Terry Ahern

Analyst, Fund Underwriting

Townsend’s Fund Review Group is responsible primarily for reviewing the hundreds of commingled fund investment opportunities from sponsoring managers providing data and proposals to Townsend each year, and fully evaluating funds most appropriate for Townsend’s 90+ clients. Last year,

Last year, Townsend’s clients collectively committed approximately $11.1 billion to private equity real estate funds and other similar vehicles.

throughout the globe. The Group is currently seeking an Analyst to be located in its Cleveland and San Francisco headquarters, focusing on US non-core real estate funds.

Specific responsibilities are integral to the Group and the firm’s overall investment process, and include the following:

  • Conduct investment performance measurements and comparisons using historical fund-level and property-level performance data; Maintain and update various internal databases with performance data and other fund and manager data.
  • Provide a range of analytical support to senior team members using proprietary/customized excel-based models;  provide research, fact finding, and data collection to support the Group’s due diligence process.
  • Meet and interact with investment managers in the due diligence process and evaluation of funds, manager platforms, and strategies.
  • Contribute to the formal investment recommendation reports prepared for clients.
  • Contribute to ad-hoc research requests serving the broader firm’s macro views and client-specific project requests.



  • Bachelor’s degree, majoring in Finance, Accounting, Economics, or related field required; Minor or additional coursework in Business Statistics a plus. MBA and/or CFA designation is preferred. GPA of 3.5+ preferred.
  • ~1-3 years of relevant experience, preferably working in real estate investment consulting, investment banking and/or private fund management.
  • Working knowledge of excel-based modeling, investment statistics, financial statements and other accounting-based reports.
  • Strong written/oral communication skills; ability to interact effectively with fund managers, internal client teams, internal Investment Committee, and directly with clients.
  • Intellectual curiosity; interest in fact finding and data collection.
  • Highly analytical with attention to detail.
  • Self-starter capable of working autonomously in a lean group.

Associate, Special Situations Investments

Townsend is currently seeking an Associate to be located in its Cleveland office. This position will report within the Special Situations Group, where Townsend manages its non-fund, principal direct real estate investment activity.  Townsend manages discretionary Special Situations investment funds, which invest globally across all property types, executing via co-investments, joint ventures, recapitalizations, fund secondaries, and debt oriented investments.  The Associate will be an integral member of the investment deal team and will support asset management and acquisition activities. This position will be responsible for assisting in the overall due diligence process including financial valuation and modeling, intensive research of market fundamentals, evaluation of business plans and analysis of capital structures.  The ideal candidate will have an undergraduate degree and a minimum of 2 to 3 years of relevant real estate investment experience. Individual must be a team player with a positive attitude and possess a strong work ethic.  This position will be heavily reliant on a strong financial analysis background.  Strong financial modeling skills and extensive knowledge of capital structures are absolute requirements.



  • Assist in underwriting direct investment opportunities, including reviewing due diligence materials and modeling complex cash flows and capital structures.
  • Monitor and manage investments, including working closely with operating partners and third parties, including leasing agents and lenders.
  • Work with transaction leads to oversee investments, ensuring that implementation of business plan at each asset is consistent with approved plans.  Provide status updates to internal management and clients. Identify risks and challenges that can impact investment performance.
  • Manage asset/investment structures, including tax efficient implementation for international, REIT and other structured investments.
  • Monitor approved investment business plans and budgets to ensure that each investment is operating as projected.
  • Prepare client-friendly quarterly reports on investment performance and assist in preparing investment recommendation reports for Investment Committee review.
  • Conduct market research including supply and demand dynamics, sales comps, leasing comps and country-specific/macro fundamentals.
  • Maintain fund models for internal management and fund LPs
  • Assist with fund administration as needed including capital calls and distributions.
  • Review leasing proposals, capital projects, service contracts, and debt proposals, making recommendations as appropriate to transaction leads.



  • Minimum 2-3 years of real estate acquisitions, real estate investment, and/or real estate investment banking experience.
  • Strong track record of academic success.
  • Detail oriented with excellent analytical, quantitative and problem solving skills.
  • Strong financial modeling skills
  • Strong technical/computer skills (including proficiency in Microsoft Excel, Argus, Word and Powerpoint).
  • Self-starter capable of working autonomously in a lean group and accomplishing complicated tasks with limited supervision.
  • Ability to be resourceful, proactive and hit the ground running.
  • Positive attitude as well as excellent team work and interpersonal skills.

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