Development Associate

Job Description

Job Description

JOB DESCRIPTION

Title:

Development Associate

Reports to:

VP of Multifamily Development

Classification:

Non-Exempt

Supervises:

0

Department:

Real Estate Development

Salary Range:

Level 40

Primary Purpose of the Job:

The Real Estate Development Associate (“Associate”) works with Development Managers, The VP of Multifamily Development, and the leadership of the Real Estate Development Department. The Associate will support these team members, taking direction from them and assisting them throughout all phases of development, including planning, financial modeling, underwriting, resident engagement, design, entitlements, financing, and closing to achieve successful completion and close-out. Other responsibilities will include preparing responses to requests for proposals (RFPs), bids and other solicitations, and reporting. The Associate is expected to work effectively with internal and third-party members of a development team, including architects and engineers, attorneys, construction managers, and property managers.

Duties:

Assists with all duties of a Development Manager for multiple projects, including:

1. Conduct research and market analysis related to new business opportunities, acquisitions, and development.
2. Prepare pro forma financial analysis of properties for development or acquisition/redevelopment under the direction of a Development Manager.
3. Prepare pro forma development budgets, variance analysis, and property operating budgets under the direction of a Development Manager and Asset Management.
4. Assist with required monthly, quarterly, and annual reporting of the real estate portfolio.
5. Assist with the completion and updating of Property Deal books.
6. Assist with year 15 dispositions.
7. Prepare proposal materials for responses to RFPs and grant opportunities.
8. Attend site visits to properties being considered for acquisition. Assist the Development Manager with due diligence, including preparing comparable property reports, rent roll, and resident file analysis, and review of third-party due diligence reports.
9. Assist with the preparation of debt and equity financing applications.
10. Support the team in closing on debt and equity financing. Assist with the collection and distribution of construction and financing documents, and due diligence documents required by lenders and investors in connection with refinancing and/or financial closing. Manage the closing checklist(s).
11. Analyze progress against development schedules and update schedules as needed.
12. Prepare internal and external development reports.
13. Support community development planning efforts working closely with the team, community residents, and partners.
14. Prepare presentations for meetings with residents, other critical stakeholders, and government officials.
15. Maintain a working knowledge of financing sources commonly used for affordable and workforce housing development.
16. Assist in mapping community assets and Quality of Life data to inform on-site amenities in service enhanced properties
17. Assist development and senior staff with special projects.

Knowledge, Skills, and Education

1. Current knowledge of North Carolina, South Carolina, and Georgia affordable multifamily housing, including tax credit and bond finance, LIHTC, policy, law, and practice.
2. Ability to multitask, maintain focus, and meet deadlines without prompting.
3. Strong analytical skills, superior written and verbal communication, negotiating skills, ability to learn new funding, and design programs quickly and implement successfully.
4. Computer literacy, including WORD, Excel, PowerPoint, Outlook. Competence in MS Project a plus.



Required Experience:

2-4 years of successful experience in real estate development, budgeting, finance, and/or relevant training.

Required Education:

4-year college degree and a graduate degree preferred

Required Licenses:

None

Working Condition:

Office and occasionally, construction sites. Required to be offsite occasionally to perform compliance coordination.

Safety Hazards:

Limited work in inner-city neighborhoods. Protective equipment and/or apparel must be worn on construction sites

This job description does not list all the job duties. Occasionally, supervisors or managers may ask you to perform other instructions and duties. Your evaluation is based in part upon your performance of the tasks listed in this job description and these other duties.

Management has the right to revise this job description at any time. The job description is not a contract for employment, and either you or the employer may terminate employment at any time, for any reason.

DreamKey Partners is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex (including pregnancy, sexual orientation, or gender identity), national origin, age, disability, genetic information, protected veteran status, or any other status protected by applicable federal, state, or local law.