Director, Housing Finance Transactions
Company: HR&A Advisors
Locations: Washington, DC; New York, NY; Raleigh, NC; Dallas, TX; Los Angeles, CA; Atlanta, GA
Job Function: Underwriting
ABOUT US | HR&A Advisors, Inc. (HR&A) is an employee-owned company advising public, private, non-profit, and philanthropic clients on how to increase opportunity and advance quality of life in cities.
We believe in creating vital places, building more equitable and resilient communities, and improving people’s lives.
From Brooklyn to Los Angeles, we have guided hundreds of clients in transforming real estate and economic development concepts, and public infrastructure, first into actionable plans then into job-producing, community-strengthening assets.
Our clients include real estate owners and investors, hospitals and universities, cultural institutions and philanthropies, community development organizations and governments.
HR&A has offices in Atlanta, Dallas, Los Angeles, New York, Raleigh, and Washington D.C. We come from diverse backgrounds, have a breadth of lived experience, and share a passion for cities. We are former city officials, executive directors, planners, lawyers, architects, and economists.
Hear more about the HR&A experience from our employees.
Learn more about careers at HR&A on our website.
THE OPPORTUNITY | HR&A’s Housing Practice is rapidly growing its housing fund and transaction work, which involves helping clients structure funds, develop investment strategies, identify partners and execute transactions. Over the past two years, HR&A has facilitated the deployment of over $1 billion in housing investments from local governments and impact investors across the county. This position will primarily support the design and implementation of affordable housing funds sponsored by local governments and impact investors including Amazon’s Housing Equity Fund, as well as structuring individual transactions on behalf of landowners and developers.
THE PRACTICE | HR&A’s Housing Practice works at all levels of the housing ecosystem. We create housing plans and strategies based on local needs and priorities. We design and implement solutions, from inclusionary zoning policies to affordable housing investment funds. And we underwrite and close housing transactions on behalf of public and private sector clients. This range of work, from planning to deal making, makes us better at designing policies and local housing plans that achieve their goals in practice and at integrating public incentives into individual projects. We enjoy understanding and working with the complexities of the housing market to advance the interests of all community members.
THE ROLE | HR&A’s Housing Practice is seeking a Director to underwrite, and close loans and investments in mixed-income and affordable housing developments. This role can be based in our New York City, Washington, DC, Los Angeles, Dallas, Atlanta, or Raleigh office. The Director will work closely with Partners in HR&A’s Housing Practice, collaborate with other Directors and Principals, and direct the work of Analysts. Most work will be organized into small teams of three to five members. Teams are comprised of colleagues from across our offices. Day-to-day tasks will include:
- Screen, underwrite, and close loans, grants, and investments in mixed-income and affordable housing developments.
- Manage relationships with project sponsors (typically for-profit and non-profit housing developers and owners).
- Structure and negotiate business terms of loans and investments to maximize public benefit and mission and mitigate risk based on established underwriting guidelines.
- Oversee the work of analysts assigned to transactions. Ensure the completeness and quality of all client deliverables including screening, underwriting, and closing memos and Excel financial underwriting models. Effectively present analysis and approval recommendations to internal investment committee and to clients.
- Collaborate with client’s business, legal and finance teams, as well as third parties including outside legal counsel, to conduct due diligence, review and approve third-party reports, and negotiate legal documents.
- Coordinate the closing process by working with project sponsors, lenders, and other stakeholders such as public agencies and subsidy providers.
- Develop innovative housing investment vehicles that enable solutions identified in policy and planning processes.
- Work with current and potential clients to establish investment terms that balance financial return thresholds, risk tolerance and mission investing objectives.
- Conduct market research to identify and size gaps in the existing housing finance market for affordable and mixed-income housing.
- Support the negotiation of partnerships with other investors and public sector partners.
- Evaluate the feasibility of implementing and monitoring new investment vehicles.
- Organize workshops and outreach events with community, public sector, nonprofit and for-profit investors.
- Run request for proposal processes to select development partners.
- Support new business development opportunities through writing proposals and outreach to potential clients.
EXPERIENCE REQUIRED | Successful candidates will bring strong analytical, project management and relationship management capabilities aligned with the roles and responsibilities described above, including:
- Bachelor’s Degree in Real Estate, Finance, Planning, or another related field.
- Masters in Real Estate Development (MRED) or a Master’s in Business Administration (MBA) a plus.
- 5-7 years of experience in Real Estate Development or Finance, including 3+ years of real estate underwriting experience, preferably with affordable multifamily, and 1+ year of relationship management.
- Thorough knowledge of common underwriting practices and procedures.
- Thorough understanding of housing and affordable housing related market forces including general real estate principles, supply and demand economics and other multifamily demand drivers.
- A high degree of proficiency in real estate financial modeling, experience with affordable housing finance is a plus.
- Comfort synthesizing data and crafting a compelling narrative.
- Comfort presenting to internal senior leadership and external clients.
- Strong project management experience, including professional and interpersonal communication skills aligned with guiding teams.
Compensation and Benefits
The annual salary range for this position is $126,500 to $143,500 plus opportunity for year-end bonus. Where an offer falls inside the pay range is dependent on experience. We offer competitive compensation packages, based on qualifications and experience. We are an employee-owned company, meaning you will have the opportunity to benefit from the firm’s growth over time through participation in our Employee Stock Options Plan. Each year, the firm will contribute funds to this long-term wealth-building account and may make contributions to other retirement accounts. We also provide a comprehensive benefits package that goes well beyond coverage of 90-95% of healthcare premiums, dental and vision coverage.
How to Apply
HR&A is committed to attracting and retaining a talented, diverse, competitive team of professionals dedicated to solving the challenges of urban life. Women, people of color, members of the LGBTQ community, individuals with disabilities, and veterans are strongly encouraged to apply.
Please submit a cover letter and resume as a single PDF document at https://hraadvisors.applytojob.com/apply/. Applications will be reviewed on a rolling basis. Applications without a cover letter will not be reviewed.
We ask that you submit a version of your resume that has your school information removed. There is no need to reformat your resume, and you should leave your degree (e.g. “B.A. Economics”). But please remove all undergraduate and graduate school name references. This request is part of our ongoing work to build a hiring system that is free from bias and based on candidate merit and performance in the hiring process.
All qualified candidates will receive consideration for employment without regard to their race, religion, ancestry, national origin, sex, sexual orientation, gender identity or expression, age, disability, marital status, medical condition, veteran status or any other basis as protected by federal, state, or local law.
For more information, please contact us at email@example.com. Please do not call regarding this position.