Listing Details


 

Interested and qualified candidates contact:
Sierra Olney: sierra@kelleraugusta.com | 617-247-0505 and/or Sara Marsh: smarsh@kelleraugusta.com | 617.804.0463

Director, Project Finance

Boston, MA

JOB DESCRIPTION

Company Overview:
Our client is one of the preeminent developers in the country and has a longstanding history of successful development projects, with a niche in hotel development. Over the years, the firm has successfully developed long-lasting relationships with numerous joint venture partners, lenders, institutions, retailers, community groups, and governmental agencies. Our client has established an impressive record of diverse and innovative projects, including hotels, housing, office buildings, and shopping centers throughout the country.


Position Overview:
Our client is seeking a Director, Project Finance. This person will be the principal point of contact for the managing partners, the project manager, equity investors, lenders and other third parties with respect to all financial and accounting matters. The role will report directly to the Chief Financial Officer and indirectly to the Project Executive.


Duties/Responsibilities:
• Review, analyze, and track the financial status of projects on a monthly, quarterly, and annual basis.
• Keep appropriate management aware of positive or negative financial developments impacting project and develop appropriate recommendations to address issues.
• In connection with monthly meetings with managing partners and development team, prepare financial statements budget forecasts, condo marketing & sale report, project returns and other requested analysis.
• Maintain and update Excel investment return model and run return projections as requested or required.
• Participate in monthly project meetings with representative of equity investors and quarterly prepare financial sections of report to equity investors in accordance with LLC agreements.


Accounting/Financial/Fund Administration:
• Maintain the accounting and tax books for the Property Owner and the related joint venture entities.
• Interact with outside auditors and coordinate the work for the annual audit and tax returns. Oversee audit work papers, financial statements and create footnotes to financial statements outside auditors.
• Create and maintain tax work papers for annual tax returns.
• Prepare annual taxable income estimates for project entities and Joint Venture investors.
• Create and update quarterly property valuation model used to value property for fair value accounting purposes.
• Update the annual valuation memo to support year end valuation.
• Review and approve all projects cost.
• Manage multi-level invoice approval process for project hard and soft cost.
• Oversee invoicing, treasury, and cash management.

Lender Reporting:
• Understand loan agreement and ensure project is in compliance with all financial and reporting loan covenants.
• Participate in monthly project meetings with lender and prepare and ensure timely delivery of various financial reports required by lender.
• Oversee project construction accounting including requests for loan disbursements, comparison to budget reporting, AIA documents, change orders, cost reallocation and work in progress reporting.
• Interact with lenders US service agent, design team and constructions monitoring consultant. Manage change order process.
• Prepare and compile monthly construction loan requisitions for submission to lender.


Sales and Marketing:
• Analyze and track the sales and marketing efforts of the project.
• Review and approve purchase and sale agreements for both the residential and hotel components of the project. Implement closing process, with sales and legal teams to facilitate the hotel component recapitalization/sale and the commencement of residential unit closings.
• Oversee the ongoing closing process for luxury residential condominium units working closely with conveyancing attorneys’ team.
• Approve all unit closing settlement statements on behalf of the project team.
• Act as primary contact with Four Seasons in connection reporting, disbursement, forecasting and tax withholdings of Four Seasons licensing fees.


Pre-Development Projects:
• Creation and analysis of pre-development budget costs and timeline.
• Forecast cashflow requirement and anticipated capital calls to investors.
• Review, analyze, and track financial status of pre-development budget on a monthly and quarterly basis.
• Participate with development team to generate accurate cash flow projections, detailed pro-forma options, construction budgets and source and use of funds for project development budget.
Qualifications/Experience:
• 10 plus years’ experience in real estate development accounting with an emphasis in hotel/mixed use projects preferred
• CPA preferred with a bachelor’s degree in accounting and/or finance
• Advanced Excel skill set; proficient in Word and PowerPoint, knowledge of Procore or other budgeting tool preferred
• Self‐starter, hands on, non‐bureaucratic, high-energy personality
• Ability to interact effectively across all levels of the organization
• Ability to be well organized in a fast‐paced environment, to successfully multi‐task and work both as a team player and independently to meet multiple demanding deadlines.

Qualifications/Experience:
• 10 plus years’ experience in real estate development accounting with an emphasis in hotel/mixed use projects preferred
• CPA preferred with a bachelor’s degree in accounting and/or finance
• Advanced Excel skill set; proficient in Word and PowerPoint, knowledge of Procore or other budgeting tool preferred
• Self‐starter, hands on, non‐bureaucratic, high-energy personality
• Ability to interact effectively across all levels of the organization
• Ability to be well organized in a fast‐paced environment, to successfully multi‐task and work both as a team player and independently to meet multiple demanding deadlines.