Senior Associate, Development

Fairstead is a purpose-driven real estate firm dedicated to building sustainable communities across the country. Headquartered in New York, with offices in Colorado, Florida, and Washington DC, Fairstead owns a portfolio of more than 25,000 apartments across 28 states that includes 17,000 units under management. Fairstead’s commitment to communities is realized through a comprehensive platform that leverages in-house expertise in acquisitions, development, design and construction, asset management, and property management.

Fairstead’s primary mission is to provide high quality housing to all regardless of income, and to make our stakeholders feel “Right at Home.” We accomplish this through an empathetic and innovative approach, and by utilizing our interdisciplinary platform as an investor, developer, owner, and operator.

Fairstead’s Core Values: Empathy, Innovation, Entrepreneurship, Determination & Integrity

The Senior Associate, Development contributes to all aspects of the company’s Affordable Housing Development platform that focuses on housing located throughout the US – inclusive of both acquisition, substantial renovation/rehabilitation and new construction.

Responsibilities:

• Act as the primary “deal lead” on assigned developments, pending scale and complexity
• Responsible for the financial and mission focused success of all assigned development projects
• Lead project predevelopment, closing and post closing activities until form 8609 received.
• Assist the group in all aspects of affordable housing acquisition, rehabilitation, and development (Section 8, LIHTC, etc.) in core markets across the US.
• Review weekly deal financial information and update databases which include but not limited, development budgets, predevelopment budgets, and cash forecasts
• Represent the company in meetings with stakeholders and business partners
• Directly manage a team (2-4) on various assigned developments
• Be primarily responsible for the true and accurate representations of Development Investments to senior Staff and Leadership
• Analyze General Ledgers, Accounts Payable, rent rolls, income statements, and other property level reports
• Contribute to broader development team business matters and process improvements
• Coordinate meetings for assigned deals both internally and externally
• Manage shared file management system and due diligence tracking for assigned deals
• Compile and submit meeting minutes for all attended calls as directed by deal leads
• Track Invoicing and Accounts Payable across multiple developments and report trends to senior staff
• Compile monthly construction draws for review and approval by senior development staff
• Travel to subject properties at the direction of senior staff
• Compilation of due diligence information including financial, market, site, and regulatory data
• Coordinate and assist community meetings and governmental approval processes
• 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

Requirements:

• 6+ years of real estate experience with 4+ years in multifamily experience
• Experience with all stages of the development process – acquisition, execution design, financial closing, construction management, community relations, and conversion to stabilization
• Bachelor’s Degree in related field, Masters in Real Estate Development or similar degree strongly preferred
• Prior involvement in the affordable housing industry
• Intermediate to Advance Financial Underwriting Abilities
• Intermediate to Advance Excel Skills
• Exceptional research and writing abilities.
• Strong project management skills
• Strong and Confident Public Speaking Ability
• Must be a detail-oriented person with outstanding analytical skills.
• Strong analytical skills and ability to multi-task in a constantly changing environment
• Highly driven and values entrepreneurialism; works well with limited direction.
• Sound Judgement
• Desire to contribute to the creation and preservation of affordable housing

Diversity in backgrounds and experiences is key to Fairstead’s growth and success. Being an equal opportunity employer is a central tenet of our philosophy that shapes who we are and the communities we serve. Our goal is to ensure competitive total compensation that is commensurate with experience, location, and other market benchmarks. 

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Diversity in backgrounds and experiences is key to Fairstead’s success. Being an equal opportunity employer is a central tenet of our philosophy that shapes who we are and the communities we serve. Our goal is to ensure competitive total compensation that is commensurate with experience, location, and other market benchmarks.