Real Estate Underwriting Manager, Development

Real Estate Development Seattle, Washington


Position at Vulcan

About Vulcan

Vulcan was founded in 1986 by philanthropists Jody Allen and the late Paul G. Allen, co-founder of Microsoft. It includes Vulcan Real Estate, an award-winning developer renowned for sustainable commercial, residential, and retail projects across Puget Sound. Vulcan’s multidisciplinary team also provides a diverse range of asset and project management support to the Paul G. Allen Estate and Trust, and advises the Paul G. Allen Family Foundation on its portfolio of charitable work investing in wildlife conservation, ocean health, vibrant communities, and the arts.

While Vulcan Real Estate is a profit-driven business, we have a strong focus on positive community impact, and we are leaders in the field of environmental sustainability. Since 2000, we have delivered $4.3 billion in assets in 45 projects comprising 10.5 million square feet and 3,390 residential units. 80% of the development projects have occurred in South Lake Union, renowned as one of the largest urban redevelopment projects in the country. We also have a near-term development pipeline of 20 projects, including 6.0 million square feet and 3,000 residential units.

Vulcan believes in diversity and recognizing all voices, and we are working to weave equity and inclusion into the fabric of everything we do. We are actively investigating and applying best practices in equity and inclusion to our recruiting, hiring, retention and benefits programs. 

Position summary

The Underwriting Manager will prepare and present investment analyses for Real Estate development and acquisition opportunities, and otherwise assist Real Estate Directors and Managers in the execution of their responsibilities. 

Essential duties and responsibilities include creating complex financial models, budgeting and business planning, market research and underwriting due diligence, preparing investment memorandums, and providing broad analytical support for Real Estate investment activities.

Essential duties and responsibilities

  • Prepare and present sophisticated financial analyses to assess the feasibility of development and acquisition opportunities and to inform investment decisions. Product types may include office, retail, multi-family, industrial, and mixed-use projects.
  • Develop standardized financial templates and investment considerations for development and acquisition opportunities.
  • Perform commercial lease analyses for new development projects.
  • Assist in the preparation and presentation of investment memorandums to Vulcan executive management.
  • Assist in the preparation of materials to solicit construction financing for new development projects and/or permanent financing for stabilized operating properties.
  • Assist in the preparation of annual budgets and business plans, and in periodic status updates for Vulcan executive management.
  • Perform market research and underwriting due diligence, including:
    • Development cost tracking, benchmarking data, and budget analysis to evaluate project costs
    • Compile and maintain database(s) to track development activity, comparable sales, market trends, etc.
    • Track, analyze, and report on local real estate market conditions (such as rents, expenses, occupancy, and absorption) and assist with market forecasts
  • Analyze and support neighborhood master planning efforts, including transportation improvements, zoning requirements or changes, or other public infrastructure projects that affect the company portfolio 


To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.


  • Ability to perform sophisticated financial modeling including discounted cash flows, present and future values, internal rates of return, and other investment yield metrics.
  • Ability to interpret and present analysis results and other complex information clearly and concisely. Must have excellent written and oral communications skills. 
  • Ability to write conceptual proposals and documents that form the basis for projects, as well as ability to write reports, business correspondence, and other types of documents.
  • Ability to read, analyze, interpret and evaluate lease proposals, financial statements, consultant proposals and contracts, statistical data related to markets, general business periodicals and professional journals, technical procedures, and government regulations.
  • Thorough understanding of real estate value drivers, including capital markets, joint venture/financing structures, submarket dynamics, and specific lease considerations, as well as their impact on investment performance.
  • Solid understanding of the institutional investment process.
  • Ability to comprehend abstract and concrete variables and apply principles of logic or scientific thinking to a wide range of intellectual and practical problems.
  • Ability to prioritize and work both independently and as part of a collaborative team.


  • Knowledge of Seattle real estate marketplace
Required computer skills
  • MS Office
  • Argus Enterprise
  • Bachelor’s degree from accredited institution and five-plus years relevant experience, or equivalent combination of education and experience
  • Master’s degree in business or real estate preferred

We’re committed to inclusion and equal opportunity

To be successful, an individual must be able to perform each essential duty satisfactorily. The job description listed above is representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Vulcan Inc. is an equal opportunity employer. Every qualified applicant will be considered for employment. We do not discriminate based on race, color, religion, gender, sexual orientation, age, national origin, marital status, sex, disability, political ideology, or veteran status, or other protected class. 

Vulcan requires all U.S.-based employees to be vaccinated for COVID-19, except for those with an approved medical or religious accommodation. All new employees are required to provide proof of vaccination status or proof of qualification for a medical or religious accommodation upon hire.

If you need accommodation during the application or hiring process, please contact Human Resources at [email protected] or your recruiter.