What are the responsibilities and job description for the Development Associate (Real Estate) position at Sherman Associates?

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.

Experience and Skills

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 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.

Job Benefits

Compensation And Benefits

Pay Range : $75,000 - $85,000 annual salary bonus eligibility. Pay is based on several factors which vary based on position; including experience, skills, and knowledge the selected individual is bringing to the specific job.

We Offer a Comprehensive Benefits Package Which May Include

Medical, Dental, and Vision Insurance

Employer paid short term disability

Employer paid life insurance

Additional Supplemental Insurance Policies including

Voluntary Accident & Critical Illness

Hospital Indemnity

Long-Term Disability

Pet insurance

Employer paid employee assistance program

Fully vested 401k company match program

9 Paid holidays and competitive PTO program

Sherman Associates owned Starbucks and Hotel discounts

Sherman Associates is an Equal Opportunity and Affirmative Action Employer. We encourage women, minorities, individuals with disabilities, and protected veterans to apply.

This job advertisement is intended to provide information essential to understanding the scope of the position. It is not an exhaustive list of skills, duties, responsibilities or working conditions associated with the position.

Only applicants who complete our online application process will be considered for employment. Applicants that need reasonable accommodations to complete the application process may contact careers@sherman-associates.com

Be a part of something great and find yourself At Home, At Sherman! As a member of Sherman, we invite you to join our mission of Building Communities, Enriching Neighborhoods. You can make an immediate impact supporting our real estate development and management operations in hotels, residential, and retail.

Who Are We? Sherman Associates is an award-winning real estate development firm specializing in the design, construction and financing of quality commercial, hospitality, and residential housing across the Midwest. With over 40 years of visionary development experience, our portfolio includes over 8,500 units of multifamily residential housing, 600,000 square feet commercial space, and franchise hotels & retail operations; including Aloft Minneapolis, Canopy by Hilton Minneapolis Mill District, Holiday Inn Express & Suites Downtown Des Moines, Sheraton Duluth Hotel, and Starbucks.

Salary : $75,000 - $85,000

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