Job Information
Cambridge Savings Bank CRE Construction Portfolio Manager in Waltham, Massachusetts
POSITION: CRE Construction Portfolio Manager
Summary:
At Cambridge Savings Bank, our purpose is to have a positive impact on our customers, employees, and community's financial well-being. We are committed to exceeding expectations and having a strong commitment to diversity and inclusion. Under the guidance of the Head of CRE Construction Management, this position will (a) lead the management and oversight of all active construction projects financed by the Bank across the Commercial Real Estate and C&I business channels, (b) prepare reports related to the construction portfolio (c) assist the CRE Portfolio Managers with portfolio monitoring and analysis functions as detailed below.
Key Result Areas:
Construction Related Responsibilities
Construction Budget Analysis: Review to ensure there are adequate loan proceeds remaining to complete the remaining budgeted work. This will include reviewing change order logs, interest reserves, and contingency allowances. Ensure that all equity requirements by the borrower have been contributed to the project as outlined in the Loan Approval Summary and Construction Agreement (if applicable).
Communicate with Construction Loan Borrowers regarding receipt of funding requisitions, timing of advances, and any issues / concerns affecting the requisition or project status.
Construction Inspections: Conduct site visits to various construction projects in connection with monthly construction draws for the purpose of verifying construction progress. For those projects where a third-party consultant has been engaged, the incumbent’s presence is not required for each draw. However, for smaller, primarily residential construction projects, the incumbent will serve as the sole inspector.
Engagement of Third Party Engineers and Consultants: Work with the Loan Officer to gain an understanding of the project pre-closing, and assist in the engagement of third party construction consultants/engineers to obtain front-end Plan and Condition Reports which will ensure the proposed and underwritten budget is sufficient to complete the proposed project. The incumbent will act as a conduit between the borrower and the third-party consultants to coordinate inspections for each loan draw.
Title Policy Endorsements: Communicate with CSB title attorneys to ensure clean title for ongoing construction projects prior to advance funding.
Coordination of Advances with Participant Banks: For projects involving a participant, communicate with the participant bank to coordinate the funding date and ensure the construction advances are processed in compliance with the terms of the loan agreement and participation agreement.
Complete the advance memo, organize all supporting documents relating to the advance, upload the package to the OnBase system of record, and coordinate the appropriate approvals.
Coordinate with other departments within the bank to ensure they are aware of construction advance volume. This will also involve working closely with the commercial loan servicing department to make certain that advances receive adequate approvals and are funded accordingly.
Prepare semi-annual CASTRO (Construction and Stabilization Tracking) reports for each loan with a construction-related component.Said reports serve as a status update of the project and often an annual review of the loan.
Periodically (typically prior to FDIC exams), prepare an interest reserve report, indicating the adequacy of the interest reserve for each construction loan.
Portfolio Management Responsibilities
Periodically, complete annual reviews in connection with CASTRO reports, the purpose of which is to become familiar with underwriting metrics, financial statement analysis, debt service coverage analysis, and loan structures.
Monitor Commercial Lending’s monthly borrowings from the NEF for 40B development projects.
Qualifications:
College degree, preferably in business, finance, accounting or equivalent.
Prefer knowledge of commercial bank lending and practices
Solid understanding of financial accounting.
Strong analytical skills.
Strong computer skills (Excel, Word).
Excellent communication, customer service, and interpersonal skills.
Ability to multi-task and pay attention to detail.
Strong organizational skills and ability to work independently and meet deadlines.
The above description covers the most significant major responsibilities but does not exclude other occasional responsibilities and accountabilities the inclusion of which would be in conformity with the major purpose of this job.
Location:
Hybrid/Waltham, Massachusetts
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service banking institution with $7 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In February 2025, Kroll Bond Rating Agency affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com , or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender. NMLS # 543370
Cambridge Savings Bank is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.
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