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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