Development Associate

JOB SUMMARY: 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 70 properties totaling 7,500 apartments in 24 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 project team on various tasks needed to complete affordable housing funding applications
• Assists with ongoing financial modeling of the development
• Supports and may oversee 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 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

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 inter-personal skills
• Self-starter; highly motivated and adaptable

PHYSICAL DEMANDS:

• Employee must be able to lift at least 5 lbs. and up to 40 lbs.
• Employee will frequently utilize their hands and fingers
• Employee will be frequently required to sit and occasionally stand or walk
• Employee will be required to bend, twist, stoop and or kneel

WORK ENVIRONMENT

We anticipate this position will be demanding; therefore, we seek candidates who are:

• Very driven and competitive
• Willing to work extremely hard
• Self-motivated
• Creative and highly analytic problem solvers
• Team-first attitude; works well in team environment

• Compensation:

  • $70K annual salary
  • $1,500 Deal Closing Bonus

DISCLAIMER

This position description is not intended, and should not be construed to be, an exhaustive list of all responsibilities, skills, efforts or working conditions associated with the job. It is intended, however, to be an accurate reflection of those principal job elements essential for making decisions related to job performance, employee development and compensation. As such, the incumbent may perform other duties and responsibilities as required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.