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Job Purpose

The Director 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 BRIDGE’s 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 BRIDGE’s 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 BRIDGE’s 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 organization’s 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