Banneker Ventures, LLC
Vice President of Development
Banneker Ventures, LLC, Silver Spring, Maryland, United States, 20900
Overview and Purpose
Lead the Company’s Real Estate Development Division. This position requires a person who can lead the Division’s team to execute deals from start to finish, is detail oriented and analytical, and has a high work ethic. This position reports to the President and has a performance-based growth path. Base pay and overview
$250,000.00/yr - $300,000.00/yr. This range is provided by Banneker Ventures, LLC. Your actual pay will be based on your skills and experience — talk with your recruiter to learn more. Company context
Banneker’s four divisions include: real estate development, general contracting, construction management and property management. These divisions support the Company’s own real estate portfolio as well as third party institutional clients. The Company specializes in multifamily development and construction, primarily in the District of Columbia and Maryland. The Company currently has a backlog in excess of $800 million in multifamily, retail and mixed-use projects. Responsibilities
Provide management and direction for Banneker’s Real Estate Development Division. Provide leadership and support to staff ensuring Banneker’s core values are in place and subscribed to throughout the division. Conduct regular reviews with development staff. Develop and recommend appropriate policies congruent with the strategic direction of Banneker. Goals and initiatives
General — Establish a Deal Decision Framework. General — Manage the Company’s existing and growing real estate portfolio to an institutional grade level. Recruiting/On-Boarding — Expand the Division’s staff by 8/31/2025 by adding four professionals (Financial Analyst, Development Associate, LIHTC Development Manager, Asset Manager) to manage the portfolio. Recruiting/On-Boarding — Hire an experienced Multifamily Construction Manager by 8/31/25. HR — Develop the Division’s staff and professional development goals with leadership support. Asset Management — Achieve projected NOI on an annual basis for the Division’s 133-unit portfolio (as of November 2023). Development — Ensure projects start construction, lease-up, and stabilization per the development staff’s schedule; target a minimum 200 units started per year and 200 units leased per year with a goal of 1,000 units built and leased by 12/31/2028. HR — Prepare a new compensation framework for Development Division members. Leadership — Present annual progress to all staff and Board of Advisors, including upcoming goals and obstacles. Management — Ensure residents rate property management at least 7.5/10 in 2024 and 8.5/10 in future years. Financial Management — Keep monthly revenue and profit variances within 5% of projections; generate $2,000,000 in free cash flow per year by 12/31/24 from fees and operating income. Management — Complete evaluations/coaching for every member of the Division on a semi-annual basis. Client Management — Maintain client feedback score above 9.0. Community Outreach — Perform 25 hours of community engagement annually. Relationship Management — Establish three new relationships with potential partners, architects, professional service firms, or key subcontractors. Brand Management — Increase the Company’s brand by speaking at two conferences/seminars each year. Key responsibilities
Duties include, but are not limited to: Provide management and direction for Banneker’s Real Estate Development Division; lead staff to uphold core values; conduct regular reviews with development staff; develop policies aligned with strategic direction. Partnership and deal framework
Establish framework around negotiation of deals (Purchase and Sale Agreements, Operating Agreements, design agreements, construction agreements, consultant agreements, etc.). RFPs and funding
Work with development staff to respond to RFPs for funding, land, etc. Debt and equity relationships
Initiate and maintain relationships with financial institutions, corporations, foundations, and other organizations funding affordable housing; provide timely updates to debt and equity partners. Site acquisition and due diligence
Perform due diligence on sites; draft letters of intent to purchase/lease land/property; lead negotiation of purchase/lease contracts with sellers. Zoning, planning, and design
Ensure sites are properly zoned or can be rezoned; oversee zoning counsel; participate in meetings with planning offices and community groups; oversee project design and coordinate with design firms. Management and operations
Identify, interview, review proposals for, negotiate contracts with, select and manage property management/leasing companies; work with them to achieve 95% lease-up by the date included in the lease-up schedule. Budget and financing
Review pro formas and development budgets; identify debt and equity sources; prepare LIHTC applications and subsidies; stay informed on tax credits and incentives. Construction and project delivery
Coordinate with General Contractor Division or 3rd party contractor; monitor construction schedules to ensure quality and on-time delivery within budget. Evaluation and performance
Annual performance evaluations; quarterly goal reviews; weekly one-on-ones; performance criteria align with position goals. Qualifications
10 years’ experience in multi-family or mixed-use real estate transactions or relevant experience. Exceptional written and verbal communication skills and interpersonal relationship building. Familiarity with debt and equity financing markets; joint venture structures is a plus; LIHTC, tax-exempt bonds, NMTC, Historic Tax Credits, AHP grants are pluses. Quantitative financial analysis; ability to present to senior government, corporate, or banking personnel; strong Excel and pro forma modeling. Skills and abilities
Commitment to the organization; creative problem-solving; ability to work with internal clients; prioritize multiple priorities; highly effective in a close-knit organization; flexible hours; strong business judgment and leadership; crisis anticipation; curiosity and learning; emotional intelligence and trust-building; proactive, creative, and energetic. Education and experience
B.S. in Finance, Engineering, Construction Management, or related field. MBA (real estate focus) or Masters in Real Estate preferred but not required. Seniorities and type
Seniority level: Executive Employment type: Full-time Job function: Business Development and Sales Referrals increase your chances of interviewing at Banneker Ventures, LLC by 2x
