Development Associate

Development Associate (Affordable Housing) 
 

Companies Overview: Capstone Communities LLC and MPZ Development LLC are Massachusetts affordable housing companies (the “Companies”) that specialize in the development of mixed-income and 100% affordable communities. The Companies also focuses on affordable historic rehabilitations that utilize federal and state historic tax credits. The Companies’ mission is to create high quality affordable housing throughout Massachusetts.
 

General Statement of Duties: The Development Associate will work independently and in support of the principals on development projects at various stages of development. Tasks include, but are not limited to assisting in: (1) assessing and acquiring potential development sites and/or properties; (2) affordable housing budgeting and financial analysis including pro-forma development and cash flow forecasts; (3) securing debt and equity financing including completing financing applications and supporting financing closings; (4) coordinating with development team members; (5) facilitating the permitting and construction/renovation process; (6) producing external communications and materials and planning events and (7) overall assistant project management.
 

Remote work is possible 1-2 days per week, as permitted by the principals.
 

Location: Corporate Office (Workbar Needham, Norwood, Cambridge, Boston)

Essential Functions of the Position: The Development Associate, working in conjunction with staff, will be responsible for assisting the principals and working independently in the following areas:

• Identifying and researching potential sites for development and/or existing residential properties for acquisition;
• Conducting project feasibility studies, sensitivity analysis, and residual land value analysis;
• Coordinating development team members and consultants and negotiating/coordinating contracts with vendors and contractors;
• Developing and maintaining development and construction budgets, including working with design team to develop an appropriate scope of work;
• Researching financing opportunities and complete One-Stop and/or other financing applications;
• Coordinating with lenders, allocating agencies, syndicators, and equity joint-venture partners to secure necessary funding. Coordinate with lenders and equity joint-venture partners during their due diligence, including providing necessary documentation as requested;
• Obtaining permits, including zoning and environmental approvals;
• Coordinating closing agenda items to ensure the project’s financing closes on schedule;
• Provide day-to-day project management support from project planning and financial structuring through construction completion and project close-out;
• Managing project budgets including invoice processing, requisition submittals, accounting systems, and schedule;
• Creating and maintaining detailed summaries, document files, reference materials, and other resources for individual projects and for the principals to remain organized;
• Planning and coordinating groundbreaking, ribbon cutting, and other events;
• Preparing industry or company presentations and industry award applications; and
• Providing general support to other members of the development team.

Minimum Qualifications

Education: Undergraduate degree (BA or BS).

Experience: 2-3 years of affordable housing real estate development experience. Project experience should include exposure to all major aspects of affordable housing project development and ability to work independently on many phases of project management. Candidates should have successfully participated in one or more complex affordable housing financial closings.

Qualifications, Abilities and Skills:
• Working knowledge of real estate development or project-management experience;
• Knowledge of affordable housing programs;
• Goal-oriented and able to prioritize/manage multiple tasks and projects;
• Financial and/or quantitative aptitude;
• Ability to effectively communicate (in writing and in conversation) to team members, senior management, and investors;
• Strong proficiency in Microsoft Excel financial modeling.

Travel Requirements:
Some travel will be required throughout Central and Eastern Massachusetts.

Capstone/MPZ Core Competencies required for all positions:
Teamwork, Integrity/Ethics, Dependability, Customer Focus, Adaptability/Flexibility

Capstone/MPZ Development Associate Job Competencies:
Job Knowledge, Quality, Problem Solving/Analysis, Interpersonal Skills, Personal Organization, Productivity

Special Requirements:
Must possess and maintain a vehicle and valid driver’s license with an insurable driving record history to obtain and maintain employment.

Benefits Offered:
Medical and dental insurance, beginning on the first of the month after hire. Simple IRA with company match. 3 weeks’ paid vacation. Transportation stipend and continuing education reimbursements.

Equal Opportunity Employment
The Companies provide equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, creed, age, sex, national origin, ethnicity, ancestry, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or other protected class. The Companies will make reasonable accommodations for qualified individuals with disabilities in the application process and during employment.