Analyst, Acquisition Rehab

Company Description

Jonathan Rose Companies is one of the country’s leading owners, developers and operators of green affordable and mixed-income communities. Founded in 1989, Rose has created projects with more than $4.2 billion of value with a current portfolio of 19,000 apartment homes in 15 states and Washington DC.

Our mission is to create a more environmentally thriving, socially just world through the development, preservation, renovation and management of green, affordable and mixed income housing.

The firm is a fully integrated investment management, development and asset management company with property management, construction management, solar energy, mortgage finance and title company affiliates.

We strive to achieve positive environmental impact by investing in energy efficiency, decarbonization, and water conservation to reduce our use of natural resources and toxins. Our social impact is achieved by preserving and expanding housing affordability, and connecting our residents to health, education, financial, cultural and social services. And we aim to achieve these impacts in a co-creative process with governments, our residents and staff.

We are signatories to the United Nations Principles for Responsible Investing (UN PRI), benchmark performance annually through GRESB, and align our reporting with the Task Force for Climate-related Financial Disclosures (TCFD) guidelines, SASB Standards, and GRI Standards.

Position Description

The Acquisitions Analyst is responsible for assisting the Acquisition-Rehab team with the company's acquisition, rehabilitation, and preservation of existing affordable housing properties utilizing Low Income Housing Tax Credits, Tax Exempt Bonds, and other asset-specific financing tools. The analyst may also assist in property acquisitions on behalf of the company’s equity in private equity investment fund vehicles.

The pay range for this position is $95,000 - $115,000 per year based upon factors including but not limited to related experience and time in the industry.

Responsibilities:

The Acquisitions Analyst support the Associates and Directors of the Acquisition-Rehabilitation team as those individuals perform the following activities:

ACQUISITION UNDERWRITING – 20%

• Identifies acquisition opportunities by working with brokers, industry relationships, internal team members, and external databases, including direct outreach to existing owners and operators
• Gathers all preliminary data, due diligence, property financials, regulatory information, and other available materials to assess a property’s financial and physical condition
  Regularly reviews state, local, and federal funding opportunities, including reviewing and summarizing key points from state and local Qualified Allocation Plans (“QAPs”) to determine a project’s eligibility
• Engages with capital markets representatives to understand the current market for debt and LIHTC equity financing, including investigating new structures and funding sources
  Underwrites potential transactions to assess financial feasibility in light of income and expense projections, currently available debt and equity financing, anticipated required renovation scope, and compatibility with other state, local, and federal requirements
  Presents summaries of acquisition opportunities, their underwriting and feasibility assessment, and proposed bids to team leadership and to management committee for discussion
• Drafts and submits Letters of Intent (offers to purchase) for potential acquisitions

DUE DILIGENCE & PROJECT SCOPING – 20%

• Engages transaction counsel, HUD counsel, and local counsel as necessary to seek regulatory approvals, negotiate a purchase and sale agreement, and coordinate all transactional documents
• Reaches out to property residents, tenant associations, local community members, and elected officials to solicit feedback on the timing and scope of renovation, to understand property-specific needs, and to building project support and community trust
• Orders third-party reports including physical needs assessments, environmental reports, survey, title, appraisals, markets studies, rent comparability studies, and regulatory summaries
• Coordinates with construction management to identify and hire architects, engineers, general contractors, relocation consultants, and other specialists necessary to scope and design the project
• Directs construction management on allowable budgets, required scope items, and overall marketing or regulatory objectives; seeks their feedback and guidance on cost-benefits and trade-offs of various scope items; collaborates to make preliminary scope determination
  Reviews property financials and refines budget in coordination with asset management and property management
  Revises financial projections and synthesizes due diligence findings, including projected predevelopment budget needs and anticipated scope, for presentation and approval by Investment Committee
• Works iteratively with construction management, asset management, property management, resident services, the architects, engineers, and contractors to refine scope and budget towards final drawings, submission for plan and cost review with investors and lenders, and application for permits with the municipality

