Dedicated to innovative placemaking, Howard Hughes Communities is the real estate platform of Howard Hughes Holdings Inc. (NYSE: HHH) and is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Building on that foundation, we foster a culture of curiosity that empowers every employee to shape their own story within our organization.
About the Role The Howard Hughes Corporation is transitioning its real estate business from a predominantly balance-sheet-owned model to an asset-light, fee-generating asset management platform. The strategy includes monetizing selected operating assets and land positions, forming joint ventures with institutional partners, retaining development and operating control through long-term agreements, and deploying third-party capital into future opportunities.
The Capital Markets Associate will support this transition through transaction underwriting, financial modeling, diligence, capital-structure analysis, and investment materials across financings, refinancings, asset monetization, joint ventures, acquisitions, dispositions, development opportunities, and portfolio strategy. The role provides 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 successful candidate will combine strong financial and analytical skills with intellectual curiosity, sound judgment, and an interest in how real estate businesses create and allocate capital.
What You Will Do Underwrite transactions and asset-light opportunities- Analyze opportunities to monetize selected operating assets and land positions through sales, joint ventures, recapitalizations, and other structured transactions; evaluate structures that preserve HHC's development and operating control while aligning economics and governance with capital partners.
- Build, maintain, and enhance dynamic financial models for financings, refinancings, acquisitions, dispositions, joint ventures, development projects, operating assets, and other 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 multiple property types, including multifamily, office, retail, mixed-use, residential, land, and condominiums, and translate operating assumptions, development budgets, leasing plans, market data, and capital-structure terms into clear investment conclusions.
Execute financings and strategic transactions- Support transaction diligence from inception 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 supporting negotiations with lenders, institutional investors, joint-venture partners, brokers, and other counterparties, and coordinate with finance, accounting, legal, development, construction, asset management, property operations, capital markets, and external advisers.
Analyze asset and portfolio performance- Analyze the financial 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 HHC's cash flow, returns, partner outcomes, asset value, liquidity, and long-term strategic objectives.
Prepare decision-ready materials- Prepare and present investment-grade analysis, presentations, and memoranda for senior leadership, the Board, investment committees, and capital committees, including financial underwriting, market data, transaction structures, strategic alternatives, risks, and recommendations.
- Create materials that distinguish approved assumptions, current forecasts, sensitivities, and upside or downside cases, and support recurring reporting on transaction pipelines, capital activity, portfolio performance, partner relationships, and strategic initiatives.
Build analytical capabilities- Improve financial models, analytical tools, reporting processes, data sources, and repeatable approaches to transaction comparison, valuation, partner economics, capital allocation, and portfolio analysis across capital markets and asset management.
- Maintain high standards for accuracy, documentation, version control, and review of financial information, and take on strategic and interdisciplinary assignments supporting the development of HHC's asset-light platform.
About You - Bachelor's degree in real estate, finance, economics, accounting, business, or a related field; graduate degree preferred but not required.
- 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.
- Proven 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.
- Exposure to institutional capital partners, lenders, joint-venture counterparties, or third-party real estate investment platforms preferred.
- 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 a high level of organization, accuracy, and attention to detail.
- Advanced proficiency in Excel and PowerPoint; familiarity with Argus and institutional real estate systems, valuation platforms, and business-intelligence tools preferred
- Interest in artificial intelligence and emerging technologies, with a willingness to apply new tools to improve analytical efficiency and decision support.
Benefits Built for You
At Howard Hughes Communities, we offer competitive, market-based compensation that rewards performance and supports career growth. Our comprehensive benefits package designed to support employees at every stage of their career, is focused on holistic wellness-social, emotional, financial, and physical.
- 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
About Howard Hughes CommunitiesHoward Hughes Communities develops, owns, and operates the nation's premier large-scale master planned communities and mixed-use developments. Our award-winning portfolio includes The Woodlands®, Bridgeland®, and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District® in Columbia, Maryland. Strategically positioned to meet and accelerate development based on market demand, we offer one of the strongest real estate platforms in the country. Learn more at communities.howardhughes.com .
This job description is not meant to be an "all-inclusive" list of the duties and responsibilities of this job. Other related duties and responsibilities may be assigned. Howard Hughes Communities reserves the right to change or modify job duties as necessary based on business necessity.
