Senior Associate, Development Accounting

Description

Who We Are

Core Spaces (Core) is more than a real estate company, it’s a people company. Where building relationships is just as important as building properties. From researchers and architects to designers and operators, Core is made up of risk takers and dreamers who are on a mission to invent the future of living. Our six cultural values guide us every day and we strive to live them in everything we do:  PUSH (Invent Better Places to Live), GRIT (We Got This), LIFT (Help Each Other Win), SHINE (Bring Your Full Self), UPHOLD (Never Break Trust), GROW (Always Get Better). Everything Core does stems from this culture of collaboration and innovation, and the drive to constantly improve the resident experience. This unique approach has led to creating spaces and services that are redefining the way people live.

What We Do

Founded in 2010, Core is a vertically integrated company focused on acquiring, developing, managing, and lending across the student housing and build-to-rent (“BTR”) sectors. Its residential communities feature world-class amenities, progressive design, and hospitality-driven client service. In its award-winning student portfolio, Core currently owns and/or manages over 45,600 beds* – and has a pipeline of over 45,000 beds* in various stages of development. Core's BTR division currently has over 3,000 homes under development and in its pipeline in high-growth metros across the country. For more information, visit www.corespaces.com.

*Portfolio and pipeline numbers as of November 2024

Benefits That Matter

• A culture that provides you with a sense of belonging
• Hybrid and remote work options to promote work-life balance
• Competitive pay that values your contributions
• Annual incentive to reward your achievements
• Paid unlimited PTO to disconnect or celebrate life milestones
• Paid 16 holidays, including your birthday, to disconnect and celebrate
• Paid Parental Leave that begins after 90 days
• Paid volunteer time off to give back to your community
• Monthly workshop weeks; fewer meetings & more collaboration
• Robust health plan options that begin within at least 30 days of your employment
• Monthly phone reimbursement
• Wellness allowance and perks, including a yearly subscription to a meditation app
• An environment that provides you a voice to share your perspectives
• Employee Assistance Program (EAP) for access to confidential support services      
• Company retirement options including 401(k) matching & Roth account option

Position Overview

Core Spaces is seeking a Sr. Associate of Development Accounting to join our Chicago Team! Ideally, you’ll have experience in financial reporting processes and general accounting administrative tasks. If you are willing to put your attention to detail and flexible attitude to work and you have experience in Real Estate or Construction industry, you may have just found your new home!

What You Will Do

• Performs and/or coordinates accounting for all development projects, including but not limited to:
  • Preparation and/or review of journal entries and account reconciliations.
  • Processing, reviewing, coding, tracking and general ledger posting of construction draws for multiple projects.
  • Coordinates the receipt of required information from development partners, fee developers and others.
  • Responsible for monthly development accruals and providing accurate cost information for development valuations.
  • Coordinating invoicing for fees.
  • Plans, prioritizes and coordinates tasks to ensure completion of multiple assignments or project within prescribed timelines.
  • Interact with internal and external customers, accounting team members, development partners, portfolio management/development teams to ensure prompt resolution of issues and achieve maximum efficiency of operations.
• Review various project draw packages and financial statements to ensure accuracy prior to submitting to investors and lenders.
• Work with various internal and external parties for new projects/closings.
• Review agreements and budgets for accuracy.
• Work with project personnel and external vendors for project related questions and requests.
• Identify and implement opportunities to streamline operations and make recommendations for continuous improvement.
• Design, implement and support appropriate policies and procedures that are consistent with industry best practices to support the continued growth of the organization.
• Drive process improvements related to Development project reporting.
• Ensure consistency and adherence to GAAP for development project financial reporting across all projects.
• Partner with and support Development Managers by providing timely and accurate financial information as well as cash and budget management.
• Understand Development Partnership Agreements and Loan Agreements and apply knowledge to draw packages, financial statements, and distribution requirements.
• Willingness and ability to commit to team deadlines with understanding additional hours may be required during monthly close period.
• Ability to work independently and in a team environment.
• Must be able to complete all physical requirements of this role with or without a reasonable accommodation
• Occasional travel may be necessary as needed
• Perform all other duties and tasks as assigned by management

Ideally, you'll have

• Bachelor’s Degree in Business/Accounting or other related quantitative field
• Previous experience in real estate development accounting and/or public accounting preferred.
• Thorough understanding of basic accounting principles (i. e. journal entries, debits, credits, etc.), compliance, accounting regulations and regulatory functions required in operations
• Strong analytical skills and an attention to detail required. High degree of initiative and flexibility required to successfully accommodate deadlines.
   

You'll crush it if you have experience with

• Real Estate development/partnership accounting experience preferred.
• Development Accounting
• Multi Family Real Estate Industry

Organizational Structure

Reports to: Manager, Development Accounting

Direct Reports: N/A

Disclaimer: Please note that job responsibilities, reporting lines, and duties outlined in this job description are subject to change to meet the evolving needs of the organization.

Base salary starts at $85k annually, with final compensation dependent on experience and qualifications. Includes a bonus opportunity starting at 10% of the annual base salary, based on individual and company performance. 

As an Equal Opportunity Employer, Core Spaces celebrates diversity and is committed to creating an equitable and inclusive environment, which creates a sense of belonging for all employees. We do not discriminate and believe every individual should be proud of who they are and the community they represent.

Qualifications

Salary : $85,000