Position: Real Estate Finance Manager

Department: Real Estate & Finance
Reports to: VP of Real Estate and Director of Finance
Employment Type: Exempt, Full-Time, In Office, 35 hours/week
Salary: $75,000—$90,000 Commensurate with Experience and Qualifications

Organizational Summary:
Bridge Street Development Corporation (BSDC) is an innovative and
progressive nonprofit community development corporation located in the historic Bedford-Stuyvesant community of Brooklyn. We build and sustain strong communities throughout Central Brooklyn where people of all incomes can achieve their full potential. All of Bridge Street’s programs and activities are designed to promote and advance financial empowerment, social justice, and racial equity.

Bridge Street primarily operates six distinct but interrelated Program Areas:
▪ Youth Civic Development / Workforce Development
▪ Older Adult Services
▪ Community Engagement, Organizing & Advocacy (Including Aid to Migrants and Asylum Seekers)
▪ Affordable Housing, Real Estate Development & Social Impact Projects
▪ Economic Development and Financial Empowerment
▪ Strategic Partnerships

These Program Areas have served as cornerstones of Bridge Street’s longstanding history of providing critically important, quality services to our community. Learn more about our work at Bridge Street Development at www.bsdcorp.org.

Position Summary:
The Real Estate Finance Manager is responsible for overseeing all financial aspects of Bridge Street’s affordable housing and commercial real estate portfolios. The Real Estate Finance Manager will also be responsible for all financial, financing and refinancing aspects of multiple real estate and economic development related projects, programs and initiatives. This role involves managing budgets, financial reporting, cash flow projections and project underwriting models, compliance, and the financial planning necessary to support the development and management of affordable housing and commercial real estate properties.

PRINCIPAL RESPONSIBILITIES:
Financial Planning and Budget Management: In consultation with the VP of Real Estate, Director of Finance, Director of Asset Management and Bridge Street’s Property Management Agent:

• Develop and implement financial strategies to support Bridge Street’s affordable housing projects and ensure their financial viability and sustainability.
• Develop and manage budgets for real estate development projects and ongoing property management operations.
• Monitor and report on budget performance, identifying variances and recommending corrective actions as needed.
• Work closely with the Director of Asset Management, project developers and other stakeholders to ensure the feasibility of underwriting and financial models and adherence to project development and operating budgets.

Project Financing and Compliance: In consultation with the VP of Real Estate, Director of Finance, and project developers:

• Collaborate with lenders, investors, and government agencies to secure project financing.
• Prepare and submit applications for grants, loans, and other funding opportunities to support new development projects, capital improvements, and other costs related to the development of real estate projects and property management.
• Manage relationships with financial partners and oversee and ensure compliance with federal, state, and local regulatory and funding requirements, monitor development project expenses and the flow of funds, facilitate the timely processing of payment requests, and the draw down of approved sources funding for development projects.
• Stay updated on changes in housing finance regulations and assess their impact on the organization and its real estate portfolio.
• Financial Reporting: Prepare regular financial reports and presentations for senior management, board members, and external stakeholders.
• Review Monthly Operating Reports (MORs) generated by Bridge Street’s Property Management Agent and work with the Director of Asset Management and the Property Management Agent to optimize the financial performance of existing properties.
• In collaboration with the Director of Asset Management and the VP of Real Estate, analyze operational performance and recommend improvements to enhance revenue and reduce costs. Identify potential financial risks in housing projects and develop strategies to mitigate them
• Ensure appropriate financial controls are in place and adhered to.

Collaboration and Stakeholder Management:

• Collaborate with internal teams, including development, property management, asset management, and program management, to align financial strategies with organizational goals.
• Build and maintain relationships with banks, investors, and financial partners.

Risk Management:

•  Identify financial risks in housing projects and develop strategies to mitigate them.

QUALIFICATIONS:
▪Minimum of 5 years of experience in housing finance, real estate finance, or a related field.
▪ Strong knowledge of affordable housing finance programs mechanisms, including tax credits, bonds, grants, and loans.
▪ Excellent financial modeling, analysis, budgeting, and forecasting skills.
▪ A deep understanding of real estate finance, compliance, property management, and affordable housing programs and regulations.
▪ Proficiency in fiscal management software (MIP) and Microsoft Office Suite.
▪ Excellent communication, negotiation, and stakeholder management skills.
▪ Additional proficiencies in various computer applications including Excel and advanced MS Office skills comprehensive databases, spreadsheets and word processing software.
▪ Excellent written, oral and interpersonal skills, ability to establish and maintain effective external and interdepartmental communications and relationships.
▪ Proven ability to communicate effectively with diverse stakeholders and foster collaborative work environments.
▪ Ability to manage multiple priorities and work effectively under pressure.
▪ Commitment to BSDC’s mission and values of social justice and racial equity.

Working Conditions:
This position requires in-person/in-office work at our Central Brooklyn office location, with flexibility for occasional site visits and attending community meetings.
▪ Occasional evening or weekend work required to meet organizational needs and community engagement activities.

Compensation:
Salary range of $75,000-$90,000 commensurate with qualifications and experience. Bridge Street offers comprehensive benefits that include medical, dental, vision insurance and a 403b retirement savings plan.

How to Apply:
Please submit a cover letter outlining their relevant experience, resume and three professional references to info@bsdcorp.org. Please submit all documents as PDFs and write “Director of Asset Management” in the subject line. Due to the high volume of applicants, only qualified candidates will be contacted. In compliance with federal law, all persons hired will be required to verify identity and eligibility to work in the United States.