The Project Management/Project Development Department is the bridge between Business Development and Construction. The Director of Project Development reports to the Senior Director or Vice President of Real Estate Development and heads up a staff of Project Managers who are responsible for coordinating the acquisition and closing of all assets, coordinating predevelopment and entitlement activities for new projects, securing financing and acting as a liaison during the construction process. The Director also takes on direct project management duties, specifically financial and deal structuring, if project development staffing levels and/or capacity are insufficient. The Director will also review and refine new proposals generated by Business Development primarily from a financing, pipeline portfolio/timeline, and resource allocation perspective. Specific responsibilities of the department are outlined below.

DEPARTMENTAL RESPONSIBILITIES:

• Project and Loan Analyses: Oversee the preparation of all initial project proformas, including NOI/Loan analyses, operating budgets, timelines and development budgets used in structuring transactions.
• Financing: Oversee the preparation of loan packages for acquisition, development, construction and permanent financing. Coordinate application packages to CTCAC, CDLAC, FHLB and HCD for funding allocations. Negotiate financing terms with lenders and investors.
• Packaging of Project Acquisition/Funding Proposals: In coordination with Business Development Directors (Initial RFP/RFQ, allocation of Project Management Resources to and Review of financing proposals to local, state and federal agencies. This includes responses to Requests for Qualifications and Proposals (RFQ/Ps) and Notice of Funding Availability (NOFAs), as well as information packages for So Cal Housing's Board of Directors. Prepare business term sheets, which serve as the basis for all housing and regulatory agreements.
• Meetings: Coordinate meetings with Business Development Directors to become acquainted with key participants in the transactions, as needed. Attend follow-up meetings with appropriate city staff, financial partners and lenders and maintain those relationships throughout the project period.
• Due Diligence/Closing Logistics: Develop and facilitate Project Manager implementation of due diligence and closing logistics processes that ensure properly reviewed purchase contracts and escrow instructions; periodic monitoring status of project appraisals and reports, loan documents, etc.; comprehensive preparation and distribution of “Interested Parties” lists, Closing Project Proforma and Timeline/Credit Delivery Schedule; complete review of loan documents, regulatory agreements, and agreements with governmental partners to assure they conform to business points; Assurance that scheduled closings are organized and complete; and accurate monitoring of movement of funds and other matters per escrow instructions.
• Corporate Memory/Record Keeping: Update and maintain corporate memory for business points and financial structuring of each transaction in which he/she is involved.Provide office administrative staff with all closing and financing documents and oversee and facilitate Project Manager transfer of knowledge and responsibility to other NCRC departments such as Accounting, Property Management and Asset Management.
• Budget Administration: Oversee the preparation of original budgets and cash flows for all phases of projects and coordinate with the Construction and Accounting departments on any necessary future revisions to those budgets and cash flows. Monitor ongoing project budgets to ensure compliance and developer fees to ensure timely draw downs.

EXPERIENCE

The Director of Project Development will have significant experience with the following:

• Specialized financing programs used in affordable housing, such as Low Income Housing Tax Credits, HOME funds, tax-exempt bonds, various HUD programs, AHP and pledges of housing set-aside funds from redevelopment agencies
• Conventional and tax-exempt financing of apartment projects
• Negotiation and structuring the purchase of land and improvements, specifically, multifamily housing developments
• The due diligence process for multifamily properties
• Proforma analysis/financial modeling
• Familiarity with the activities of the Federal government and California state, city, county, and redevelopment agencies in relation to affordable housing
• Exposure to the construction process

The Director of Project Development must have the ability to:

• Effectively lead a group highly specialized real estate development professionals
• Direct staff on how to manage multiple projects and timelines concurrently
• Communicate clearly and concisely
• Be the project lead and liaison between Business Development and Construction
• Work harmoniously with clients, consultants and other professionals
• Work easily with Word, Excel, Outlook, Project
• Maintain work pace appropriate to given work load
• Relate to others beyond giving instructions
• Be a team leader and team player

EDUCATION/QUALIFICATIONS

• Bachelor of Science degree in Real Estate Development, Business, Management, Planning or Finance related field.
• MA/MBA/MRED degree is preferred.
• A minimum of 8 to 10 years of industry experience in progressively responsible positions.

SALARY

$155,000 - $187,000 per year DOE