Project Manager Affordable Housing

Position: Project Manager, Affordable Housing

Job Location: Atlanta, GA (Company Headquarters)

The Position:

The Project Manager will be responsible for primarily supporting the Affordable Housing and Market Rate Finance team across both the Market Rate and Affordable Housing platforms. This position will report to the Director of Finance. The Project Manager will have the opportunity to gain exposure to all aspects of the life cycle of a development project, including the sourcing, tax credit scoring (4% and 9% Low Income Housing Tax Credit program (“LIHTC”)), underwriting, market analysis, and closing of the transaction; identifying and structuring the debt and equity for each deal; and overseeing the execution of the development, construction and overall business plan for each asset. This person will interface with Walton’s lenders, equity partners, Principals, development partners, general contractors, third party consultants and more. This person will also be expected to leverage the existing disciplines within Walton across development, finance, property management, accounting, construction and asset management.

Key responsibilities for this position will be geared towards the execution of Walton’s Affordable Housing pipeline. The Project Manager will gain exposure to all aspects of the deal life cycle from sourcing to development execution.

Financial Analysis:

-Land Acquisitions & New Development Opportunities: Underwrite and analyze new development opportunities through the following, but not limited to; financial feasibility analysis, scoring potential LIHTC sites, market/competition analysis, operating expense data/analysis, estimated hard and soft costs and overall ability to finance.

• Coordinate with internal Property Management and Asset Management contacts to develop underwriting rents, operating budgets, capital improvement budgets and business plans to ensure smooth transition for redevelopment/construction, leasing and asset management to execute the business plan of each property.

-Capital Markets / Financing: Evaluate each project’s optimal capital structure within the context of both the LIHTC program as a part of the Affordable Housing Development platform and Walton’s internal strategy and risk threshold for the Market Rate Development platform.

-Prepare presentations and investment memoranda for the Principals of Walton as well as for outside investor partners, lenders, tax credit equity partners and development partners displaying the financial feasibility of the proposed project, the competitive market analysis, justification of input assumptions and recommendation of a path forward.

Tax Credit Applications, Transactions, and Development Oversight:

-Affordable Housing Developments:

• Manage due diligence deliverables for lender and equity partner(s) per closing checklist(s).
• Coordinate with development, construction and property management to estimate both development and operating budgets.
• Assist with legal review of all term sheets and documents.
• Assist with review of closing/settlement statement & ongoing draw schedules.
• Ongoing Development and Construction Oversight: Assist Development, Construction, Accounting and Finance teams with evaluating overall development progress, budget tracking versus original proforma, monthly draws, compliance with equity and lender requirements, and timing compared with original projections.
• Assist in coordination with equity and lender contacts to obtain financing options, current debt and equity pricing, and optimal deal terms for proposed development.
• Prepare financial analysis for both potential 4% and 9% LIHTC Programs:
• Assist with competitive scoring analysis or 9% LIHTC sites in accordance with the current Georgia Qualified Application Plan.
• Assist with preparation of all LIHTC Applications and supporting materials, coordinating with internal Walton disciplines, lenders, equity partners, development partners and the Georgia Department of Community Affairs.
• Assist with all aspects of due diligence and transaction closing for financing and equity closing, including, but not limited to:

-Land Acquisitions:

• Assist with all aspects of the due diligence process, including, but not limited to, managing critical dates and compliance in accordance with Purchase and Sale Agreement, coordination and review of third-party reports (Environmental, Geotech, etc.), review of closing documents and settlement statement.
• Prepare pro forma, market analysis and internal investment thesis.

-Market Rate Developments:

• Assist with review of all term sheets, loan applications, settlement statement and closing documents.
• Coordinate with development, construction and property management to estimate both development and operating budget.
• Prepare internal waterfalls.
• Prepare analysis for various, proposed financing structures. Assist in the coordination with lender contracts to obtain financing options, current market terms and optimal deal terms for proposed development across multiple financing sources (conventional, FHA/HUD, Agency, etc.).
• Manage due diligence deliverables for lender per closing checklist alongside internal closing team.
• Assist with all aspects of due diligence and transaction closing for financing and equity closing, including, but not limited to:

Candidate Qualifications, Experience and Core Competencies:

• Experience: Minimum 4-6 years in commercial real estate, private equity or investment banking.
• Education: Bachelor’s Degree; an MBA or other relevant graduate is preferred but not required.

Specifically, candidates for this position should have the following professional experience and skillset:

• Ability to leverage and coordinate collaboratively and effectively with all disciplines within Walton (Property Management, Accounting, Construction, and Development).
• Prior exposure to a high volume of transactions; experience in coordination with all related transaction parties (lenders, equity partners, attorneys, brokers, Principals, 3rd parties, and brokers).
• Demonstrated interest and ability to assist with and ultimately manage all aspects of real estate transaction.
• Dense analytical background in financial modeling, including complex capital, partnership and waterfall structures.
• Strong understanding of real estate investments; should know how to quickly run numbers, value multiple property types (especially multifamily), evaluate markets and more.

Core Competencies:

-Candidate must possess an ownership mentality, be driven by personal values that align with Walton values, have integrity, be motivated by results, be a problem solver, be inherently analytical, possess a positive, servant leader attitude, have a natural attention to detail, have a proven ability to juggle multiple, dynamic transactions, and possess a desire to continuously take on new responsibilities and understand all facets of a transaction.

About Walton Communities:

Founded in 1989, Walton Communities has been involved in the acquisition and development of more than 10,500 conventional and affordable apartment units throughout the Atlanta, Augusta and Gainesville, Georgia metro areas. The current portfolio consists of roughly 6,800 owned units with an additional 700 under construction / rehab. Of the Affordable Housing Platform, Walton’s portfolio consists of mostly LIHTC communities funded primarily through the 9% and 4% LIHTC program.

Walton Communities’ mission is to go beyond building places where people live by creating neighborhoods where people thrive. Headquartered in Atlanta, Ga., Walton Communities is a privately held organization that employs over 250 team members. Walton is a fully integrated organization with development, construction, property management, asset management, rehab, and acquisition capabilities. For more information visit http://www.waltoncommunities.com