Real Estate Development Associate

MFM Search LLC; Miami (FL); On-site; USD 85,000 - 130,000; Full time

Job summary

My client is a renowned real estate investment and development firm, based in Miami, FL, seeking a Development Analyst/Associate to support analytics and manage development projects across multifamily, condo, hospitality and mixed-use sectors.

The role reports to a VP Development or Development Manager and involves oversight of design, permitting, financing, and market analyses, with heavy emphasis on financial modeling and due diligence.

Qualifications

• Recent MBA, MRED, Bachelor’s degree in business/finance or equivalent professional experience.
• 2 to 5+ years of experience (ideally in real estate investment banking or private equity).
• Previous career experience as an architect, engineer or construction manager is a plus.
• Excellent skills utilizing Excel, Word, and PowerPoint or other presentation software.
• Fundamental understanding of real estate operations and/or prior experience with lease, loan, financing and/or partnership agreement documents required.
• Ability to track and analyze information to formulate appropriate recommendations.
• Excellent analytical skills and strong written and verbal communication skills, including the ability to draft internal memos.
• Highest level of business integrity and professionalism.
• Basic knowledge of ARGUS (or equivalent real estate cash flow modeling software) preferred.
• Proven ability to build financial models in Excel a plus.
• Proven experience with modeling waterfalls a plus.

Responsibilities

• Assist the Development Manager to manage all aspects of the development of the project including design and engineering (including direct oversight of all consultants), construction, permitting, financing, marketing, leasing and sales
• Review local land use regulations to confirm allowable land uses, densities, FAR, height, set-backs and other restrictions affecting development of the site and identify all applicable permit costs, development and impact fees and other costs
• Prepare regular project reporting packages for the senior leadership team, investors and lenders, and present results on a monthly and quarterly basis
• Maintain the Project Tracker to track all near term and long term project undertakings across all disciplines and requirements of entitlements, ground leases, financing documents, insurance policies, sales contracts and leases
• Work with acquisitions during due diligence by managing the checklist and logs for title, technical, environmental, geotechnical, market, legal and land use due diligence, reviews and inspections
• Perform benchmarking research for the project to establish its position relative to competition
• Conduct market research and feasibility analysis to determine viability and potential for target acquisition properties
• Formulate and finalize the development brief for the project, and for each stage, in line with the project business plan
• Develop detailed development budgets, cash flow projections, financing structures and other financial analysis
• Prepare investment deal memorandums, equity/debt offering memorandums, investor/board presentations and all financial forecasting and reporting
• Draft and negotiate development-related agreements (purchase/sale, JV, development, management, consultant, construction, loan, bonds)
• Develop and manage financial models, variance analysis and data analytics to measure progress
• Procure architects, engineers and consultants, issue RFPs and perform bid analysis
• Develop, update and evaluate operating expenses, cash flow and income projections
• Provide data analytics for leasing and marketing teams for multifamily and condominium projects
• Maintain project management logs (permits, RFIs, submittals, change orders, drawings)
• Track internal and external approvals from lenders, investors, partners and government agencies
• Review project invoices and payment applications and coordinate with accounting
• Organize and maintain project files to company standards

Skills

Excel

Financial modeling

Market research

Data analytics

Communication

Education

MBA

MRED

Bachelor's in business/finance

Tools

ARGUS

Job description

My client is a renowned, vertically integrated Real Estate Investment and Development firm based out of Miami, FL.

The Development Analyst/Associate will report to either a Vice President of Development or Development Manager to provide analytical support and to assist in managing all aspects of the Company’s development projects, including multifamily, condominium, hospitality and mixed-use projects.

Responsibilities:

• Assist the Development Manager to manage all aspects of the development of the project including design and engineering (including direct oversight of all consultants), construction, permitting, financing, marketing, leasing and sales
• In consultation with land use attorneys and land planners, review local land use regulations to confirm allowable land uses, densities, FAR, height, set-backs and other restrictions affecting development of the site and identify all applicable permit costs, development and impact fees and other costs associated with obtaining all requisite approvals
• Assist the Development Manager in the preparation of all regular project reporting packages for the senior leadership team, investors and lenders, and present the results on a monthly and quarterly basis as required
• Assist the Development Manager in maintaining the Project Tracker to track all near term and long term project undertakings across all disciplines as well as requirements of local entitlements, ground leases, financing documents, insurance policies, sales contracts and lease agreements and other contractual obligations
• Work with the acquisitions team during due diligence by managing the checklist and logs for all title, technical, environmental, geotechnical, market, legal and land use due diligence, reviews and inspections of the subject property
• Perform benchmarking research for the project to establish the position of the project relative to the competition with regard to program, finishes, fundamental building systems and amenities
• Conduct market research and feasibility analysis to determine the viability and potential for target acquisition properties
• Formulate and finalize the development brief for the project, and if required, for each stage, in line with the project business plan based on the project benchmarking study
• Develop detailed development budgets, cash flow projections, financing structures and other financial analysis during the acquisition phase and throughout the development phase
• Work with the acquisition and asset management teams in the preparation of investment deal memorandums, equity and debt offering memorandums, investor and board presentations and all financial forecasting and reporting for development projects
• Work with in-house and third party legal advisors to assist with the drafting and negotiating of all development related project agreements, including purchase and sale agreements, joint venture agreements, development agreements, management agreements, consultant agreements, construction agreements, loan agreements, bonds and associated indemnity agreements, sales contracts, leases, condominium documents and purchase agreements with the highest level of attention to detail
• Develop and manage financial models, and perform variance analysis and data analytics to measure whether the project is proceeding in accordance with the development budget, development schedule and overall development plan
• Assist the Development Manager in the procurement of all architects, engineers and consultants, including development and issuance of RFP’s and performing bid analysis and leveling
• Develop, update and evaluate operating expense, cash flow and income projections against established budgets and operating proformas for development projects
• For multifamily projects, provide data analytics to evaluate performance of the in-house and third party leasing and marketing teams in implementing the leasing and marketing plan, maintain all leasing reports and monitor and report on the status of all leasing activities
• For condominium projects, provide data analytics to evaluate performance of the in-house and third party sales and marketing teams in implementing the sales and marketing plan, support the negotiation of sales contracts, coordinate the terms of the sales contract with the development of the project, including customization of units, monitor and report on the status of sales
• In collaboration with the construction management team, maintain all project management logs, including permit logs, RFI logs, submittal logs, change order logs, and drawing logs
• Assist the Development Manager in tracking and obtaining all internal approvals as well as all external approvals from lenders, investors, partners and government agencies
• Assist the Development Manager in reviewing all project related invoices and payment applications and work with accounting to prepare all project requisitions
• Organize and maintain all project files in accordance the company’s standard file organization structure

Qualifications:

• Recent MBA, MRED, Bachelor’s degree in business/finance or equivalent professional experience
• 2 to 5+ years of experience (ideally in real estate investment banking or private equity)
• Previous career experience as an architect, engineer or construction manager is a plus
• Excellent skills utilizing Excel, Word, and PowerPoint or other presentation software
• Fundamental understanding of real estate operations and/or prior experience with lease, loan, financing and/or partnership agreement documents required
• Ability to track and analyze information to formulate appropriate recommendations
• Excellent analytical skills and strong written and verbal communication skills, including the ability to draft internal memos
• Highest level of business integrity and professionalism
• Basic knowledge of ARGUS (or equivalent real estate cash flow modeling software) preferred
• Proven ability to build financial models in Excel a plus
• Proven experience with modeling waterfalls a plus