Associate Partner - Co-Investment / Acquisitions

Townsend is currently seeking an Associate Partner to be located in its Cleveland office. This position will report within the Special Situations Group, where Townsend manages its non-fund, principal direct real estate investment activity.  Townsend manages discretionary Special Situations investment funds, which invest globally across all property types, executing via co-investments, joint ventures, re-capitalizations, fund secondaries, and debt oriented investments.  The Associate Partner will be an integral member of the investment deal team and will help drive asset management and acquisition activities. 

New Investments

• Source, review, underwrite, diligence, structure, and execute/close real estate co-investment, joint venture, recapitalization, and fund secondary opportunities.
• Present investment recommendations on new investment opportunities; these recommendations should to be supported by quantitative analysis; recommendations will be made to Townsend’s Investment Committee and clients.
• Manage commercial negotiations on new investments between venture partners, tax consultants and legal counsel in the negotiation of terms on behalf of Townsend’s funds and clients.
• Establish and maintain relationships with real estate fund managers and operating partners, generally promoting the Townsend business as a whole.

Asset Management

• Oversee Special Situations funds’ portfolio investments, ensuring that implementation of business plan at each asset is consistent with approved plans. Provide status updates to internal management and clients. Identify risks and challenges that can impact investment performance.
• Review annual business plans, debt proposals, capital projects, and various other proposals/agreements, making recommendations as appropriate.
• Manage asset/investment structures, including tax efficient implementation for international, REIT and other structured investments.
• Prepare hold / sell analyses. For sales, manage the disposition process with investment partners.
• Maintain financial models for portfolio investments.
• Manage cash flow, distribution analysis and investment projections. Analyze waterfall calculations as needed.
• Work with partners and lenders to assist in putting loans in place for new and existing investments.
• Oversee preparation of closing binders for new investments. Monitor compliance with third party agreements and restrictions.

Other

• Oversight and training of Special Situations Analysts and Associates.
• Support the high level needs of Townsend’s clients.
• Operate in accordance with the Townsend operating procedures and compliance policies.
• Represent Townsend and/or its clients at investor meetings and industry conferences/organizations, and communicate relevant findings to the broader group and its clients as necessary.

Requirements:

• Minimum of 7 years relevant experience with institutional quality real estate in asset management, acquisitions and/or portfolio management.
• Experience working with joint venture investments and an understanding of various real estate investment structures and their related governing documents.
• Ability to work with a variety of third-party service providers such as brokers, accountants, banks, attorneys, etc.
• Ability to work in a team environment that requires daily interaction with the acquisitions, asset management, finance, and accounting teams.
• Strong written and oral communication skills are required.
• Strong knowledge of real estate, combined with exceptional quantitative, research, analytical and financial modeling skills, needed.
• Strong organizational skills required with the ability to multi-task, work independently and as part of a team in a time sensitive environment where meeting established deadlines are critical. Self-motivated and takes initiative to manage responsibilities and meet deadlines.
• Strong interpersonal/customer service skills essential with the ability to create/build and maintain relations with internal and external parties.
• Strong written and verbal communication skills
• High attention to detail.
• Postgraduate degree and relevant professional qualification (FSA/CFA) preferred.