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Senior Development Manager - Community Development Corporation (Washington, DC, Charlotte, Chicago)

Washington, District of Columbia;

Job Description:

Bank of America Community Development Company (BACDC) is seeking a Senior Development Manager (DM) to support its Real Estate Development (RED) and Real Estate Investment (REI) teams. BACDC is part of the Community Development Bank (CDB) and is committed to developing and investing in communities by providing equity in moderate-income workforce housing, and development expertise with our external partners in the development of affordable and mixed-income multifamily housing. The Development Manager will be based in one of our established offices, responsible for working with BACDC's teams across the country.

The Senior Development Manager will assist in project selection, underwriting and execution for community-based real estate investments and developments and will be responsible for real estate underwriting, deal structuring, transaction management and ongoing investment management, and will support development projects in the pursuit, predevelopment, vertical development, and lease-up phases.

Key Roles:

  • Assist with model development and real estate underwriting for complex multifamily affordable housing projects developed with Low Income Housing Tax Credits.

  • Participate in site and project feasibility assessment efforts by working with other Development Officers, the CDC's development partners, and third-party architects, engineers and consultants.

  • Track and update the progress of pursuit and predevelopment deals to ensure developments budgets are in line with prospective sources of funds, including committed and uncommitted capital, subsidies, and debt and equity alternatives.

  • Assessment of new direct and construction JV projects for non-tax credit multi-family investments.

  • Deal underwriting and coordination of due diligence.

  • Preparation and presentation of internal approvals.

  • Portfolio Management of non-tax credit real estate and ESG investments including Annual valuations, quarterly CCAR responses, quarterly investment reviews and work with finance partners to facilitate fundings and insure that return of and return on capital are booked properly.

  • Investment Management, including ongoing assessment of debt maturity risk, project level reserves, distribution payout levels, and refinancing and recapitalization alternatives.

  • Ensure legal, operational and project related deal documentation is managed according to enterprise and line of business policies and procedures and assessable to all team members with a need to know.

Required Skills:

  • Bachelor's Degree Required

  • Seeking 10+ years of experience in real estate finance with a strong understanding of multi-family underwriting and finance.

  • 5-10 years of experience negotiating Operating Agreements, Purchase and Sale Agreements and negotiating loan documents as both a borrower and a lender.

  • Ability to assess and mitigate equity risk through debt and partnership structuring.

  • Proven ability to work collaboratively with outside counsel in deal structuring.

  • Familiarity with GAAP accounting concepts as they relate to unconsolidated investments in real estate.

  • 3-5 years of experience in real estate development, including zoning and land entitlement processes pre-development and construction.

  • Adept at reviewing and interpreting detailed Excel equity investment models

  • Ability to proceed independently and work collaboratively in a team, especially when facing uncertainty.

  • Strong organizational skills.

* Position may be filled as a Sr. Development Manager or Development Manager depending on experience and qualifications.*

Job Band:

H4

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Bank of America Community Development Company (BACDC) is seeking a Senior Development Manager (DM) to support its Real Estate Development (RED) and Real Estate Investment (REI) teams. BACDC is part of the Community Development Bank (CDB) and is committed to developing and investing in communities by providing equity in moderate-income workforce housing, and development expertise with our external partners in the development of affordable and mixed-income multifamily housing. The Development Manager will be based in one of our established offices, responsible for working with BACDC's teams across the country.

The Senior Development Manager will assist in project selection, underwriting and execution for community-based real estate investments and developments and will be responsible for real estate underwriting, deal structuring, transaction management and ongoing investment management, and will support development projects in the pursuit, predevelopment, vertical development, and lease-up phases.

Key Roles:

  • Assist with model development and real estate underwriting for complex multifamily affordable housing projects developed with Low Income Housing Tax Credits.

  • Participate in site and project feasibility assessment efforts by working with other Development Officers, the CDC's development partners, and third-party architects, engineers and consultants.

  • Track and update the progress of pursuit and predevelopment deals to ensure developments budgets are in line with prospective sources of funds, including committed and uncommitted capital, subsidies, and debt and equity alternatives.

  • Assessment of new direct and construction JV projects for non-tax credit multi-family investments.

  • Deal underwriting and coordination of due diligence.

  • Preparation and presentation of internal approvals.

  • Portfolio Management of non-tax credit real estate and ESG investments including Annual valuations, quarterly CCAR responses, quarterly investment reviews and work with finance partners to facilitate fundings and insure that return of and return on capital are booked properly.

  • Investment Management, including ongoing assessment of debt maturity risk, project level reserves, distribution payout levels, and refinancing and recapitalization alternatives.

  • Ensure legal, operational and project related deal documentation is managed according to enterprise and line of business policies and procedures and assessable to all team members with a need to know.

Required Skills:

  • Bachelor's Degree Required

  • Seeking 10+ years of experience in real estate finance with a strong understanding of multi-family underwriting and finance.

  • 5-10 years of experience negotiating Operating Agreements, Purchase and Sale Agreements and negotiating loan documents as both a borrower and a lender.

  • Ability to assess and mitigate equity risk through debt and partnership structuring.

  • Proven ability to work collaboratively with outside counsel in deal structuring.

  • Familiarity with GAAP accounting concepts as they relate to unconsolidated investments in real estate.

  • 3-5 years of experience in real estate development, including zoning and land entitlement processes pre-development and construction.

  • Adept at reviewing and interpreting detailed Excel equity investment models

  • Ability to proceed independently and work collaboratively in a team, especially when facing uncertainty.

  • Strong organizational skills.

* Position may be filled as a Sr. Development Manager or Development Manager depending on experience and qualifications.*

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-22014435

Band: H4

Manages People: No

Travel: Yes, 10% of the time

Manager:

Talent Acquisition Contact:

Vicki Valhouli

Referral Bonus:

0