Development Associate - The Michaels Organization

The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and investment. At Michaels, our teammates strive to fulfill our promise of creating communities that lift lives – ones that jumpstart housing, education, civic engagement, and neighborhood prosperity. With this passion at the forefront of our business, Michaels teammates can be proud to be a part of the extraordinary, every day.

Individual is responsible for supporting the Mid-Atlantic Real Estate Development Division of the Michaels Organization. The Development Associate will assist with the development of multi-family affordable, market and attainable projects through the development lifecycle. The Development Associate will use specialized knowledge and skills obtained through a combination of education and experience to assist in the acquisition and development of new affordable or market-rate real estate investments. The candidate should have experience with some but not necessarily all stages of the development process. The Mid-Atlantic Regional office currently focuses on Virginia, Maryland, DC, Puerto Rico, with potential expansion to Tennessee and North Carolina.

Lead Generation/Business Development:

·       Conduct analysis of current market rents, market research, and preparation of detailed budgets to determine initial feasibility.

·       Prepare New Opportunity Forms which includes a well-written analysis of the challenges and opportunities related to this new opportunity.

·       Prepare checklist and manage internal team coordination of deliverables, tracking and preparation of responses to Request for Proposals or Request for Qualifications for development services.

Pre-Development/Project Management:

·       Assist in securing new project due diligence by prescribed deadlines - including appraisal, Phase I environmental, property condition assessment (if applicable), title and survey and market study.

·       Create initial project folders and maintain ongoing organizational management of Project Folders and documents for internal and external stakeholders.

·       Create initial predevelopment budget, and complete financial model.

·       Along with Project Accountant, manage pre-development invoice processing, cost accounting and budgeting against approved contracts and approved predevelopment spending. Assist with Project schedule and production of predevelopment budget tracking reports to ensure continued compliance with project Investment Committee approvals.

·       Prepare and compile detailed financing applications for various funding programs such as LIHTC, Tax-exempt and Taxable Mortgage Revenue Bond, local subordinate financing applications, AHP and similar programs.

·       Collaborate with Mid-Atlantic staff members to support activities related to predevelopment financing and closing, including managing deliverables by 3rd party professionals, coordinating and participating on weekly and biweekly development team and closing calls, managing checklists and getting the project to closing.

·       Interact with equity, title, lender, legal, construction, property management and thirdparty vendors to ensure timely and efficient closing of transactions.

Construction and Delivery:

·       Participate on Weekly OAC calls and identify potential construction issues that may generate delays or change orders.

·       Work closely with Owners Representative to track resolution to design issues and obtain signatures on Potential Change Orders and Approval of Change Orders to the GMP hard construction contract. Utilize change order logs to track costs against contingency.

·       Manage “soft” professional cost and FF&E – input monthly draw expenses, track and manage estimated future costs and savings.

·       Work with Mid-Atlantic staff members on the “creative process” including project branding, logo development, building signage development and website “splash pages.”

·       Draft monthly development report updates on Bluebird for Supervisory review and update to Senior VP before development meetings

·       Management of FF&E Vendors and Delivery Schedule, and Assist Owner Representative Punch Lists.

·       Collaborate with Owner Representative on construction closeout items required for certificate of occupancy, including but not limited to permanent power, and local proffers and site work development agreements. Prepare applications for certificate of occupancy.

Additional Duties:

·       Weekly project reporting meeting with Supervisor, including attendance to weekly developer and project calls, as well as preparation or delegation of meeting minutes and agenda.

·       Commencing with respective Project lease-up, manage marketing and leasing analysis and tracking, ensuring adequate report to projects’ financial partners.

·       Industry and Regional market education and networking.

·       Assist with any required community engagement process, including attending evening meetings.

Required Experience: 

Minimum of 2 to 4 years relevant acquisitions/underwriting/financing/closing real estate development experience required. Experience with both affordable housing finance and commercial market real estate finance a plus. Project management, strong real estate fundamentals, fundamental understanding of real estate and business contracts, accounting, finance, budget management and reporting, working in team environment. Candidate should have strong interpersonal and public speaking skills. Experience in effectively communicating key data and information to development team members and executives.

Required Education/Training:  Minimum of a BA or BS; and/or experience in a relative field.

Required Skills and Abilities: 

• Ability to work independently in a mostly remote working environment with some travel to a local office.
• Strong work ethic and self-starter with the ability to work independently while leveraging an established development platform
• Detail-oriented and drive to always be on top of their areas of responsibility
• Keen analytic, organization and problem-solving skills.
• Excellent interpersonal skills and ability to manage up and down tactfully
• Excellent verbal and written communication skills. Public speaking experience is desirable.
• Collaborative, respectful, and transparent approach with all stakeholders
• Superior desire to meet commitments/deadlines
• Ability to manage several projects simultaneously through high energy, flexibility and excellent organizational skills
• Intermediate to Advanced experience in Microsoft Office Programs, particularly as it relates to making fabulous power point presentations.
• Bilingual candidates encouraged to apply

Working Conditions: 

Mostly remote with some travel to a local satellite office. Candidate must have the ability and acumen to travel as needed – anticipated to be 10-20% or less (e.g., meetings with the development team members at their offices, construction site visits, market tours, existing and potential property visits, business development meetings, etc.). Occasional conference attendance and home office visits to Camden (approximately 2 per year) are encouraged, but to be approved by the RVP of Development.

Salary Range Information:

The range displayed on each job posting reflects the targeted base salary for the position. Within the range, individual pay is determined by work location and additional factors, including job-related skills, experience, and relevant education or training.

Rewards & Benefits:

We know Michaels’ promise of lifting lives starts with our teammates, so making sure every single teammate is happy, healthy, and set up for a successful future is important to us.  As part of our team, you will enjoy a competitive wage, a comprehensive benefit package which includes Medical, Dental, Vision, prescription, etc., generous paid time off, a 401 (k) plan with a company match, and so much more.  We believe in education – and in taking care of our own – so as an added incentive your children will be able to apply for the Michaels Employee Scholarship Program. 

• Help make the world a better place in a team-oriented environment.
• Grow with our organization through various professional development opportunities.
• Collaborate and thrive in a company culture where all are welcome

Michaels teammates make a difference in the lives of residents, colleagues, and the communities where we live and work every day.  To learn more about the total rewards we offer please visit our website. 

Come join our team. You’re going to love it here!