Real Estate Development Director, Upstate New York

Overview

To best serve the communities in which it operates, Pennrose executes its development activities under a decentralized structure where state(s) are organized within “regions” led by Regional Vice Presidents (“RVP”) and/or Senior Vice Presidents (“SVP”) who are responsible for the execution and growth of the development company in a manner consistent with the Penrose’s mission, vision, and core values. The day-to-day oversight and delivery of these development projects are the responsibility of Senior Developers, Developers and Associate Developers.

The breadth and depth of the brand’s growth within any region is largely shepherded by its SVPs and RVPs with the support of Development Directors (“DD”). A DD is responsible for the realization of production goals for their designated geography as articulated by the Regional Strategy established annually to ensure consistency with Pennrose’s long-term enterprise strategies.

Since its formalization in 2016, the Pennrose NY Regional Office has cultivated deep and meaningful relationships with stakeholders spanning the Empire State. During this time our work as housing professionals has fostered the creation and preservation of 2,000 affordable and mixed-income homes.

This DD will work with Pennrose leadership and its partners to deepen the enterprises commitment in housing and better serve the communities located within the Regional Economic Development Councils of: (i) Capital Region; (ii) Western New York; (iii) Finger Lakes; (iv) Central New York; (v) Southern Tier; and, (vi) Mohawk Valley (collectively, the “District”).

This is mostly will cover most of Upstate New York. Must live in Upstate New York but will be mostly remote.

Pay Range: $100,000-$110,000/yr, dependent on experience commission (up to $80,000)

Responsibilities

•  Generate new business that is consistent with the enterprise’s supported product types and production and profitability metrics established under the Regional Strategy.
• Actively participate in the creation of Regional Strategies and take ownership for successful execution of same within the District. 
• Structure and negotiate the most favorable business/financial terms with brokers, sellers and development partners on deals.
• Ensure that development projects are designed, financed and constructed in a manner consistent with Pennrose’s strategy, goals, design standards and underwriting guidelines.
• Maintain a robust development pipeline that will lead to the attainment of Pennrose’s production goals for the District.
• Travel on a regular basis within the region to meet with stakeholders and monitor progress of development projects and report on same using Pennrose systems and protocols.
• Demonstrate effective leadership, working collaboratively both within the company and with external partners, sharing knowledge and perspective to build the company’s depth of expertise, and providing direction to grow Pennrose’s portfolio in the District.
• Develop, cultivate, manage strategic relationships and collaborate with a network of partners including vendors, brokers, owners, lenders, and other stakeholders in the District.
• Actively participate in the identification and cultivation of funding sources and securing same for Pennrose projects.
• Assemble a team of highly competent professionals including architects, engineers, contractors, and negotiate with vendors for the best pricing.
• Liaise, influence, and negotiate as needed with partners and stakeholders throughout the development process.
• Supervise, train, coach, and develop staff on all aspects of the development process to assume greater responsibility, thereby building the depth of the team.
• Establish priorities and work plans for staff; effectively delegate work among team members to achieve the highest level of productivity and greatest efficiency in the delivery of deals.
• Ensure the project management team within the region is aligned with all corporate objectives.
• Ensure that the development team in the District has the resources needed to do its job most effectively.
• Facilitate strong communication and collaboration between Development staff in the District and other Pennrose staff.
• Cultivate and maintain strong relationships with new and existing partners, including local, state and federal housing agencies, with particular focus on NYS HCR and HFA.
• Remain current on local, state, and federal issues related to the affordable housing industry and disseminate the information accordingly in an efficient manner.
• Advance Pennrose’s business goals through professional representation of Pennrose in the District. Examples of activities include speaking on panels, participation in industry forums as a subject matter expert, and generally being a spokesperson for Pennrose’s mission.

Qualifications

PERFORMANCE METRICS

• Annual production targets/ annual projected closing goals (as projected by RVP and determined not less than annually) are achieved.
• Development pipeline milestones are achieved within projected time frames.

QUALIFICATIONS

• BS or BA is required. A Master’s Degree (M.A or M.S) or equivalent in finance, real estate, urban planning, economics or business administration is preferred.
• A minimum of 8 years of experience in real estate development and/or finance, and/or community economic development (preferably with a focus on affordable housing; experience with a real estate firm or equivalent) is required.
• Established and demonstratable track record of successful stakeholder relationship building.
• Proficiency in the use of productivity technology including word and excel. Familiarity with project scheduling platforms, e.g. Microsoft Project is preferred.
• An advanced understanding of commercial real estate finance, and facility of modeling complex transactions.
• Solid knowledge of the real estate markets within the District.
• Experience managing internal teams.

Salary : $100,000 - $110,000