MANAGING DIRECTOR OF REAL ESTATE DEVELOPMENT

BANNER PROPERTY MANAGEME LLC•Chicago, IL

5h•$185,000 - $200,000•Hybrid

About The Position

The Managing Director of Real Estate Development (MD-RED) is a position of critical importance to Full Circle’s growth and stability. This position is responsible for driving the activities of the Real Estate Development (RED) team, emphasizing operations, policies, and procedures. The MD-RED works with other senior leadership to improve expertise and teamwork between departments in support of Full Circle’s mission: to increase access to affordable housing through preservation and development, thoughtful design, and the provision of significant and targeted services to our residents. Within 6-12 months in the role, a successful MD-RED will: Oversee RED Team's pipeline: Three permanent financing conversions Three closings/construction starts Three to four LIHTC applications and various soft funding applications Oversee nine person RED Team to ensure timely collection of scheduled developer fee installments Establish and staff a clear cadence for the Development Committee of the Board of Directors Continued implementation and updates to Full Circle’s internal Basis of Design Standard Strengthen development pipeline in consultation with CEO and COO, with a strong focus on recapitalization of several existing FCC assets and new development in our existing markets Partner with Finance Team and Asset Management to establish clearer financial underwriting guidance for RED Team In pursuit of this mission, the MD-RED’s duties shall include: Real Estate Development Execution (25%) Oversee acquisition, financing, design, and construction activities across the development portfolio. Guide the selection of development opportunities and key members of project teams. Lead negotiations and provide direction on loan documents, partnership agreements, and third-party contracts. Support strategic decision-making on deal structures and major project milestones. Development Finance Oversight & Risk Management (30%) Provide financial oversight for the real estate development portfolio, including revenue forecasting and expense management. Monitor development pipeline risks and evaluate potential financial impacts. Oversee pre-development expenditures and establish financial benchmarks for proposed developments. Manage developer fee projections, contingent liabilities, and overall corporate exposure. Prepare monthly reports and analyses for executive leadership and the Board of Directors. Organizational Strategy & Leadership (15%) Partner with the CEO, leadership team, and Board of Directors to establish strategic priorities and organizational goals. Develop and implement business plans, work plans, policies, and procedures. Work collaboratively across departments to ensure alignment and effective execution of organizational initiatives. Serve as a member of the leadership team and help shape the organization's direction. Talent Management & Staff Development (20%) Lead and supervise senior members of the Real Estate Development team. Define performance expectations and manage department staffing and workload allocation. Ensure appropriate training and professional development opportunities for staff at all levels. Recommend promotions, compensation adjustments, and succession plans for department personnel. Foster a culture of accountability, collaboration, and continuous improvement. External Relations & Stakeholder Engagement (10%) Serve as a senior ambassador for Full Circle Communities, cultivating and maintaining strong relationships with public agencies, elected officials, community partners, lenders, and industry stakeholders. Advance the organization's strategic priorities through active participation in local, regional, and state initiatives that shape affordable housing and community development policy. Lead community engagement efforts for development projects, representing FCC at neighborhood meetings, public hearings, and other forums while building trust and fostering productive partnerships. Act as an organizational spokesperson and thought partner, strengthening FCC's reputation and ensuring the organization is effectively represented across external audiences and key constituencies.

Requirements

Bachelor’s degree or appropriate professional experience may be substituted for a degree
12+ years of direct experience in affordable housing development with extensive technical knowledge and demonstrated ability to structure complex private and public debt, equity, and grant funding for affordable housing development projects
Substantial experience with architectural and engineering design and construction materials and methods, including the ability to read technical drawings
Completed multiple affordable housing development projects in a leadership role such as Project Manager, Senior Project Manager, or Vice President.
Capacity to exercise considerable initiative, independent judgment, assess risk, and communicate around typical acquisition, financing, construction, legal, and design issues
Effective communicator verbally and in writing, with well-developed analytical, negotiation and public speaking skills
Prior supervisory experience in the affordable housing field with demonstrated ability to supervise staff, mentor, train and provide feedback
Ability to collaborate with and lead a wide variety of individuals and groups
Works productively under pressure and demonstrates ownership of work and outcomes

Nice To Haves

Sustained exemplary performance as a senior member of an affordable housing development team
Completed 10+ affordable housing developments in a leadership role
5+ years of supervisory or management experience in the affordable housing field

Responsibilities

Oversee acquisition, financing, design, and construction activities across the development portfolio.
Guide the selection of development opportunities and key members of project teams.
Lead negotiations and provide direction on loan documents, partnership agreements, and third-party contracts.
Support strategic decision-making on deal structures and major project milestones.
Provide financial oversight for the real estate development portfolio, including revenue forecasting and expense management.
Monitor development pipeline risks and evaluate potential financial impacts.
Oversee pre-development expenditures and establish financial benchmarks for proposed developments.
Manage developer fee projections, contingent liabilities, and overall corporate exposure.
Prepare monthly reports and analyses for executive leadership and the Board of Directors.
Partner with the CEO, leadership team, and Board of Directors to establish strategic priorities and organizational goals.
Develop and implement business plans, work plans, policies, and procedures.
Work collaboratively across departments to ensure alignment and effective execution of organizational initiatives.
Serve as a member of the leadership team and help shape the organization's direction.
Lead and supervise senior members of the Real Estate Development team.
Define performance expectations and manage department staffing and workload allocation.
Ensure appropriate training and professional development opportunities for staff at all levels.
Recommend promotions, compensation adjustments, and succession plans for department personnel.
Foster a culture of accountability, collaboration, and continuous improvement.
Serve as a senior ambassador for Full Circle Communities, cultivating and maintaining strong relationships with public agencies, elected officials, community partners, lenders, and industry stakeholders.
Advance the organization's strategic priorities through active participation in local, regional, and state initiatives that shape affordable housing and community development policy.
Lead community engagement efforts for development projects, representing FCC at neighborhood meetings, public hearings, and other forums while building trust and fostering productive partnerships.
Act as an organizational spokesperson and thought partner, strengthening FCC's reputation and ensuring the organization is effectively represented across external audiences and key constituencies.