analysis.
• Calculate and evaluate key credit metrics, including PACE-to-value, combined LTV/LTC, DSCR, and debt yield.
• Flag transactions that fall outside underwriting criteria.
• Review and synthesize appraisals, rent rolls, T-12s, construction budgets, CoStar and STR reports, and market studies.
• Assess sponsor strength, developer track record, and construction risk, including budget, general contractor, and completion risk.
• Coordinate third-party reports, including appraisals, Phase I ESAs, property condition reports, and energy and engineering studies.
• Confirm that eligible improvements meet C-PACE program requirements.

Credit Materials & Investment Committee

• Prepare credit risk scorecards, IC memos, and deal summaries.
• Clearly present the investment thesis, key risks, and mitigants for each transaction.

Cross-Functional Collaboration

• Partner with originations, transaction management, legal, closing, and asset management teams.
• Work directly with borrowers, mortgage lenders, and county or state program administrators.
• Support construction draw review and post-closing handoff to asset management.

Team Development

• Guide and review the work of Transaction Analysts on assigned deals.

Requirements And Skills

• Bachelor's degree in finance, real estate, accounting, economics, or a related field.
• 4–6 years of experience in commercial real estate underwriting, lending, investment banking, or valuation.
• Advanced Excel skills and comfort working in complex, macro-enabled underwriting models.
• Working knowledge of CRE fundamentals, property-level financial statements, and lender-side credit metrics.
• Clear, concise writing skills, especially for credit memos.
• Strong organization and attention to detail, with the ability to manage several transactions at once.

Preferred and/or shows emerging capabilities

• Exposure to C-PACE, construction lending, or structured finance transactions.
• Familiarity with CoStar, STR, NIC MAP, or Argus.
• Understanding of state C-PACE enabling legislation and county program structures.
• Progress toward a CFA, CCIM, or similar credential.

How We Work Best

Our values guide us to how we work together at our best and how we show up for our clients, partners, and one another. In this role, you are expected to consistently model these values.

• Trusted: We trust one another to be fair minded and forthright
• Professional: We act professionally in all circumstances
• Committed: We commit to successful results and impacts for clients and coworkers
• Respectful: We respect the diverse personal and professional lives of our clients and coworkers
• Collaborative: We advocate and empower others for mutual success; we share our knowledge and expertise freely

At PACE Equity, you’ll join a high-performing team that’s changing how developers and brokers access capital, combining competitive energy with real purpose. If you’re motivated by growth, driven by results, and ready to be part of a growing company with a collaborative culture, we’d love to meet you.

Benefits Overview:

• Medical/dental/vision insurance
• Health Spending Account with Employer Contribution
• Life Insurance and Short Term and Long-Term Disability Insurance
• 401K eligibility on first day of month following date of hire – 100% match up to 5% of employee compensation
• Parental Leave for all parents
• Care giver benefits
• Tuition Reimbursement
• 11 paid company holidays
• Paid time off
• Free parking at our downtown Milwaukee office

Inclusiveness is important to us. PACE Equity is an Equal Opportunity Employer