Managing Director of Real Estate

Description

The Managing Director of Real Estate leads CAPC, the real estate affiliate of New Jersey Community Capital (NJCC), a nonprofit Community Development Financial Institution (CDFI). This position oversees all of CAPC’s real estate activities and social enterprises (Asset Management, Single-Family Development, Property Management, Multifamily Development, Construction Management, Down Payment Assistance Program, Affordable Housing and Realty Services) and directly manages the CAPC real estate team, including the Property Management team. The role also directs construction loan administration for NJCC’s lending team, overseeing draw review, budget monitoring and site inspections on NJCC-financed projects. The Managing Director works with community partners to develop and implement community-oriented strategies that address problem properties and preserve neighborhoods and works with NJCC’s President & CEO to build the capital base that supports this work. This person is responsible for the acquisition, rehabilitation, sale, and rental of affordable housing across NJCC’s and CAPC’s portfolio, and for the financial performance, compliance and mission impact of CAPC’s real estate assets.

Requirements

Major Duties and Responsibilities:

Leadership and Strategy

• Lead, manage and develop the CAPC real estate team, including the Property Management and Construction Management staff and the construction loan administration function; set clear goals, hire, delegate, and hold staff accountable.

• Develop and implement CAPC’s annual business plan, multi-year strategy, and operating and development budgets in alignment with NJCC’s mission and strategic plan; report progress against goals to the President & CEO and the CAPC and NJCC Boards.

• Serve as a senior member of NJCC’s leadership team and as an officer or staff liaison to the Board of Directors and its committees, preparing materials and presentations as needed.

• Provide timely feedback to management and staff, both informally and through the periodic performance appraisal process, and provide professional development opportunities to management and staff.

Acquisition, Development and Disposition

• Work with NJCC’s President & CEO and senior leadership to develop and establish relationships with lenders and servicers to acquire REO properties and/or defaulted mortgages and negotiate the acquisition and ultimate transfer or sale of those properties and/or mortgages.

• Develop, implement and document policies and procedures to acquire properties and/or mortgage portfolios from lenders and/or servicers, determine the appropriate action plan and disposition for each property or mortgage, prepare properties for transfer or sale, and negotiate and execute the transfer or sale to the ultimate developer or owner.

• Direct site selection, due diligence, underwriting, pro forma development and financial structuring for single-family and multifamily development and rehabilitation, including the use of LIHTC, historic, NMTC, PILOTs, state and local subsidies, and other layered financing sources.

• Oversee asset management of the CAPC portfolio, including annual asset reviews, hold, sell, and recapitalize recommendations, and strategies to preserve long-term affordability.

• Oversee the Down Payment Assistance Program, Realty Services and other social enterprise lines, ensuring that each meets mission, compliance and financial targets.

Property Management

• Oversee the Property Management team and all aspects of managing CAPC’s owned and managed residential and mixed-use portfolio, including leasing, tenant relations, rent collection, maintenance, vendor contracts and unit turnover.

• Ensure properties are operated in compliance with fair housing laws, landlord-tenant law, habitability and code requirements, and applicable affordability, LIHTC, HUD and other funder or regulatory restrictions.

• Review and approve property operating budgets, monthly financial and occupancy reports, capital needs assessments and replacement reserve plans; monitor NOI, vacancy, arrears and delinquency, and implement corrective action plans for underperforming assets.

• Oversee tenant selection, income certification and annual recertification processes, resident services coordination, and community engagement.

• Manage property insurance, real estate tax, utility, safety and environmental compliance, and risk management, including inspection readiness and response to agency or funder audits.

Construction Loan Administration and Construction Management

• Oversee and direct the construction loan administration function for the NJCC lending team, including pre-closing construction budget and scope review, draw request review and approval, third-party inspection and cost-to-complete analysis, retainage and lien-waiver tracking, change order review, and loan balancing.

• Establish and maintain written policies, procedures and internal controls for construction loan administration.

• With the help of the CAPC team, monitor construction-phase loans for budget, schedule and quality issues, identify early warning signs, and recommend and implement workout, completion or remediation strategies in coordination with the Managing Director of Lending Officer and Chief Risk Management Officer.

