Rhodes Associates has been retained by a real estate private equity firm to identify and recruit a Chief Financial Officer. The successful candidate will be responsible for working closely with the President and CEO to create and execute on company strategy. The CFO will join the company at a time of significant growth and will be responsible for ensuring that the administrative infrastructure as well as the accounting and portfolio management functions are appropriate to the developing needs of the firm. The CFO will be a key member of the senior management team, responsible for all financial operations of the company and its managed investment vehicles. The CFO will play a critical role in the success of the firm, will report to the CEO and President, and is based in Boston. The successful candidate will be a Principal of the firm and a member of the Investment Committee and the Valuation Committee.
The company is an investor, operator and developer based in the Financial District of Boston, with regional offices in Metro New York City and Metro Washington D.C. The company’s current investment vehicle, Fund III, has $280+ million in equity capital commitments and employs a value-add investment strategy in assets that require leasing, repositioning, and development. Fund III currently owns 5 assets and has over $250 million of “dry powder” to invest over the next several years. The prior fund, Fund II a $250 million vehicle, is fully invested and currently holds fourteen assets valued at nearly $500 million. The investment strategy focuses on select residential, industrial, office, medical office, lab, and mixed-use investments where the firm can create value, provide increased margins of safety, and maximize risk-adjusted returns.
With a strong track record built over 25+ years, the approximately 50-member team constitutes a robust, vertically integrated platform with expertise in acquisitions, development, asset management and property management. The firm’s foundation is based on intellectual curiosity, a fiduciary mindset and people with a passion for real estate. The investor base includes their employees, endowments, foundations, public and private pension funds, family offices and high net worth individuals.
In addition to the fund business, the company performs property management services for select clients and currently manages a portfolio totaling 2.7 million square feet located in the metro New York and northern Virginia markets. The predecessor firm still owns and manages a “legacy portfolio” in greater Boston and Fairfield County Connecticut which totals 2.0 million square feet.
Responsible for leading the financial management of business including financial reporting, corporate, fund and property accounting, tax and capital structuring, asset and corporate level debt financing.
Assist in formulating the firm’s strategic direction.
Create new strategies with senior management to enhance the company and the fund business.
Provide direct support to the portfolio management, acquisitions, asset management and investor relations functions.
Responsible for all aspects of investor reporting including preparation of quarterly and annual financial statements and investor capital account statements.
Prepare updated cash flow forecasts, cash flow reports, and monthly snapshots of fund level and property level performance.
Maintain both investment level and fund level cash flow data for the purpose of reporting actual and projected gross and net performance metrics.
Manage the funds’ subscription lines, refinancing of existing assets, financing of new acquisitions and development projects.
Assist in the structuring and execution of acquisitions and financings, as required.
Work with mortgage brokers and banks to obtain and negotiate new loans and support any due diligence requirements for new loans.
Assist the company in their fundraising efforts, building institutional joint venture relationships and creating capital structures.
Work with Investor Relations in the preparation of marketing materials including documents for new funds, annual LP meeting presentations, and responding to investor requests.
Ensure that accounting/financial systems and processes appropriately support the firm’s business needs.
Identify systems upgrades (from current MRI system) to ensure that the information technology of the firm delivers an integrated system for financial reporting, tax planning, portfolio management and strategic business planning.
Oversee preparation of profit/loss statements, balance sheets, and capital budgets continuously analyzing and evaluating financial performance.
Prepare and monitor the annual corporate budget with input from all departments/regions.
Responsible for cash management including managing day-to-day liquidity, capital calls, quarterly distributions to investors, and maintaining fund-level credit facilities.
Experience with the creation and maintenance of fund waterfall models.
Oversee Director of Accounting who is responsible for working with auditors, PricewaterhouseCoopers, to complete audits and assisting with information requests.
Oversee Director of Accounting in preparing supporting schedules to assist the tax accountants in preparing annual tax returns.
Work with insurance consultant to ensure appropriate policies are in place and renewed annually, property values are updated, certificates are issued, and invoices are properly allocated and paid.
Work with the Chief Compliance Officer (Director of Accounting) to ensure timely SEC filings, updating of the company ADV, completion of annual compliance reviews and training.
Work with the CCO and Director of Investor Relations on the Information Security Team.
Manage the employee health and benefits plans.
Fifteen plus years of relevant real estate finance, accounting, and financial operations experience.
Master’s degree in Accounting, Business Administration, or equivalent business experience.
Currently CFO or Senior Financial Officer of a real estate investment fund.
Experienced in and understanding of all aspects relating to acquisitions, development, financing, management and disposition of commercial real estate assets.
Strong strategic thinker with an excellent work ethic.
Experience in hiring, training, and developing a financial team.
Self-starter who can work independently and be an effective contributor to the senior management team.
High level of integrity and commitment to financial accuracy.
Capable of multi-tasking; balancing multiple objectives to a successful conclusion.
Excellent written and verbal skills.
CPA preferred and REIT experience/knowledge a plus.
About Rhodes Associates
Jane Lyons is a Managing Partner of Rhodes Associates. During her more than 25-year career in executive search and organizational consulting, Jane has completed more than 700 search and consulting assignments, specializing in the real estate industry, globally. Jane has assisted many of the world’s leading real estate companies including banking, commercial lending, investment, and private and public owner/developers in recruiting their most successful executives. Earlier in her career, she worked in marketing and sales for the Wharton Business School and CBS, Inc. Jane previously served as the Americas Regional Leader for IRC Global Executive Search Partners in 2016 and as the Co-President for Commercial Real Estate Women (CREW) New York in 2015. Jane is a member of the Urban Land Institute, Pension Real Estate Association, and Mortgage Bankers Association.