What are the responsibilities and job description for the Development Associate position at Elmington?
Elmington Capital Group is a private commercial real estate investment and development firm headquartered in Nashville, Tennessee.
Elmington Capital's core competency is multifamily development and is one of the nation's largest developers, owners, and managers of affordable/workforce housing. Elmington deploys $150 million in equity annually utilizing a broad array of financing strategies including tax credits, tax-exempt bonds, local grants, HUD programs, and conventional debt/equity. Elmington's development strategies include attainable/workforce and affordable (rent restricted) housing, public-private partnerships, mixed-use, and mixed-income development.
RESPONSIBILITIES
The Development Associate is a key member of the deal team and contributes to the execution of all functions of development for affordable housing and multifamily projects. The Associate will primarily focus on financial analysis, due diligence, policy research, site selection, debt/equity, and overall management of the development process from inception to groundbreaking. The position will have daily exposure to the Elmington executive team, senior team members, large financial institutions, and other key external stakeholders.
- Perform complex real estate financial analysis using Microsoft Excel.
- Lead all Closing processes including equity, construction loan, and perm financing agreement negotiations and equity/debt due diligence closing checklists completion.
- Lead the preparation of applications for various funding sources including tax credits, tax-exempt bonds, project-based vouchers, CDBG funds, PILOTs/tax exemptions, local soft money programs, and RFPs.
- Research affordable housing policy and traditional multifamily dynamics in target markets. Track local supply/demand, comparable properties, competitive landscape, market rents, and other local dynamics.
- Assist in the site selection and land contract negotiation processes. Manage owner/broker relationships and ensure land contracts remain in compliance.
- Manage and direct external consultants including architects, engineers, environmental, and political to complete due diligence, design, and permitting.
- Research new financing opportunities.
- Develop and maintain strategic relationships with capital providers, brokers, other developers, property owners, city staff, and other key stakeholders.
KNOWLEDGE/SKILLS/ABILITIES
- Interest in real estate investing and development
- Organizational skills
- Communication proficiency
- Real estate investment modeling
QUALIFICATIONS
- 2 years real estate and/or finance experience
- Bachelor's degree required
Salary : $150
