Fairstead is seeking a Senior Associate to join our Development team in New York. As the Senior Associate, Development, you will play a pivotal role in our Fairstead's value-add/opportunistic investment platform that specifically targets affordable housing projects across the United States. Your expertise will be at the heart of our core markets, guiding the rehabilitation and development of projects that contribute to vital housing solutions. You will leverage your analytical prowess to shape decisions, lead cross-functional teams, and ensure the successful execution of projects from conception to completion. At the direction of the Director, Development, working in tandem with other members of the team, you will project manage and oversee projects at various stages.
- Lead the group in all aspects of affordable housing acquisition, rehabilitation, and development (Section 8, LIHTC, etc.) in core markets across the US.
- Make substantial contributions to analysis that will inform the firm’s investment decisions
- Ability to drive all phases of a deal and proven understanding of a project from sourcing through stabilization.
- Compilation of due diligence information including financial, market, site, and regulatory data
- Order and review third-party reports, including plan and cost reviews and environmental reports, and discuss any pertinent issues with the appropriate parties.
- Analyze and compare complex partnership agreements and cash flow waterfalls
- Coordinate and lead community meetings and governmental approval processes
- Manage project pro formas including budgets, schedule, timing, and underwriting assumptions
- Completion of applications and documentation necessary for debt and equity financing, property purchase and sale, and government subsidy renewal
- Support detailed analyses of project schedule delays, cost overruns, productivity, contracts, change orders and other issues related to design and construction
- Involvement in contract negotiation and review of legal documentation for each project
- Validation and defense of budgets, assumptions, and pro-forma analysis
- Build, coordinate and lead internal team members and external consultants through conceptual design and entitlements leading to construction documents
- Supervise appropriate personnel including, less experienced team associates and analysts, clerical support, and others as appropriate
- Perform, coordinate and lead pre-development work such as preliminary architectural and engineering issues, zoning issues, local government and community support
- Prepare client communications for senior level review
- Work directly with Director on project
COMPENSATION AND BENEFITS
Compensation: $140,000 - $175,000 + bonus eligible
Health Benefits: employer paid medical, dental and vision
DTO/Sick/Personal: Discretionary paid time off and sick time off
Generous holiday schedule, paid maternity leave
- Flexible Work Arrangements
- 401K Plan
- Flex Spending Accounts
- Life Insurance
- Commuter Benefits
- Long Term Disability
- Nationwide Pet Insurance
- Bachelor’s Degree in related field, advanced degree preferred.
- 4-6 years of experience in real estate development and/or construction, preferably multifamily.
- LIHTC and Section 8 development experience highly preferred.
- Strong quantitative, financial analysis and modeling (excel) skills.
- Exceptional research and writing abilities.
- Exceptional written and verbal communications skills.
- Strong project management skills and follow-through.
- Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency and accountability.
- Highly driven and values entrepreneurialism; works well within ambiguity.
- Exceptional attention to detail.
- Sound judgement.
- Some travel required