DEAL STRUCTURING & FINANCING – 20%

• Discusses project feasibility and potential funding structures with trusted financing partners to understand current state of debt and equity markets
• Determines preliminary financing and legal structure in consultation with Managing Director and transaction counsel
• Prepares financial model and formal RFP, distributes to multiple debt and LIHTC equity partners (banks, syndicators) to obtain financing term sheets
• Compares and levels debt and equity bids and assists the Managing Director in negotiating key terms to develop final term sheets
• Presents final debt and equity bid with proposed structure and recommended financing partners to Investment Committee
• Engages transaction counsel to negotiate loan documents, bond documents, limited partnership agreements, and other financing documents
• Collaborates with Managing Director to identify, select, and negotiate business terms and agreements with any additional joint venture partners
• Prepares applications and submittals to state, local, and federal agencies outlining the proposed transaction, including the financial pro-forma, the scope and budget, the financing sources, the selected architect and engineer, the ownership and management structure, and any other partners or details
• Submits requests for additional soft funding or competitive resources as necessary, coordinating directly with HUD, Housing Authorities, and other agencies to understand specific funding availability or requirements

TRANSACTION CLOSINGS – 20%

• Leads all internal and external teams to a successful financial closing, including acquisition of the property and commencement of construction
• Elevates issues to and problem-solves with Managing Director regularly, collaborates with peers to troubleshoot using institutional knowledge, and reports out to or seeks approvals from senior management as necessary
• Coordinates across construction management, project accounting, asset management, and property management to see through to completion all previously outlined items, including:
  • Finalization of all partnership, legal, regulatory, and financing documents
  • Finalization of investors projections, loan sizing, and bond underwriting materials
  • Approval of plans and specifications, title and survey, and obtainment of construction permits
  • Execution of signed construction contract, payment & performance bonds, and builder’s risk insurance
  • Execution of property management agreement and associated agency-approved documents
  • Approval of relocation plan, if necessary
  • Sign-off on closing draw and settlement statement
• Onboards the project accountant and ensures the timely and accurate preparation of the closing draw and settlement statement
• Ensures all required documents have been reviewed, signed, executed, and submitted to the appropriate parties, and works collaboratively with all lenders, investors, agencies, and other parties to ensure their checklists have been fulfilled and respective sign-offs obtained in advance of closing

PROJECT MANAGEMENT & CLOSE-OUT – 20%

• Serves as project “owner” through construction, stabilization, and close-out periods through receipt of 8609s and all final lender, investor, agency, and municipal documentation
• Oversees relationships of construction management, asset management, project accounting, and property management with their peers at lenders, investors, and agencies
• Coordinates with the construction manager to receive weekly construction and relocation updates and make necessary day-to-day decisions; collaborates with construction manager to escalate change order decisions
• Ensures timely preparation of monthly draw requisitions and Budget Variance Reports by project accountants, and ensure timely preparation and review of monthly property operations financial statements, as necessary
• Onboards the asset manager to oversee annual budgeting and ongoing lender, investor, agency, and internal reporting requirements, including delivery of annual tax returns and audited financial statements
• Collaborates with the asset manager in ensuring the project achieves stabilization milestone and assists in developing initial post-stabilization operating budgets
  Produces a closing memo that summarizes the overall business plan, scope, financing, and organizational structure; notes key regulatory requirements including income and rent restrictions; highlights any major differences with the approved ICOM memo; and provides clear list of any out-of-the-ordinary deal points, reporting needs, or post-closing actions
• Works with asset management to input key information in any required internal databases and to save relevant closing files in the appropriate folder systems, with clear names, consistent with corporate naming hierarchies
• Monitors the performance of the property throughout the 15-year+ hold period and assists asset management in troubleshooting major issues or in contemplating value creation, refinancing, or disposition opportunities
• Assists in managing deal flow pipeline and weekly, quarterly, and annual report-outs by gathering, generating, and inputting new opportunities and project specific information including milestones, obstacles, financial performance, budget and schedule variances, and other issues

