The Managing Director will oversee the development of multifamily communities, manage complex projects, negotiate agreements, conduct financial analyses, and lead a collaborative team to achieve project goals.
POSITION SPECIFICATION
MANAGING DIRECTOR, MULTIFAMILY DEVELOPMENT
MANAGING DIRECTOR, MULTIFAMILY DEVELOPMENT
Shine Associates, LLC (‘Shine’) has been retained to search, identify, and recruit a Managing Director of Development on behalf of our client (‘Company’). The position will be located in the New York office.
CONFIDENTIALITY
CLIENT DESCRIPTION
Our client is a premier residential developer of multi-family homes throughout the United States. Originally formed in 2011 by industry executives who have spent decades working together as a team, the firm provides the perfect platform to build upon that expertise and bring innovative vision to its investments. There is a rich history of effective and successful leadership. Its culture of commitment means putting the best people in place for success and striving to have a relentless dedication to quality on every project, every time.
The Company has 18 offices across the country. The organization has deployed more than $25B in transactions, developing more than 30,000 homes across the US with 2600+ of those in the New England region.
MANAGING DIRECTOR, DEVELOPMENT
The Managing Director (MD) is responsible for development of new multi-family communities in the New York/New Jersey Region. This position will report directly to the Senior Managing Director (SMD) located in New York and have a key role in sourcing (building a pipeline) and execution of the Company’s development and new construction strategy. The MD will maintain a collaborative environment between Development, Construction, Finance, Operations and Asset Management as appropriate, and be responsible for expanding the pipeline, executing the pipeline (which specifically includes due diligence, managing the design and entitlement process, financing, working with construction for overall budget adherence). This position will be directly or indirectly involved in all phases of the acquisition, development, construction, lease-up and disposition process.
The “right candidate” will have strong broker relationships, market knowledge, analytical and qualitative skills, and excellent financial acumen and high proficiency in real estate underwriting and real estate finance concepts. The Managing Director will interface with real estate owners, local market brokers and senior executives, so applicants must have dynamic verbal and written communication skills and strong interpersonal abilities with a minimum of 7-15 years of prior real estate development experience.
KEY RESPONSIBILITIES
- Source/identify new multifamily development opportunities and sites in the New York/New Jersey region, through developing and maintaining relationships with key stakeholders including brokers, consultants, land sellers, equity partners, lenders, etc. in the Region to identify feasible, financeable, and profitable new initiatives.
- Negotiate or assist in the negotiation of complex legal instruments including contracts, easements, term sheets, loan documents, joint venture agreements, municipal agreements, joint development agreements, etc.
- Develop and perform financial analyses and entitlement risk underwriting, which forms the basis for site selection and the Company’s spending of pursuit capital and allocation of investment capital.
- Manage the pre-entitlement process by maintaining accurate pursuit cost forecasting and reporting and implement and execute programs and processes to ensure pro-forma development budgets, underwriting, schedules, quality, and standards are met and completed in accordance with adopted Company policies.
- Fully engage and work with the Region’s Senior Managing Director in achieving the Region’s financial and growth goals by participating in team meetings and calls, keeping team members informed about the status of new development work, and actively working with the team on new business development, meetings with clients and investors, and other RFPs.
- Participate in routine Investment Committee meetings that focus on proposed development projects by making presentations on said projects, working with and assisting the Senior Managing Director in project financing, and reviewing and providing progress updates on projects under pursuit, under construction and under lease-up.
- Manage complex development projects under construction to ensure developments remain on time and on budget; interact with construction team members and third-party general contractors to achieve business plan goals on specific assets.
- Manage consultant third party consultants to identify, entitle, design, finance, permit, construct, lease, manage and dispose of new development projects.
- Accountable for coordinating work activities, ensuring open communication between consultants and Company project team members, lenders, and equity investors as needed, by researching and communicating ongoing project status.
KNOWLEDGE, SKILLS AND ABILITIES
- Ability and preference for working in a team-oriented setting, and interacting with several departments (Development, Construction, Asset Management, Property Management, and Finance) that provide functional expertise and insights toward proper product positioning.
- Deep and broad experience in multi-family development and new construction, including market and sub-market familiarity with the demand drivers supporting the growth of this business, plus prior entitlement experience and a solid understanding of construction means and methods to lead initial and on-going project planning meetings.
- Strong ability to solve problems and multi-task in a fast-paced environment.
- Demonstrated ability to read, write, negotiate, and communicate effectively to comprehend and/or complete legal contracts, partnership documents, loan documents, financial spreadsheets, and human resources documents and to create and make presentations to Board members, Executive members, partners, lenders, and staff.
- Demonstrated ability to read and comprehend architectural, structural engineering and civil engineering plans.
- Extensive experience in negotiating Architectural and Engineering Consulting Agreements, Easement Agreements and other related documents affecting title and survey.
- Demonstrated high proficiency in Microsoft Word and Microsoft Excel to complete required reports and employment documents.
- Demonstrate high proficiency in real estate modeling and underwriting, as well strong understanding of real estate finance and structured finance concepts.
- Demonstrated management and supervisory skills sufficient to lead, direct, evaluate, and mentor subordinate and peer employee staff, as well as consultant teams.
- Employment history that demonstrates the application and usage of a development (and construction) and/or facilities background sufficient to design, lead, and direct development and construction activities and projects from design to completion.
EXPERIENCE
- 7-15 years of real estate development experience
- Proven success in sourcing transactions
- Definable experience with entitlements, permitting and design
- Thorough understanding of development budgeting and underwriting
- Multiple market exposure throughout the New York metro region including N. New Jersey
COMPENSATION
The annual compensation for this role is expected to be approximately $350,000+, including salary and bonus. Actual base salary will be determined by several components, including but not limited to relevant experience, skills and qualifications, base salary of internal peers, and geographic location. In addition to base salary, this role may be eligible for a discretionary annual bonus, LTIP and a variety of financial, wellbeing, and health / welfare benefits.
CONTACT INFORMATION
Shine Associates, LLC
45 School Street
Suite 301
Boston, MA 02108
www.shineassociatesllc.com
Shine Associates, LLC
45 School Street
Suite 301
Boston, MA 02108
www.shineassociatesllc.com
Timothy M. Shine, Principal David M. Slye, Managing Director
(203) 676-1115 (781) 254-0600
[email protected] [email protected]
Top Skills
Excel
Microsoft Word
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