Vice President, Development Finance

2 months ago

Boston, United States Beacon Communities Full time

Vice President, Development Finance - Boston, MA

Position Overview:

The VP of Development Finance will report to the SVP of Finance and Acquisitions and work closely with members of the development and acquisitions teams across offices in Boston, New York City, Buffalo, Albany, and Pittsburgh. The VP will structure debt and equity, with an emphasis on low-income housing tax credit (LIHTC) affordable transactions, as well as negotiate term sheets and assist in implementing finance transactions. The position requires interacting with lenders, investors, and public agencies. Under the direction of the SVP of Finance and Acquisitions, the VP of Development Finance will be responsible for securing financing and negotiating terms for primarily LIHTC development and preservation transactions. Other responsibilities include developing and refining pro forma models of forecasted revenue, expense, depreciable and tax credit basis used for structuring LIHTC financing and associated lending products. The successful candidate will possess a high degree of professional ethics and integrity, demonstrate mastery of affordable housing financing, as well as excellent negotiation, problem-solving, time management, analytical, and communication skills.

Primary Duties and Responsibilities:

  • Maintain knowledge of pricing, trends, and products in the affordable housing debt and equity markets and create strong relationships with capital providers.
  • Work collegially with development directors to review their initial development financial analysis and help them create budgets and pro forma models of projected financial feasibility of projects at early stages.
  • Solicit, negotiate and review equity letters of intent and debt term sheets for Low Income Tax Credit developments and other affordable housing acquisitions; respond to due diligence; ensure consistency with Beacon’s desired terms for equity letters of intent and debt term sheets; and review with internal and external legal, development, and finance team members.
  • Ensure that financial models accurately capture each deal’s financial structure, sources and uses, pro forma revenue and operating expenses, debt assumptions, waterfall allocations, tax credit basis, and projected tax credits and equity.
  • Review investor/lender equity investment and debt draft agreements making sure that they are in accordance with letters of intent or term sheets and that any additional terms are acceptable to Beacon.
  • Assist with and or take the lead during financial closings of development projects regarding finalization of debt and equity agreements and documentation to ensure financing terms are consistent with expectations and risk is appropriately mitigated.
  • Track financial milestones and adjust assumptions based on development schedule changes.
  • Support first-year audits and cost certifications for accuracy regarding required credits and debt service coverage.
  • Perform other duties as required to support the financing needs of development and acquisition teams.
  • Work with development directors and development accountants, as needed, to review stabilized operations after lease-up and arrange for both the conversion of construction period debt to permanent debt and the receipt of final equity installments.

Minimum Qualifications:

  • Knowledge and experience reviewing and structuring investor and lender proposals and negotiating with third-party capital providers.
  • Demonstrated experience working with complex transactions in a deadline-driven environment.
  • Familiarity with traditional and creative financing structures and capital products to support complex affordable housing transactions.
  • Willingness to delve deeply into regulatory and programmatic details that govern various affordable housing financing and subsidy programs.
  • Outstanding mathematical, financial, analytical and Excel modeling skills and knowledge of real estate pro formas and accounting issues.
  • Understanding of corporate partnership and real estate tax and depreciation concepts.
  • Ability to work well with others both internally and externally, capacity to work independently and collaboratively on multiple tasks and projects and with multiple people under demanding deadlines.
  • Orientation to win/win situations in negotiations.
  • Ability to communicate effectively both in writing and conversation with team members, senior management, investors, and lenders.
  • Proficiency in Microsoft Excel and Word. Experience in PowerPoint and Smartsheet helpful but not necessary.
  • Demonstrated interest in tracking financial markets and interest-rate movements as well as trends in real estate and affordable housing finance.

Education: Undergraduate degree preferably in accounting/finance, real estate development, urban planning or another related field. A master’s degree in accounting, finance, real estate development or planning or an MBA preferred.

Experience: Minimum 7+ years of real estate accounting, finance, investment or analysis, development, asset management or planning, with knowledge of the affordable housing environment and familiarity with real estate partnership agreements, financing products and structures and tax issues. Direct affordable housing finance experience required. Experience should demonstrate the ability to work on numerous projects simultaneously in a fast-paced environment.

Travel requirements: Minimal.

VP of Development Finance Core Competencies: Analytical Skills, Strategic Thinking, Collaboration, Creativity, Solution Orientation, Time Management.

Beacon Core Competencies required for all positions: Teamwork, Integrity/Ethics, Dependability, Customer Focus, Adaptability/Flexibility, Respect for Others.

Location: Within Beacon’s footprint, with a preference for Boston, MA or New York.

Relocation: Yes.

Benefits Offered:

At the core of Beacon Communities is the talent on our teams, and we are committed to taking care of our team members so they can deliver great experiences to our residents. That is why we are proud to provide competitive compensation and comprehensive benefits that support a healthy life for you and your family when you join our team.

Company Overview:

Founded in 2004, Beacon Communities LLC is a privately-owned real estate firm that develops, acquires, invests in, and manages a wide range of multifamily housing. Beacon currently owns and manages approximately 150 properties including affordable housing, market rate housing, and mixed income-housing. Its developments range from new construction to historic adaptive reuse to the renovation of existing housing.

Beacon Communities LLC is an Equal Opportunity Employer that seeks a diverse pool of candidates. We are committed to a policy of equal employment opportunity without regard to race, color, ancestry, national origin, religion, disability, gender, gender identity, sexual orientation, age, veteran status or other protected class. All qualified applicants are encouraged to apply. Beacon Communities LLC participates in the E-Verify program.

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