Associate Real Estate Developer

VISION STATEMENT: People in every community have an affordable place to live and opportunities to thrive.

MISSION STATEMENT: We work with partners to connect underserved communities in the northern New England region with capital and expertise to advance projects and policies that create more inclusive places to live.

SUMMARY:

Performs real estate development activities for Evernorth to achieve organizational goals.  In support of the real estate development team, prepares project proformas, funding applications and due diligence work on the feasibility of an affordable multifamily project. Works under the supervision of the Sr. Vice President for Real Estate (SVP RE) to create and evaluate multifamily housing development opportunities.

SPECIFIC RESPONSIBILITIES: 

• Analyze the feasibility of new project opportunities with guidance from the Development team.
• Build initial project proformas and model changes to the proforma as the project moves through the design, permitting and financing process.  
• Write applications for public financing.
• Solicit consultant services for due diligence, design and construction services; review and evaluate the responses and obtain the services.
• Coordinate with the development team to secure all required local and state permits to bring the project to a construction start.   
• Consult with the Director of Asset Management on project operating budgets to accurately reflect true costs. 
• Create written status reports and spreadsheet files as significant changes occur in each project for the SVP RE. 
• Responsible for accurate electronic and paper files for projects. 
• In support of the Evernorth lead developer, participate in the construction closing and permanent loan closing process, working with staff and consultants to bring the project to a timely and successful closing.  
• Manage the collection of data and updating the project pipeline tracking tool.
• Develop an expert level of knowledge of Section 42 of the IRS Code (LIHTC) and the Rehabilitation Investment Tax Credit (RITC).
• Perform other tasks as reasonably required by Evernorth management.

SUPERVISES:   None

EDUCATION, LICENSES AND/OR CERTIFICATIONS REQUIREMENTS:

• Bachelor’s Degree required and post graduate work or professional training in relevant field desired.
• Valid Driver’s license with insurance.
• OSHA 10 certification completed within three (3) months of hire. 

JOB ESSENTIAL SKILLS AND ABILITIES:

• Proficiency in Office 365 and SharePoint 
• Experience in real estate development, preferably in affordable rental housing development.
• Familiarity with:
  • Applicable housing programs and regulations.
  • Environmental regulations, state and local permitting process, construction of multifamily housing.
  • Federal and state funding programs, Section 42 of the IRS Code (LIHTC), Rehabilitation Investment Tax Credit (RITC) preferred.
  • Renewable energy as it relates to development; and
  • The normal array of legal documents used in development, including Option Agreements, Partnership Agreements, Notes, Mortgages, Regulatory and Security Agreements.
• Excellent written and verbal communication skills.
• Well organized and flexible.
• Self-confident and able to self-direct a logical progression of work. 
• Financial analysis and advanced user of Excel.
• Negotiating and able to move all parties toward shared goals and resolutions of issues.
• Work effectively with local partners, municipal officials, attorneys, design professionals and co-workers.  
• Balance multiple, competing priorities with sensitive timelines.
• Develop knowledge of the various housing regulations and programs applicable to Vermont. 
• Work well independently and as a team member.
• Aesthetics and design knowledge preferred.

The following are the general Evernorth work environment and physical demands:

• Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.
• The noise level in the office work environment is usually quiet. 
• This position requires periods of sitting, standing, walking, stooping, and bending.
• Ability to reach with hands and arms and talk and hear.
• Specific vision abilities required by this job include close, distance and peripheral vision, depth perception and ability to adjust focus.
• This position requires substantial typing, reading, and writing emails, and other related computer work.
• The employee is regularly required to use hands and fingers.  
• May require driving to meeting and offsite locations in personal car.
• May require lifting up to 20 poundvernorth is an equal opportunity employer.