Commercial Property Accountant

About this Opportunity:

The successful candidate will oversee a portfolio of commercial properties, owned by various funds and joint ventures, and ensure compliance with lender, tax, and investor requirements.

This role works closely with 3rd party property teams who manage day-to-day accounting operations using MRI. The Accounting Manager collaborates with other members of the Accounting team, as well as the Acquisitions, Asset Management, Tax, and Finance teams.

Your Key Responsibilities:

• Overall Property Level Accounting:
  • Work closely and oversee 3rd Party Property Teams
  • Review 3rd party property accounting for consistency, accuracy and proper accounting
  • Rent rolls and lease maintenance
  • Cash management including weekly check fundings
  • Financial reports
  • Annual budgets and quarterly budget re-projections
  • Tax basis amortization and depreciation calculations
• Loan Compliance and Financial Reporting:
  • Provide 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
  • Manage Loan Compliance
  • Mortgage payments
  • Lender reporting including debt service coverage ratio calculations
  • Loan and escrow draw
• Audit Support and Financial Statements:
  • Prepare unaudited financial reports as required by the ownership of the property
  • Provide comprehensive audit support
  • Prepare audited financial statements with footnotes (FV and Tax basis), as required
• Joint Venture Accounting and Cash Management:
  • Work with Beacon construction professionals to provide accounting for development projects
  • Prepare ad-hoc financial analysis and reporting as needed
  • Joint Venture Accounting
  • Review and comply with operating agreements
  • Prepare financial reporting on a consolidation or combined level, as required, including audited financial statements with footnotes (FV and Tax Basis)
  • Cash management including capital calls and distributions
  • Calculate and process management fees
  • Calculate income allocations including waterfalls, as required
• Acquisition and Disposition Support:
  • Work with Acquisitions team to review diligence materials
  • Review settlement statements including, prorations and buyer/seller credits
  • Review estoppels
  • Record opening entries
  • Monitor all post closing activity for true up with Seller
  • Onboard properties and train 3rd party teams on financial standards and reporting
  • Work with Disposition team to respond to Buyer diligence requests
  • Prepare prorations
  • Work with 3rd party teams to prepare estoppels
  • Prepare and record closing entries including gain/loss calculation
  • Monitor all post-closing activity for true up with Buyer

Skill & Experience Requirements:

• 5-8 years 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