Welcome to Mill Creek! We’re glad you’re here! At Mill Creek Residential we are committed to building a diverse, equitable and inclusive workplace where our associates can grow and bring their whole selves to work. This starts with our recruiting and hiring process. Studies have shown that women and people of color are less likely to apply to jobs unless they meet every single qualification. We want you to know that we encourage you to apply if this job excites you, even if you don’t meet 100% of the requirements. You may just be the right candidate for this role, or another role and make your mark at Mill Creek.
The Managing Director will own and drive all multifamily acquisitions in their territory including sourcing, underwriting, due diligence, legal negotiation and closing core, core plus, and value add multifamily property acquisitions, debt investments, and preferred equity and/or mezzanine debt within their territory. Generate pipeline of investment opportunities within territory, including off-market transactions, and ensure realistic and disciplined underwriting standards are maintained.
Essential Functions/Responsibilities
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Source multifamily core, core plus and value add property acquisitions and debt investments
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Identify strategic opportunity and develop sourcing strategy and pipeline within assigned territory, targeting on-market and off-market transactions that satisfy current portfolio management requirements
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Develop strong industry relationships with brokers and developer partners and operator partner relationships for debt and preferred equity investments, if required, and others to expand sourcing network
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Supervise, train and mentor junior acquisitions officers on market and property research and underwriting of potential investments
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Coordinate due diligence using other Mill Creek specialized team members to ensure comprehensive and timely completion within the transactional timeframe and Mill Creek’s investment process requirements
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Negotiate LOIs, term sheets, and legal documentation associated with the investment, managing, and working with Mill Creek’s outside counsel
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Coordinate investment financing and closing with Capital Markets taking the lead
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Coordinate investment closing with transactions closing team
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Present new investments to Investment Committee for approval
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Monitor and track performance of investments post-acquisition with Portfolio, Asset and Property Management taking the lead
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Provide input into the property/investment valuation process
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Manage and develop Acquisitions staff
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Consistently demonstrate use of tact and discretion
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All other duties as assigned
Education and/or Experience
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Minimum of five (5) years managing acquisitions/sales staff
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Minimum fifteen (10) years of experience in commercial real estate with at least five years as a senior acquisitions professional in the multi-family sector in multiple geographies
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Originating loans to purchase properties in excess of 200 units
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Experience in both debt and equity transactions preferred
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Savvy and experienced underwriting and structuring of multifamily debt and equity transactions, preferably in the distressed arena
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Sophisticated structuring of joint ventures containing promotes, splits, preferred returns, etc.
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Knowledge of full capital structures and how best to structure transactions for maximum return
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Experience in sourcing distressed opportunities from investment banks, large commercial banks, mortgage REITs, mezzanine lenders and investors, hedge funds, equity/opportunity funds, and or mortgage brokers and loan sellers
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Effective negotiations skills, including, but not limited to, knowing what’s important, creating win/win opportunities, knowing when to be flexible, when to be firm and knowing when to ask for investment committee guidance
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Demonstrated successful experience in structuring equity, mezzanine and preferred deals
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“Presence” necessary to “get in the door” and successfully interact with Wall Street, owners, sellers and principals
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Ability to influence and persuade, using a variety of approaches appropriate for the situation and party being influenced
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Excellent relationship building skills in working with property management, internal and external partners and sellers
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Demonstrated management skills with track record of building teams and identifying, mentoring, and growing talent in-person and virtual
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Aptitude for organizing, prioritizing, and managing multiple priorities, using critical thinking and problem solving
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Demonstrated multi-modal communication style that reaches every stakeholder, specifically excellent verbal, and written communications
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Collaborative working style with inclusive work and thinking behaviors, commitment to excellence in teams and work product, with a strong work ethic
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Proficiency and willingness to adopt new systems and processes.
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Demonstrate emotional intelligence in high pressure and sensitive situations
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Ability to see, analyze and understand business dealings in terms of the overall business plan
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Tenacity, patience, and perseverance to work with business deals from beginning to end of process
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Represent the Mill Creek employment brand well to candidates by seeking to understand the capabilities and insights of people with unique backgrounds, cultures, styles, and abilities
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Maintain confidentiality of sensitive information and communications of information
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Develop productive working relationships with all team members including internal clients and external third parties
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Demonstrated high level of ethics and integrity with a straightforward and honest approach
Technical/Educational Requirements
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Undergraduate degree is required. MBA, CFA or equivalent experience and training is an added benefit, but not required
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Demonstrated advanced financial modeling and Excel skills required
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Demonstrated ability to use and learn new technology (e.g., computers/hardware, mobile, software, cloud-based programs)
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Proficiency with computers, keyboards, monitors and telephone headsets.
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Proficiency in Microsoft Suite of Products (e.g., Word, Outlook, Excel, Teams, Power Point)
About the Benefits of joining the Mill Creek Team
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Competitive compensation, with bonus opportunity
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Comprehensive medical, dental and vision
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Employer sponsored short and long term disability, Life and ADD insurance
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401k with employer matching
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Paid time off benefits: Vacation, Sick, Holidays
Mill Creek is an Equal Opportunity Employer
