Yonkers, New York
US$150000.00 - US$180000.00 per annum
The Director of Real Estate Development leads a small dedicated team of professionals that oversee a diverse affordable housing portfolio. The day to day responsibilities include site acquisition, land use, and zoning analysis, financial underwriting and project management.
Oversight of construction administration, permanent conversion and transfer to operations is critical to this role. Extensive experience with affordable and/or supportive housing development including usage of low-income housing tax credits (LIHTC), tax exempt bonds, state/federal capital programs, and mixed-financed deals is essential.
This position will provide leadership and supervision to the Project Management team while cultivating a collaborative relationship with other members of senior leadership throughout the organization. Primary responsibilities include but are not limited to:
- Manage and lead the entirety of the real estate development process including financing, closing, construction administration, and placement into service. Lead meetings with public officials and presentations to community boards and representatives and manage public approval process start to finish.
- Supervise and work collaboratively with a team of consultants including lenders, attorneys, architects, engineers, contractors, and others. Select and manage design consultants and relevant teams. Approve schedule for projects and attend project oversight meeting as appropriate. Facilitate community involvement and outreach and prepare reports for Sr. VP, investors and partners.
- Coordinate pre-development and development activities such as preparation of transaction documents and financial applications, development of project sources and uses, construction documents, an overall management of project budget.
- Identify architects, engineers, environmental firms, construction companies, and other professionals and manage relationship to the project.
- Obtain capital from a variety of public and private sources including municipal, state, federal, and tax credit opportunities, often through competitive RFP processes, for the development of affordable and supportive housing, including new construction and rehab.
- Prepare proformas and other projections to create financially viable construction and permanent operating budgets.
- Complete financial analysis of all prospective projects to determine funding strategy, and highest and best use.
- Partner with the SVP of RED to continue to grow the pipeline and lead RFP submissions, brokering joint venture agreements, and procuring acquisition financing.
Leadership and Collaboration
- Supervise team of Real Estate Development Project Managers.
- Work collaboratively with the Housing, Services, and Finance Divisions to gain input on real estate development strategy and create projects that reflect the community needs, organization's expertise, and organization's risk tolerance.
- Participate in organizational strategic planning and other executive management processes.
- Bachelor degree required; Advanced degree preferred with extensive experience
- 7 years+ preferred in the affordable real estate development field including a demonstrated track record of leading all aspects of the real estate development process and/or real estate finance.
- Expert level written and verbal communication skills that reflect ability to lead staff, perform and prioritize multiple tasks seamlessly with excellent attention to detail, and build relationships with a wide variety of stakeholders
The above salary range represents Cobalt's good faith and reasonable estimate of the possible base compensation range at the time of posting and is one part of the total rewards package this client provides to employees.