Development Associate

Description

Development Associate

The Development Associate is responsible for supporting the Development Managers during the development-period project life of affordable and Low-Income Housing Tax Credit (LIHTC) transactions from the time a property is under contract and/or Letter of Intent, through the time when all development funds have been disbursed. Steele Properties, LLC specializes in affordable and LIHTC multi-family acquisitions nationally. We are especially focused on Project-Based Section 8 preservation redevelopments and are in an aggressive acquisitions mode. Headquartered in Denver, Colorado, we specialize in the redevelopment and management of affordable multi-family communities nationally. Steele Properties has successfully completed over $1 billion in acquisitions, sales, and development activity. The firm's holdings include 80+ properties totaling 9,000+ apartments in 26 states.

ESSENTIAL FUNCTIONS:

Under the supervision of the transaction Development Manager and VP Development:

• Make presentations to the Investment Committee
• Underwrite multi-family real estate investment opportunities nationally
• Correspond with owners and brokers to gather due diligence
• Conduct market research
• Analyze LIHTC and other affordable housing programs nationally to determine project feasibility
• Assists with coordination of project management goals of multiple affordable housing transactions, including the acquisition, development, refinancing, and/or rehabilitation of affordable housing projects, including through the use of LIHTC as instructed by the Project Manager
• Assists with working with Fannie/ Freddie / FHA etc. lenders to secure debt for new acquisitions and refinancing
• Assists with working with the project team on various tasks needed to complete affordable housing funding applications
• Assists with ongoing financial modeling of the development
• Supports and may oversee the progress of seller, buyer, and lender due diligence checklists
• Provides research and analytical assistance to the Development Manager
• Tracks project status, coordinates meetings, tracks deliverables both internally and externally
• Orders and critically reviews third-party reports for development projects
• coordinates and assembles funding draw requests during construction for review by the Development Manager, ensuring adherence to approved project budget; obtains funding approval of financial partners; oversees the facilitation of funds once released to ensure timely payment/reimbursement of project costs; tracks interest payment deadlines during construction
• Communicates with internal clients and external vendors

 Where is the job located? Denver, CO

Why join the Monroe Team? Monroe Group is one of the country’s fastest-growing affordable housing management companies with a portfolio of 80+ affordable communities, 9,000 units in Twenty-six (26) States, and growing. We believe in building Teams, each voice is heard and valued! 

Great benefits! Monroe Group offers medical, dental, and vision insurance including a Flexible Spending Account and Health Savings Account. We provide company-paid life insurance along with short and long-term disability insurance options, 11 paid holidays, vacation, sick time, and a 401k program with a company match of up to 4%. 

Compensation:

• $75K - $85K annual salary
• $1,500 Deal Closing Bonus
• Flexible schedule

Requirements

 EDUCATION and EXPERIENCE:

• Bachelor's Degree, preferably in a business, real estate, or communications field
• Demonstrated capacity to learn real estate/development business and principles; 1-3 years in real estate development, brokerage, or related business field is preferred
• Strong people and project management capabilities that forge high-performing and working relationships with internal and external team members
• Excellent analytical skills, proficiency in Excel, and willingness to learn Excel and financial modeling
• Excellent verbal and written communication skills
• Excellent presentation and interpersonal skills
• Self-starter; highly motivated and adaptable