Our business is real estate, but our organization is so much more than bricks and mortar, beautiful buildings and well-managed properties. Our business is about people who need a place to call home and the people of Michaels who make it all happen.
The Development Analyst Underwriter performs analysis of proposed multifamily real estate developments that qualify for low-income house tax credits and conventional multifamily acquisitions. The Development Analyst Underwriter works in a collaborative environment on the underwriting of multiple affordable housing projects. This position is located in our home office in Camden and reports to the Vice President of Underwriting.
• Create and maintain financial models for development and acquisition transactions, throughout their progress from initial feasibility to closing. Coordinate with other TMO staff to make sure that all operating, financing, and construction assumptions are accurate
• Work with partners, both internal to TMO and external, to assemble needed documents and approvals for closing development projects.
• Market research, including review and analysis of State Qualified Allocation Plans, market and economic data, zoning and permitting requirements and market trends.
• Identify issues, draw logical conclusions and interpret results for use in decision-making with limited oversight.
• Develop strong business relationships with other Michaels Organization companies.
• Work on special projects as directed by the management team.
Zero to three years of real estate project finance or quantitative finance experience. Preference for candidates that have worked for real estate developers or experience with underwriting and closing practices in multifamily affordable housing.
Bachelor’s degree in Finance, Real Estate, Business Administration, City Planning, or another related field required. Masters degree in these same fields preferred.
Required Skills and Abilities:
Ability to prioritize multiple projects and deliverables and incorporate a logical and systematic approach to all required analyses.
Basic knowledge of real estate financial modeling, including: operating pro forma, tax credit equity calculations, construction draw schedules, supportable mortgage calculations, sources and uses statements.
Able to work both independently and collaboratively in a team environment.
Flexible to work extra hours as required.
Basic understanding of multifamily real estate financing mechanisms, including low income housing tax credit financing and project-based Section 8 preferred.
Strong presentation and communication (oral and verbal) skills.
Ability to pay close attention to details while maintaining a view of the big picture issues and requirements.
Exceptional proficiency with Excel and Word.
Experienced using real estate and financial related software and applications.
Travel Percentage: 10-20%