The Firm
Founded in 1988, Prospect Capital is an alternative asset management firm managing over $8.6B in assets, including permanent capital. Prospect has a long-term, value-oriented approach that employs fundamental bottoms-up research to identify investments that offer attractive risk and reward. Prospect pursues multiple strategies in the US, including direct lending, private equity, real estate private equity, and structured credit.
Prospect's real estate private equity business is primarily housed within National Property REIT Corp. ("NPRC"), a private, wholly-owned REIT that has invested over $3.5 billion in multifamily, student housing, and self-storage properties. With offices in New York City, Connecticut, and Florida, the firm is comprised of 140+ experienced professionals who value entrepreneurship, intellectual rigor, hard work, and continuous improvement.
The Position
The candidate will be the in-house legal counsel for Prospect’s real estate business, which includes the acquisition, financing, operation, and disposition of multi-tenanted real estate properties. Over ninety percent of the properties are Class B and C multifamily real estate (MFR) located in secondary and tertiary suburban markets. The ideal candidate will have experience with workforce housing and, most importantly, will have demonstrated experience in real estate transactions, private funds and REITs, including:
- The formation and structuring of real estate private funds and other investment vehicles, including REITs;
- Drafting and negotiating fund documents, including private placement memoranda, limited partnership agreements, and subscription documents;
- Working on transactions that involve REITs, partnerships, joint ventures, and limited liability company structures
- Negotiating and preparing purchase and sale agreements for both new acquisitions and dispositions
- Negotiating and preparing first mortgage loans, including GSE loan modification language
- Negotiating and preparing second mortgage supplemental debt transactions with GSE and other first mortgage lenders
- Reviewing and commenting on vendor and other contracts
- Advising when legal or litigious issues arise at the property operational level
- Seeing around corners to anticipate, and solve, real estate legal problems ideally before they arise
Additionally, given Prospect's status as a business development company with its real estate portfolio held in a subsidiary REIT, experience with '40 Act rules affecting business development companies that hold real estate in a captive REIT is advantageous. Familiarity with closed-end fund and non-traded REIT fund private equity and real estate debt fundraising documents, including capital raising via private placement and SEC-registered offerings, is also beneficial.
Individual Opportunity and Culture:
This position offers the opportunity for autonomy and personal growth within a high-performance, entrepreneurial, intellectually challenging, and vibrant investment firm. The successful candidate will have the chance to achieve and exceed personal and business goals.
The anticipated base salary range for this position is $250,000 - $300,000 plus annual discretionary performance-based bonus. Actual pay may be adjusted based on experience and performance.
In addition to the base salary, the hired professional is eligible for comprehensive benefits including 100% employer-paid Life Insurance, and AD&D. You'll also have access to pretax benefit accounts, including FSA, HSA, and Commuter accounts. Our perks go beyond the basics with a mentorship program, daily in-office paid breakfast and lunch, company-sponsored ski and sailing trips, and regular happy hours. Details of participation in these benefit plans will be provided if an employee receives an offer of employment.
