Senior Real Estate Development Manager

Job description

Position Title Senior Real Estate Development Manager

Supervisory Relationship Chief Real Estate Development Officer

Organization General Description

The Resurrection Project (TRP) builds trusting relationships to educate and propel individuals, immigrants, and families to achieve their social and economic aspirations, stable homes, and equitable participation in their community. TRP is a leading provider of affordable housing, financial education, and immigration services on Chicago’s Southwest side.

During the past three decades TRP has worked to improve the lives of individuals and families by creating wealth, building assets, and engaging residents to be catalysts for change. Rooted in the Pilsen community, TRP’s impact now extends across the City of Chicago and through the State of Illinois; we are making steady progress towards leveraging and preserving more than $1 billion in community wealth by 2025

General Job Description for Senior Real Estate Development Manager (SREDM)

The Senior Real Estate Development Manager (SREDM) reports directly to the Chief Real Estate Development Officer (CREDO). The SREDM is responsible for managing the development activities of the project pipeline which may include housing, commercial or mixed used projects. The SREDM is responsible from the planning stage through disposition of the asset either to TRP’s Property Management Division or the ultimate asset owner. The SREDM is also responsible for supervising the real estate associate and managing the budget of the projects. The SREDM’s duties also include site assessment, property acquisition, assembly of financing, negotiations with lenders, management of pre-development stage, coordination of closing, draw requests, coordination with construction and owner’s representative, and project financial reporting. Additionally, the SREDM is responsible for providing project status reports to the CREDO, collaborating with the Director of Public Grants and Compliance Administration (DPGCA) to adhere to all aspects of project compliance and regulatory requirements, and fulfills all other duties as assigned by the CREDO.

Primary Job Duties and Responsibilities

1. Work closely with CREDO in all phases of a real estate development project.
2. Collaborates with DPGCA to ensure TRP (as developer and/or owner) and project adheres to compliance and regulatory requirements.
3. Advance the continuous processes of pre-development through acquisition, including but not limited to, securing site control, preparing, and submitting due diligence items such as market studies, environmental reports, preparing, analyzing, and modifying the development budget.
4. Perform all tasks related to project funding assembly including, but not limited to researching and maintaining a database of current affordable funding sources and application timelines; preparing funding applications; and securing all financing necessary to complete the project.
5. Complete real estate development project funding applications, including, but not limited to: Lenders, Low Income Housing Tax Credit (LIHTC), New Markets Tax Credits (NMTC), Federal Home Loan Bank (FHLB), City of Chicago (HOME), Illinois Housing Development Authority, Illinois Facilities Fund, and Local Initiatives Support Corporation, among others.
6. Complete due diligences of all financing applications submitted on behalf of real estate development projects.
7. Consult with DPGCA and provide legal analysis on all financing documents regarding closing and conversion of loans.
8. Create and complete assigned real estate development project pro-formas.
9. Conduct financial feasibility studies and develop proposals for real estate development projects.
10. Prepare tax credit syndicator and new market tax credit investor selection processes for real estate development projects.
11. Prepare architect and general contractor selection processes for any real estate development project.
12. Provide and collaborate with DPGCA on legal review of all contracts associated with the engagement of architects, general contractors, and consultants.
13. Complete all closing related documents associated with TRP as sole member of any Corporation (owner sworn statement), Limited Partner, and Limited Liability Companies (Tenant Selection Plan, Property Management Plan, Property Management Agreement, Fair Housing Plan, among others).
14. Coordinate and closely monitor initial stages of project conception and formulation including, but not limited to contacting community groups, residents, and organizations for input in the development process, preparing and presenting development initiatives to the community, financial partners, elected officials, community organizations, TRP staff and TRP Board of Directors.
15. Work closely with the Owner’s representative in coordinating the pre-construction process including, but not limited to finalizing the construction plans and specifications in accordance with funding requirements, TRP priorities and inter-departmental input; supporting Owner’s representative during the construction bid process in conjunction with the General Contractor.
16. Complete the final project close out activities including, but not limited to ensuring all benchmarks for final completion and payments are met; facilitating the conversion to permanent financing; securing 8609s; and completing cost benefit and quality control analysis of the project, including the initial functioning of green policies and systems.
17. Coordinate and closely monitor along with Construction Manger the building completion and turnover process, including, but not limited to facilitating turnover meetings with the General Contractor, Property Management and Asset Management; communicating critical information required for operations and maintenance; coordinating the turnover of relevant documents; creating punch-list and performing follow up inspections in conjunction with the Asset Management and Property Management.
18. Work with Owner’s representative on construction implementation, review contractor pay applications and submit draw requests to lenders.
19. Maintain working relationships and communications with elected officials, City of Chicago Department of Planning and Development, Illinois Housing Development Authority (IHDA), Chicago Housing Authority (CHA), Federal Home Loan Bank (FHLB), equity syndicators, foundations, private banks, and any other funders in coordination with the CREDO.
20. Obtain and analyze data on property sales prices, rent levels, commercial trends, household incomes, building operating expenses, zoning regulations, marketing, and construction costs, and utilize the data to identify sources and uses of funds and to prepare conceptual budget and pro-forma operating statements for perspective real estate development projects.
21. Closely collaborates with TRP’s Finance, Accounting, Asset Management, Compliance Administration, and Property Management teams to ensure mutual understanding and support of each project.
22. Attend and participate in required organizational programs and staff meetings.
23. Maintain current knowledge of guidelines, policies, and procedures for HUD, IHDA, DPD, CHA, Low Income Housing Tax Credit, and all other real estate development programs utilized by TRP.
24. Maintain, coordinate and ensure paper and electronic document filing archive system for all housing development documents including all government, subsidy, development, and partnership related documents and contracts, and ensure all required reporting is carried out and submitted to partners, governmental agencies, and others as appropriate.
25. Assist Property Management and Asset Management along with Construction Manager, with the assessment of financial and physical needs of existing housing development projects in TRP’s portfolio. When recapitalization is recommended for a project, carry out the housing development process in coordination with CREDO.
26. Act as a member of the Real Estate Development Team to ensure the overall effective operation of the Real Estate Development Department. Participate in community and resident organizing activities that have been deemed organizational priorities.
27. Closely collaborates with all VPs and/or staff to ensure that all real estate development goals for the department are achieved.
28. Lead on-site community and public meetings when necessary.
29. Promote and maintain strong working relationships within the development community.
30. Provide routine status reports of projects to CREDO and Executive team.
31. Other duties as assigned by CREDO.

