Position: Construction Finance Manager
Salary: $125,000+ DOE
Company: Reef Capital Partners
Location: Park City, UT
About the Company: Reef Capital Partners (RCP) is a successful commercial real estate investment firm specializing in both private credit and private equity investments. Founded in 2005, Reef has completed more than 500 transactions with an aggregative value of almost $2 billion dollars. Reef has an exceptional track record of performance, with an IRR on realized investments over the past decade of ~20%.
Reef is currently developing several high-profile projects including Black Desert Resort in St. George, Marcella and Cormont Condominiums at the new Deer Valley East Village, and Main & Sky hotel in downtown Park City:
Black Desert is a world-class development anchored by 148 hotel rooms, 298 resort residences, 24,000 divisible square feet of convention space, 3 restaurants, a world-class spa, 2 pools, a fitness center, and a new 19-hole golf course designed by Tom Weiskopf. In recent headlines, it was announced that Black Desert Resort will host a PGA Tour event (Fall 2024) and an annual LPGA Tour event (beginning Spring 2025). This will be the first PGA Tour event in Utah in over 60 years and will allow the world to get a peek at Black Desert's stunning landscape, immaculate fairways, and what will be Utah's largest resort.
Marcella at the new Deer Valley East Village consists of 323 acres of luxury ski-in/ski-out homesites within Extell Development Company's Mayflower Mountain Resort, which is adjoined to Deer Valley Resort in Park City, UT. The development includes 139 custom homesites, 50 townhomes, a member lodge, and private club. Marcella, the private club tied to this deal, has been rolled out along with the announcement that Tiger Woods (TGR Design) will be designing the new golf course. At completion, Marcella will have 500 memberships (including the 139 homesite buyers that purchase a membership with their lot).
The Cormont Condominiums consists of the construction and sale of 349 luxury ski-in/ski-out condominiums (620 underground parking stalls) across 5 buildings totaling over 730,000 gross sqft. Condominiums are approved for nightly rentals and are situated at the base of the newly expanded Deer Valley Resort .
Job Responsibilities: The construction finance manager will be based out of the Park City construction trailer and will focus on the Park City developments, working closely with the Park City finance team performing the following functions:
Prepare and oversee the monthly/quarterly review of all Park City project financial projections including: Produce all-in development / construction budgets for all projects including soft costs, hard costs, and financing expenses Produce month over month budget-to-actuals: construction summary reports tracking cost expenditures to projected budgets, expected income, membership and real estate sales deposits, and reconciling cash versus accrual records Produce cash flow projections on all construction and development projects: forecast cost-to-complete based on construction contracts and soft cost expenditures based on input from the development team Build operational and staffing budgets and track financial performance for operational assets Work with Reef's corporate finance team to maintain accurate entity charts, cap tables, and waterfalls for all entities Coordinate with project managers, Park City finance director, and 3 rd party vendors to ensure financial statements are accurate and complete Manage internal budget management systems to ensure financial reporting and tracking is up-to-date and accurate Work closely with the private equity team to manage liquidity and funding needs Oversee timely fulfillment of invoices, allocation to appropriate budget lines, and intraparty reimbursements between projects Oversee the payment of all construction draws related to Park City projects (bank construction loans, land seller financing, etc) and meet lender reporting requirements Oversee the payment of all distributions related Park City projects (equity distributions, tax distributions, seller financing pay-off, etc) in accordance with the project waterfalls Assist in the preparation of the annual investment valuations as part of the fiscal year-end audit Assist outside public accounting firm in the preparation of the tax returns for Park City projects Assist in allocating and maintaining basis allocation tables Assist in other ad hoc projects as they arise Professional Characteristics and Skills: Strong organizational skills: able to manage priorities and meet deadlines Ability to solve unstructured problems and improve/develop processes Strong communication skills: able to effectively coordinate, mentor/manage, and provide/receive feedback Strong technological skills including familiarity with various accounting software and Excel Self starter; able to identify areas of improvement and implement solutions High attention to detail Qualifications: Bachelor's / master's degree in accounting preferred Experience in real estate development or construction reporting highly preferred Experience managing a team preferred Company Benefits: 401K Plan with Company Match Generous Health Plan with HSA Match Flexible Paid Time-off Cell Phone Service Allowance Daily Employee Lunch Job Posted by ApplicantPro
