Construction Risk Manager

Location: Chicago, IL | Hybrid
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.

The position offers a base salary of approximately $120,000–$150,000, depending on experience, along with a strong benefits and time-off package.