Performance Measures

• Achievement of annual real estate development production goals.
• Effective management of real estate development resources.
• Timely, quality production of financial evaluation tools, operational budgets, and other documents.
• Accurate and effective communication with TRP staff, partners, and clients.
• Effective coordination with other department members to achieve organization goals.
• Effective, consistent execution of day-to-day responsibilities.
• Timely production of financial analysis, feasibility studies, proforma, operating budgets, research studies and requested databases.
• High quality of the production of all requested reports, studies, database and research.
• Active participation in required staff and community development meetings
• Effective management of architects, engineers, contractors, and other consultants.
• Ensure real estate development projects are completed by stated deadlines, all developer fees are realized, and projects are within budget.
• Timely, quality production of financial evaluation tools, operational budgets, and other documents.

Effective coordination within the pillar and with other pillars to achieve organizational goals

Essential Skills and Knowledge

• A minimum of 7 years of work experience in real estate development, real estate finance, real estate land use and/or community development required.
• Prior City of Chicago working experience with TIF and other city financing tools.
• Have a commitment to community development.
• Demonstrated ability to successfully multi-task and manage time efficiently.
• Ability to create comprehensive pro-forma schedules for project proposals.
• Ability to:

collect, interpret, and utilize data effectively.

understand and utilize a variety of funding mechanisms.

manage multiple projects effectively.

• Represent the organization professionally.
• Proven experience with residential developments (affordable and market rate developments preferred)
• Strong analytical and financial modeling skills.
• Must be detail oriented and have strong organizational skills.
• Knowledge of all phases of residential development with focus on up front stages related to planning and entitling.
• Experience with the origination and execution of projects that utilize New Market Tax Credits

Special Working Conditions and Demands

• Must be able to work some evenings and weekends.
• Ability to travel within city and sometimes out of state.
• Ability to visit construction work sites/hard hat areas, including walking and maneuvering on incomplete floor surfaces, among construction materials and debris, climbing stairs and ladders.

Position Classification & Salary

Full-Time, Exempt. Salary commensurate with experience.

Statement of Equal Opportunity

The Resurrection Project is an equal opportunity employer and does not discriminate based on race, color, religion, sex (including pregnancy), national origin, ancestry, age, marital status, sexual orientation (including gender identity), military status, disability, or language (any language use not related to job duties). In addition to federal law requirements, The Resurrection Project complies with applicable state and local laws governing nondiscrimination in employment in every location in which the company has facilities.

Job Type: Full-time

Pay: $100,000.00 - $110,000.00 per year

Benefits:

• 401(k)
• Dental insurance
• Employee assistance program
• Employee discount
• Flexible schedule
• Health insurance
• Paid time off
• Professional development assistance
• Vision insurance

Schedule:

• 8 hour shift
• Day shift
• Weekends as needed

Ability to Relocate:

Chicago, IL 60608: Relocate before starting work (Required)

Work Location: In person