Accounting Manager – Boston, MA – Real Estate Private Equity
A leading private real estate firm with $14B in AUM with a portfolio of commercial properties, owned by various Funds and Joint Ventures is looking to hire an Accounting Manager to their growing team. The Accounting Manager will be responsible for working with 3rd party property teams who manage day-to-day accounting operations using our accounting platform (MRI). Accounting Managers work closely with other members of Accounting, and also with the Acquisitions, Asset Management, Tax, and Finance teams.
Responsible for overall property level accounting including:
- Work closely and oversee 3rd Party Property Teams
- Review 3rd party property accounting for consistency, accuracy and proper accounting
- Rent rolls and lease maintenance
- Cash management including weekly check fundings
- Financial reports
- Annual budgets and quarterly budget re-projections
- Tax basis amortization and depreciation calculations
- Provide support to 3rd party MRI users
- Review and approval of operating and tax escalations
- Annual estimates
- Quarterly and annual reconciliations
- Cost pools, expense caps, exclusions, gross ups and base year calculations
- Manage Loan Compliance
- Mortgage payments
- Lender reporting including debt service coverage ratio calculations
- Loan and escrow draws
- Prepare unaudited financial reports as required by the ownership of the property
- Provide comprehensive audit support
- Prepare audited financial statements with footnotes (FV and Tax basis), as required
- Work with construction professionals to provide accounting for development projects
- Prepare ad-hoc financial analysis and reporting as needed
Joint Venture Accounting
- Review and comply with operating agreements
- Prepare financial reporting on a consolidation or combined level, as required, including audited financial statements with footnotes (FV and Tax Basis)
- Cash management including capital calls and distributions
- Calculate and process management fees
- Calculate income allocations including waterfalls, as required
- Acquisitions
- Work with Acquisitions team to review diligence materials
- Review settlement statements including, prorations and buyer/seller credits
- Review estoppels
- Record opening entries
- Monitor all post closing activity for true up with Seller
- Onboard properties and train 3rd party teams on financial standards and reporting
SKILLS AND EXPERIENCE:
- 5 years property accounting experience, with the majority in commercial real estate
- Experience with Funds and/or Joint Ventures
- Experience with fair value GAAP, tax accounting. IFRS a plus
- Experience with TRS (Taxable REIT Subsidiaries) a plus
- Proficient with tenant recoveries(CAM)
- Understanding of waterfall calculations
- Experience in year-end audit including preparation of financial statements and footnotes
- Experience with loan compliance including loan-draw and escrow-draw packages, covenant calculations
- Proficiency with financial software systems applications and proficiency with Microsoft Windows software programs, MRI experience a plus
This role is a full-time hybrid opportunity (3 days in two at home) that will offer up to $130,000 on a base, plus 15% Bonus, and great benefits. If you are interested in this opportunity, please reach out to Vincenzo Kulturides directly at vkulturides@daleyaa.com
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