Contact: dbg@northarrowpartners.com
Experience with IHDA and HUD preferred.
Pay is commensurate with experience.
Travel is required.
real estate development activities from the planning stage – pre-development due diligence –
through transition of the asset to Property Management. The Development Manager’s main
duties include project sourcing, planning, site assessment, property acquisition, packaging of
financing, negotiations with lenders, management of pre-development stage, coordination of
closing, participation in construction and marketing teams and project financial reporting.
Additionally, the Development Manager is responsible for real estate research, preparing real
estate development reports and other duties assigned.
RESPONSIBILITIES
Real Estate Acquisitions:
- Conducts new housing site search and feasibility analysis to support company’s land acquisition functions for ground-up developments.
- Performs cold calling to prospective sellers and maintains and updates real estate calllog.
- Negotiates purchase price, prepares letters of intent, and assists with the drafting of
- purchase and sale agreements.
Affordable Housing Funding Applications:
- Researches and maintains database of current affordable housing funding sources and
- application timelines.
- Maintains current knowledge of updates to guidelines, policies and procedures for HUD,
- IHDA, Low-Income Housing Tax Credit, and all other housing development subsidy programs as required.
- Assists with the completion of real estate development project funding applications including Low Income Housing Tax Credits (LIHTC), Federal Home Loan Bank (FHLB), and any additional local and state level funding sources.
- Research market sales comps, rents, utilities, real estate taxes, and other pertinent information to assist with the underwriting of new development opportunities. Participates in the review of budgets, assumptions, and pro-forma analysis.
- Coordinates with staff architects, construction managers, and 3rd party consultants to prepare construction drawings, site studies, and other pertinent reports in support of funding applications.
Closing Functions:
- Assists with closing related documents including Owner Sworn Statement, Tenant Selection Plan, Property Management Plan, Property Management Agreement, Fair Housing Plan, etc.
- Participates in 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.
Other Responsibilities:
- Maintains electronic document filing archive system for all housing development applications.
- Establishes and maintains working relationships and communications with elected officials, State Housing Authorities, Federal Home Loan Bank (FHLB), equity syndicators, private banks, and any other funders in coordination with Partners.
- Participates in seminars and additional training offered through state housing agencies and entities.
QUALIFICATIONS:
Master’s Degree in Urban Planning or Finance preferred. A minimum of 5 years of work experience in development finance, real estate development, real estate finance, or community development required. Possess strong analytical, mathematical, and interpersonal skills. Demonstrated ability to successfully multi-task and manage time efficiently. Ability to create comprehensive financial pro-formas and written applications 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. Must be detail-oriented and have strong organizational skills. Excellent written and oral communication skills. Proficient knowledge of MS Word, MS Excel, MS Power Point required. Experience with GIS mapping preferred. Must have access to a car, valid driver’s license, and proof of insurance for field work.
North Arrow Partners is an Equal Opportunity Employer
Contact: dbg@northarrowpartners.com
Experience with IHDA and HUD preferred.
Pay is commensurate with experience.
Travel is required.