Vice President of Development

Banneker Ventures, a diversified real estate firm with offices in Maryland and Washington, DC, and a member of the BE100 (#81 on the 2018 list of the nation’s 100 largest Black-owned firms), has an immediate opportunity for a motivated and experienced development professional to lead the company’s real estate development division.

 

The Vice President of Development is a new position within the company.  This position requires a person who can execute deals from start to finish, is detailed oriented and analytical, and has a high work ethic. This position reports to the President/CEO and has a performance-based growth path.

 

Responsibilities:

 

General

• Provide management and direction for Banneker’s Real Estate Development Division

• Provide leadership and support to staff assuring Banneker’s core values are in place and subscribed to throughout the division
• Conduct regular reviews with development staff
• Develop and recommend appropriate policies congruent with the strategic direction of Banneker

Partnership Documents

• Work with counsel to draft agreements related to deals (Purchase and Sale Agreements, Operating Agreements, etc.)

RFPs

• Work with development staff to respond to RFPs for funding, land, etc.

Debt and Equity Relationships

• Initiates and maintains relationships with financial institutions, corporations, foundations and other organizations interested in funding affordable housing projects.

• Provide updates to debt and equity partners

Site Acquisition

• Work with staff to perform due diligence on sites
• Draft Letters of Intent to purchase/lead land/property
• Negotiate purchase/lease contracts with sellers

Zoning and Planning Approvals

• Ensure that sites are properly zoned for projects or can be re-zoned for projects
• Select zoning counsel, obtain proposals from counsel, oversee work of counsel
• Participate in meetings with planning offices, community groups, etc.

Design

• Oversee design of projects

• Coordinate with design firms throughout the project

Management Companies

• Identify, interview, review proposals for, negotiate contracts with, select and manage property management/leasing companies.
• Work with property management/leasing company to ensure 95% lease-up by date included in lease-up schedule

Budget/Financing

• Prepare pro formas and development budgets for projects
• Identify sources for debt and equity financing
• Negotiate deal terms with potential debt and equity financing partners

• Maintain knowledge of tax credits, financial incentives and other incentives available to achieve affordable housing.
• Work with staff to prepare applications for LIHTC equity and other subsidies.

 Construction

• Coordinate with Banneker’s General Contractor Division (or 3^rd party general contractor if applicable) to develop scope of work and construction budget.
• Monitor construction of projects to ensure quality construction and compliance with plans, specifications and budget
• Ensure that projects are delivered on time.

 

Qualifications:

• BS in Finance, Engineering, Construction Management or related field
• MBA (with real estate focus) or Masters in Real Estate preferred by not required.
• 10 years’ experience in multi-family or mixed-use residential and commercial real estate transactions.

• Advanced proficiency with Microsoft Excel and ability to create and manipulate pro forma financial models
• Exceptional written and verbal communication skills, as well as interpersonal and relationship building skills
• Articulation and interpersonal skills necessary to structure financial presentations to senior governmental, corporate, or banking personnel and to inspire their confidence in working with Banneker
• Mature business judgment
• Willingness to work flexible hours and in a collaborative, team-based environment
• Familiarity with debt and equity financing markets
• Familiarity with joint venture structures is a plus
• Experience with Low-Income Housing Tax Credits is a huge plus
• Experience with other subsidies (tax exempt bond financing, New Market Tax Credits, Historic Tax Credits, AHP grants, etc.) a huge plus
• Solid quantitative, analytical and financial skills required
  
  

How to Apply: 
Qualified applicants should submit electronic copies of the following:

• Cover letter
• Resume with salary requirements