Senior Associate or Vice President, Impact Housing Fund
FCP, a real estate firm based in the Washington, DC metro region, is a top-performing private equity firm with five funds currently under management. Founded in 1999 by Lacy Rice and Esko Korhnonen, FCP has invested in or financed more than $8.6 billion in assets in its flagship value add fund series. FCP has a desirable base of blue-chip investors, including endowments, foundations, and pension funds. FCP’s value-add fund series focuses on workforce housing, adaptive reuse commercial office, and Class A multifamily development through a combination of direct equity investments, allocations to joint-venture partners, and structured financing. As a leader in environmental, social, and governance (ESG) best practices, FCP works to improve the lives of residents across its portfolio.
FCP is building upon its 22 years of experience in value-add workforce housing and its track record of social responsibility to establish the FCP Impact Housing Fund. This new Fund is expected to be a discretionary co-mingled fund vehicle dedicated to preserving subsidized and naturally occurring affordable housing (NOAH) while providing impact programming at each property, predominately through resident services. These services may include after-school programming, financial literacy courses, and health and wellness activities. The FCP Impact Housing Fund has a national footprint and will draw upon FCP’s experienced acquisitions team located throughout the country. The Fund will primarily make equity investments though also has the ability to make debt investments. With the larger FCP team supporting the launch and long-term sustainability of this Fund, the company plans to launch subsequent Impact Housing Funds following the deployment of the initial Fund, demonstrating that making an impact is a core tenet of FCP’s work.
There are more than 60 FCP professionals supporting the firm’s hands-on approach to investments and asset management. FCP was named a 2020 and 2021 Washington Post Top Workplace. More information on the company can be found at www.fcpdc.com.
The Position
FCP is seeking a Senior Associate or Vice President (title to be determined based on candidate’s level of experience) to serve as an Assistant Portfolio Manager of its newly-launched Impact Housing Fund. This person will be instrumental in building out the Fund while working in the rapidly growing and transformative field of impact investing.
The role will involve collaborating with FCP’s multifamily acquisitions team to implement impact underwriting for each asset, write investment committee memos, and present potential investments for the impact fund. This team member will be responsible for sourcing, coordinating, and executing the impact business plan and programming at each property. This position also includes investor relations and fundraising support. Prior experience and knowledge of regulated affordable housing and/or the Community Reinvestment Act (CRA) is a plus.
This position reports to and will work in close collaboration with Summer Haltli, Senior Vice President and the Impact Housing Fund Portfolio Manager. The position will be based at FCP’s headquarters in Chevy Chase, MD, just outside of Washington, DC
Responsibilities
Portfolio Management and Strategy
- Support the strategy, development, and growth of FCP’s first Impact Housing Fund and subsequent funds.
- Analyze investment results, impact outputs, and portfolio performance in relation to portfolio objectives.
- Assist with oversight of financial, impact, and investment performance reporting processes as well as day-to-day management of the fund(s).
- Support the Impact Housing Fund Portfolio Manager with prospective investor meetings as well as ongoing investor communications through the life of the fund(s).
- Work with FCP Environmental, Social, and Governance (ESG) specialists to identify, implement, and track environmental and social metrics at each property.
- Research, source, and identify non-profit partners and assess non-profit partner performance at each property.
Transactions
- Collaborate with FCP’s acquisitions team to identify affordable housing equity investment opportunities nationwide through the development of investment strategies and guidelines that meet fund objectives.
- Review and underwrite investment opportunities sourced by FCP’s acquisitions team, considering overall deal strength as well as portfolio suitability and impact criteria. Manage due diligence and deal structuring.
- Prepare and present investment committee memos.
- Present opportunities to investors.July 2021 Page 3
- Structure and close equity and debt financing for new acquisitions and refinancings.
- Negotiate and structure letters of intent, purchase agreements, and joint venture agreements.
- Provide support in responding to investor diligence requests.
Asset Management
- Develop an “Impact” business plan for each property which would include establishing nonprofit partner relationships for each property to implement resident services.
- Work alongside FCP’s asset management team to ensure value and impact is achieved at the property level through oversight of operating assets, property-level budgets, and joint venture operating partners.
- Collaborate with FCP’s asset management team to analyze hold/sell scenarios.
Candidate Qualifications and Experience
Experience: Five or more years for a Senior Associate title, or seven or more years for a Vice President title, of experience in multifamily real estate finance, development, acquisitions, impact investing, or asset/portfolio management. Preference for candidates who have experience in affordable housing.
Education: The successful candidate should have a strong academic background with a Bachelor’s degree in business, finance, economics, real estate, or related field.
Professional Experience
- Strong financial acumen. Knows how to view and balance both the investment thesis and mission of this group with the discipline of financial returns and metrics.
- Investment experience with a broad range of multifamily product types, ideally including mixedincome, naturally occurring affordable housing (NOAH), and subsidized housing.
- Strong record of structuring complex real estate transactions.
- Experience with debt and equity investments preferred.
- Project management of internal and/or external teams.
- Strong presentation skills with ability to present to members of the investment committee and FCP’s investors.
- Institutional relationships in the regulated affordable housing sector is a plus.
Personal Attributes
- Ability to collaboratively work with a diverse team and navigate the nuances of starting a new investment platform within a sophisticated real estate investment business.
- Ability to manage and leverage the resources of a matrixed organization without numerous direct reports.
- Ambitious self-starter with the ability to self-motivate and work both independently and as part of a team.
- Strong communication and time management skills.July 2021 Page 4
- Entrepreneurial attitude with the desire and drive to build, grow, and sustain a new investment platform. Sees potential roadblocks as an opportunity to problem solve. Shares a passion for preserving the supply of workforce and affordable housing and aligns with the mission to improve lives through increased services and opportunity.
- Brings a high level of sophistication and thoughtfulness in the approach to work. Professional in demeanor, actions, and attitude toward colleagues and external audience members.
- An inclination to anticipate problems, take initiative to solve them, and build consensus around solutions.
For more information on this opportunity, please contact Terra Search Partners:
Ellen Klasson, Managing Director, 404.667.1014 or [email protected]
Ally Sherman, Principal, 202.843.9127 or [email protected]