Development Associate (Real Estate)

About the role

Sherman Associates is seeking an experienced Real Estate Development Associate to join our dynamic team. The ideal candidate will be based in the Greater Minneapolis/Saint Paul Area and will work a hybrid schedule combining remote and in-person work.

Responsibilities

• Determine funding requirements for multi-family and mixed-use projects.
• Manage pre-development activities including acquisition, environmental review, project concept development, budgeting, cost analysis and financing.
• Aid in formulating proposals and preparing financing packages for lenders, investors, and project stakeholders.
• Create and submit financing applications and prepare budgets, operating budgets, cash flow, and reserve analyses.
• Develop and maintain relationships with private lending institutions, state, federal, and local officials, and private equity investors.
• Manage project cash flows, construction draws, and budget during pre-development and construction phases.
• Assist in managing construction draws and budget during pre-development and construction phases.
• Other duties as assigned.

Requirements

• Financial modeling skills, including proficiency in using a variety of tools, techniques, and approaches.
• Ability to prioritize and manage multiple stakeholder expectations.
• Experience in supporting the development of at least six proposals to commercial and non-commercial sponsors or an equivalent combination of relevant education and experience.
• 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.
• Understanding of real estate transaction processes, including land/building acquisition and closing of debt and equity.
• Strong verbal and written communication skills.
• Excellent Microsoft Excel and data management skills.
• Willingness to work extended hours as necessary to meet deadlines.
• Passion for the mission, vision, and values of Sherman Associates.

Qualifications

• Bachelor's degree in Real Estate, Finance, or a related field.
• Experience in industry business development and/or research and development arena.
• Working 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.

Skills

• Ability to change priorities and manage multiple stakeholder expectations.
• Quick learner with a high attention to detail and able to grasp a larger corporate picture.
• Able to multi-task while setting priorities, work independently and in a team setting.

Benefits

• Annual salary range: $75,000 - $95,000 with bonus eligibility.
• Comprehensive benefits package including medical, dental, and vision insurance, short-term disability, life insurance, additional supplemental insurance policies, employee assistance program, fully vested 401k company match program, 9 paid holidays, and competitive PTO program.
• Sherman Associates-owned Starbucks and Hotel discounts.
• Equal opportunity and affirmative action employer.