Director of Acquisitions and Development

Director of Acquisitions and Development 6 days ago Be among the first 25 applicants Job Purpose The Director of Acquisitions and Development will be responsible for evaluating and assessing potential real estate acquisitions, divestitures and development of multifamily 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, detailoriented individual with an experienced background in both marketrate and affordable multifamily housing. This individual should have a desire to be part of a rapidly growing nonprofit organization with upward mobility and work within a team of other highly motivated individuals. Responsibilities 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. 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. 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 proforma 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. 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 Bachelors Degree or equivalent degree in multifamily home real estate acquisitions, business, real estate, architecture, planning, or finance; advanced degree preferred. 710 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 mixedincome housing. Experience in Los Angeles area is desirable. Extensive handson experience in underwriting and financing of affordable housing projects, including the use of typical financing sources such as lowincome housing tax credits, taxexempt bonds, HOME, CDBG, HUD Section202, etc. Experience with acquisition of HUD atrisk properties, HOPEVI and/or homeownership developments. High level of technical knowledge and handson experience with the development of affordable housing, affordable housing finance and real estate transactions. Past personal involvement in reading and negotiating legal documents. Excellent problemsolving and creative skills with ability to exercise sound judgment to make decisions based on accurate and timely information. Strong quantitative, financial analysis and modeling (Excel) skills. Strong sense of urgency and detail with resultsdriven orientation. Strong project management skills and followthrough. Exceptional research, writing and communication skills. Ability to multitask 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 buyouts 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. Seniority Level Director Employment Type Fulltime Job Function Business Development and Sales #J-18808-Ljbffr