Capital Markets & Transactions Associate (Real Estate)

Howard Hughes • The Woodlands, TX

2d

About The Position

The Capital Markets & Transactions Associate will support Howard Hughes Communities’ transition from a predominantly balance-sheet-owned real estate business to an asset-light, fee-generating asset management platform. The role supports transaction underwriting, financial modeling, diligence, capital-structure analysis, and investment materials for financings, refinancings, asset monetization, joint ventures, acquisitions, dispositions, development opportunities, and portfolio strategy. It offers direct exposure to senior leadership, the Head of Asset Management, investment and capital committees, lenders, institutional capital partners, joint-venture counterparties, brokers, and external advisers.

The associate will underwrite transactions and asset-light opportunities; support transactions and financings from diligence through execution; analyze asset and portfolio performance; prepare decision-ready materials for senior leadership and committees; and improve analytical tools and processes. The role spans multiple property types and requires strong financial and analytical skills, sound judgment, intellectual curiosity, and interest in how real estate businesses create and allocate capital.

Requirements

• Bachelor’s degree in real estate, finance, economics, accounting, business, or a related field.
• 3–5 years of experience in commercial real estate capital markets, investment banking, private equity real estate, development, investments, asset management, or a related field.
• Demonstrated experience supporting real estate transactions from diligence through execution, including financings, refinancings, acquisitions, dispositions, joint ventures, or recapitalizations.
• Experience underwriting multiple real estate property types and transaction structures.
• Advanced real estate financial-modeling skills, including dynamic development pro formas, scenario analysis, valuation, debt modeling, and return analysis.
• Understanding of real estate investment metrics, partnership and joint-venture structures, development budgets, financing processes, and capital markets transactions.
• Investment-grade written and verbal communication skills, including experience preparing Board- and committee-level presentations and memoranda.
• Ability to work independently and collaboratively across multiple projects, manage competing deadlines, exercise sound judgment, solve problems, and maintain organization, accuracy, and attention to detail.
• Advanced proficiency in Excel and PowerPoint.
• Interest in artificial intelligence and emerging technologies, with willingness to apply new tools to improve analytical efficiency and decision support.

Nice To Haves

• Graduate degree preferred but not required.
• Exposure to institutional capital partners, lenders, joint-venture counterparties, or third-party real estate investment platforms.
• Familiarity with Argus and institutional real estate systems, valuation platforms, and business-intelligence tools.

Responsibilities

• Analyze sales, joint ventures, recapitalizations, and other structured transactions to monetize operating assets and land while evaluating ways to preserve development and operating control and align partner economics and governance.
• Build, maintain, and enhance financial models for financings, refinancings, acquisitions, dispositions, joint ventures, development projects, operating assets, and strategic opportunities.
• Analyze cash flows, valuation, leverage, returns, sensitivities, capital requirements, risk, sources and uses, capitalization, preferred equity, promote structures, fee streams, distributions, and partner economics.
• Underwrite multifamily, office, retail, mixed-use, residential, land, and condominium properties, translating operating assumptions, development budgets, leasing plans, market data, and capital-structure terms into investment conclusions.
• Support transaction diligence through execution, including data-room management, financial and operating analysis, document review, market research, issue tracking, committee approval, negotiation, and closing.
• Assist with financing and refinancing processes, including lender materials, term-sheet analysis, debt sizing, covenant review, pricing comparisons, and closing requirements.
• Prepare analysis for negotiations with lenders, institutional investors, joint-venture partners, brokers, and other counterparties; coordinate with internal teams and external advisers.
• Analyze the performance and value of current assets, minority interests, joint ventures, and prospective investments, including business plans, budgets, forecasts, valuation updates, hold/sell analysis, and portfolio reporting.
• Compare actual and forecast performance against underwriting and approved business plans; identify key drivers, risks, and opportunities.
• Connect operating performance, NOI, capital expenditures, leasing, development plans, financing assumptions, and capital allocation to cash flow, returns, partner outcomes, asset value, liquidity, and strategic objectives.
• Prepare and present investment-grade analyses, presentations, and memoranda for senior leadership, the Board, investment committees, and capital committees, including underwriting, market data, transaction structures, strategic alternatives, risks, and recommendations.
• Create materials distinguishing approved assumptions, current forecasts, sensitivities, and upside or downside cases; support recurring reporting on transaction pipelines, capital activity, portfolio performance, partner relationships, and strategic initiatives.
• Improve models, analytical tools, reporting processes, data sources, and repeatable approaches to transaction comparison, valuation, partner economics, capital allocation, and portfolio analysis.
• Maintain accuracy, documentation, version control, and review standards for financial information, and take on strategic and interdisciplinary assignments supporting the asset-light platform.

Benefits

• Competitive 401k plan
• Generous PTO policy
• Premium medical, dental, and vision coverage
• Voluntary benefits for unexpected life events
• Student loan assistance and stipends to assist with lifelong learning
• Competitive, market-based compensation that rewards performance and supports career growth
• Comprehensive benefits focused on social, emotional, financial, and physical wellness

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level