Company Description
Jonathan Rose Companies is one of the country’s leading owners, developers and operators of green affordable and mixed-income communities. Founded in 1989, Rose has created projects with more than $4.2 billion of value with a current portfolio of 19,000 apartment homes in 15 states and Washington DC.
Our mission is to create a more environmentally thriving, socially just world through the development, preservation, renovation and management of green, affordable and mixed income housing.
The firm is a fully integrated investment management, development and asset management company with construction management, solar energy, mortgage finance and title company affiliates.
We strive to achieve positive environmental impact by investing in energy efficiency, decarbonization, and water conservation to reduce our use of natural resources and toxins. Our social impact is achieved by preserving and expanding housing affordability, and connecting our residents to health, education, financial, cultural and social services. And we aim to achieve these impacts in a co-creative process with governments, our residents and staff.
We are signatories to the United Nations Principles for Responsible Investing (UN PRI), benchmark performance annually through GRESB, and align our reporting with the Task Force for Climate-related Financial Disclosures (TCFD) guidelines, SASB Standards, and GRI Standards.
Our Development Team produces beautifully designed, affordable and mixed income, green buildings, which provide a platform for our Communities of Opportunity social and environmental programming. These incorporate health, social service, education, culture, and recreation programs for our residents.
We design, plan and build sustainable communities, co-produced using expertise from across all of our core disciplines, sharing lessons, best practices and resources, with the goal of nurturing the common good and advancing affordable living.
Our developments are duplicatable models of cost-effective, green, transit-oriented urban development that connect residents to opportunity to inform the national practice of development, help change policies and direct funding towards scalable solutions.
Position Description
The Senior Development Manager is responsible for leading development activities, including site/asset acquisition, entitlements, underwriting, land planning, design, construction, financing, lease-up and all other aspects of development. The Senior Development Manager will serve as the day-to-day project lead of at least two mixed-income housing projects.
This is a full-time, hybrid in-office/remote position with a salary range of $165,000-$185,000 per year based upon factors including but not limited to related experience and time in the industry.
A cover letter is required in addition to resume.
Essential Functions
BUSINESS DEVELOPMENT / DUE DILIGENCE
- Leads in site feasibility analysis, RFP/RFQ proposals, and prepares necessary information to evaluate the development opportunity, including mixed-income and affordable housing feasibility, preliminary underwriting, and capital strategy
ENTITLEMENT
- Manage the public approval process, including meetings with public officials and community representatives in coordination with senior leadership.
PROJECT MANAGEMENT
- Performs day-to-day management and advancement of the project.
- Develops and monitors project schedule, budgets.
- Manages the design consultants and project team.
- Attends all regularly scheduled project oversight meetings.
- Facilitates community outreach.
- Prepares reports for management, investors and partners.
FINANCIAL MANAGEMENT
- Develops proformas and updates them as the project progresses, tracking development costs and budget variances, collaborating effectively with the Accounting Department.
- Maintains project underwriting, sources and uses, return analyses, and sensitivity analyses for mixed-income and affordable housing transactions.
PROJECT FINANCING
- Prepares financing applications, RFP, offering plan, and sources construction and permanent financing, including debt, equity, tax credit equity, subsidy, and other public/private financing sources.
- Negotiates terms and day-to-day management of the closing process.
- Supports equity raise efforts, including preparation of investor materials and responses to capital partner due diligence
LEASE UP / STABILIZATION
- Coordinates with project team in opening of the property, including coordination of model apartment, property management office set-up; coordinates with internal and external team to create marketing and leasing strategy for the completed development.
- Oversees lease-up activities, conversion to Permanent Financing and transition to Asset Management.
Required Skills:
- Self-motivated and proactive with an established track record of getting things done effectively and independently. Capacity to create/sustain project momentum over months and years.
- A team player, able to work in an entrepreneurial environment and balance multiple priorities and deadlines.
- Strong command of mixed-income housing programs, including LIHTCs, TEBs, FHA, GSE debt, and other public/private financing tools.
- Well-organized, detail oriented, and excellent analytical skills
- Very strong financial modeling and quantitative skills (expertise in Excel is required)
- Excellent oral and written interpersonal and communication skills.
- Experience with equity fundraising, investor materials, or capital partner diligence is preferred.
Travel
- Ability to travel up to 30% of the time.
Education Requirements and/or Years of Experience:
- Master’s Degree in Real Estate Development or relevant field preferred. Will consider Bachelor’s Degree with relevant experience
- An established record of success as a project leader, having completed at least three substantial development projects, with demonstrated ability to lead complex public/private development partnerships. Experience with mixed-use, mixed-income projects preferred.
- 6-9 years of real estate development experience, specifically with affordable and mixed-income housing new construction
Rose Companies Benefits:
At Rose Companies our goal is to provide an affordable and comprehensive benefits package that provides security for you and your family and supports your overall wellbeing. Benefits offered include, but are not limited to: Medical, Dental, Vision, Flexible Spending Accounts, Life, Short-Term Disability, Long-Term Disability, 401K with company match, competitive paid time off policy, paid holidays, parental bonding leave and educational assistance.
Rose Companies is committed in policy and practice to providing equal employment opportunities for all applicants and employees, based upon their training, experience, and overall qualifications. Consistent with this commitment, discrimination against an applicant or employee based upon the individual’s race, color, creed, religion, sex, gender, age, national origin, ancestry, citizenship status, marital or familial status, sexual orientation, gender identity, gender expression, disability, military status, protected veteran status, genetic information, or any other condition or characteristic protected by law is strictly prohibited.
Preferred
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Masters or better in Real Estate Development or related field
Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights (https://www.eeoc.gov/poster) notice from the Department of Labor.
