This individual will support the development team responsible for planning, underwriting, developing, and managing a portfolio of multifamily real estate assets. They will work on projects during each stage of the real estate development process from pre-development through operations.
The duties listed below are illustrations of the various types of work that may be performed. The omission of specific statements regarding duties does not exclude them from the position if the work is similar, related, or a logical assignment in association with this position.
Duties and Responsibilities
- Assist with evaluating and underwriting development projects. Perform market research, due diligence, and initial concept site feasibility analysis. Review and analyze legal documents, financial reports, and operating plans as part of the due diligence process.
- Create or review pro forma financials for large scale residential projects in MS Excel.
- Assist with preparation of 4% and 9% LIHTC applications and all associated ancillary documents for the processing of any equity or debt financing. Assist with financial closings.
- Perform project management duties for assigned projects from initial planning, through construction management, and final commissioning. Coordinate activities of consultants including design and construction team. Assist with obtaining zoning and site plan approvals and building permits.
- Monitor project performance, develop short and long-term cash flow projections. Review and report on actual project status compared to plan, including predevelopment, construction, and lease up. Develop and coordinate project schedules for development activities.
- Prepare and manage bids and requests for proposals from design, construction, and specialty vendors. Manage project files for the team including designs, vendor contracts, etc. to ensure timely payment. As needed, develop new processes and improvements to current processes.
- Present project plans, program evaluations, financial and/or operational analysis to stakeholders including city officials, lenders, developers and community organizations.
- Troubleshoot projects or project phases that are not meeting targets. Collaborate with consultants or staff in the resolution of problems. Ensure executive management awareness of any major project issues or problems.
- Monitor compliance with all partnership, regulatory, and funding agreements and covenants. Monitor overall operational performance; evaluate property management performance and capacity.
- Analyze and report on financial performance; review monthly, quarterly and year-end financial statements and advise on the viability and sustainability of assigned assets.
- Monitor and analyze changes in legislation, court decisions, and other regulatory issues and stay informed of proposed regulations relating to multifamily development activities.
- Make recommendations to Director of Development based on evaluation of impact on the Authority's annual or strategic plans.
- Ensure all projects are conducted in accordance with Authority, HUD, City and other applicable guidelines. Evaluate the effectiveness of assigned programs, and recommend changes to improve program/project quality.
- Perform other related duties as assigned by the Director of Development.
Qualifications and Knowledge
- Bachelor's degree in Real Estate, Architecture, Engineering, Finance, Urban Planning or related field required.
- At least 3-5 years of progressively responsible experience in real estate development. Preference will be given to applicants with project management experience.
- Strong financial modeling skills; ability to develop and review operating pro formas and cash flow projections.
- Knowledge of multi-family real estate development process, including pre-development, construction, and asset management
- Thorough knowledge of project management practices. Knowledge of construction management practices and ability to read and interpret construction documents and shop drawings.
- Knowledge of Low-Income Housing Tax Credit and Tax-Exempt Bond financing.
- Ability to communicate clearly, concisely and professionally in written and verbal communication.
- Strong problem solving, organizational and time management skills.
- Ability to prioritize and handle multiple assignments and projects under strict deadlines and high stress situations.
- Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint, OneNote).