ESSENTIAL FUNCTIONS: The Development Project Manager will be exposed to all real estate development activities from the planning stage – pre development due diligences - through transition of the asset to BRC’s Property Management division. The Development Project Manager’s main duties include project planning, site assessment, property acquisition, packaging of financing, negotiations with lenders, management of pre-development stage, coordination of closing, participation in construction and marketing teams, and project financial reporting. Additionally, the Development Project Manager is responsible for real estate research, preparing real estate development reports and other duties assigned. In all instances, the Development Project Manager must perform in accordance with and be committed to the Bickerdike’s mission.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable persons with disabilities. While performing the duties of this job, the employee is regularly required to talk, hear, sit, use hands and arms, reach with hands and arms, stand, walk, climb stairs, bend, lift and or move up to 25 pounds.
Closely monitor and advance the continuous process of pre-development through project closing, including, but not limited to: securing site control; following-up and scheduling with all members of the development team and financial partners; preparing and submitting due diligence items such as market studies, environmental reports, etc.; preparing, analyzing and modifying the development budget; and work closely with Vice President of Real Estate Development.
Perform all tasks related to project funding assembly including, but not limited to: researching and maintaining a database of current affordable funding sources and application timelines; preparing funding applications; and securing all financing necessary to complete the project.
Complete real estate development project funding applications, including, but not limited to: Lenders, Low Income Housing Tax Credit (LIHTC), New Markets Tax Credits (NMTC), Federal Home Loan Bank (FHLB), City of Chicago (HOME), Illinois Housing Development Authority, Illinois Facilities Fund, and Local Initiatives Support Corporation among others.
Complete due diligences of all financing applications submitted on behalf of real estate development projects.
Create and complete assigned real estate development project pro-formas.
Conduct financial feasibility studies and develop proposals for affordable housing projects.
Prepare tax credit syndicator and new market tax credit investor selection processes for real estate development projects.
Prepare architect and general contractor selection processes for any real estate development project.
Complete all closing related documents associated with BRC as sole member of any Corporation (owner sworn statement), Limited Partner, and Limited Liability Companies (Tenant Selection Plan, Property Management Plan, Property Management Agreement, Fair Housing Plan, among others).
Coordinate and closely monitor initial stages of project conception and formulation including, but not limited to: contacting community groups, residents and organizations for input in the development process; preparing and presenting development initiatives to the community, financial partners, elected officials, community organizations, BRC staff and BRC Board of Directors.
Work closely with the Construction Manager in coordinating the pre-construction process including, but not limited to: finalizing the construction plans and specifications in accordance with funding requirements, Bickerdike priorities and inter-departmental input; supporting Construction Manager during the construction bid process in conjunction with the General Contractor.
Complete the final project close out activities including, but not limited to: ensuring all benchmarks for final completion and payments are met; facilitating the conversion to permanent financing; securing 8609s; and completing cost benefit and quality control analysis of the project, including the initial functioning of green policies and systems.
Coordinate and closely monitor along with Construction Manger the building completion and turnover process, including, but not limited to: facilitating turnover meetings with the General Contractor, Property Management, Asset Management and Organizing Departments; communicating critical information required for operations and maintenance; coordinating the turnover of relevant documents; creating punch-list and performing follow up inspections in conjunction with the Asset Management and Property Management Departments.
Maintain working relationships and communications with elected officials, City of Chicago Department of Planning and Development, Illinois Housing Development Authority (IHDA), Chicago Housing Authority (CHA), Federal Home Loan Bank (FHLB), equity syndicators, foundations, private banks, and any other funders in coordination with the VP of Real Estate Development.
Obtain and analyze data on property sales prices, rent levels, commercial trends, household incomes, building operating expenses, zoning regulations, marketing, and construction costs, and utilize the data to identify sources and uses of funds and to prepare conceptual budget and pro-forma operating statements for perspective real estate development projects.
Closely collaborates with BRC’s Finance, Accounting, Asset Management and Property Management teams to ensure mutual understanding and support of each project.
Provide routine status reports of projects to the VP of Real Estate Development and Executive Management team.
Maintain required job skills and core professional competencies.
Attend and participate in required organizational programs and staff meetings.
Maintain current knowledge of guidelines, policies and procedures for HUD, IHDA, DPD, CHA, Low Income Housing Tax Credit, and all other housing development subsidy programs utilized in Bickerdike housing.
Maintain, coordinate and ensure paper and electronic document filing archive system for all housing development documents including all government, subsidy, development, and partnership related documents and contracts, and ensure all required reporting is carried out and submitted to partners, governmental agencies and others as appropriate.
Assist the Asset Management Director along with Construction Manager, with the assessment of financial and physical needs of existing housing development projects in Bickerdike’s portfolio. When recapitalization is recommended for a project, carry out the housing development process in coordination with the Vice President of Real Estate Development.
Act as a member of the Housing Development Team to ensure the overall effective operation of the Housing Development Department. Participate in community and resident organizing activities that have been deemed organizational priorities.
Perform other relevant tasks and/or duties as assigned.
Master’s Degree in Urban Planning or Finance preferred. A minimum of 5 years of work experience in development finance, real estate development, real estate finance, or community development required. Must have a commitment to community development. Green Design and construction knowledge preferred. Possess strong analytical, mathematical and interpersonal skills. Demonstrated ability to successfully multi-task and manage time efficiently. Ability to create comprehensive pro-forma schedules for project proposals. Ability to: collect, interpret, and utilize data effectively; understand and utilize a variety of funding mechanisms; manage multiple projects effectively. Represent the organization professionally. Must be detail-oriented and have strong organizational skills. Excellent written and oral communication skills. Demonstrate the ability to build relationships and work effectively with people of a diverse social, economic, and racial/ethnic backgrounds. Proficient knowledge of MS Word, MS Excel, MS Power Point, Architectural software, Project Management and Internet programs required. Experience with MS Access and GIS mapping program preferred. Must have access to a car, valid driver’s license and proof of insurance for field work. West Town, Humboldt Park, Logan Square, Hermosa and Avondale residents preferred.
REPORTING RELATIONS: Under the direct supervision of the Vice President of Real Estate Development. In the absence of this supervisor, shall report to the Chief Executive Officer (CEO).