Senior Vice President, Real Estate Private Equity (267 views)

Los Angeles, CA
August 20, 2021 2021-10-19
Job Description

The Firm

SDS Group (“SDS”), founded in 2001, is a leading impact investment manager. SDS currently manages four distinct impact funds:

  • National New Markets Fund – $577M
  • American South Real Estate Fund – $58M
  • American South Real Estate Fund II – $28M
  • SDS Supportive Housing Fund – $130M

SDS’ funds provide senior debt, mezzanine debt, and equity to high-impact projects that benefit low- and moderate-income communities. SDS has been named an Impact Assets 50 investment manager for the past 4 consecutive years – IA50 recognizes the top 50 impact investment managers across the globe each year.

The Opportunity

SDS is seeking a Senior Vice President to help manage the SDS Supportive Housing Fund, which provides construction financing for Section 8 housing for California’s homeless population. This is a highly-innovative impact fund that represents a new model for alleviating homelessness using market-rate capital. This hire will be primarily responsible for asset management activities both at the project level and at the fund level.  Most of the fund’s investments have already been identified and underwritten at a high level. We are looking for someone who can drive the investment approval and closing process and lead asset management activities. We seek a candidate with private equity and/or construction lending experience, preferably multifamily.  This role requires the candidate work “in-person” in SDS’ Los Angeles headquarters.

SDS is not a large hierarchical organization and to succeed here you must be a self-starter with natural curiosity and the ability to thrive in a fast-paced entrepreneurial environment.  The Senior Vice President will report directly to the fund’s Managing Director and be an integral member of the management team.  This is an outstanding upwardly mobile opportunity to join an early-stage real estate private equity fund that’s poised to take advantage of the growth in impact investing.     

Responsibilities

Project Level

  • Review and comment on project budgets, construction and architect contracts, project team qualifications (including architect, general contractor and owner’s representative licenses, credentials and capacity), property surveys, purchase and sale agreements and other due diligence items to ensure the adequacy of the pre-closing construction risk analysis.
  • Order and review third-party reports, including plan and cost reviews and environmental reports, and discuss any pertinent issues with the appropriate parties.
  • Work to identify and mitigate construction-related risks.
  • Work with senior staff to review, negotiate and approve relevant construction documentation to ensure adherence with underwriting guidelines, credit policies and credit approval conditions, such as investment agreements, contractor and architect assignments and consents, escrow instructions, closing draw documentation, title insurance commitments, payment and performance bonds and insurance.
  • Collect and carefully analyze all construction-related documentation on active construction projects, including budgets, requisitions, change order logs, AIA forms, lien waivers, soft cost invoices, title documentation, site inspection reports, and other documents required under the loan documents, and maintain appropriate electronic files.
  • Create and maintain individual construction loan spreadsheets with approved budgets, funding criteria, loan allocations, draws and requisitions, interest reserves, and construction timelines for all projects.
  • During construction, monitor insurance coverage, real estate tax payments and absence of liens to ensure clean title, sufficiency of funds, project completion and issuance of certificates of completion and occupancy.
  • Coordinate the timely funding of construction loan advances.
  • Identify critical risks, deficiencies and project setbacks, and work with senior managers to communicate with borrowers, project managers, engineers/inspectors, partner lenders, and other parties to address any concerns and resolve issues.
  • Recommend, design and implement workflow, process and system improvements to appropriately monitor and mitigate construction-related risks on individual loans and on a portfolio basis, while increasing the team’s efficiency. Develop and implement internal policies and guidelines on construction lending.
  • Communicate with the third-party property inspectors and perform site visits.
  • Assist in financial underwriting and modeling of fund investment opportunities.
  • Prepare formal Investment Committee Memoranda.
  • Maintain relationships with investors, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and any other related parties.

 

Fund Level

  • Update project cash flow projections and fund model on quarterly basis and help prepare quarterly and annual reports for investors.
  • Work closely with SDS accounting team and third party fund administrator on fund financials and tax returns.
  • Help refine asset management policies and procedures.
  • Prepare LP and subscription line capital calls and manage investor distributions.
  • Thoroughly understand the Company’s Limited Partnership Agreement and other documents related to the organizational structures, GP/LP splits, and legal obligations.
  • Lead bi-weekly asset management calls.
  • Draft reports that document the economic and social impacts of investments.
  • Prepare annual operating budget for the fund and fund manager.
  • Assist in preparation of materials for annual investor meeting.
  • Ad-hoc assignments in support of fund operations.
  • Stay up-to-date on latest developments in Section 8 and low-income housing policy.

Qualifications

  • Bachelor’s Degree in related field, MBA preferred.
  • 10-15 years of experience in real estate development and/or construction lending, preferably multi-family.
  • Exceptional research and writing abilities.
  • Must be a detail-oriented person with outstanding analytical skills.
  • Strong computer skills, especially Excel.
  • Interest in impact investing.
  • Some travel may be required.

SDS provides a competitive benefits & compensation package. All candidates must be able to prove eligibility to work in the United States and willing to complete a background check.

We are an Equal Opportunity Employer.