Acquisitions Underwriter

Job Description

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $54 billion and created 873,000 homes across all 50 states - all to make home and community places of pride, power and belonging.

Join us at enterprisecommunity.org.

Working at Enterprise

At Enterprise, you'll be part of a diverse, committed team making a difference every day. You will collaborate with some of the smartest minds and biggest hearts in our field. You'll be empowered to drive systems change and take bold steps to advance racial equity. And you will find a career home where you're valued and supported in your growth journey.

Enterprise offers career opportunities in our offices across the country with anexceptional benefits package.

Job Description Summary
Enterprise is hiring an Underwriter to join its Real Estate Equity team. The Real Estate Equity team manages real estate equity funds, raised from a variety of investors, through which Enterprise joint ventures with real estate operators to acquire, improve and create value in affordable, workforce and market rate multifamily real estate. Candidate must have a multifamily real estate background, general knowledge of joint venture and private equity, and possess strong financial, analytical, and writing skills. The Underwriter will be responsible for underwriting and closing joint venture investments, as well as transitioning investments into asset management. We are seeking an experienced individual who has a passion in affordable housing development and possesses leadership potential. Enterprise is committed to diversity and building an inclusive environment for people of all backgrounds. We highly encourage people of color, women, LGBTQ people, people with different abilities, people of maturity/age and other diverse groups to apply. It is important to us to foster this core value in our work, in our business strategies and in our decision making so that we are reflecting sensitivity and commitment to the communities that we serve. The position can be located in Columbia, MD; Portland, OR; or New York, NY (Financial District)

Job Description

Responsibilities:

• Underwrite multifamily acquisitions on behalf of the business's real estate equity funds, sourced by the team's Originators and assigned by the Underwriting Manager. Tasks include: assessing the key strengths and risks of a transaction, analyzing property financials including rent rolls and operating statements, research market and demographic information, research and analyze operating expenses including local real estate tax methodology, analyze joint venture partners' experience and financial strength, analyze a project's sources and uses, and managing an investment proforma that projects realized economic returns and that sets the base of asset management's monitoring of the investment over time.
• As part of processing and closing each transaction, obtain, review and organize due diligence materials from developers, conduct site visits, review project loan documents and joint-venture partnership agreements for material business terms, lead conference calls with developers, document impact goals in the investment summaries and business plans, coordinate the closing process with groups internal to Enterprise (credit, legal, asset management) and with external groups (developer partners, attorneys, lender, etc).
• The Underwriter will prepare and present preliminary deal screening summaries to drive pipeline activity and secure deals. The Underwriter will also prepare and present investment analysis report for Investment Committee approval, including narrative descriptions, charts, graphs and tables illustrating pertinent aspects of the proposed investment and sensitivity tests.
• Under the direction of the Vice President and Underwriting Manager, communicate and manage partner expectations throughout the underwriting process, using a proactive and prioritized approach that streamlines both aligned and competing interests around a deal.
• Ensure transactions are completed with a high degree of accuracy, high-quality service to external partners, effective communication with internal stakeholders, alignment with credit standards, and the financial and impact objectives of the funds, the business and the company.
• Provide regular communication to Underwriting Manager regarding deal underwriting progress including due diligence review, solutions to mitigate key underwriting risks, and transaction timing
• Ability to multitask and work under pressure.
• Ability to travel throughout the United States for project site visits.
• Ability to walk up three flights of stairs at project sites.

Qualifications:

• Undergraduate degree required in Business, Finance, Real Estate, Urban Planning or related field; preferably with experience of real estate underwriting. Master's Degree a plus.
• Minimum of 4 years of direct experience in multifamily real estate investment and finance, preferably experience in affordable housing, in a role with transactional and project management exposure.
• Strong project management skills to meet stringent deadlines.
• Demonstrates an ability to work in a fast-paced environment with multiple projects, managing and negotiating around competing interests from different stakeholders including developers, lenders, attorneys, originators, credit officers, asset managers, market consultants, etc.
• Demonstrates problem solving skills and is able to work independently.
• Must have strong writing and presentation skills to produce and explain detailed investment analysis reports.
• Possesses a detailed oriented approach, while also maintaining a big picture focus.
• Experience with closing real estate transactions including reviewing legal documents including joint venture operating agreements, loan documents, title insurance, Land Use Regulatory Agreements (LURA), property management agreements, etc.
• Experience reviewing Property Condition Assessments (PCA), Environmental Study Assessments (ESA), appraisals, surveys, REO's, financial statements, and settlement statements.
• Extensive Microsoft Excel modeling skills required.
• Experience with analysis tools such as RedIQ, CoStar, REIS, and Salesforce
• Knowledge of apartment market dynamics in both urban and suburban areas, and familiarity with multifamily and affordable housing industry policies, issues and programs preferred.
• Must have a record of high integrity and strong ethics.
• Ability to work evening and weekend hours during peak periods.
• Valid driver's license required.