Organization: The Bernstein Companies
Department: Structured Finance
Job Title: Associate
Location: Washington, DC
The Bernstein Companies (“TBC”) is one of Washington D.C.’s oldest privately held real estate development, investment, and management firms. Over the past 80 years, TBC has developed and managed over 5 million square feet of commercial space, 4,000 multifamily units and 20 hotels.
TBC’s Structured Finance team invests in commercial, industrial, and non-profit real estate projects in distressed areas that aim to increase economic development nationwide. Our investment strategy is driven by leveraging expertise in tax credit and other incentivized capital, mainly through the New Markets Tax Credit (“NMTC”) program, to facilitate large-scale transformational projects. To execute these investments, we partner with regional and national Community Development Entities that include non-profits, Community Development Financial Institutions, and real estate development companies, each with a unique, community-oriented deployment strategy. Since inception, we have supported our partners in deploying over $2.3 billion in capital, that has resulted in almost $10 billion invested into projects that create employment opportunities and provide community goods and services to their local area.
As an Associate on the Structured Finance Team, you will be a member of a small but experienced team with a portfolio of over $750 million in active investments. You will support senior staff members in the preparation of funding applications, managing our active portfolio, underwriting new investments for community impacts, and facilitating transaction closings. This position will require both internal communication with senior staff and external communication with investors and borrowers. Applicants should have a demonstrated interest in economic / community development. To excel in this role, you will have an analytical background, research experience, an ability to prioritize multiple ongoing projects, and an entrepreneurial spirit.
Preferred Experience and Skills:
- Bachelor’s Degree with research experience and coursework in business, economics, finance, or accounting
- 1-4 years of work experience, preferably with experience in non-profit lending, real estate, economic development, business, or policy
- Strong writing and communication skills
- Proficiency with Microsoft Office Suite (Word, Excel, PowerPoint, SharePoint)
- Highly qualified candidates will have:
- Experience writing grant or funding applications;
- Experience preparing investment proposals for real estate or business transactions; and/or
- Experience working with New Markets Tax Credits, Historic Tax Credits or other tax credit programs.
Primary Responsibilities Include:
- Assist in the preparation and review of applications to obtain investment authority under impact-based programs guidelines. Application preparation will include gathering quantitative impact data, demographic research, drafting and reviewing application responses, and extensive collaboration amongst the team and external partners.
- Analyze prospective investment opportunities for community impact/benefit, project feasibility and risk assessment. Prepare investment proposals, transaction closing documents, and assist with investment due diligence when appropriate.
- Maintain and improve the impact reporting database for active investments. Periodically evaluate and update categories and metrics utilized (e.g. jobs created, wages & benefits, demographics of patients/students served, etc.).
- Communicate annually with borrowers to collect impact data and prepare impact reports for investors and regulators.
- Assist in the preparations of materials and presentation of potential investments to Advisory Boards and Investment Committees to ensure that all transactions receive the required approvals prior to funding.
- Support ongoing transaction due diligence and assist in underwriting, participate in deal closing calls, monitor closing checklists and ensure proposed transactions align with impact goals.
Additional Responsibilities May Include:
- Asset Management: build productive relationships with existing borrowers to support asset management work (e.g. periodic reporting, workouts, divestitures)
- Investor Relations: assist in preparation, delivery and communication of impact and financial reporting
- Originations: provide technical assistance and feasibility assessments to potential investees in support of TBC’s transaction origination objectives. Conduct impact analysis to provide input and make recommendations on prospective investments.
- Program Compliance: analyze federal and state tax credit legislation to discern if we are abiding by current mandates and if any changes will affect our business model
- Perform other tasks as reasonably requested by Senior staff
