Development Associate in Saint Paul, Minnesota at Real Estate Equities

Development Associate
Location: St. Paul
Position Type: Full-Time

This position is bonus eligible

Position Overview
The Development Associate will play a key supporting role in the execution of multifamily real estate development projects, with a primary focus on affordable housing. This position is responsible for assisting the development team across the full project lifecycle—from initial feasibility analysis through financing, design coordination, construction, and project stabilization. The ideal candidate will bring a strong foundation in real estate finance, attention to detail, and a collaborative, solutions-oriented mindset.

Key Responsibilities

• Support financial underwriting and analysis for prospective development projects, including modeling project feasibility, evaluating funding scenarios, and assessing risk.
• Assist in securing project financing, including coordination of debt, equity, and public funding sources (e.g., tax credits, grants, and soft financing).
• Coordinate with internal and external stakeholders—including ownership partners, architects, engineers, contractors, and consultants—to advance project design and documentation.
• Participate in the entitlement and approvals process by working with municipal staff, preparing application materials, and tracking key milestones and deadlines.
• Contribute to the preparation of funding applications, development budgets, and project narratives.
• Attend and support regular construction meetings, documenting progress, identifying issues, and ensuring timely follow-up on action items.
• Assist with construction draw processes, cost tracking, and lender/investor reporting requirements.
• Support project closeout activities, including punch list completion, final documentation, and transition to stabilized operations.
• Maintain organized project files and ensure compliance with internal standards and external regulatory requirements.

Qualifications

• 2–3 years of experience in multifamily real estate development, real estate finance, or a related field; experience with affordable housing development strongly preferred.
• Demonstrated understanding of development financial modeling, including sources and uses, pro formas, and return metrics.
• Familiarity with affordable housing financing tools such as LIHTC, tax-exempt bonds, and local/state funding programs is highly desirable.
• Strong organizational skills with the ability to manage multiple projects and deadlines simultaneously.
• Excellent written and verbal communication skills, with the ability to interact effectively across a broad range of stakeholders.
• Proficiency in Microsoft Excel and other financial analysis tools.
• Detail-oriented with a high level of accountability and ownership over assigned tasks.

REE offers a generous benefits and PTO package