The Development Associate will work with the Managing Director on all development projects in the MA office of Wood Partners, a national multifamily developer. The Development Associate will oversee the full cycle development process through underwriting, due diligence, permitting, design, and construction through to lease up.
Work Performed (responsibilities include but are not limited to the following)
SITE SELECTION: The Development Associate will support the Managing Director in building the knowledge of all potential development sites in the market and develop a plan for pursuing them.
SITE FEASIBILITY/UNDERWRITTING: The Development Associates is responsible for quickly developing preliminary information relative to the site such as the quality and location, rent potential, development trends in the submarket, the location of comparable apartment sites, impact fees and real estate taxes. The Development Associate will also be responsible for a preliminary strategy concerning the type of product we should develop including unit mix, type and scope of amenities and any other key project features to target the preferred demographic and achieve the level of rents required. Associate will be responsible for maintaining complex real estate models to analyze returns and economic feasibility.
DUE DILIGENCE: Assist the Pre-construction team with the due diligence effort when pursuing projects under contract. This includes collecting and managing the review of all potential risks and value drivers including title documents, project entitlements, environmental documents, soils analysis, etc.
PREPARING INVESTMENT COMMITTEE AND FINANCE PACKAGES: The Development Associate will be responsible for preparing investment committee packages for internal review and finance packages to be sent to potential lenders and equity partners for projects under due diligence.
PRE-CONSTRUCTION PROJECT MANAGEMENT: The Development Associate will interface with and assist with the negotiations with governmental jurisdictions on entitlement and zoning issues. The Development Associate will also assist in the review and negotiation of contracts (purchase and sale, loan documents, partnership agreements, leases, easements, etc.). Additional responsibilities will include interfacing daily with designers, general contractors, architects and Wood Partners pre-construction staff on development and construction projects. Working with Managing Director, Associate will be responsible for tracking pre-development budgets and forecasting future spending consistently.
FINANCING AND CLOSING: Once financing commitments have been obtained, the Development Associate shall help collect the information requested by or set forth in the checklist of the lender or equity partner. The Development Associate shall have primary responsibility for coordinating with the Managing Director to ensure that the necessary entities are formed on a timely basis and obtaining such things as corporate approvals and coordinate with Wood Partners’ construction team to obtain the necessary building permits.
CONSTRUCTION PERIOD AND POST CLOSING: After the transaction is closed and the building permits have been obtained, the Development Associate shall be responsible for primary oversight of the project as the representative of the Owner. In this capacity, the Development Associate will coordinate third party service provider contracts and marketing agreements, manage the monthly draw process and communication with the lender and equity partner, track job cost against budget and report to management on projected savings or overruns. Additionally, the Development Associate will attend bi-weekly construction meetings and coordinate with construction and Wood Partners to establish realistic turnover schedules for the lease office and apartment buildings, model and clubhouse furniture installation dates, approval of a lease-up budget and lease-up strategy.
Education/Training
Required Qualifications at this Level
Bachelor’s degree in business, science or other related discipline and related experience. Preference for Master of Business Administration or Real Estate, but not required.
Experience
A minimum of 3 years of direct work experience is required. Candidate will ideally have a background in real estate development, investment and finance, or asset management. Must have experience with financial valuations and evaluations of property. Must show prior experience and success derived from taking initiative. Knowledge of the Greater Boston/New England area strongly preferred.
Skills
Strong financial and analytical skills with a passion for real estate. Ability to manage multiple projects in various stages through the consistent completion of tasks with established deadlines. Knowledge of key financial concepts and metrics as they relate to the multifamily real estate industry, including capitalization rates, internal rates of return, cash-on-cash returns, and others. Thorough understanding of using Excel and understanding pro forma analysis. Ability to assemble high-quality presentations. Strong verbal and written communication skills. Ability to absorb and act on legal documents such as land contracts, Joint venture agreements, title, zoning, and financing agreements.