• Oversee CAPC’s own construction and rehabilitation projects, including scope development, procurement and bidding, contractor selection and contracts, permitting, change orders, quality control, certificates of occupancy and warranty administration.

Fundraising, Partnerships and External Relations

• Work with NJCC’s President & CEO and senior leadership to grow capital for property acquisition, private equity investments, construction and rehabilitation developments, and operating funds from foundations, investors, grantors, community development non-profits and CDCs, and government entities, and maintain strong relationships with key investors and funders.

• Cultivate partnerships with municipalities, land banks, code enforcement and other public agencies, community-based organizations, anchor institutions, and neighborhood residents to align CAPC’s work with local revitalization and other mission strategies.

• Collaborate with NJCC’s lending, development, communications and policy teams to coordinate activity across the organization and to cross-promote products and services.

Financial Management, Compliance and Reporting

• Work with NJCC’s Chief Financial Officer and CAPC’s fiscal staff to ensure that investor and funder reports, audits, covenant compliance tests, and financial statements are accurate and timely, and monitor CAPC’s liquidity, debt service and portfolio performance.

• Establish, track and report key performance and impact metrics (such as units developed, preserved and sold, occupancy, affordability levels, jobs created and tenant outcomes) for management, the Board and funders.

• Ensure compliance with all applicable federal, state and local laws and regulations, lender and investor covenants, grant and subsidy agreements, and CAPC and NJCC policies.

• Identify, assess and manage portfolio and operational risk, and ensure appropriate insurance coverage, internal controls and succession and contingency planning for the team.

• Evaluate and implement property management, accounting, loan servicing and construction management systems and technology that improve efficiency, data quality and reporting.

Qualifications:

• Bachelor’s degree required; MBA, master’s degree in real estate, urban planning, public administration or a related field, or a law degree preferred.

• 7 to 10+ years of progressively responsible experience in affordable housing and real estate development, with at least 3 years in a senior management role, particularly in urban and inner-ring suburban markets.

• Demonstrated experience managing and growing a vertically integrated real estate business, including business planning, budgeting, staffing and execution.

• Direct experience overseeing residential property management operations, including affordable and subsidized housing compliance (LIHTC, HUD, or similar programs).

• Working knowledge of construction lending and loan administration, including draw review, construction budgets, cost-to-complete analysis and construction risk, with the ability to partner effectively with CDFI lending and credit teams, a plus.

• Knowledge and experience in community development finance, impact investments and private equity transactions; familiarity with CDFI Fund, NMTC, LIHTC and other public and private subsidy programs.

• Strong financial and analytical skills, including real estate underwriting, pro forma and operating budget analysis, and portfolio performance monitoring.

• Strong leadership and management skills, with a demonstrated ability to build, develop and retain a team and to work collaboratively across departments.

• Experience working with boards of directors, institutional investors, funders and public officials.

• Entrepreneurial spirit; creative and innovative thinker.

• Strong communication skills, both verbal and written; public speaking experience desired.

• Ability to multitask and manage competing priorities. Local travel required; a valid driver’s license and reliable transportation are required for site visits.

Work Schedule

This job’s primary responsibilities are expected to be handled during regular business hours Monday through

Friday 9:00 AM to 5:00 PM or adjusted as agreed by employee and supervisor.  Some tasks may need to be completed outside of regular business hours or on the weekends.

Work Environment

This job operates in a professional office setting with moderate notice and many unscheduled interruptions. Sitting for long periods of time is typical in this position but brief periods of walking and standing regularly occur, including offsite property visits and inspections. This role routinely uses standard office equipment such as computers, phones, photocopiers and filing cabinets.

Equal Employment Opportunity

This organization is fully committed to equal employment opportunity, maximum utilization of all employees, and employment and advancement regardless of race, color, creed, religion, sex, age, sexual orientation, national origin, disability, veteran status or any other characteristic protected by state, federal or local law.

Discrimination of any type will not be tolerated.

Other Duties and Functions

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities, and activities may change at any time with or without notice.