Competencies

• Self-Motivated: Driven to achieve the desired outcome with minimal outside guidance or managerial pressure, and willing to use one’s energy to help push the team further, faster
• Goal-Oriented: Focused on delivering the final product in the best manner possible, and willing to seek out the resources necessary to achieve the interim milestones in the face of obstacles
• Intellectually Curious: Independently seeks to obtain and use new information and skills in the furtherance of ones work and to share knowledge with the team to push the business in new directions
• Collaborates: Building partnerships and working collaboratively with others to meet shared objectives.
• Communicates Effectively: Developing and delivering clear verbal and written forms of communication tailored to the needs of specific audiences or occasions.
• Cultivates Innovation: Creating new and better ways for the organization to continuously improve and achieve success.
• Ensures Accountability: Holding self and others accountable to meet commitments.
• Instills Trust: Gaining the confidence and trust of others through honesty, integrity, and authenticity.
• Situational Adaptability: Adapting approach and demeanor in real time to match shifting demands of different situations.

Requirements

• Financial modeling and data analysis skills including advanced proficiency in Excel (e.g., familiarity with pivot tables, data tables, sensitivity analyses, and circular logic/formulas)
• Sufficient familiarity with a building’s physical components and schematic level drawings to interface with architects and contractors in design and scoping discussions, or demonstrated ability to learn quickly
• Demonstrated logical reasoning skills and such forethought as necessary to digest, summarize, and negotiate legal and regulatory documents
• Project management and cross-team management skills which may be demonstrated through school, work, volunteer, or extracurricular experience (specific familiarity with MS Project or similar software is preferred)
• Advanced written, oral, and digital communication skills, such as in the preparation of Investment Committee memoranda in MS Word or Investor presentations in MS PowerPoint, and as shown in public speaking forums
• Ability to quickly synthesize, prioritize, tailor, and relay information across multiple audiences internally and externally, up and down various hierarchical ladders, each with different communication styles and needs (i.e., an ability to communicate effectively with everyone across from CEOs to Accountants, Architects to Plumbers, Lawyers to Social Workers, Bankers to Bank Tellers, Mayors to Residents, and anyone in between)
• Prior transactional experience is preferred, including through the buy-side, sell-side, or with intermediaries, but not critical (Specific real estate or affordable housing experience is not required)
• Bachelor’s Degree in Finance, Business, Economics, Real Estate, Architecture, Engineering or relevant quantitative field required.
• MBA, JD, Master’s of Finance, Real Estate, Urban Planning, Architecture or similar preferred.
• 1-2 years of experience with financial modeling/underwriting required.
• 1-2 years of transactional experience with knowledge of deal structuring preferred.
• Real estate experience preferred; Familiarity with affordable housing, including tax-exempt bonds, Low Income Housing Tax Credits, and HUD preferred.
• Ability to travel up to 33% of the time.

Rose Companies Benefits:

At Rose Companies our goal is to provide an affordable and comprehensive benefits package that provides security for you and your family and supports your overall wellbeing. Benefits offered include, but are not limited to: Medical, Dental, Vision, Flexible Spending Accounts, Life, Short-Term Disability, Long-Term Disability, 401K with company match, competitive paid time off policy, paid holidays, parental bonding leave and educational assistance.

Rose Companies is committed in policy and practice to providing equal employment opportunities for all applicants and employees, based upon their training, experience, and overall qualifications. Consistent with this commitment, discrimination against an applicant or employee based upon the individual’s race, color, creed, religion, sex, gender, age, national origin, ancestry, citizenship status, marital or familial status, sexual orientation, gender identity, gender expression, disability, military status, protected veteran status, genetic information, or any other condition or characteristic protected by law is strictly prohibited.