Development Associate (Real Estate)

Job Description

Job Description

Sherman Associates is currently seeking an experienced real estate Development Associate to join our team! As a member of our experienced real estate development team, you will partner with various internal partners to lead projects from start to end. Projects include urban mixed-use (residential/commercial), affordable LIHTC multifamily, luxury housing, and more. As a leading developer in the Upper Midwest, we live our passion to develop real estate with purpose and meet community needs.

Applicants must be based in the Greater Minneapolis/Saint Paul Area and should expect some hybrid remote/in-person work. Travel expectations are 10-15% as needed.

ESSENTIAL FUNCTIONS

Core Responsibilities

• Determine funding requirements for the viability and sustainability of multi-family and mixed-use projects.
• Manage pre-development activities including acquisition, environmental review, project concept development, budgeting, cost analysis and financing of multi-family and mixed-use projects.
• Assist in formulating standard/routine proposals in conjunction with team members and various functional groups.
• Complete proformas for multi-family and mixed-use projects using a mix of funding sources, including but not limited to, Federal and State Low Income Housing Tax Credits, Federal and State Historic Tax Credits and New Market Tax Credits, Tax Increment Financing and Tax Abatement.
• Manage pre-development activities including acquisition, environmental review, project concept development, budgeting, cost analysis and financing of multi-family and mixed-use projects.
• Manage and organize due diligence requirements for multiple parties.
• Create financing packages for lenders, investors and project stakeholders
• Assist in completion and submission of financing applications
• Prepare pre-development budgets, operating budgets cash flow and reserve analyses.
• Prepare overall project timelines and schedules.
• Manage project cast flows, construction draws and budget during pre-development and construction.
• Develop and maintain relationships with private lending institutions, state, federal and local officials, and private equity investors.
• Assist in managing construction draws and budget during pre-development and construction.
• Other duties as assigned.

Minimum Requirements

• Financial Modeling Skills - able to use a variety of tools, techniques and approaches.
• Ability to change priorities and manage multiple stakeholder expectations.
• Ability to meet deadlines in a very fast paced environment
• Quick learner with a high attention to detail and able to grasp a larger corporate picture
• Able to multi-task while setting priority, work independently and in a team setting
• Strong verbal and written communication skills
• Excellent Microsoft Excel and data management skills
• Must be willing to work extended hours as necessary to meet deadlines
• A passion for the mission, vision, and values of Sherman Associates.
• Office hours may vary due to the specific needs of the company.

Education & Experience

• Bachelor's degree in Real Estate, Finance or a related field.
• Experience in industry business development and/or research and development arena.
• Must have experience supporting the development of at least six proposals to commercial and non-commercial sponsors or an equivalent combination of relevant education and/or experience.
• Working knowledge of Federal and State Low Income Housing Tax Credits, Federal and State Historic Tax Credits, New Market Tax Credits, and Tax Increment Financing and Tax Abatement.
• Knowledge of real estate transaction process; including land/building acquisition and closing of debt and equity.
• Understands and applies payroll process and practices with a high attention to detail

Work Environment

• This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.
• Exposed to ambient room temperatures, lighting and traditional office equipment found in a typical office environment; quiet to moderate noise level.

Physical Requirements

• Must be able to sit/stand at a desk for up to 8-hours per day. Walking and standing are required the rest of the working day. Length of time of these tasks may vary from day to day and task to task.
• Must have the ability to move around freely throughout the office and properties as needed, and necessity varies from day to day.
• Must be able to exert well-paced ability to reach other departments of the hotel on a timely basis
• Must be able to lift up to 25-30 lbs. occasionally.
• Requires grasping, writing, standing, sitting, walking, repetitive motions, bending, climbing, listening and hearing ability and visual acuity.