Job Summary
Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA.
Job Overview
- The Director of Development and Finance will be an essential member of the Real Estate team and will lead a team that will formulate project development strategies, manage the preparation of project feasibility studies and acquire property for projects, supervise the creation and updating of project development and operating budgets, lead the development of project financing strategies, oversee the acquisition, leasing and sale of property for projects and ongoing operations, and manage the department finances, including the department and project operating budgets, and accounts payable and receivables.
- The position requires extensive experience managing the real estate development process, structuring and modeling real estate financial analysis (e.g., sources and uses statements, operating proformas, managing project financing sources), negotiating complex real estate agreements (e.g., purchase and sale agreements, development agreements, commercial leases), managing the acquisition and sale of property and a portfolio of real estate assets (owned and leased), and developing and managing department and property operating budgets.
- This position requires significant collaboration and team-based experience as well. Example projects that fall within the purview of the Real Estate & Infrastructure Division include the New Jersey Wind Port, the New Jersey Bioscience Center, the Maternal and Infant Health Innovation Center, and others. These projects necessitate that the Director provide day-to-day guidance to the team and help identify and drive priority action steps to maintain momentum as various projects move forward, especially as those projects are routinely at various stages of development.
Salary: $111,792 - $139,740
Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a manager's approval. This program does not supersede the New Jersey First Act , which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.
Responsibilities:
- Oversees the preparation of project feasibility studies, which includes the due diligence for the acquisition or leasing of property, preparing the required financial analysis (e.g., development and operating budgets), and coordinating the work with Directors of Construction or Infrastructure who manage the architectural and/or engineering team's work product for the study. Manages the research and preparation of analysis and reports to support a project's financial and commercial strategy. Manages the preparation of the required board memos to support the development of a project, which includes, but are not limited to: project funding, entering into agreements to support the development of the project (e.g., agreement of sale, memorandum of understanding with stakeholders) approval of the development budget and operating budgets.
- Manages the negotiation and oversees the required agreements for NJEDA assets, which includes, but is not limited to: rights of entries, licenses, rights of entry, leases with NJEDA tenants and with landlords for NJEDA operations or projects, and oversee the management of legal claims related to NJEDA owned or leased property. Ensure department practices and processes are in compliance with EDA policies and guidelines and are consistently applied.
- Oversees the preparation of the department's operating and development budgets, project development and operating budgets, creation and updating of the Project Cost Report, management of the accounts payables and receivables, preparation and supervision of NJEDA property budgets and common area maintenance reconciliation for assets leased to tenants, and various financial statements and expense reports.
- Interacts effectively with NJEDA's legal team and Office of Attorney-General in order to facilitate legal expedient reviews and approvals, and to ensure project compliance with state law. Provide written and/or verbal briefings to EDA's leadership and Board, as well as other state stakeholders such as the Office of the Governor and Department of Treasury.
- Perform other duties and special projects, as assigned.
Projects:
- The Director of Real Estate Development and Finance will serve a key role in NJEDA's Real Estate Development activities which include but are not limited to, the development and leasing of New Jersey Wind Port and the New Jersey Bioscience Center, the development of the Maternal Infant Health Center, and acquisition of properties from New Jersey Transit to support transit-oriented development on the Northeast Corridor.
Goals and Objectives:
- Manages the Real Estate's predevelopment and feasibility activities for real estate projects.
- Supervises the negotiation and compliance of required legal agreements for NJEDA projects in development and existing real estate assets.
- Manages the department and project budgets, accounts payables and receivables.
Collaboration and Cross-Divisional Interaction:
- Provide written and/or verbal briefings to EDA's leadership, the Board, and other state stakeholders such as the Office of the Governor and Department of Treasury.
- Responsible for interacting effectively with NJEDA teams (e.g., NJEDA Legal, Procurement), the Office of the Attorney General, and other NJEDA stakeholders as required to facilitate obtaining the required review and approvals to develop and finance a project and ensure project compliance with applicable law.
Reporting Structure:
- Reports to the Vice President of Real Estate Development and Construction on a regular basis regarding the status of projects, department budget, asset operating budget, and status of studies in progress.
- Manage a team of development, commercial, financial, and legal team members.
- Must complete annual self-assessment as required.
Qualifications:
Technical Skills:
- Prior real estate development experience, including managing consultants and other team members, interacting with stakeholders, and developing the project concept through the required approvals and financing to commence construction.
- Prior experience leading negotiations for the sale, acquisition and/or leasing of real estate assets.
- Prior experience preparing and reviewing real estate financial analysis (e.g., sources and uses statements, operating proformas, return on investment analysis), modeling and negotiating project financing.
- Prior experience preparing and managing a department budget.
Soft Skills:
- Strong teamwork skills.
- Effective communication with all levels of the organization, and external stakeholders.
- EDA Leadership Profile.
- Talent Management: Acquires, develops, and manages high-performing teams.
- Cross-Functional Collaboration: Partners effectively across boundaries and functions.
- Vision-Driven Results: Drives a clear vision and strategic thinking for achieving results.
Innovation and Change: Encourages new ideas, opportunities for change.
- At least seven (7) years of relevant real estate development, asset management or financing experience, whether within a government setting or private practice, including at least three (3) years experience with transactional matters.
- At least five (5) years management/supervisory experience.
- Advanced degree or industry-specific certification may be substituted for 1 year of experience.
Education:
- Bachelor's degree with emphasis in commerce/business, finance or business administration, real estate development or finance, and/or equivalent experience.
Software/Tools Proficiency:
- NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred.
Additional Information:
- Minimal physical demands and ability to work out normal business hours.
- Travel expected when necessary for business operations.
Certificates and Licenses Required:
- Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.
Note: The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job. This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.
Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time. Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees.
This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.
NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.
Equal Opportunity Employer
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