What are the responsibilities and job description for the Asset & Wealth Management, Urban Investing Group, Real Estate Associate - Dallas position at Goldman Sachs and Careers?
Goldman Sachs Asset Management
Bringing together traditional and alternative investments, we provide clients around the world with a dedicated partnership and focus on long-term performance. As the firm’s primary investment area, we provide investment and advisory services for some of the world’s leading pension plans, sovereign wealth funds, insurance companies, endowments, foundations, financial advisors and individuals, for which we oversee more than $2 trillion in assets under supervision. Working in a culture that values integrity and transparency, you will be part of a diverse team that is passionate about our craft, our clients, and building sustainable success. We are:
- Investors, spanning traditional and alternative markets offering products and services
- Advisors, understanding our clients’ priorities and poised to help provide investment advice and strategies that make sense for their portfolios
- Thought Leaders, providing timely insights across macro and secular themes to help inform our clients’ investment decisions
- Innovators, using our suite of digital solutions to help our clients address complex challenges and meet their financial goals
Urban Investment Group
Established in 2001, the Urban Investment Group (UIG) within Goldman Sachs Asset & Wealth Management makes tax credit equity investments, real estate investments and loans, and provides senior loan facilities in order to empower underserved communities and enable long-term equitable growth. UIG manages the investing and lending strategies for GS Bank USA’s Community Reinvestment Act requirements and the firm’s investments in Opportunity Zones and is a significant contributor to the firm’s One Million Black Women and 10,000 Small Businesses initiatives. Real estate investments range from opportunistic ground-up development to core plus acquisitions of affordable and workforce housing portfolios. UIG has committed over $23 billion to create access to affordable housing, healthcare, education, and capital for low-income people and small businesses.
We are seeking an Associate to join our Dallas team within Real Estate.
Responsibilities:
- Support senior members of the asset management team to manage a portfolio of Real Estate Debt, Letters of Credit and LIHTC investments that finance real estate developments including mixed-income and affordable housing, retail, office, industrial and charter school facilities.
- Support senior members of the team in operating, maximizing value and reporting on assets
- Key responsibilities include internal asset valuation modeling, business plan preparation and execution, developing monthly cash flow projections, supporting leasing strategy, collecting financials and reviewing budgets, preparing monthly and/or quarterly reporting, and working with third parties, including operating partners, brokers and property management companies
- Prepare business plans, maintaining internal asset performance models, oversight of third-party service providers, capital plan oversight, and business plan execution
- Support execution of debt strategies to maximize value through effective loan asset management
- Develop asset strategy, including financial and asset performance data, in conjunction with AM leadership, investing personnel and operating partners
- Support execution of asset strategies to maximize value through market / product knowledge and value-add strategies
- Lead asset disposition efforts including: contract negotiation, writing investment committee memorandums, presenting to investment committee, finalizing disposition models, calculating waterfall returns, transaction management and closing
- Drive exits and compliance/covenants monitoring on tax credit equity and debt transactions
- Research/evaluate market trends, rental rates and occupancy trends to update investment assumptions within models
- Conduct in-depth market and portfolio analyses; understand industry trends
- Engage and provide oversight of third parties which perform the day-to-day operations of the assets, including, but not limited to operating partners and property management companies; conduct weekly / monthly calls and asset visits
- Work closely with internal stakeholders such as Finance, Compliance and Legal
- Maintain performance reports for internal tracking and reporting
Qualifications:
- Bachelor’s degree from a four-year college or university
- Strong academic background - finance, real estate, accounting or math background preferred
- At least 5 years of real estate loan asset management experience (CRE loans and/or performing/distressed loan assets)
- Solid real estate & tax credit modeling skills with Advanced Excel skills; experience with Argus a plus
- Analytical / logical mindset and high attention to detail
- Strong written and verbal communication skills with the ability to present strategies and business decisions clearly and concisely, manage internal and external relationships
- Ability to work in a fast-paced, challenging environment; ability to prioritize
- Self-motivated with ability to work both autonomously and in a team setting
- Passion for helping solve entrenched challenges facing underserved communities
- Desire to create positive change through double-bottom-line investments in real estate impact investing
- Interest in working collaboratively with the public sector, spanning municipal, state, and federal government, and navigating any resulting complexities
ABOUT GOLDMAN SACHS
At Goldman Sachs, we commit our people, capital and ideas to help our clients, shareholders and the communities we serve to grow. Founded in 1869, we are a leading global investment banking, securities and investment management firm. Headquartered in New York, we maintain offices around the world.
We believe who you are makes you better at what you do. We're committed to fostering and advancing diversity and inclusion in our own workplace and beyond by ensuring every individual within our firm has a number of opportunities to grow professionally and personally, from our training and development opportunities and firmwide networks to benefits, wellness and personal finance offerings and mindfulness programs. about our culture, benefits, and people at GS.com/careers.
We’re committed to finding reasonable accommodations for candidates with special needs or disabilities during our recruiting process. : https://www.goldmansachs.com/careers/footer/disability-statement.html
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We offer a wide range of health and welfare programs that vary depending on office location. These generally include medical, dental, short-term disability, long-term disability, life, accidental death, labor accident and business travel accident insurance.
We offer competitive vacation policies based on employee level and office location. We promote time off from work to recharge by providing generous vacation entitlements and a minimum of three weeks expected vacation usage each year.
We assist employees in saving and planning for retirement, offer financial support for higher education, and provide a number of benefits to help employees prepare for the unexpected. We offer live financial education and content on a variety of topics to address the spectrum of employees’ priorities.
We offer a medical advocacy service for employees and family members facing critical health situations, and counseling and referral services through the Employee Assistance Program (EAP). We provide Global Medical, Security and Travel Assistance and a Workplace Ergonomics Program. We also offer state-of-the-art on-site health centers in certain offices.
To encourage employees to live a healthy and active lifestyle, some of our offices feature on-site fitness centers. For eligible employees we typically reimburse fees paid for a fitness club membership or activity (up to a pre-approved amount).
We offer on-site child care centers that provide full-time and emergency back-up care, as well as mother and baby rooms and homework rooms. In every office, we provide advice and counseling services, expectant parent resources and transitional programs for parents returning from parental leave. Adoption, surrogacy, egg donation and egg retrieval stipends are also available.
Read more about the full suite of class-leading benefits our firm has to offer.
Opportunity Overview CORPORATE TITLE Associate OFFICE LOCATION(S) Dallas JOB FUNCTION Investing & Portfolio Management - Private DIVISION Asset & Wealth Management