Senior Vice President, Development Investment
Location:
Charlotte, NC
Company Description:
Our client is a nationally recognized development platform of multiple product types with a multifamily division that specializes in the development of Class A product. The company develops projects ranging from multi-phase, mixed-use properties with hundreds of units to bespoke boutique projects. It builds and invests in sustainable multifamily housing in high-growth markets and transit-accessible, walkable locations where elevated spaces, state-of-the-art amenities, and gracious finishing touches are expertly curated for modern lifestyles.
Position Description:
The Senior Vice President, Development Investment is responsible for executing a successful multifamily development program for an international development company in Charlotte, NC. This includes sourcing new development opportunities, managing the entitlement and development process, networking and communicating with government officials, interacting with contractors, architects, and engineers throughout design and construction and building/growing a team of high quality professionals that will position the company for long term growth in the region. The position will be the main interface with the real estate community in the greater Charlotte region.
ESSENTIAL JOB FUNCTIONS:
Source: Source new development projects by networking with area brokers, contractors, consultants, and landowners to find new opportunities.
Shape: Lead all aspects of development and predevelopment process to include preparing initial proformas and project summaries, due diligence, entitlements, risk mitigation, and overall deal viability within budget and cost constraints. Be accountable for assumptions in the development underwriting. Manage relationships with key stakeholders and consultants, architects, attorneys, and officials within specific municipalities through coordination of the design and construction phases. Coordinate with Development Management team to create and refine building plans and specifications to ensure the business plan is met.
Capitalize Deals: Assist in sourcing debt and equity capital for projects, including developing and reviewing investment summaries, redlining agreements (term sheet, JV documents, loan agreements), and participating in presentations to capital as well as the Investment Committee. Coordinate with Capital Markets to identify and track feedback of capital partners and gather proposed terms from a variety of debt and equity sources to be used in determining optimal capital structure for project. Conduct property tours with prospective lenders and joint venture partners as needed.
Present: Create investment packages and present and manage projects through internal Investment Committee process. Oversee the preparation of project marketing materials, lender, and joint venture partner packages and RFP response packages. Prepare financial analyses and projections and manage all aspects of due diligence in support of acquisition, development, and financing activity. Make presentations to Design Review Boards, Planning Commissions, City Councils, and community groups.
Design: Supervise and approve all design decisions to maximize the physical and aesthetic quality and overall performance of the project in a cost effective manner.
Execute: Work with architects, engineers, contractors, land-use attorneys and brokers to conceptualize and create viable projects. Responsible for leading the business plans for development projects, including determination of budgeted market rents and lease structures, operating expenses, and capital budgets. Responsible for asset management of pre-stabilized assets in business unit portfolio, including negotiation of leases, administration of project loan issues pertaining to property operations, directing property managers and leasing agents, communicating with capital partners, and working with business unit principals and investment sale brokers at time of monetization.
Update: Regularly review all the company proprietary asset management system (ELITE) information on assigned projects to ensure completeness and accuracy of data.
Relationship Management: Develop and maintain successful relationships with clients, partners, consultants, architects, contractors, and brokers. Active involvement in the community, industry organizations, and appropriate city, county, and agency officials within the jurisdictions that the company conducts business to promote the company and its development projects.
Negotiate: Support deal document redlining, tracking and completion for term sheets, purchase and sale agreements, loan documents, and lease agreements. Maintain interface with external clients and internal business units, ensuring fast response time for all prospective investments, tenants, and potential third-party sponsor.
WORK ENVIRONMENT AND TRAVEL: Role is primarily in office with expected travel to job sites within the region.
QUALIFICATIONS:
Education: Bachelor’s degree in business, engineering, or architecture from an appropriate 4-year college program, a law degree, MBA, or other relevant graduate degree preferred.
Industry Experience: It is preferred, but not required, for candidates to have significant experience in commercial real estate, finance, investment, or consulting role that requires strong analytical, financial, and project management skills.
Negotiating Skills: Demonstrated track record of successful negotiation with key stakeholders, including employees, top management, investors, lenders, sellers, tenants, public and private stakeholders, and community groups, to take desired action.
Financial Knowledge: Demonstrated understanding of financial and real estate terms and principles. Ability to calculate intermediate figures such as percentages, discounts, present value, internal rates of return, and/or commissions. Ability to analyze financial statements from outside sources.
Problem Solving Skills: Ability to comprehend, analyze, and interpret business documents and financial analysis. Ability to solve problems and progress projects in complex, ambiguous situations. Ability to prioritize activities to best support the company’s business.
Entrepreneurial Spirit: Self-motivated attitude and mentality. Action-oriented, productive, decisive, inspirational, innovative, and self-sacrificing. Ability to embrace change, critical questioning, and continuous improvement.
Communication Skills: Support all stakeholders and company clients by communicating effectively throughout the development process. Ability to conduct research and draft reports, presentations, and other forms of internal and external communication using a distinctive style. Ability to provide efficient, timely, reliable, and courteous service to coworkers and partners. Ability to respond effectively to sensitive issues. Demonstrated strength in both written and verbal communication. Strong organizational and time management capabilities.
Project Management Skills: Ability to work with multiple stakeholders to create achievable project schedules, track milestone dates, and meet project deadlines. Ability to manage multiple consultants and synthesize information and report out status and key decision points to senior members.
To learn more about this position, contact: Matthew McAulay | (704) 770-6110 | mmcaulay@crownsearch.com