Director of Acquisitions and Development
Director of Acquisitions and Development
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$ 162000 - 191000
1 Vacancy
Job Description
Job Purpose
TheDirector of Acquisitions and Development will be responsible for evaluating and assessing potential real estate acquisitions divestitures and development of multi-family affordable/workforce housing. The incumbent should be able to evaluate and assess potential acquisitions including market research underwriting structuring closing and transaction management. The preferred candidate is someone who has a strong local network within BRIDGEs markets the major metros across the West Coast.
The position is ideally suited for a highly motivated detail-oriented individual with an experienced background in both market-rate and affordable multifamily housing. This individual should have the desire to be a part of a rapidly growing non-profit organization with upward mobility and work within a team of other highly motivated individuals.
Duties and Responsibilities
Sourcing of Real Estate Acquisitions
- Source evaluate and assess potential real estate acquisitions throughout BRIDGEs footprint in CA OR and WA with a focus on the Los Angeles region.
- Lead the underwriting and due diligence for each transaction including financial modeling market surveys broker interviews interaction with property management personnel and local government officials.
- Effectively and efficiently manage real estate and finance transactions including site and property acquisitions rehabilitation and financial closings
- Source and identify new joint venture partners to create relationships that will provide a consistent pipeline of suitable investment opportunities
- Compilation of due diligence information including financial market site and regulatory data
Quality
- Ensure the highest quality product in every respect in conformance with BRIDGEs commitment to the physical financial operational health and quality of homes for its residents.
Financial/Legal/Administrative
- Provide recommendations and analysis that will inform the organizations investment decisions
- Underwrite acquisition opportunities including financial modeling analysis of market data/comparable sales preparation of market summaries and negotiations of LOIs and purchase and sale agreements
- Evaluate existing complex partnership agreements and cash flow waterfalls;identify and coordinate with capital markets group for all debt equity and soft sources of finance to ensure feasibility
- Validation and defense of budgets assumptions and pro-forma analysis
- Manage project costs throughout the budgeting process for rehabilitation and/or development projects.
- Document loan and partnership terms and obligations
- Completion of applications and documentation necessary for debt and equity financing property purchase and sale and government subsidy renewal.
- Work with legal counsel in the preparation and negotiation of purchase and sale agreements partnership agreements and related legal documentation necessary to complete transactions
- Manage the preparation and presentation of Internal Committee presentations for all acquisitions
Collaboration
- Collaborate with other members of the Business Development Team and internal functions including; Property Management Asset Management Capital Markets Group Legal and Corporate Finance.
- Collaborate with outside consultants brokers contractors and other allied professionals.
Requirements
- Strong academic background with Bachelor Degree or equivalent degree in multi-family home real estate acquisitions business real estate architecture planning or finance; advanced degree preferred
- 7-10 years of experience and a demonstrated track record of success in real estate acquisitions divestitures and development
- Real estate development experience with emphasis on affordable and mixed-income housing. Experience in Los Angeles area is desirable.
- Extensive hands-on experience in the underwriting and financing of affordable housing projects including the use of typical financing sources such as low-income housing tax credits tax exempt bonds HOME CDBG HUD Section 202 etc.
- Experience with acquisition of HUD at-risk properties HOPE VI and/or homeownership developments.
- High level of technical knowledge and hands-on experience with the development of affordable housing affordable housing finance and real estate transactions.
- Past personal involvement in reading and negotiating legal documents.
- Excellent problem solving and creative skills with the ability to exercise sound judgment to make decisions based on accurate and timely information.
- Experience reviewing and negotiating legal documents.
- Strong quantitative financial analysis and modeling (excel) skills.
- Strong sense of urgency and detail with results-driven orientation.
- Strong project management skills and follow-through. Exceptional research writing abilities written and verbal communications skills.
- Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency accountability exceptional attention to detail and sound judgment.
- Experience in GP buy-outs in LIHTC structures is desirable.
Working Conditions
This will be in office and at property sites with some travel required.
Physical Requirements
- Sitting standing walking talking hearing and repetitive motions
- Move lift carry push pull and place objects weighing less than or equal to 25 pounds without assistance
Required Experience:
Director
Employment Type
Full Time
