Senior Director, Development (Affordable Portfolio)
New York, NY 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 is seeking a Senior Director of Development for our Affordable Portfolio. In this role, the Sr Director will be responsible for sourcing, underwriting, negotiating, closing and overseeing the rehabilitation and stabilization of preservation projects across the country. Reporting into the Managing Partners of Development, the Senior Director will lead a team based in New York and will project manage all aspects of the acquisition and development of affordable housing properties. The ideal candidate will demonstrate a vast knowledge of team leadership, deal sourcing and facilitating and will have a deep understanding of the development process on a national level. 

  • Serve as leadership to the deal team in all aspects of the acquisition and development process of affordable housing, rehabilitation, and development (Section 8, LIHTC, etc.) in core markets across the US
  • Negotiate transactions with investors, brokers, industry consultants and third-party partners, devising deal-based structures using financing tools specific to affordable housing. 
  • Oversee a team of Development professionals, teaching them how to navigate throughout the deal process, and guiding them to deal completion. Analyze and compare complex partnership agreements and cash flow waterfalls
  • Manage project proformas including budgets, schedule, timing, and underwriting assumptions
  • Make substantial contributions to analysis that will inform the firm’s investment decisions
  • Deliver due diligence information including financial, market, site, and regulatory data to key stakeholders
  • Oversee compilation of applications and documentation necessary for debt and equity financing, property purchase and sale, and government subsidy renewal
  • Lead and support contract negotiation and review of legal documentation for each project
  • 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.
  • 10+ years of experience in multifamily real estate development and/or construction
  • 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