DescriptionOverview: An established, privately held real estate investment and management company with a significant portfolio of multifamily properties is seeking an experienced Chief Financial Officer (CFO). This is a senior, hands-on position working directly with ownership and executive management. The CFO will have responsibility for the financial management of the company's real estate portfolio, property-level entities and management company. The ideal candidate will have substantial experience working for a multifamily or commercial real estate owner/operator and possess a strong understanding of how real estate is acquired, financed, operated, refinanced, and disposed of.
Responsibilities:Strategic Leadership and Real Estate Planning- Develop and execute the company's financial strategy in alignment with corporate objectives and growth plans.
- Serve as a principal financial advisor to ownership regarding the real estate portfolio.
- Drive initiatives that enhance profitability and operational efficiency.
- Develop long-term financial models to assist ownership with portfolio growth and capital allocation.
- Provide clear, decision-oriented financial analysis rather than simply reporting historical results.
- Evaluate investment opportunities, hold versus sell, refinance versus sell, acquisition, disposition, and capital improvement decisions.
- Evaluate portfolio concentration, leverage, debt maturities, liquidity, and capital requirements.
- Analyze property performance against budget and prior periods.
Real Estate Financial Management- Oversee financial reporting and accounting for a portfolio of multifamily properties, ownership entities, and the property management company.
- Partner closely with property management and asset management teams.
- Review monthly property financial statements, operating results, balance sheets, cash flows, and budget-to-actual variances.
- Develop reporting that allows ownership to quickly identify properties requiring operational or financial attention.
- Review rents, concessions, delinquencies, bad debt, occupancy, payroll, utilities, repairs and maintenance, insurance, taxes, and other major operating expenses.
- Monitor NOI, occupancy, rent collections, operating expenses, capital expenditures, debt service, and property-level cash flow.
- Identify opportunities to increase NOI, improve operating margins, and enhance asset value.
- Establish meaningful property and portfolio-level financial KPIs for ownership.
- Evaluate capital improvement projects and their anticipated effect on rents, NOI, property value, and investment returns.
Accounting & Controls- Direct all accounting functions for the real estate portfolio and management company.
- Ensure timely and accurate monthly, quarterly, and annual financial reporting.
- Oversee property-level and entity-level general ledgers, accounts payable, accounts receivable, bank reconciliations, intercompany accounts, and cash management.
- Maintain appropriate accounting treatment for real estate entities, including capital contributions, distributions, and intercompany transactions.
- Establish and maintain strong internal controls over receipts, disbursements, vendor payments, banking, and cash.
- Coordinate annual audits, reviews, lender examinations, and other reporting requirements.
- Maintain sound treasury and cash management practices.
Investment Analysis and Financing- Work with ownership in evaluating real estate opportunities.
- Review and challenge acquisition underwriting, including in-place NOI, pro forma NOI, rent assumptions, operating expenses, capital expenditures, financing, and exit assumptions.
- Analyze cap rates, cash-on-cash returns, IRR, equity multiples, debt yields, DSCR, and other investment metrics.
- Participate in financial due diligence, including review of rent rolls, leases, operating statements, tax information, debt, capital needs, and other financial matters.
- Participate in property financing.
- Evaluate fixed versus floating-rate debt, loan terms, amortization, interest-rate exposure, prepayment provisions, and refinancing alternatives.
- Maintain portfolio-wide schedules of mortgages, maturities, interest rates, covenants, and refinancing requirements.
- Oversee lender reporting, loan compliance, escrows, reserve accounts, and financial covenants.
Tax - Coordinate closely with outside CPAs, tax counsel, and ownership on real estate tax strategy, tax planning, reporting and periodic tax remittances.
- Provide financial oversight and analysis relating to 1031 exchanges, depreciation and cost segregation.
Requirements:- Bachelor's degree in Accounting, Finance, Real Estate, or related discipline.
- CPA, MBA strongly preferred.
- Approximately 10+ years of progressive financial experience, with meaningful experience in multifamily or commercial real estate.
- CFO experience with substantial real estate owner/operator, developer, investment firm, or property management firm strongly preferred.
- Strong understanding of NOI, cap rates, DSCR, debt yield, IRR, cash-on-cash returns, and real estate valuation.
- Advanced Excel and financial modeling capabilities.
- Experience working with banks, lenders, CPAs, attorneys, and other real estate professionals
Salary: $250,000 - $275,000 base
Benefits:
- 401(k) matching
- Dental insurance
- Health insurance
- Life insurance
- Paid time off
- Referral program
- Vision insurance
