The Enterprise Homes Development Department specializes in acquiring, rehabilitating, and developing multi-family housing with the goal of developing and preserving sustainable affordable housing. The properties owned and operated by Enterprise have robust resident services to assist residents in achieving their life goals.
The Senior Development Manager (SREDM) is responsible for managing the entire development process of large, complex developments, including feasibility analysis, acquisition, deal structuring, design development, financing, public approvals, construction, marketing, leasing and close-out. The SREDM may supervise one or more Real Estate Development Managers or Real Estate Development Associates. This position involves team work and collaboration with colleagues including other real estate development staff and Enterprise Land Acquisition, Design and Construction Management, Accounting and Asset Management staff, and with third-party consultants such as legal and design professionals. Each Sr. Development Manager is responsible for three to four developments in various stages including preliminary feasibility analysis and 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, and lease-up and stabilization. The SREDM 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. The SREDM will also provide guidance and advice to other development staff as appropriate. Additional responsibilities include managing lender and investor relations; overseeing production of progress reports and analysis; overseeing development budgets and schedules; and processing development draws. The SREDM will also be expected to lead or participate in process improvement efforts for the company.
Reports to: Vice President/Director, Development
- Analyze potential properties to purchase, oversee due diligence activities, review the analyses of the rental sub-markets, and manage the acquisition process.
- Manage team members in preparing responses to requests for proposals and solicitations for bids by collaborating on the creative development concept and analyzing the economics and financing structure.
- Manage development staff responsible for analysis, reporting, research and routine tasks and delegate appropriately to promote efficiency and quality.Promote their professional development.
- Identify potential new development opportunities.
- Manage the preparation of debt and equity financing applications for each of his/her assigned developments and review the applications prepared by REDMs.
- 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 Enterprise Homes revenue goals.
- Present at resident and community meetings.
- Manage the entitlement/zoning and permitting processes, and related community input and approval processes.
- Manage the financing process.Review and negotiate draft loan and partnership documents and manage the financing 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.
- Manage and maintain development schedules to ensure timely completion of development milestones including closing and monitor the schedules and progress of developentss managed by REDM, as appropriate.
- Coordinate the work of the professional consultants comprising the development team, schedule development team meetings and review consultant reports.
- Work closely with Enterprise Homes Development 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.Gather and integrate recommendations of asset management and property management staff.
- Coordinate construction matters with the internal an/or third-party construction manager (as applicable) to complete construction on budget and schedule.Attend construction progress meetings. Review and approve development-related invoices and draws including change orders.
- 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 Enterprise Homes.
- Perform all other duties as assigned.
- Bachelor’s degree required; Master’s degree preferred.
- 6-10 years of multifamily development experience.Experience with all aspects of the real estate development process, from acquisition and financing through design and construction to stabilization. At least 3 years of affordable rental housing development experience preferred.
- Experience with complex, multi-layered real estate financing, including the Federal Low Income Housing Tax Credit Program and affordable housing loan products.
- Experience with land use and neighborhood planning, public financing and real estate development regulations.
- Applicant must be comfortable with public speaking and community presentations.
- Demonstrated leadership qualities including strong initiative and problem solving and communication skills. The judgement to make sometimes-difficult decisions
- Experience managing developments that required leading development teams, prioritizing conflicting demands and meeting deadlines.
- Demonstrated capability in negotiating acquisitions and financing commitments and closing deals.
- Proficiency with Word and Excel is required; proficiency with MS Project and PowerPoint is preferred.