Real Estate Development Project Manager
CommonBond invites qualified applicants to apply for a Real Estate Development Project Manager position at our Central Office in St. Paul. Under the guidance and direction of the Director of Acquisitions & Development originate, coordinate, and implement all aspects of housing projects, including the construction of new properties, acquisition and rehabilitation of existing properties, and recapitalizing of properties currently in CommonBond’s portfolio.
Home is the foundation for everything in life. Since 1971, our model has been about supporting residents in finding stability and achieving their goals. It’s why we’re more than housing—we combine quality affordable homes with our on-site Advantage Services—because we believe that with the right support and opportunities, all people can thrive. Today, over 13,000 people—families, seniors, veterans, and people with disabilities and other barriers—call a CommonBond community “home.” Our core values are Respect, Integrity, Partnership, Innovation, and Excellence. We live these values and look for people who embody them to represent our organization in the community. If this sounds like you, please consider joining our team.
Why CommonBond Communities?:
- Work-life balance
- Competitive salary
- Employee referral program
- Comprehensive benefits package
- Employee recognition and rewards program
- A respectful and growth-oriented workplace
- A chance to make a difference in the community!
- Ongoing training and professional development
Essential Job Functions and Associated Tasks
A Project Manager is expected to manage an average workload of three to four projects and related responsibilities as assigned by the Director, who will also provide guidance and support to complete the following:
Acquisition & Development Department Responsibility
- Assist with the implementation of the A&D business development plan.
- Maintain tracking of business opportunities and report the same to the A&D team on a monthly basis.
- With assistance from other Real Estate Team members, identify members of the development team (e.g., architects, contractors, etc.). With assistance and direction from Director, negotiate contracts with development team members.
Research and Analysis
- Identify, and receive from other real estate team members, multifamily new construction and acquisition opportunities and define project scope. The majority of projects are originated by others.
- Define project financial feasibility in consultation with other Real Estate team members and additional guidance and support from the Director.
- Research and, with assistance from the Director, secure the interest of potential sources of predevelopment, construction and permanent financing from the public and private sectors.
- Collaborate with community stakeholders including residents, neighbors, public agencies and other groups.
- Prepare written presentations to IRC, Housing Board and CommonBond Board with details of each project, impact on CommonBond mission and current strategic plan, financing and operating plans, and risks to CommonBond including mitigating factors.
- Revise project in response to comments from IRC, Housing Board, and/or CommonBond Board.
- Determine financial feasibility of projects in consultation with the Director and other Real Estate and Housing & Services (“H&S”) team members. With assistance and support from Director, model and evaluate a variety of project structures (e.g., different financing sources, different subsidy sources, different construction programs, etc.).
- Negotiate project acquisition agreements with assistance/direction from Director.
- Work with public agency staff to assure timely public review and approval including environmental, entitlement and other required project reviews.
- With assistance from the Director, secure financing for predevelopment, construction and permanent financing from public and/or private sectors.
- Prepare written report materials and grant and financing applications, and make presentations before public bodies and community groups.
- Work with Property Management and CommonBond Construction Management staff to ensure customary and unique property management requirements are included architect’s and general contractor’s plans.
- Work with Advantage Services to identify the feasibility of on-site service programs and identify project-related sources of necessary funding (i.e., cash flow, rent-related services subsidy).
- Assist Construction Management as needed in the oversight of design and construction management to ensure attention is given to special-users' needs, CommonBond standards, project budget, timelines, and lender/investor requirements.
- Establish and manage project budgets to achieve projected financial objectives with assistance and support from the Director, including tracking costs, and analyzing and resolving budget shortfalls. Ensure projects are completed on time and within the approved budget.
- Prepare and monitor cash flow projections and project schedules with assistance and support from the Director to ensure timely and successful project completion through stabilization.
- Lead interdepartmental planning with Property Management and Asset Management to develop a) a Property Management Budget and b) a Project Transition Plan, to ensure a smooth transition to Housing and Services, and occupancy by residents.
- Manage all YARDI construction module use on projects for which this position is responsible as required by Accounting.
- Report project progress to management on an on-going basis.
- Manage and facilitate interdepartmental execution of the Project Transition Plan, ensuring a successful transition to Housing and Services, and occupancy by residents.
- Ensure compliance with all regulatory requirements for all activities taken to advance the development of housing projects.
- Complete other assignments as assigned by or approved by Director of Acquisitions & Development and/or Executive Vice President of Real Estate.
Education: Bachelor’s degree with an emphasis on real estate, urban planning, political science, business administration, finance, public administration or a closely related field.
Experience: 2+ years of real estate development experience in the public or private sector. Affordable multi-family development experience preferred.
- Strong ability to conduct research and present recommendations.
- Strong analytical skills.
- Ability to accurately interpret and implement requirements of municipal, state and federal programs.
- Understanding of general real estate finance and development concepts, including all debt and equity affordable housing programs or demonstrated ability to learn.
- Strong project management capabilities and the ability to manage and direct multiple long-term projects.
- Strong interpersonal skills with the ability to interact effectively and professionally with staff, prospective and current residents, contractors, architects, bankers, and potential funders, community representatives, industry peers, elected and appointed officials, and staff from government and other funder agencies/organizations.
- Proficient in Microsoft programs including Word, Excel, PowerPoint, MS Project, and others.
- Excellent oral and written communication skills.
- Ability to work independently, establish priorities and follow through on completion of tasks.
- Ability to sit for extended periods of time.
- Ability to open and close file drawers.
- Ability to lift and carry up to 15 pounds.
- Ability to file documents.
- Ability to type data into a computer.
- Must have access to reliable transportation.
- Must be willing and able to travel up to 25% of the time with occasional overnight travel.
- Must be willing and able to attend city council, planning commission, neighborhood, community, and other meetings scheduled in the evening.