Staff Accountant - Development

Job Description - Staff Accountant - Development

Foxfield LLC is a real estate investor and developer focused on the commercial and residential sectors which currently operates over four million square feet of real estate across the East Coast and has a pipeline of development approaching $1 billion.

The Staff Accountant - Development will support the accounting for the Company's development projects, from land acquisition through construction completion and transition to operations. Based in Boston, MA, this position is responsible for project cost accounting, construction loan and equity draws, capitalization of development costs, and development reporting, working closely with the Development, Property Management, Asset Management and Accounting teams.

The ideal candidate will think and operate like an owner by taking responsibility for the accuracy of every project cost, draws and reports, anticipating what lenders, partners and the Development team need, and following each item through to resolution.

Responsibilities

Project Cost Accounting

• Set up development jobs, budgets, contracts and change orders in Yardi.
• Review, code and process development invoices, verifying against contracts, budgets and lien waivers.
• Track committed, incurred and remaining costs by project and cost category.
• Account for capitalized development costs, including hard and soft costs, capitalized interest and carry costs, and reclassify costs to fixed assets at project completion.
• Bill tenants for tenant improvement and other reimbursable work as applicable.
• Maintain organized project cost files and audit support.

Draws, Funding & Payments

• Prepare monthly construction loan and equity draw requests, including supporting documentation required by lenders and partners.
• Coordinate with general contractors, project managers and vendors to collect pay applications, lien waivers and other lender requirements.
• Set up and process wires and ACH payments to contractors and vendors, and track retainage.
• Reconcile draw activity and project funding to the general ledger.
• Assist with construction loan compliance and reporting requirements.

Acquisitions & Project Setup

• Assist with land and acquisition deposits and closing payments.
• Record acquisition closing statement entries and due diligence/acquisition expense billbacks to projects.
• Assist with new entity, vendor and project setups in Yardi.
• Support the transition of completed projects to operations, including new property setups in Yardi.

Month-End Close & Reporting

• Prepare journal entries, accruals and account reconciliations for development entities.
• Review monthly trial balances and general ledgers for development assets and liabilities.
• Prepare monthly development reports, including budget-to-actual and cost-to-complete.
• Support quarterly investor and lender reporting.
• Assist with annual audits and tax preparation for development entities.
• Complete ad hoc analysis and special projects as assigned.

Working Conditions & Physical Requirements

• Must be able to remain in a stationary position (sit/stand at a computer) for long periods of time.

Qualifications & Skills

• Bachelor's degree in Accounting or Finance required.
• Minimum 2-3 years of accounting experience.
• Commercial real estate exposure required; development or construction accounting experience preferred.
• Proficiency with Yardi required; experience with Yardi Job Cost preferred.
• Working knowledge of GAAP, including capitalization of development costs.
• Strong Excel skills.
• Strong attention to detail and ability to manage multiple projects and deadlines.
• Fast-paced, team-oriented environment emphasizing accuracy, accountability and follow-through.