Vice President of Development
il y a 10 jours
Silver Spring
Job Description Banneker’s four divisions include: real estate development, general contracting, construction management and property management. These divisions support the Company’s own real estate portfolio as well as third party institutional clients. The Company specializes in multifamily development and construction, primarily in the District of Columbia and Maryland. The Company currently has a backlog in excess of $800 million in multifamily, retail and mixed-use projects. Overview and Purpose: Lead the Company’s Real Estate Development Division. This position requires a person who can lead the Division’s team to execute deals from start to finish, is detailed oriented and analytical, and has a high work ethic. This position reports to the President and has a performance-based growth path. Goals: • General – Establish a Deal Decision Framework., • General – Manage the Company’s existing and growing real estate portfolio by bringing it to an institutional grade level., • Recruiting/On-Boarding – Work with the Human Resources Department to expand the Division’s staff by 8/31/2025 by bringing in four talented professionals to help manage the Division’s existing and growing portfolio of projects, including a Financial Analyst, Development Associate, LIHTC Development Manager and Asset Manager., • Recruiting/On-Boarding – Work with the Human Resources Department to expand the Division’s staff by 8/31/25 by brining on an experienced Multifamily Construction Manager., • HR – Manage and develop the Division’s existing team of professionals helping them establish and reach their professional development goals., • Asset Management – Ensure that the Division’s 133 units in its portfolio (as of November 2023) achieves the projected NOI on an annual basis., • Development – Oversee Division’s portfolio ensuring that projects start construction, lease-up and reach stabilization by the project schedule that the development staff has outlined., • Development – Ensure that Division is breaking ground on a minimum of 200 units per year and have leased up 200 new units per year with a goal of having 1,000 units built and leased by 12/31/2028., • HR – Work with the President/CEO, Human Resources Manager and compensation consultant to prepare a new compensation framework for members of the Development Division., • Leadership – Present to all staff on an annual basis highlighting the Division’s progress over the previous period and discussing upcoming goals and obstacles., • Leadership – Present to the Board of Advisors during regular meetings on the Board, • Highlighting the Division’s progress over the previous period, discussing upcoming goals, as well as issues that the Division is facing and our plan for addressing them., • Management – Work with the asset management staff to ensure that residents rate our property managers at a minimum of 7.5 out of 10.0 in 2024 and a 8.5 out of 10.0 in outyears., • Financial Management – Work with our development and asset management team to ensure that any monthly revenue and profit variances for our portfolio are below 5% of projections., • Financial Management – Ensure that Division generates $2,000,000 in free cash flow per year by 12/31/24 from fees and operating income from projects., • Management – Complete evaluations/coaching for every member of Division on semi- annual basis., • Client Management – Ensure client feedback score is above 9.0., • Community Outreach – Perform 25 hours of community engagement on annual basis., • Relationship Management – Establish three new relationships with potential partners, architects, professional service firms or key subcontractors so that the Division can continue to grow and meet its goals of working with world class firms., • Provide management and direction for Banneker’s Real Estate Development Division, • Provide leadership and support to staff assuring Banneker’s core values are in place and subscribed to throughout the division., • Conduct regular reviews with development staff, • Develop and recommend appropriate policies congruent with the strategic direction of Banneker.Partnership Documents, • Establish framework around negotiation of agreements related to deals (Purchase and Sale Agreements, Operating Agreements, design agreements, construction agreements, consultant agreements, etc.)RFPs, • Work with development staff to respond to RFPs for funding, land, etc.Debt and Equity Relationships, • Initiate and maintain relationships with financial institutions, corporations, foundations, and other organizations interested in funding affordable housing projects., • Ensure that the Division provides timely updates to debt and equity partners.Site Acquisition, • Work with staff to perform due diligence on sites., • Draft Letters of Intent to purchase/lease land/property., • Lead negotiation of purchase/lease contracts with sellers.Zoning and Planning Approvals, • Manage staff to ensure that sites are properly zoned for projects or can be re-zoned for planned projects., • Oversee selection of zoning counsel., • Participate in meetings with planning offices, community groups, etc. as needed.Design, • Oversee design of projects., • Coordinate with design firms throughout the project.Management Companies, • Identify, interview, review proposals for, negotiate contracts with, select and manage property management/leasing companies., • Work with property management/leasing company to ensure 95% lease-up by date included in lease-up schedule.Budget/Financing, • Review pro formas and development budgets for projects providing advice and counsel to development staff on how to improve these documents., • Identify sources for debt and equity financing that Division will use for deals and negotiate deal terms with potential debt and equity financing partners for Division to use going forward., • Maintain knowledge of tax credits, financial incentives, and other incentives available to achieve affordable housing., • Work with staff to prepare applications for LIHTC equity and other subsidies.Construction, • Coordinate with Banneker’s General Contractor Division (or 3rd party general contractor if applicable) to develop scope of work and construction budget., • Monitor construction schedules to ensure quality construction and delivery within budget and schedule.Major Challenges, • Navigating a fast-paced environment with frequent changes in schedule., • Prioritizing workload and being nimble amidst change without letting things fall through the cracks.Performance Evaluation Criteria, • Comparison of performance to goals of position., • Fulfillment of the responsibilities for this position.Performance Evaluation Schedule, • Annual review, • Quarterly goal review, • Weekly one-on-onesQualifications, • 10 years’ experience in multi-family or mixed-use residential and commercial real estate transactions or other relevant experience., • Exceptional written and verbal communication skills, as well as interpersonal and relationship building skills., • Familiarity with debt and equity financing markets., • Familiarity with joint venture structures is a plus., • Experience with Low-Income Housing Tax Credits is a huge plus., • Experience with tax exempt bond financing, New Market Tax Credits, Historic Tax Credits, AHP grants, etc. is a huge plus., • Experience with quantitative financial analysis., • Articulation and interpersonal skills necessary to structure financial presentations to senior governmental, corporate, or banking personnel and to inspire their confidence in working with Banneker., • Advanced proficiency with Microsoft Excel and ability to create and manipulate pro forma financial models.Skills/Abilities, • Intent to make a long-term commitment to the organization., • Willingness to understand the business context and think creatively to find solutions to business challenges., • Willingness to do work internal clients require, from very basic to extremely complex., • Prioritizes and manages competing and sometimes conflicting priorities., • Highly effective in a close-knit organization., • Willingness to work flexible hours and in a collaborative, dynamic, team-based environment., • A proven track record of success in positions that required a strong mix of business skills, strategic thinking, and mature business judgment., • Anticipates crises and problems., • Displays curiosity and a passion for learning., • Strong emotional intelligence and ability to build trust in a variety of relationships., • Proactive, creative, and energeticEducation and Experience, • B.S. in Finance, Engineering, Construction Management or related field, • MBA (with real estate focus) or Masters in Real Estate preferred by not required