Details
Posted: 24-Jun-22
Location: Potomac, Maryland
Type: Full Time
Salary: TBD
Our Client
Foulger-Pratt is the leading privately held, national real estate development firm based in the Washington area. The company is distinguished by its long-term investment focus and value creation for the communities in which it invests.
Since the 1960s, Foulger-Pratt has been developing, building, and managing transformative real estate projects in the Washington, DC metropolitan area and, more recently, in other markets across the US. Currently, the company is in its third generation of leadership with Cameron Pratt, Brigg Bunker, Bryan Foulger and Peter Ognibene as Managing Partners. The Company has developed or acquired over $5 billion in real estate with a focus on multifamily, office, retail, and mixed-use properties. Our client has comprehensive capabilities and is vertically integrated with in-house acquisitions, development, construction, and property management divisions.
Core Values
Foulger-Pratt prides itself on strict adherence to its mission and core values.
- We Treat People the Way We Want to be Treated
- We Plan Thoroughly and Execute Effectively to Deliver a Quality Product
- We Constantly Strive to Learn and Improve
- We Are Accountable for Our Actions and Behaviors and Hold Others Accountable as Well
- We Maximize Our Resources to Manage Risk and Create Profit for the Benefit of Our Stakeholders
- We Strive to Have Fun!
Company Overview
Foulger-Pratt has a currently owned, stabilized portfolio of 7 million square-feet valued at approximately $2.5 billion. In addition, there is a robust controlled pipeline of 10 million square-feet with a projected total development cost of more than $3.3 billion. Our client has become a national company with projects on the East and West coast as well as the central region. Leveraging its own balance sheet, Foulger-Pratt’s co-investors are primarily institutional, but have recently included some and crowd funding. Representative Washington, DC area projects include:
Beckert’s Park
Press House
ONE501
The Thornton
The Opportunity
The Director, Underwriting is a newly created role. The final candidate will lead the creation of a centralized underwriting function and will manage the underwriting resources for the company’s acquisition and development projects. The Director will ensure the highest quality of consistent risk assessment, develop an effective training program, and allocate resources nationally across markets and projects. As a result, this person will work with leadership to establish a strategy, identify, and implement best practices, while managing the underwriting team as well as their own underwriting portfolio. The final candidate has an opportunity to shape and drive the company’s underwriting function. This is an excellent opportunity for an experienced underwriter to take the next step, leveraging their management and leadership skills for a leading real estate development and investment firm.
Location
Foulger-Pratt is headquartered in Potomac, Maryland with a regional office in southern California. The Director, Underwriting will be based in Potomac. The office is working in a hybrid model with individuals selecting to be in the office 3-5 days a week.
Reporting Relationships
The Director, Underwriting will report to Brigg Bunker, COO, who is based in Maryland, and will also work closely with and present to the leadership team.
Responsibilities
The Director, Underwriting will:
- Manage and deploy the underwriting team and resources to assess prospective project risks and present to the investment committee
- Support the Acquisition and Development teams with consistent and effective underwriting processes and discipline
- Develop all levels of underwriting expertise with coaching, support, and training for associates and analysts
- Provide peer review while directly managing own underwriting responsibilities
- Demonstrate the ability to analyze a variety of markets and asset types throughout the country
- Maintain and develop a positive public image for the organization
- Create and manage a strong reputation by demonstrating consistent and clear communication between internal and external parties
- Develop and foster relationships across the organization to stay abreast of projects and state of current events relevant to the company’s investment activities
- Provide business, financial and market intelligence to management and identify industry trends that might impact underwriting
- Assist other departments within the organization with industry data as needed
- Understand and comply with all applicable laws and regulations
- Develop and execute on processes to monitor and measure the effectiveness of underwriting processes
Company Culture
Foulger-Pratt promotes a culture in which “We Build to Last.” Committed to sustainability in every aspect of the Company, from development and construction of real estate to company headquarters and offices. Employees have described the culture as honest, family-oriented, passionate, and dedicated. The Company and its employees are guided by specific Core Values that determine “how we conduct business and our everyday interactions.” Foulger-Pratt’s dedication to continuous learning is evident through the ample professional and training opportunities provided to employees.
BOYDEN CONTACT:
Karen Kosiba Edwards, Managing Partner 301-802-0444 mobile kedwards@boyden.com
Candidate Qualifications
Fully qualified candidates will have at least 5 years of related experience and the aptitude to manage a small underwriting team and the underwriting function for a national firm. Specific requisite qualifications include:
- Mastery of financial analysis and real estate underwriting concepts
- Demonstrated expertise underwriting and presenting to an investment committee
- Experience underwriting multi-family assets is highly desirable
- Background in investment banking or commercial real estate development and/or acquisition would be beneficial
- Excellent interpersonal skills, superior intellect, and an outstanding ability to build relationships both internally and externally
- Superior listening skills, with proven ability to influence and be persuasive, organized, and articulate, an active and effective leader
- Self-motivated and seen as an energetic, efficient, and resourceful team player; an agile learner
Education
Bachelor’s Degree. Graduate studies in real estate, finance, or management are a plus, but not required.
