Department Conventional Equity
Location San Francisco, CA
Entity Enterprise Community Investment, Inc.
Enterprise is searching for an experienced and independent real estate leader to help grow its Conventional Equity business through the management and creation of thematic investment funds. The Conventional Equity team manages a series of five conventional real estate equity funds ($394 million of cumulative commitments), including four national preservation funds ($350 million of commitments) and one thematic investment fund focused on preserving affordable housing in northern CA in a health-conscious way (Housing for Health Fund, a $45 million fund). The Conventional Equity team’s goal is to reach $1 billion of cumulative capital commitments through the two parallel business practices in the next five years. The candidate will help scale the thematic fund management business by leading the deployment of the Housing for Health Fund and the associated Health Action Planning process for the Fund’s investments, as well as identifying and creating similar fund management opportunities regionally (in northern California) and nationally. As a result of the multi-dimensional nature of the position, the candidate must possess an ability to raise, structure, and deploy capital.
The candidate will be part of a business team that is composed of a Vice President overseeing the Conventional Equity business, as well as a Senior Director, Director, Investment Managers, and Investment Analysts. The business is also supported by Enterprise’s Asset Management, Finance, and Syndication teams. The candidate will report to the Vice President and will lead business development efforts to expand our capital commitments for thematic investments funds. Candidate must have a multifamily real estate acquisition and finance background, knowledge of joint-venture and real estate equity structures, and possess strong financial, analytical, management and interpersonal skills. We are a seeking a driven and experienced real estate professional with exceptional leadership skills who will prosper in a fast-paced, entrepreneurial atmosphere and is able to balance the financial and social mission goals of the business.
Essential Duties and Responsibilities
Build and maintain relationships with existing investors, prospective investors, real estate developers, acquirers, and operators.
Raise new capital for the thematic portion of Conventional Equity’s business.This will include developing and following an annual workplan for exploring new investors and sectors.
Manage existing investor relationships for the Housing for Health Fund.
Identify opportunities for cross-selling with potential new investors.
Identify trends in the marketplace and make recommendations for product enhancements.
Develop marketing materials and presentations for raising new capital.Respond to investor requests for due diligence.
Coordinate investor review and closing process with multiple Enterprise departments.Negotiate fund agreements and other legal documents with investors.
Obtain and maintain the appropriate FINRA licenses.
Originate affordable and market affordable multifamily acquisitions financed with traditional permanent financing and joint venture equity, with a specific focus in northern California.
Effectively manage multiple projects, and internal and external relationships, expectations, requests, etc., while exercising intensive attention to detail, good judgment and compliance with the Conventional Equity funds’ purpose and criteria, and Company policies and procedures.
Perform financial projections and evaluate potential investments, including the financial return on investment, preservation of affordability, asset quality and condition, joint venture sponsorship strength, investment business plans and objectives, and review of standard real estate due diligence (market studies, appraisals, environmental reports, property condition reports, seismic reports, zoning, title, etc).
Coordinate with the Conventional Equity business and underwriting team to prepare submissions to internal Deal Screening and Investment Committee, assist with overseeing investment closings with developers, attorneys, and internal underwriting, Credit and Asset Management teams.
Identify and see through the closings of transactions.
Directly-related experience in multifamily real estate originations and acquisitions, financing, underwriting and development is required.
Strong knowledge of affordable housing programs (e.g. Low-Income Housing Tax Credit financing, Section 8 rental subsidy, tax abatements & exemptions).
Thorough knowledge of underwriting and due diligence standards, and experience applying this background to identify and resolve problems and make investment recommendations.
Ability to evaluate risk pertaining to residential real estate markets, project marketability, sponsorship qualifications and financial capacity, property management, operating budgets, and social service plans.
Experience reviewing transactional due diligence, including financial, organizational, and real estate documents.
Strong financial and analytical skills, relationship management skills and writing skills.
Strong negotiation skills and demonstrated skill in making decisions with varying amounts of information available.
Ability to market confidently and effectively to potential investors, joint venture partners, brokers, lenders, attorneys, consultants and to work effectively with client organizations, and within the Enterprise organization.
Ability to develop new business prospects is required.
Strong organization skills and ability to coordinate complex activities, prioritize conflicting demands and meet deadlines.
Must be highly motivated and be able to work independently.
Must demonstrate strong ethics and commitment to Company values in interpersonal relations and work as an effective, collaborative team member.
Some travel (25% or less) is required.
Ability to work evening and weekend hours during peak periods.
Must have 5-10 years of experience in originations and acquisitions, business development, underwriting and closing multifamily transactions, and raising capital.
Bachelor’s Degree required; Master’s Degree in Business Administration, City and Regional Planning, Finance, Real Estate or other related field a plus.
Extensive Microsoft Excel modeling skills required.
Strong communication skills, ability to work cooperatively with coworkers, investors, joint venture partners, third party consultants, legal counsel, Credit, Asset Management and other stakeholders.
Experience with real estate legal documents is required.
Excellent sales skills required.
Salesforce experience a plus.
Capacity to balance competing interests, and attention to detail matched with an ability to place such detail into a broader perspective.
Must have a record of high integrity and strong ethics.
Physical Demands/Working Conditions
Ability to work under stress/pressure.
Ability to travel for flights up to 6 hours, or in automobile, or train.
Ability to climb stairs offsite at project sites.
When visiting project sites, incumbent may be exposed to varying environmental conditions (e.g. outdoor weather, dirt, dust, and other construction work site hazards).
Valid driver’s license required.