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PGIM Real Estate’s transactions team is seeking an Executive Director, Acquisitions to lead its affordable housing acquisitions, reporting to the head of transactions. This individual will be focused on multi-family affordable rental housing and will be responsible for sourcing and executing affordable housing acquisitions and development up through closing. These properties would include a variety of types of affordability and would include mixed-use properties.
Your Impact:
- Develop and cultivate strong relationships with owners of institutional-grade real estate, commercial real estate brokers and joint venture partners who own, operate and development multi-family affordable and mixed-income properties
- Seek new transactions and work with a variety of sources to identify new investment and partnerships opportunities within affordable, workforce, mixed-income and mixed-use properties, including with a focus on firms led or owned by women and people of color.
- Source investments in conjunction with portfolio appetite including single-asset acquisitions, development or portfolio acquisitions.
- Market potential transactions to PGIM Real Estate portfolio managers across all PGIM Real Estate’s US investment funds but with a primary focus on our impact and affordable housing funds; present investment opportunities to the investment committee, as required.
- Oversee all areas of due diligence, acquisitions underwriting, deal modeling, deal structuring, financing, negotiation of deal terms and transition to the asset management group.
Your Required Skills:
- Bachelor’s degree required, Finance or Real Estate strongly preferred.
- Minimum of 15 years of commercial real estate investment experience in affordable housing including sourcing and structuring affordable and mixed-income housing transactions.
- Deep knowledge of federal, state and local affordable housing programs and structures. Existing relationships with public officials and affordable housing agencies at the federal, state and local levels and an ability to identify opportunities for investment due to public policy alignment and subsidy.
- Demonstrated track record of investing successfully while displaying sound investment judgment and ability to meet the needs of low-income people and communities.
- Possess strong market relationships across the US including with a broad array of brokers and owners.
- Experience in originating individual and portfolio transactions directly and through joint venture partners.
- Strong communication and negotiating skills.
- Understanding of risk management, portfolio diversification, and asset management.
- Strong quantitative skills and demonstrated analytical ability including underwriting and financial analysis.
Source: PGIM Real Estate Career Page
