Real Estate Development, Senior Manager (Hybrid) Bethesda, MD.

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $92.0 billion and created 1.1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging.

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Working at Enterprise  

At Enterprise, you’ll be part of a diverse, committed team making a difference every day. You will collaborate with some of the smartest minds and biggest hearts in our field. You’ll be empowered to drive systems change and take bold steps to advance racial equity. And you will find a career home where you’re valued and supported in your growth journey. 

Enterprise offers career opportunities in our offices across the country with an exceptional benefits package.

Job Description Summary

Position Summary:

The ECD Development Department specializes in acquiring, rehabilitating, and developing multi-family housing with the goal of developing and preserving sustainable affordable and mixed-income housing. The properties owned and operated by ECD have robust resident services to assist residents in achieving their life goals.

The Real Estate Development, Senior Manager is responsible for managing several large-scale, complex, public-private real estate development projects. These projects require a seasoned professional with experience in master planning, community process, re-zoning, and multi layered public-private financing. While these projects focus on affordable rental housing, they may also include market rate and/or for sale product with the assistance of outside partners. The understanding of community priorities and challenges is essential to delivering a robust program that provides a platform for resident success. The Senior Manager will manage the entire development process including feasibility analysis, acquisition, partner management, deal structuring, design development, financing, public approvals, construction, marketing, leasing and close-out. This position can be based in Silver Spring, Baltimore, or Richmond; it is primarily focused on in the State of VA (NoVA, Richmond, Charlottesville) but will also involve projects in MD and DC (the DMV). The successful candidate should have a working knowledge of the Virginia Housing tax credit financing process, with some exposure to the tax credit process in Maryland and DC. The Senior Development Manager will be part of a team tasked with building out ECD’s footprint in the State of VA and along with the team, will be responsible for relationship building across the state.

Success in the position entails collaboration with colleagues including other real estate development staff and ECD Land Acquisition, Design & Construction, Accounting and Asset Management staff, and with third-party consultants such as legal and design professionals. Each Real Estate Senior Development Manager is responsible for three to four developments in various stages from preliminary feasibility analysis to close-out. Primary responsibilities are focused on achieving the objectives for each active development and managing tasks related to property acquisition, pro-forma financial analysis, design, construction debt and equity financing, closings, lease-up and stabilization. The Real Estate Senior Development Manager is expected to work independently and effectively manage the development team (including architects and engineers, attorneys, internal and external construction managers, property managers and leasing agents) and the financing process, as well as ECD Project Associates, Analysts, and Development Managers, as appropriate. Additional responsibilities include supporting senior staff in managing lender and investor relations; producing progress reports and analysis; maintaining development budgets and schedules; and processing development draws.

Job Description

• Manage all aspects of several complex public-private mixed income housing developments in the State of Virginia and the DMV
• Negotiate development agreements, secure site control, manage land use approval processes, lead program design and financing, close financing and oversee construction and lease up
• Assist in the creation and execution of a strategic business plan for the State of Virginia, including business intelligence on strategic markets and funding opportunities
• Initiate and own relationships with both funders and municipalities
• Supervise junior development staff as needed
• Analyze potential properties to purchase, including producing proformas and creating written project documents, coordinate due diligence activities, analyze the rental sub-market, and generally support the Senior Director
• Work with team members to prepare responses to requests for proposals and solicitations for bids by collaborating on the creative concept, analyzing the economics and financing structure and preparing proposal materials
• Manage preparation of debt and equity financing applications for each assigned development
• Prepare development budgets and pro forma operating budgets and manage the development budget throughout the development process to ensure balanced sources and uses, and achievement of ECD revenue goals
• Coordinate and present at resident and community meetings
• Manage the entitlement/zoning and permitting processes, and related community input and approval processes
• Review and negotiate draft loan and partnership documents and manage the financial closing on each assigned development; coordinate with federal, state and local government agencies, ensuring that all financing and government regulations are met and required approvals obtained
• Professionally and productively manage Project Associate and/or Analysts positions as may be assigned
• Manage and maintain development schedules to ensure timely completion of development milestones including closing
• Coordinate the work of professional consultants comprising the development team, schedule development team meetings and review consultant reports
• Work closely with ECD or third-party design and construction management staff (as applicable), third-party design professionals and general contractors to generate and refine development plans to produce high-quality communities that are both responsive to the needs of our residents and communities and are financially feasible
• Coordinate construction matters with the internal an/or third-party construction manager (as applicable) to complete construction on budget and schedule
• Monitor marketing lease-up process to meet or exceed lease-up goals
• Oversee timely completion of close-out process
• Prepare quarterly updates and Board approval materials
• Participate in industry associations and forums as a brand ambassador for ECD
• Perform all other duties as assigned

Work Location and Work Time

The home office for Enterprise Community Development and Enterprise Residential is in Bethesda, MD or Richmond VA.  Enterprise also has offices in Baltimore, Columbia MD, Washington, DC within the Mid-Atlantic region as well as satellite offices elsewhere.   

This is a hybrid role which requires attendance in the office 2 days per week. 

Every effort will be made to have a work week consisting of 37.5 hours but given the nature of the property management business and its administrative requirements, additional work time may be required.

 

Qualifications:

• Bachelor’s degree and 5-10 years of multifamily development experience required; MBA/MS, MURP/MCP or similar preferred
• Experience with all aspects of the real estate development process, from acquisition and financing through design and construction to stabilization required; at least two years of affordable rental housing development experience preferred.

Salary Transparency

• You will be joining a team of talented professionals motivated by serving the community and addressing the need for affordable housing.

• Enterprise offers a comprehensive total rewards package for you and your family. The pay range for this position is $97,000/year to $115,000/year. The salary range represents the low and high end of what may be paid for this position. It is not typical for an individual to be hired at or near the top of the pay range, and compensation decisions may be influenced by a variety of factors, including skills, qualifications, experience, and location.

Total Rewards at Enterprise

• This range is just one component of our total rewards package, which also includes annual performance bonuses and generous paid leave programs.

• Our benefits form a major part of the total rewards package. These include dental, health, and vision care plans, as well as family-building benefits such as adoption and surrogacy support. Enterprise supports flexible work arrangements to promote work-life balance and offers health advocacy, an Employee Assistance Program (EAP), and mental health benefits. We round out our package with financial education, wellness programs, and auto-enrollment in the company’s 401(k) plan with employer matching contributions.

• Finally, you will have access to learning and development opportunities, including tuition reimbursement for job-related courses and certifications. Thank you for your interest in joining the Enterprise team and contributing to our mission to serve others.

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