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Director of Acquisitions and Development
Director of Acquisitions and DevelopmentBridge Housing Corporation • San Francisco, CA, US
Director of Acquisitions and Development

Director of Acquisitions and Development

Bridge Housing Corporation • San Francisco, CA, US
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Job Description

Job Description

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
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    Director Of Development • San Francisco, CA, US

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