Senior Managing Director, Development

Senior Managing Director, Development

Shine Associates, LLC ('Shine') has been retained to search, identify, and recruit a Senior Managing Director of Development on behalf of our client ('Company'). The position will be located in the Dallas, TX office.

The primary vision for the Senior Managing Director is to partner with leadership to launch the Company's Residential as a top-tier national and local development platform—achieving a 'Top Five in Five' objective. This market leader will demonstrate an entrepreneurial spirit, building and growing both the team and the business to achieve a minimum of one new construction start per year. The leader will embrace thoughtful, efficient institutional discipline and foster a culture of transparent, collaborative risk management.

The Senior Managing Director of Development leads the sourcing and execution of the Company's development and new construction strategy, managing all facets of new projects to achieve financial and growth targets. This position reports to the President of Multifamily Development and will interface extensively with real estate owners, brokers, and senior executives. Applicants must have strong interpersonal skills, exceptional verbal and written communication, and 10–15 years of real estate development experience. This leader will also build and develop a local development team and support the formation of a local construction team to ensure evergreen, market-leading operations within the community.

Key Responsibilities

• Source new development opportunities, with the overall goal of one+ new construction start per year. Achieve this goal through building, developing and maintaining relationships with key stakeholders including brokers, consultants, land sellers, equity partners, lenders, etc. in the market to identify feasible, financeable, and profitable new initiatives.
• Negotiate or assist in the negotiation of complex legal instruments including contracts, easements, term sheets, loan documents, joint venture agreements, municipal agreements, joint development agreements, etc.
• Develop and perform financial analyses and entitlement risk underwriting, which forms the basis for site selection and the Company's spending of pursuit capital and allocation of investment capital.
• Manage the pre-entitlement process by maintaining accurate pursuit cost forecasting and reporting and implement and execute programs and processes to ensure pro-forma development budgets, underwriting, schedules, quality, and standards are met and completed in accordance with adopted Company policies.
• Supervise development production team members and managers by interviewing, orienting, training and mentoring employees, and managing their performance in accordance with Company policies, values, and business practices.
• Fully engage and work with the Multifamily Business Lead and discipline team leaders in achieving the market's financial and growth goals by participating in team meetings and calls, keeping team members informed about status of new development work, and actively working with the team on new business development, meetings with clients and investors, and other RFPs.
• Participate in routine Investment Committee meetings that focus on proposed development projects by making presentations on said projects, working with and assisting the Managing Director in project financing, and reviewing and providing progress updates on projects under pursuit, under construction and under lease-up.
• Discuss strategy and provide input to the strategic decisions and direction of the Company's Development & Construction business, and act as a conduit to Managing Director for team members, client, and key stakeholder questions, concerns, and issues related to business, education, or human resources operations.
• Manage complex development projects under construction to ensure developments remain on time and on budget; interact with construction team members and third-party general contractors to achieve business plan goals on specific assets.
• Manage consultant third party consultants to identify, entitle, design, finance, permit, construct, lease, manage and dispose of new development projects.
• Accountable for coordinating work activities, ensuring open communication between consultants and Company project team members, lenders and equity investors as needed, by researching and communicating ongoing project status.

Knowledge, Skills and Abilities

• Ability and preference for working in a team-oriented setting, and interacting with several departments (Development, Construction, Asset Management, Property Management, and Finance) that provide functional expertise and insights toward proper product positioning.
• Deep and broad experience in multi-family development and new construction, including market and sub-market familiarity with the demand drivers supporting the growth of this business, plus prior entitlement experience and a solid understanding of construction means and methods to lead initial and on-going project planning meetings.
• Strong research skills and ability to identify and compile information to support the investment thesis and clearly articulate those findings to the Company's Investment Committee and prospective capital partners.
• Strong ability to solve problems and multi-task in a fast-paced environment.
• Demonstrated ability to read, write, negotiate, and communicate effectively to comprehend and/or complete legal contracts, partnership documents, loan documents, financial spreadsheets, and human resources documents and to create and make presentations to Board members, Executive members, partners, lenders, and staff.
• Demonstrated ability to read and comprehend architectural, structural engineering and civil engineering plans.
• Extensive experience in negotiating Architectural and Engineering Consulting Agreements, Easement Agreements and other related documents affecting title and survey.
• Demonstrated high proficiency in Microsoft Word and Microsoft Excel to complete required reports and employment documents.
• Demonstrated excellent mathematical skills necessary to add, subtract, multiply, and divide numbers, decimals, and fractions, and calculate yields and internal rates of return to develop project proformas, Regional financial forecasts, budgets, and other fiscal reporting information.
• Demonstrate high proficiency in real estate modeling and underwriting, as well strong understanding of real estate finance and structured finance concepts.
• Demonstrated management and supervisory skills sufficient to lead, direct, evaluate, and mentor subordinate and peer employee staff, as well as consultant teams.
• Employment history that demonstrates the application and usage of a development (and construction) and/or facilities background sufficient to design, lead, and direct development and construction activities and projects from design to completion.

Other Responsibilities:

• Completes various human resources, financial, administrative, and other reports and analysis, and performs other duties as assigned or as necessary.
• Communicates, enforces, and follows the Company's established policies and procedures by monitoring and auditing compliance, reviewing reports and data related to operational processes, correcting violations or infractions, and implementing measures and tools that prevent deficiencies.
• Stimulates and supports the team in developing and implementing ideas that improve process, productivity, and effectiveness, and champions business improvement efforts throughout the Region(s).
• Keeps abreast of changes and emerging developments in technology, construction and development management industry standards, and business best practices by attending internal and external training, business meetings, conferences, and other events, gathering research and subscribing to electronic and print publications, networking with professional associations, and using other methods to obtain business and professional information.

Experience

• 10-15 years of real estate development experience
• Proven success in sourcing transactions
• Definable experience with entitlements, permitting and design
• Thorough understanding of development budgeting and underwriting

Compensation: The Company is prepared to offer a competitive compensation package in accordance with the candidate's experience and ability to be a market leader on behalf of the Company.