Rochester's Cornerstone Group, Ltd.
Job Description: Real Estate Development Associate
Experience Necessary: At least 2 years in real estate finance, development, banking or law. NYS financed LIHTC project development experience preferred.
Education: BS degree
Job Objective: Assist in the development process of Low Income Housing Tax Credit properties. This includes, but is not limited to, assisting the Project Manager (PM) with predevelopment responsibilities, funding applications, finance closing, construction monitoring and permanent closings.
Interpersonal, financial, and organizational skills with attention to detail is highly necessary.
Project Predevelopment Activities:
- Understand or willing to learn requirements for the NYS LIHTC and related funding applications.
- Assist the Project Manager (PM) in obtaining site control for projects to be developed.
- Coordinate and communicate with third-party professionals (i.e. architects, engineers, lawyers) to articulate project scope, cost estimates, time frame expected for projects and over-see contract logistics.
- Learn or understand financial feasibility analyses by reviewing the potential sources of funds and uses of funds in the project workbook.
- Assist in relationships with lenders and joint venture partners.
- Assist in obtaining local approvals by communicating with various municipalities and overseeing submissions to zoning and site plan review boards by architects and engineers. Attend municipal meetings.
- Obtain quotes and follow-up with the preparation of market studies, appraisals and environmental studies.
- Work with banks, equity syndicators and other funding sources to determine and satisfy project financial needs and obtain commitment letters reflecting the needs being met.
Project Funding Application Activities:
- Meet with the development team on a regular basis, continually updating team on progress of project funding application(s) and required action necessary.
- Obtain and analyze necessary community needs documentation, summarizing them in the application and obtain necessary letters of support from the community
- Work with attorneys, investors and funders and provide them the documents they need in order to receive funding commitment letters.
- Prepare and submit funding applications.
Finance Closing and Project Monitoring Activities:
- Assist the PM with the construction closing by communicating with funders, partners and attorneys, ensuring all their requirements are met and keeping the timeline on schedule.
- Represent RCG at construction meetings and resolve issues related to schedule, local permits, third-party professionals' responsibilities and funding requirements.
- Assist with construction hard and soft cost draws and coordinate construction change orders with the goal of maximizing the development fee.
- Assist with the cost certification process with the auditors and accounting department.
- Assist with the permanent closing process, once the project is completed, making sure that all funders, investors and attorneys' requirements have been met and documentation has been satisfied.
- Good oral, written and interpersonal communication skills
- Excellent computer skills, especially excel.
- Working comprehension of development and operating budgets.
- Good organizational and research skills
- Ability to problem-solve and continually prioritize tasks
Compensation Package: Salary is commensurate with experience. Excellent benefits package and opportunity for growth.
TO APPLY, PLEASE SEND A RESUME AND COVER LETTER TO HR@rcgltd.net