Real Estate Development, Senior Manager (Hybrid) Bethesda, MD.

Enterprise Residential•Bethesda, MD

19h•Hybrid

About The Position

The ECD Development Department specializes in acquiring, rehabilitating, and developing multi-family housing with the goal of developing and preserving sustainable affordable and mixed-income housing. The properties owned and operated by ECD have robust resident services to assist residents in achieving their life goals. The Real Estate Development, Senior Manager is responsible for managing several large-scale, complex, public-private real estate development projects. These projects require a seasoned professional with experience in master planning, community process, re-zoning, and multi layered public-private financing. While these projects focus on affordable rental housing, they may also include market rate and/or for sale product with the assistance of outside partners. The understanding of community priorities and challenges is essential to delivering a robust program that provides a platform for resident success. The Senior Manager will manage the entire development process including feasibility analysis, acquisition, partner management, deal structuring, design development, financing, public approvals, construction, marketing, leasing and close-out. This position can be based in Silver Spring, Baltimore, or Richmond; it is primarily focused on in the State of VA (NoVA, Richmond, Charlottesville) but will also involve projects in MD and DC (the DMV). The successful candidate should have a working knowledge of the Virginia Housing tax credit financing process, with some exposure to the tax credit process in Maryland and DC. The Senior Development Manager will be part of a team tasked with building out ECD’s footprint in the State of VA and along with the team, will be responsible for relationship building across the state. Success in the position entails collaboration with colleagues including other real estate development staff and ECD Land Acquisition, Design & Construction, Accounting and Asset Management staff, and with third-party consultants such as legal and design professionals. Each Real Estate Senior Development Manager is responsible for three to four developments in various stages from preliminary feasibility analysis to close-out. Primary responsibilities are focused on achieving the objectives for each active development and managing tasks related to property acquisition, pro-forma financial analysis, design, construction debt and equity financing, closings, lease-up and stabilization. The Real Estate Senior Development Manager is expected to work independently and effectively manage the development team (including architects and engineers, attorneys, internal and external construction managers, property managers and leasing agents) and the financing process, as well as ECD Project Associates, Analysts, and Development Managers, as appropriate. Additional responsibilities include supporting senior staff in managing lender and investor relations; producing progress reports and analysis; maintaining development budgets and schedules; and processing development draws.

Requirements

Bachelor’s degree and 5-10 years of multifamily development experience required
Experience with all aspects of the real estate development process, from acquisition and financing through design and construction to stabilization required
at least two years of affordable rental housing development experience preferred

Nice To Haves

MBA/MS, MURP/MCP or similar preferred
working knowledge of the Virginia Housing tax credit financing process, with some exposure to the tax credit process in Maryland and DC

Responsibilities

Manage all aspects of several complex public-private mixed income housing developments in the State of Virginia and the DMV
Negotiate development agreements, secure site control, manage land use approval processes, lead program design and financing, close financing and oversee construction and lease up
Assist in the creation and execution of a strategic business plan for the State of Virginia, including business intelligence on strategic markets and funding opportunities
Initiate and own relationships with both funders and municipalities
Supervise junior development staff as needed
Analyze potential properties to purchase, including producing proformas and creating written project documents, coordinate due diligence activities, analyze the rental sub-market, and generally support the Senior Director
Work with team members to prepare responses to requests for proposals and solicitations for bids by collaborating on the creative concept, analyzing the economics and financing structure and preparing proposal materials
Manage preparation of debt and equity financing applications for each assigned development
Prepare development budgets and pro forma operating budgets and manage the development budget throughout the development process to ensure balanced sources and uses, and achievement of ECD revenue goals
Coordinate and present at resident and community meetings
Manage the entitlement/zoning and permitting processes, and related community input and approval processes
Review and negotiate draft loan and partnership documents and manage the financial closing on each assigned development; coordinate with federal, state and local government agencies, ensuring that all financing and government regulations are met and required approvals obtained
Professionally and productively manage Project Associate and/or Analysts positions as may be assigned
Manage and maintain development schedules to ensure timely completion of development milestones including closing
Coordinate the work of professional consultants comprising the development team, schedule development team meetings and review consultant reports
Work closely with ECD or third-party design and construction management staff (as applicable), third-party design professionals and general contractors to generate and refine development plans to produce high-quality communities that are both responsive to the needs of our residents and communities and are financially feasible
Coordinate construction matters with the internal an/or third-party construction manager (as applicable) to complete construction on budget and schedule
Monitor marketing lease-up process to meet or exceed lease-up goals
Oversee timely completion of close-out process
Prepare quarterly updates and Board approval materials
Participate in industry associations and forums as a brand ambassador for ECD
Perform all other duties as assigned

Benefits

annual performance bonuses
generous paid leave programs
dental, health, and vision care plans
family-building benefits such as adoption and surrogacy support
health advocacy
Employee Assistance Program (EAP)
mental health benefits
financial education
wellness programs
auto-enrollment in the company’s 401(k) plan with employer matching contributions
learning and development opportunities
tuition reimbursement for job-related courses and certifications