Real Estate Development Manager
3 months ago
The Real Estate Development Manager will lead the entire development process, covering feasibility analysis, deal structuring, acquisition, design development, financing, public approvals, construction, marketing, leasing, and close-out. Reporting to the Vice President of Real Estate Development and Vice President of Acquisitions and Asset Management, the Development Manager will operate both independently and collaboratively within cross-functional teams, involving colleagues from Accounting, Construction, Property Management, and third-party consultants like legal and design professionals. Key responsibilities revolve around achieving objectives for each active development, including property acquisition, pro-forma financial analysis, design, construction debt and equity financing, closings, lease-up, and stabilization. The Real Estate Development Manager is tasked with working independently and efficiently managing the development team, which includes architects, engineers, attorneys, construction managers, and property managers, while also overseeing the financing process.
ESSENTIAL JOB FUNCTIONS include the following. Other duties may be assigned.
- Support Senior Management, VP of Real Estate Development and VP of Acquisitions and Asset Management, in all aspects of the affordable housing development process.
- Support all development functions including market analysis, site selection, financial analysis, lender and investor due diligence, architectural and engineering design, entitlements, construction, on-going monitoring, owner sworn statement and draws. Explore refinancing options and complete tax credit applications.
- Create and maintain detailed financial models.
- Analyze multifamily developments utilizing Low-Income Housing Tax Credits LIHTC and other affordable housing programs to determine project feasibility.
- Track project timelines and schedules.
- Assist in real estate acquisitions, including preparation of LOI’s and purchase contracts with legal counsel, gathering of due diligence materials and tracking of contract timelines.
- Assist in securing the financial resources necessary to undertake various transactions, including preparing applications for tax credits, soft funding resources, and responses to Requests for Qualifications/Proposals.
- Assist in the financial closing with lenders and investors by gathering, reviewing and creating necessary due diligence items.
- Assist in the preparation of materials necessary for municipal and neighborhood meetings.
- Other duties as assigned.
MINIMUM QUALIFICATIONS
- Bachelor’s Degree in a related field (Real Estate, Finance, or Design Disciplines such as Architecture or Urban Planning) required; advanced degree preferred.
- Must have a minimum of 3-5 years of demonstrated real estate experience with a comprehensive understanding of contractual, entitlement, development, and construction of multifamily housing. The development of senior housing is a plus.
- Related experience or demonstrated interest in mission-driven real estate development, affordable housing, and/or community economic development.
- Strong critical thinking and analytical skills.
- Demonstrated ability to work independently, creatively, and accurately in a fast-paced environment with multiple projects and stringent deadlines.
- Strong quantitative, financial analysis and Excel modeling skills are required.
- Strong understanding of financing both Conventional, HUD, and Tax Credit including financing guidelines and processes, how to manage limited equity availability, and understand how to evaluate sites quickly.
- Experience analyzing relevant qualitative datasets including but not limited to survey responses, zoning codes, or other local government ordinances.
- Demonstrated experience distilling, translating, and communicating complex analyses into key findings for specific audiences.
- Must have excellent analytical skills, be detail-oriented, have good business sense, and be able to work on numerous projects concurrently and prioritize workload independently.
- Excellent communication, collaboration, and presentation skills are required.
- Strong understanding of financing both Conventional, HUD, and Tax Credit including financing guidelines and processes, how to manage limited equity availability, and understand how to evaluate sites quickly.
- Valid Driver’s License, vehicle, insurance, and good driving record.
- The compensation package includes salary based on experience, health, vision, dental and life insurance, paid vacation and more.
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