Note: The job is a remote job and is open to candidates in USA. Bullpen is seeking an Analyst or Associate to support a leading nonprofit affordable housing owner and developer with the disposition of approximately 25 multifamily properties. The role focuses on underwriting, financial analysis, document review, transaction coordination, valuation, diligence, and approval materials across multiple affordable housing transactions.
Responsibilities
- Build and maintain property-level disposition and valuation models
- Underwrite real estate values, partnership interests, projected sales proceeds, and equity distributions
- Analyze historical operating performance and prepare forward-looking sale scenarios
- Review financial statements, rent rolls, operating budgets, capital needs, and property-level reporting
- Review partnership agreements, loan documents, regulatory agreements, subsidy contracts, and other transaction documents
- Research investor exit provisions, consent requirements, transfer restrictions, and rights of first refusal
- Support the analysis of fee-simple property sales and partnership-interest transfers
- Assist with bridge financing analysis when existing debt matures before a planned disposition
- Track lender, investor, agency, and third-party approval requirements
- Maintain transaction schedules, diligence trackers, and property-level documentation
- Support broker selection, valuation work, and the preparation of property marketing materials
- Coordinate information requests from brokers, buyers, lenders, attorneys, consultants, and internal departments
- Prepare transaction memoranda and presentations for internal approval committees
- Identify potential underwriting, documentation, and timing issues and elevate them to the Disposition Director
- Support multiple property transactions at different stages of the sales process
Skills
- At least three years of affordable housing underwriting experience
- Direct knowledge of LIHTC housing and affordable multifamily transactions
- Strong financial modeling and Excel skills
- Experience underwriting multifamily properties and analyzing financial statements, rent rolls, budgets, and operating reports
- Ability to review and understand partnership agreements, loan documents, regulatory agreements, and complex capital structures
- Strong analytical, organizational, and project-management skills
- Excellent attention to detail
- Strong written and verbal communication skills
- Ability to manage multiple assignments and deadlines simultaneously
- Ability to work independently in a remote environment
- Bachelor's degree in finance, accounting, real estate, or a related field
- This position can be performed remotely, but the Analyst or Associate should be available during Eastern time zone business hours
- Occasional travel to properties in Maryland and Washington, D.C. may be required
- Direct exposure to affordable housing dispositions
- Experience with LIHTC investor exits or Year 15 transactions
- Affordable housing asset or portfolio management experience
- Familiarity with HUD programs, Section 8, tax-exempt bonds, state housing agency financing, and other government funding sources
- Experience underwriting partnership interests in addition to fee-simple real estate
- Exposure to bridge financing, refinancing, or debt restructuring
- Experience preparing investment committee or transaction approval materials
- Yardi reporting experience
- Master's degree in real estate, MBA, CPA, or a comparable advanced credential
- Eastern time zone location or proximity to Maryland and Washington, D.C
Benefits
- Remote work arrangement
- Full-time temporary position expected to last at least 12 months
Company Overview