Our client is a privately held, fully integrated real estate development and investment company based in the Washington DC metro area. The company was established over 80 years ago and focuses on high quality mixed-use and residential projects. They’ve completed over $3 billion in real estate transactions and developed over 10,000 apartments/homes.
Our client is searching for a Development Associate to join our growing team. The Development Associate will be involved in every aspect of the development process with a focus on the transactional side of the business, particularly analyzing potential development and acquisitions opportunities.
Duties and Responsibilities:
- Conduct due diligence, underwriting, financial modeling and overall project finance.
- Assist in acquiring and entitling multifamily development sites, developable into Class A and AA communities in suburban and urban locations.
- Perform the initial screening of development opportunities to determine if they fit with the company’s objectives, with a focus on the Mid-Atlantic region (Maryland, Pennsylvania, Northern Virginia).
- Analyze transactions to ensure fit with investment criteria. Prepare investment summaries.
- Provide full transaction due diligence, including cash-flow analysis (IRR, cash-on-cash, waterfalls, draw schedules, debt sizing), site inspections, and sales projections.
- Facilitate financing for construction and permanent loans including preparation of debt books, negotiations with banks, coordination with outside consultants and review of loan documents.
- Oversee and monitor current and future investments as required. Update financial projections throughout project duration. Reconcile project costs against development budgets, maintain development models for existing projects, report on project performance.
- Write term sheets for new acquisitions, financings and equity partners, if any.
- Review term sheets, loan documents and operating agreements to ensure that they reflect the correct business terms; monitor for compliance.
- Correspond with third parties (brokers, lenders, consultants, etc.).
Skills and Qualifications:
- Minimum of two to five years of experience.
- Excellent financial modeling, writing and presentation skills; effective negotiation skills.
- Skilled in real estate underwriting and financial analysis; development is a plus.
- Ability to understand the investment risks and methods to mitigate the risks in structuring investments.
- Excellent due diligence, analytical, negotiating, structuring and financial skills required.
- Ability to multi-task, problem solve and work independently with minimal guidance.
- Capable of successfully integrating within client’s culture.
- Team player, comfortable working in a fast paced, entrepreneurial environment.
- Ability to work independently with minimal guidance in addition to being team oriented.
- Strong desire to pursue a long-term career in real estate.
- Proficient in Excel.
- College degree required from a top school.