Senior Real Estate Development Manager
Self-Help is a leading national community development financial institution headquartered in Durham, NC. Since 1980, Self-Help has provided over $7 billion in financing to 146,000 families, individuals and businesses. It helps drive economic development and strengthen communities by providing responsible financial services; lending to individuals, small businesses and nonprofits; developing real estate; and promoting fair financial practices across the nation. The Self-Help family of nonprofit organizations includes Self-Help Credit Union, Self-Help Federal Credit Union, Self-Help Ventures Fund and the Center for Responsible Lending. Through its credit union network, Self-Help serves over 145,000 people in North Carolina, California, Chicago and Florida. Learn more at www.self-help.org, www.self-helpfcu.org and www.responsiblelending.org.
Self-Help is seeking a Senior Real Estate Development Manager to join our team. The Senior Real Estate Development Manager will be expected to work in our Greensboro, NC location, on average, 3 days/week. The Senior Real Estate Development Manager is responsible for the execution of real estate development projects, including the management of all aspects of the real estate development process from conception through completion. They will balance big picture vision/strategic thinking with day-to-day project management in close collaboration with Self-Help colleagues and third-party partners and vendors. Projects may include commercial (e.g., office, retail, hotel, multi-family) and residential (e.g., single-family homeownership) real estate development.
For this specific role, these functions will be carried out full-time at Revolution Mill in Greensboro, NC, until such time that the development activities there and at associated properties have been completed. The Senior Real Estate Development Manager will guide the on-site project team in the overall strategic visioning of the 50+-acre Revolution Mill campus; complete Phase 1 (finishing construction and initial lease-up of completed spaces); and develop and execute development of subsequent phases with other Self-Help staff. The position will be responsible for overall financial performance of the asset, including drafting, executing and monitoring performance projections, financial modeling, budgeting, and reporting.
Upon completion of the above phased work, this position will work with the Real Estate Team Leader to reevaluate the ongoing development staff needs of Revolution Mill and explore other development opportunities beyond the campus.
- Guide and coordinate the overall strategic vision for the Revolution Mill campus.
- Work with team members and external partners to identify and evaluate development opportunities.
- Establish relationships with potential project partners, tenants, and the broader community.
- Assess project feasibility and risk and refine project vision and plans as needed.
- Coordinate neighborhood planning and market analyses. Conduct other project feasibility tasks as needed.
- Coordinate due diligence activities to test and implement potential development projects
- Prepare and update detailed proformas typically using NMTC, HTC and/or other forms of subsidy.
- Structure financing including sources, negotiating terms, and closing. Prepare investment memos to the SHVF Real Estate Investment Committee as needed for internal financing.
- Obtain appropriate and necessary entitlements and manage/perform other predevelopment tasks as needed.
- Ensure that the development planning and results accurately reflects the strategic vision.
- Maintain project development budget and track actual expenses. Ensure project remains within budget; properly addresses needed variances in advance.
- Maintain project schedule and track progress against plan.
- Work in a collaborative, facilitative process with other Self-Help staff members as part of a project team to identify, discuss, and determine optimal development strategies.
- Work with the Real Estate Associate - Development and Leasing to identify how to move projects forward together collaboratively as the on-site development team.
- Work closely with construction management staff to ensure design development documents and development budget meet project needs.
- Work closely with leasing team to lease the property to achieve vision/mission and financial goals of the project.
- Maintain communication with external partners to keep them apprised of the progress.
- Manage partnership agreements, legal, cost certification and other compliance aspects of the development project.
- Facilitate project transition from development team to operations team once development project is completed.
- Prepare and maintain financial performance reports that integrate operations revenue and expenses into financing projections.
- Develop management reports for Real Estate Team Leader and Self-Help Senior Management on financial performance of asset on regular basis
- Communicate regularly with tax credit investors. Submit tax credit equity draws to investors.
- Lead on-site team, including third party contractors, to create and maintain a positive team culture and encourage connections back to Durham Real Estate Team.
- Supervise, direct, develop, and evaluate staff and interns.
- Actively participate in Real Estate Team activities, specifically as a member of the Project Management Group within the Real Estate Team.
- Master’s degree in business administration, city or urban planning, architecture, public policy, or other related field OR equivalent relevant experience
- Minimum of five years of real estate development, project management or finance experience.
- Specific experience and/or knowledge of the financing of commercial real estate development required.
- Experience in review of contracts, grant agreements, legal documents or other demonstrations of legal reasoning.
- Experience with and/or knowledge of Historic Tax Credits and New Markets Tax Credits a plus.
- Knowledge of the economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data in order to prepare and analyze financial statements, operating projections, budgets and cash flows.
- Willingness and comfort working in community settings with diverse groups.
- Strong financial and analytical ability, as demonstrated by past experience and capacity to learn.
- Strong written skills, including proficiency in email and formal memorandum writing.
- Excellent verbal communication and interpersonal skills, with the ability to work with a wide range of individuals and teams in diverse settings.
- Ability to effectively hire, develop and motivate staff.
- Solid organizational skills and ability to manage and balance multiple tasks.
- Proactive thinking with detail-oriented and creative-problem solving approach.
- Ability to effectively plan, prioritize, and follow-through on work.
- Team-based mindset and willingness to support broad team goals and initiatives.
- Ability to form and maintain strong relationships with internal and external customers.
- Ability to juggle multiple projects and work independently to meet goals and objectives.
- Proficiency with Microsoft Word, Excel, and other productivity tools.
- Ability to work from the Revolution Mill office on average at least three (3) days per week.
- Occasional evening and weekend work will be expected to attend meetings (e.g., city government or community meetings) and attend special events.
- Additional travel may occasionally be required, plus occasional evenings and weekends.