Job Description

Property Accounting Manager - Boston MA - Private REIT

Our team is working with a leading private real estate fund located in Boston looking to hire a Property Accounting Manager to their growing team. The Property Accounting Manager will be responsible for a portfolio of commercial properties, owned by various Funds and Joint Ventures, and meeting lender, tax, and investor requirements. The Accounting Manager will work hand-in-hand with our 3rd party property teams who manage day-to-day accounting operations using our accounting platform (MRI) as well as other members of Accounting, Acquisitions, Asset Management, Tax, and Finance teams.

This role is a full time hybrid position (3 days in the office & 2 days at home) position that will offer up to $140K base, 15% bonus & strong benefits. If you are interested in this opportunity, please reach out to Vincenzo Kulturides directly at vkulturides@daleyaa.com

 

ESSENTIAL FUNCTIONS

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

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

Dispositions

• Work with Disposition team to respond to Buyer diligence requests

• Prepare prorations

• Work with 3rd party teams to prepare estoppels

• Prepare and record closing entries including gain/loss calculation

• Monitor all post-closing activity for true up with Buyer

SKILLS AND EXPERIENCE

• Bachelor’s Degree in Accounting/Business

• 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

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