Commercial Real Estate Accountant

2 days ago

Varanasi, Uttar Pradesh, India beBeeAccounting Full time ₹ 1,50,00,000 - ₹ 2,00,00,000
About the Opportunity

As a seasoned Accounting Manager, you will be responsible for overseeing a portfolio of commercial properties owned by various Funds and Joint Ventures. This role requires close collaboration with 3rd party property teams, lenders, tax authorities, and investors to meet their requirements.

  • Key responsibilities include:
  • Managing overall property level accounting
  • Working closely with 3rd Party Property Teams
  • Reviewing 3rd party property accounting for consistency, accuracy, and proper accounting practices
  • Rent rolls and lease maintenance
  • Cash management, including weekly check fundings
  • Preparation of financial reports
  • Annual budgets and quarterly budget re-projections
  • Tax basis amortization and depreciation calculations
  • Providing support to 3rd party MRI users
  • Review and approval of operating and tax escalations
  • Annual estimates
  • Quarterly and annual reconciliations
  • Cost pools, expense caps, exclusions, gross ups, and base year calculations
  • Loan Compliance Management
  • Mortgage payments
  • Lender reporting, including debt service coverage ratio calculations
  • Loan and escrow draw preparation
  • Preparation of unaudited financial reports as required by the ownership of the property
  • Comprehensive audit support provision
  • Audit-ready financial statements preparation, with footnotes (FV and Tax Basis)
  • Collaboration with Beacon construction professionals to provide accounting for development projects
  • Ad-hoc financial analysis and reporting as needed
    • Joint Venture Accounting
    • Review and compliance with operating agreements
    • Preparation of consolidated or combined-level financial reporting, including audited financial statements with footnotes (FV and Tax Basis)
    • Cash management, including capital calls and distributions
    • Management fee calculation and processing
    • Income allocation, including waterfall calculations as required
      • Acquisitions
      • Collaboration with Acquisitions team to review diligence materials
      • Review of settlement statements, including prorations and buyer/seller credits
      • Review of estoppels
      • Record opening entries
      • Monitoring post-closing activity for true-up with Seller
      • Onboarding properties and training 3rd party teams on financial standards and reporting
        • Dispositions
        • Collaboration with Disposition team to respond to Buyer diligence requests
        • Preparation of prorations
        • Collaboration with 3rd party teams to prepare estoppels
        • Preparation and record of closing entries, including gain/loss calculation
        • Monitoring post-closing activity for true-up with Buyer
          • Other duties and special projects as assigned

Skill & Experience Requirements

  • 5-8 years of property accounting experience, with the majority in commercial real estate
  • Experience with Funds and/or Joint Ventures -
  • Experience with fair value GAAP, tax accounting. IFRS a plus
  • Experience with TRS (Taxable REIT Subsidiaries) a plus
  • Proficient with tenant recoveries (CAM)
  • Understanding of waterfall calculations
  • Experience in year-end audit including preparation of financial statements and footnotes
  • Experience with loan compliance including loan-draw and escrow-draw packages, covenant calculations
  • Ability to work independently and communicate effectively
  • Ability to work in a fast-paced environment
  • Detail oriented and ability to multitask and prioritize
  • Proficiency with financial software systems applications and proficiency with Microsoft Windows software programs, MRI experience a plus

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