Development Manager / VP of Development

Abacus Capital is seeking a Development Manager to join its Capital Investments team. The role will support all aspects of its tactical real estate opportunity-drive investment platform.

Investment professionals at Abacus Capital work on a small deal team in a fast-paced and entrepreneurial environment. The candidate will have constant interaction with senior members of the firm as well as the senior management of the portfolio properties. Associates have a significant level of responsibility from the outset of their career at Abacus Capital.

The Development Manager will work closely with all senior members of the firm, including VP, Partners, and Construction Managers. The Development Manager will provide support to the project teams on both ground-up development and re-development projects. The development process will include regular site visits and coordination with design, construction, and property management teams. The Development Manager will also work closely with the firm’s controller on the preparation of monthly draws to be approved by our construction lending partners. Duties will include site inspections, property cash flow analysis such as IRR, present value analysis, partnership allocations, and other related real estate financial analyses, tenant credit analysis, third party report reviews, market analysis, design/construction coordination, monthly draw preparation, and competitive positioning. The Development Manager will prepare cash flow and pricing models for evaluating existing and prospective real estate investments, and will oversee the financial, economic, physical, market, leasing, and structural due diligence for prospective investments. The Development Manager should be able to understand the entire due diligence process and independently and proactively manage the process through closing. In addition, the Development Manager will prepare detailed budgets and schedules for both existing and prospective properties. The Development Manager will manage and participate in the preparation and presentation of Investment Committee presentations.  

Key Responsibilities

Financial Management and Modeling

• Create, maintain and update financial models precisely and accurately, ensuring accuracy and completeness
• Manage the quality and timeliness of information received from investment partners and/or 3rd party providers
• Review and analyze historical and projected operational data gathered from partners and/or 3rd party providers. 
• Perform detailed review of financial information for compliance with GAAP accounting standards.  Work with partner to correct any discrepancies on a timely basis.
• Monitor and track investment level debt, including covenants, escrows, maturities, prepayments, and reporting requirements to the lender.  Ensure compliance.
• Ensure that all operational information is appropriately captured in the financial model.  Prepare monthly reporting package (model, bridge and tactical plan) for investment team leader review and approval by the stated reporting deadlines.
• Prepare quarterly asset and equity valuation calculations for each investment.  Supplement this calculation with market data and other documentation to support the valuation for the quarter.  Obtain investment team approval.

Other Investment Activities

• Assist the Investment Team in the preparation of quarterly investment valuations by stated deadlines.
• Assist the Investment Team with exits including due diligence materials, pro-rations, pricing scenarios, etc.
• Assist the Investment Team in preparing analysis on other related transactions as needed or other ad hoc requests from investors, potential lenders, brokers, buyers, etc.
• Participate in weekly operations, construction, management and/or leasing calls as they apply to each deal.  Track prospects, traffic, trends, and overall market conditions as applicable. (rental rates, comparable sales, vacancy, etc)
• Review plans and specs provided by members of the design team for quality and coordination.
• Solicit proposals from architects, engineers, and general contractors on the front end of projects and coordinate and communicate with members of the team throughout the bidding process.
• Work closely with Team Leader to assist in various asset management tasks as needed for each deal.

Primary Qualifications

• At least 2 years’ (but ideally 4-8 years) experience in real estate investment, development, construction or other capital markets disciplines of which at least two years is preferred to be in commercial real estate
• A working knowledge of the principles of asset valuation, the investment acquisition process, asset management and business plan implementation and the disposition process
• Advanced knowledge of, and a demonstrated high proficiency in, Microsoft Excel and the overall financial modeling process
• A strong comprehension of real estate as an asset class
• Bachelor’s Degree from a top academic institution required
• Highly motivated, assertive and driven
• Committed to high standards of excellence and ethics
• Clear, articulate communicator
• Goal-oriented, organized and diligent
• First tier market work experience strongly preferred

About Abacus Capital

Founded in 2017, Abacus Capital is a tactical real estate opportunity investor focused on the acquisition and development of income producing commercial real estate in growth markets across the southeastern United States.

Abacus Capital targets high quality or otherwise irreplaceable assets with lower risk profiles where that risk might be mis-priced or otherwise misunderstood.  We strive to identify inefficiencies or dislocations in the real estate capital markets that generate asymmetric return profiles, often characterized by downside protection through attractive going-in bases and current income. At various points in a market cycle we will typically focus on investing client capital either offensively or defensively. However, special situations may arise on an episodic basis where we believe a particular offensive investment opportunity may make strategic sense on a risk-adjusted basis in an otherwise defensive investing environment.

Our mission is to identify investment opportunities that we believe offer our investors the most compelling risk-adjusted returns in a dynamic capital markets environment. In order to maximize our ability to capitalize on market dislocations or inefficiencies, we often leverage our extensive market relationships to partner with or hire best in class operators based on the specific opportunity, product type and strategy. Through a disciplined approach to capital allocation and strategic market selection we focus on value-oriented assets, seeking to generate superior returns for our clients by identifying opportunities with asymmetric return profiles often characterized by downside protection and durable in-place income.

The Abacus Capital team embodies the firm’s core principles: integrity, performance, accountability, discipline, agility, value orientation, and client alignment.