Real Estate Development Advisor

Evernorth•Portland, ME

14h

About The Position

The Real Estate Development Advisor provides real estate development technical assistance, including specialized assistance with structuring a transaction utilizing the Low-Income Housing Tax Credit Program (LIHTC). This position collaborates with the Real Estate Development team to offer consulting services to nonprofit housing developers in Maine, New Hampshire and Vermont. Key competencies include financial modeling, deal structuring, evaluation of multifamily housing development opportunities, and project management of a transaction from inception to construction closing. This role represents the company’s interests, and maintains good working relationships with funders, nonprofit housing organizations, community groups, governmental entities, and principal real estate professionals.

Requirements

Bachelor’s degree in real estate, finance, community development, business administration, urban planning, or a related field, or an equivalent combination of education and relevant experience.
Relevant coursework or professional experience in finance, banking, real estate development, community development, or a related discipline.
Valid driver’s license and ability to travel within the region as needed.
Minimum of 5 years recent affordable multifamily real estate development, syndication, or underwriting
Thorough knowledge of the LIHTC program, and the state QAP process.
Familiarity with:
Applicable housing programs and regulations.
Environmental regulations, local permitting process, and construction of multifamily housing.
Federal and state funding programs, Section 42 of the IRS Code (LIHTC), Rehabilitation Investment Tax Credit (RITC) preference.
Experience with the normal array of legal documents used in development, including Option Agreements, Partnership Agreements, Notes, Mortgages, Regulatory and Security Agreements.
Advanced proficiency in Microsoft Office, particularly Excel
Strong financial analysis and modeling skills
Excellent written and verbal communication skills, including active listening and the ability to navigate complex or sensitive conversations
Ability to build effective relationships and collaborate with diverse stakeholders
Strong organizational skills with the ability to manage multiple priorities and meet deadlines
Skilled in negotiation and driving alignment toward shared goals
Ability to work both independently and collaboratively in a team environment
Working knowledge of housing programs and regulations in Maine and New Hampshire

Nice To Haves

Experience or training in credit analysis, underwriting, or financial modeling is preferred.

Responsibilities

Working closely with Real Estate Development to identify consulting opportunities within the Evernorth network with a priority in Maine and New Hampshire and build a business pipeline.
Under the supervision of the SVP of Real Estate Development, provide technical assistance and consulting services to local developers to create and evaluate multifamily housing development opportunities and other affordable housing such as supportive housing, recovery housing, and shelters.
Provide early feasibility analysis of a proposed project. Coordinate preliminary meetings with the local developer, prepare the pro forma, identify funding sources, and assess financial, permitting and legal issues for each project.
Assemble the fee-based consulting scope of work and proposal for each transaction, in consultation with the SVP of Real Estate Development. The consulting scope of work may include:
Work with a high degree of independence to advise the client on taking the project through the four tracks of real estate development: legal, financing, permitting, and design/construction.
For LIHTC deals, advise the client on the scoring of the project in relation to the state Qualified Allocation Plan
Advise the client at the pace of advancing the project in relation to the four tracks of real estate development.
Coordinate and assemble funding applications for LIHTC, HOME, FHLB, and other state or federal funding sources. Working with the client, assemble construction and permanent financing.
Lead the construction closing process, working with staff and consultants to bring the project to a timely and successful closing and comply with all requirements of closing a transaction.
If the project is a LIHTC deal, work with the client to negotiate the terms with the investor, including the limited partnership agreement (LPA), and advise the client as to LPA requirements in relation to industry standards.
If required by the client, track projects during construction, assemble monthly requisitions, meet regularly with owner's representative to ensure the project stays on budget and meets the projected tax credit basis and LIHTC delivery projections.
Manage the proposed and budgeted scope of work for each proposal; track consulting hours by project and submit monthly billing reports to be used for invoicing clients or for tracking lump-sum fee contracts
Provide Senior Vice President of RED with status reports and updated project proformas as significant changes occur in each project.
Maintain accurate records and up to date files on each project.
Maintain an expert level of knowledge of Section 42 of the IRS Code (LIHTC) and the Rehabilitation Investment Tax Credit RITC), partnership tax law, environmental regulations, and local permitting process, handicap accessibility regulations and/or developments.
Maintain excellent relationships with Evernorth partners, with a specific focus on developing and maintaining relationships with the New Hampshire and Maine housing finance agencies.
Performs other tasks as reasonably assigned.