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Lead the Company’s Real Estate Development Division. This position requires a person who can lead the Division’s team to execute deals from start to finish, is detail oriented and analytical, and has a high work ethic. This position reports to the President and has a performance-based growth path. Base pay and overview
$250,000.00/yr - $300,000.00/yr. This range is provided by Banneker Ventures, LLC. Your actual pay will be based on your skills and experience — talk with your recruiter to learn more. Company context
Banneker’s four divisions include: real estate development, general contracting, construction management and property management. These divisions support the Company’s own real estate portfolio as well as third party institutional clients. The Company specializes in multifamily development and construction, primarily in the District of Columbia and Maryland. The Company currently has a backlog in excess of $800 million in multifamily, retail and mixed-use projects. Responsibilities
Provide management and direction for Banneker’s Real Estate Development Division. Provide leadership and support to staff ensuring Banneker’s core values are in place and subscribed to throughout the division. Conduct regular reviews with development staff. Develop and recommend appropriate policies congruent with the strategic direction of Banneker. Goals and initiatives
General — Establish a Deal Decision Framework. General — Manage the Company’s existing and growing real estate portfolio to an institutional grade level. Recruiting/On-Boarding — Expand the Division’s staff by 8/31/2025 by adding four professionals (Financial Analyst, Development Associate, LIHTC Development Manager, Asset Manager) to manage the portfolio. Recruiting/On-Boarding — Hire an experienced Multifamily Construction Manager by 8/31/25. HR — Develop the Division’s staff and professional development goals with leadership support. Asset Management — Achieve projected NOI on an annual basis for the Division’s 133-unit portfolio (as of November 2023). Development — Ensure projects start construction, lease-up, and stabilization per the development staff’s schedule; target a minimum 200 units started per year and 200 units leased per year with a goal of 1,000 units built and leased by 12/31/2028. HR — Prepare a new compensation framework for Development Division members. Leadership — Present annual progress to all staff and Board of Advisors, including upcoming goals and obstacles. Management — Ensure residents rate property management at least 7.5/10 in 2024 and 8.5/10 in future years. Financial Management — Keep monthly revenue and profit variances within 5% of projections; generate $2,000,000 in free cash flow per year by 12/31/24 from fees and operating income. Management — Complete evaluations/coaching for every member of the Division on a semi-annual basis. Client Management — Maintain client feedback score above 9.0. Community Outreach — Perform 25 hours of community engagement annually. Relationship Management — Establish three new relationships with potential partners, architects, professional service firms, or key subcontractors. Brand Management — Increase the Company’s brand by speaking at two conferences/seminars each year. Key responsibilities
Duties include, but are not limited to: Provide management and direction for Banneker’s Real Estate Development Division; lead staff to uphold core values; conduct regular reviews with development staff; develop policies aligned with strategic direction. Partnership and deal framework
Establish framework around negotiation of deals (Purchase and Sale Agreements, Operating Agreements, design agreements, construction agreements, consultant agreements, etc.). RFPs and funding
Work with development staff to respond to RFPs for funding, land, etc. Debt and equity relationships
Initiate and maintain relationships with financial institutions, corporations, foundations, and other organizations funding affordable housing; provide timely updates to debt and equity partners. Site acquisition and due diligence
Perform due diligence on sites; draft letters of intent to purchase/lease land/property; lead negotiation of purchase/lease contracts with sellers. Zoning, planning, and design
Ensure sites are properly zoned or can be rezoned; oversee zoning counsel; participate in meetings with planning offices and community groups; oversee project design and coordinate with design firms. Management and operations
Identify, interview, review proposals for, negotiate contracts with, select and manage property management/leasing companies; work with them to achieve 95% lease-up by the date included in the lease-up schedule. Budget and financing
Review pro formas and development budgets; identify debt and equity sources; prepare LIHTC applications and subsidies; stay informed on tax credits and incentives. Construction and project delivery
Coordinate with General Contractor Division or 3rd party contractor; monitor construction schedules to ensure quality and on-time delivery within budget. Evaluation and performance
Annual performance evaluations; quarterly goal reviews; weekly one-on-ones; performance criteria align with position goals. Qualifications
10 years’ experience in multi-family or mixed-use real estate transactions or relevant experience. Exceptional written and verbal communication skills and interpersonal relationship building. Familiarity with debt and equity financing markets; joint venture structures is a plus; LIHTC, tax-exempt bonds, NMTC, Historic Tax Credits, AHP grants are pluses. Quantitative financial analysis; ability to present to senior government, corporate, or banking personnel; strong Excel and pro forma modeling. Skills and abilities
Commitment to the organization; creative problem-solving; ability to work with internal clients; prioritize multiple priorities; highly effective in a close-knit organization; flexible hours; strong business judgment and leadership; crisis anticipation; curiosity and learning; emotional intelligence and trust-building; proactive, creative, and energetic. Education and experience
B.S. in Finance, Engineering, Construction Management, or related field. MBA (real estate focus) or Masters in Real Estate preferred but not required. Seniorities and type
Seniority level: Executive Employment type: Full-time Job function: Business Development and Sales Referrals increase your chances of interviewing at Banneker Ventures, LLC by 2x
#J-18808-Ljbffr