Development Associate

Elmington - Nashville, TN

Full-time - Entry Level

Nashville, TN

About the position

Elmington Capital Group is seeking a Development Associate to join our team in Nashville, Tennessee. As a private commercial real estate investment and development firm, we specialize in multifamily development and are recognized as one of the nation's largest developers, owners, and managers of affordable and workforce housing. Our firm deploys over $150 million in equity annually, utilizing a diverse range of financing strategies, including tax credits, tax-exempt bonds, local grants, HUD programs, and conventional debt/equity. Our development strategies focus on attainable and affordable housing, public-private partnerships, mixed-use, and mixed-income developments. The Development Associate will play a crucial role within the deal team, contributing to the execution of all development functions for affordable housing and multifamily projects. This position will primarily involve financial analysis, due diligence, policy research, site selection, debt/equity management, and overseeing the development process from inception to groundbreaking. The Associate will have daily interactions with the Elmington executive team, senior team members, large financial institutions, and other key external stakeholders, providing a unique opportunity for professional growth and exposure to high-level decision-making. Key responsibilities include performing complex real estate financial analysis using Microsoft Excel, leading all closing processes including negotiations for equity, construction loans, and permanent financing agreements, and preparing applications for various funding sources. The Associate will also research affordable housing policies and market dynamics, assist in site selection and land contract negotiations, manage relationships with owners and brokers, and direct external consultants to ensure compliance and successful project execution. This role requires a proactive approach to developing and maintaining strategic relationships with capital providers, brokers, other developers, property owners, and city staff.

Responsibilities

• Perform complex real estate financial analysis using Microsoft Excel.
• Lead all closing processes including equity, construction loan, and perm financing agreement negotiations.
• Complete equity/debt due diligence closing checklists.
• Prepare applications for various funding sources including tax credits, tax-exempt bonds, project-based vouchers, CDBG funds, PILOTs/tax exemptions, and local soft money programs.
• Research affordable housing policy and traditional multifamily dynamics in target markets.
• Track local supply/demand, comparable properties, competitive landscape, market rents, and other local dynamics.
• Assist in the site selection and land contract negotiation processes.
• Manage owner/broker relationships and ensure land contracts remain in compliance.
• Manage and direct external consultants including architects, engineers, environmental, and political to complete due diligence, design, and permitting.
• Research new financing opportunities.
• Develop and maintain strategic relationships with capital providers, brokers, other developers, property owners, city staff, and other key stakeholders.

Requirements

• 2+ years real estate and/or finance experience.
• Bachelor's degree required.

Nice-to-haves

• Interest in real estate investing and development.
• Organizational skills.
• Communication proficiency.
• Real estate investment modeling.