The Senior Real Estate Finance & Accounting Manager is a senior accounting/finance position reporting to the Chief Financial Officer. We are looking for an experienced real estate finance professional to join our collaborative finance and accounting team. In this position, you will be working closely with the Communities Real Estate Development’s project staff, our finance and accounting team and the Chief Financial Officer to provide financial, accounting and analytical support for the companies’ extensive new project development pipeline of innovative affordable senior housing projects. The ideal candidate will be someone who:
- Is a self-starter who enjoys working in collegial and entrepreneurial setting
- Understands real estate entity and project accounting and finance, specifically affordable housing and low-income housing tax credits
- Will play a lead role representing finance and accounting on projects’ development team as well as with outside stakeholders, including sophisticated investors, lenders and government agencies
- Is a key “go-to” resource to problem solve and brainstorm complex financing problems, pulling together data and information from many sources and stakeholders
- Has experience with real estate development accounting systems such as RealPage or comparable accounting and construction/job costing systems
- Is extremely proficient in and has advanced Microsoft Excel skills (complex formulas, Pivot Tables, data table lookup), as well as Word and Power Point proficiency
- Audit or public accounting experience a plus
- Management supervision of the Real Estate Development Associate, developing and enforcing standards for project requisition and draws, as well as monitoring of equity installment milestones and cost certifications
- Oversight of pre-development financing, including ensuring accurate tracking and reporting of predevelopment costs in conjunction with pre-development budgets and credit facilities
- Reviewing and providing financial assistance with the proforma projection models for 4% and 9% LIHTC applications and transactions
- Assisting real estate team with the new project due diligence and deal closing, including responses to information requests from investor/lenders, closing & settlement statements, etc.
- Review of LOI’s, partnership agreements and other documents related to LIHTC transactions
- Research, analysis and setting standards as appropriate for development costs, operating expenses and other development and operational information for use with underwriting/ proformas
- Working with auditors, the accounting, real estate and compliance teams, prepare and/or review lease-up and tax credit delivery schedules, cost certifications and 8609s, tax credit compliance testing (50%, 10% and 95/5% tests), final project sources and uses, breakeven and stabilization calculations, initial project tax returns, investor/lender reports and projections
- Coordination of construction period accounting and allocations, and handoff and documentation of projects from development phase to operating
- Providing oversight over property ownership entity management, including formation
- Maintaining schedules of Real Estate Owned (REO) and contingent liabilities
- Set up and ensure compliance with debt and equity compliance procedures
- Preparation and analysis of portfolio-level reporting
- Prepare ad-hoc financial modeling
- Staying current on developments relating to financing of various federal and state programs utilized in development of affordable housing
Our client builds and manages exceptional housing in Greater Boston for low- and moderate-income seniors of all backgrounds. Their buildings offer 1,500 residents independent living within a vibrant community. The company is nationally recognized for the distinctiveness and excellence of their communities. Their housing is enriched by supportive services and life-enhancing programs that offer residents a wellness approach to daily life, including fitness facilities and instruction; accessible transportation; meaningful volunteer placements; computer centers; and creative learning, social and cultural opportunities.
- Exposure to commercial real estate with experience in financial statement preparation and analysis.
- Strong analytical and financial spreadsheet skills, critical thinking and forward-looking capabilities.
- Exceptional attention to detail with the ability to understand the “big picture.”
- Ability to work effectively as a team player or independently, in a fast-paced environment while prioritizing projects to ensure timely deliverables; ability to balance multiple tasks with changing priorities.
- Effective verbal and written presentation and communication skills and ability to work and collaborate with a broad cross-section of employees across the organization.
- Advanced Microsoft Excel skills. Proficiency in PowerPoint.
- Prior Senior or Affordable Housing experience
- LIHTC experience (must have)
- Cost Certification experience (must have)
- Bachelor’s degree in Accounting, Finance or Business or commensurate work experience in related fields.
- Commitment to the organization’s non-profit, non-sectarian mission of providing housing solutions to senior citizens of all backgrounds.