Senior Real Estate Development Accountant

Responsibilities Development, Construction Financial Oversight & Leadership

• Participate in development project meetings to provide financial updates, assess risk, and support business decision-making.

• Review proposals and contracts for fiscal responsibility, completeness, and consistency with billing and documentation requirements.

• Prepare budget-to-actual analyses and variance reports for leadership and external stakeholders.

• Coordinate with tax advisors, external accountants, agencies, and partners on key deliverables, including development budgets, eligible basis calculations, carryover allocations, cost certifications, bond tests (50%/25%), and 8609 filings.

• Ensure compliance with regulatory, lender, investor, and funding requirements.

• Serve as a financial liaison with syndicators, lenders, and housing agencies, responding to inquiries and supporting reporting needs.

Development & Construction Budget Management

• Partner with Project Managers to maintain and update detailed development and construction budgets.

• Establish and maintain project controls within Yardi, including job cost budgets, contracts, sources and uses, and expense tracking.

• Review and code development and construction transactions to ensure accurate cost allocation.

• Prepare anticipated cost reports, cash flow projections, and other financial analyses.

• Reconcile intercompany transactions, including due-to/due-from accounts.

• Maintain organized project documentation to support audits, compliance reviews, and funder reporting.

• Support monthly close and annual audit processes related to the development pipeline.

Construction Loan Draw Administration

• Lead the construction loan draw process across multiple active development projects.

• Prepare, review, and submit draw packages to lenders, investors, and public agencies.

• Coordinate supporting documentation, including pay applications, lien waivers, title reports, inspection reports, and cost backup.

• Track sources and uses of funds to ensure compliance with approved budgets and financing requirements.

• Monitor contingency balances and exposure.

• Coordinate with vendors and project teams to ensure invoices align with contracts, change orders, and approved budgets.

• Reconcile draw activity across Yardi job cost, general ledger, bank statements, and lender tracking systems.

• Monitor draw schedules to ensure timely reimbursement of project expenditures.

• Approve invoices and coordinate with Accounts Payable on vendor setup and payment processing.

• Support project closeout activities, including final cost certification, reconciliations, and documentation.

Finance Operations & Process Improvement

• Serve as a key cross-functional partner on development finance matters, including cash management, funding timelines, and compliance.

• Collaborate with Finance, IT, and external consultants to improve accounting systems and processes, including Yardi optimization initiatives.

• Support the development and implementation of standard operating procedures related to development finance activities.

• Recommend and implement enhancements to internal controls and accounting processes.

• Partner with Asset Management on financial reporting, operating budgets, REO reporting, and contingent liability tracking.

• Assist with tax filings and reporting for affiliated entities.

• Ensure all financial reporting complies with GAAP and applicable accounting standards.

 

Qualifications • Bachelor’s degree in Accounting, Finance, or related field required; CPA preferred.

• 5–8+ years of accounting experience within real estate development, with significant exposure to affordable housing projects.

• Demonstrated experience managing construction loan draws and development/construction budgets.

• Strong knowledge of LIHTC transactions and affordable housing financing structures.

• Advanced proficiency in Yardi, including job cost, general ledger, and reporting functions.

• Advanced Excel skills, including pivot tables, lookups, financial modeling, and budget tracking.

• Ability to manage multiple projects and deadlines in a fast-paced development environment.