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.
The Development Analyst Underwriter performs analysis of proposed multifamily real estate developments that qualify for low-income house tax credits and conventional multifamily acquisitions. The Development Analyst Underwriter works in a collaborative environment on the underwriting of multiple affordable housing projects. This position is located in our home office in Camden and reports to the Vice President of Underwriting.
• Create and maintain financial models for development and acquisition transactions, throughout their progress from initial feasibility to closing. Coordinate with other TMO staff to make sure that all operating, financing, and construction assumptions are accurate
• Work with partners, both internal to TMO and external, to assemble needed documents and approvals for closing development projects.
• Market research, including review and analysis of State Qualified Allocation Plans, market and economic data, zoning and permitting requirements and market trends.
• Identify issues, draw logical conclusions and interpret results for use in decision-making with limited oversight.
• Develop strong business relationships with other Michaels Organization companies.
• Work on special projects as directed by the management team.
Required Experience:
Zero to three years of real estate project finance or quantitative finance experience. Preference for candidates that have worked for real estate developers or experience with underwriting and closing practices in multifamily affordable housing.
Required Education/Training:
Bachelor’s degree in Finance, Real Estate, Business Administration, City Planning, or another related field required. Masters degree in these same fields preferred.
Required Skills and Abilities:
Ability to prioritize multiple projects and deliverables and incorporate a logical and systematic approach to all required analyses.
Basic knowledge of real estate financial modeling, including: operating pro forma, tax credit equity calculations, construction draw schedules, supportable mortgage calculations, sources and uses statements.
Able to work both independently and collaboratively in a team environment.
Flexible to work extra hours as required.
Basic understanding of multifamily real estate financing mechanisms, including low income housing tax credit financing and project-based Section 8 preferred.
Strong presentation and communication (oral and verbal) skills.
Ability to pay close attention to details while maintaining a view of the big picture issues and requirements.
Exceptional proficiency with Excel and Word.
Experienced using real estate and financial related software and applications.
Working Conditions:
Travel Percentage: 0-10%
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.
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!
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