Director, Development (Affordable Portfolio)
Bethesda, MD Development
Job Type
Full-time
Description

Fairstead is a vertically integrated real estate company specializing in affordable and mixed-income housing. Since 2014, Fairstead has acquired and/or developed more than $4 Billion of multifamily property across the country, and today owns a portfolio of 16,500 apartments in 18 states. The company’s comprehensive platform provides hands-on expertise across all multifamily disciplines, including acquisitions, development, design and construction, energy and sustainability, property management and social services.


Fairstead’s primary mission is to provide high quality housing to all regardless of income, and to make our stakeholders feel “Right at Home.” We accomplish this through an empathetic and innovative approach, and by utilizing our interdisciplinary platform as an investor, developer, owner, and operator. Fairstead provides hands-on expertise across all multifamily disciplines, including acquisitions, development, design, construction, energy, sustainability, property management and social services.

With a long-term commitment to its residents, communities, and partners, the

Fairstead team stands out by:

  • Listening to and understanding the needs of its residents, communities, partners, and stakeholders alike
  • Developing and preserving high quality affordable housing in an innovative and sustainable fashion
  • Creating a positive social and environmental impact within the properties and communities it serves

Fairstead’s Core Values

  • Empathy
  • Innovation
  • Entrepreneurship
  • Determination
  • Integrity

Position Description

Fairstead's Development team is now expanding nationally, and looking to add additional Development Directors to the team. In this role, the Development Director will:

  • Partner in all aspects of affordable housing acquisition, rehabilitation, and development (Section 8, LIHTC, etc.) in core markets across the US
  • Expected to make substantial contributions to analysis that will inform the firm’s investment decisions
  • Compilation of due diligence information including financial, market, site, and regulatory data
  • Analyzing and comparing complex partnership agreements and cash flow waterfalls
  • Manage project pro formas including budgets, schedule, timing, and underwriting assumptions
  • Completion of applications and documentation necessary for debt and equity financing, property purchase and sale, and government subsidy renewal
  • Involvement in contract negotiation and review of legal documentation for each project
  • Validation and defense of budgets, assumptions, and pro-forma analysis
  • Build, coordinate and lead internal team members and external consultants through conceptual design and entitlements leading to construction documents
  • Perform, coordinate and / or lead pre-development work such as preliminary architectural and engineering issues, zoning issues, local government and community support
Requirements
  • Bachelor’s Degree in related field, advanced degree preferred.
  • 7-10 years of experience in real estate development and/or construction, preferably multifamily.
  • LIHTC and Section 8 development experience highly preferred.
  • Strong quantitative, financial analysis and modeling (excel) skills.
  • Exceptional research and writing abilities.
  • Exceptional written and verbal communications skills.
  • Strong project management skills and follow-through.
  • Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency and accountability.
  • Highly driven and values entrepreneurialism; works well within ambiguity.
  • Exceptional attention to detail.
  • Sound judgement.
  • Some travel required

Full COVID-19 vaccination required