Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust that owns and manages shopping centers. Our high-quality core portfolio of primarily grocery-anchored shopping centers straddling the Washington, DC to Boston corridor totals approximately 10 million square feet of GLA. We are focused on creating long-term value for our shareholders and long term relationships with our tenants.
Cedar is seeking a Development Manager who will report directly to the Senior Vice President, Development and Construction. The Development Manager will be responsible for management of key facets of the real estate development projects, including but not limited to planning, budgeting, pre-construction due diligence related to site acquisition, design, deal structuring in conjunction with Leasing, entitlements and subsidies when applicable, and related tasks for retail and mixed-use developments.
- Support the Senior Vice President of Development and Construction with executing Cedar’s development project pipeline from inception to completion.
- Assist in the preparation of budgets, schedules, and execution strategy for projects including entitlements, design development, and building permit approvals.
- Coordinate consultants and applicable documents in conjunction with obtaining entitlements and required building permits.
- Gather and determine all relevant financial assumptions for underwriting proposed deals involving existing assets and potential acquisitions. Work with Asset Management team to create financial models to underwrite project costs, revenues, and returns.
- Interface directly with internal and external stakeholders to define project requirements and constraints and obtain input on design and budgets.
- Identify project risks, develop risk mitigation and contingency plans, and implement action plans to reduce or eliminate project risks.
- Assist in the selection and management of the design team and preparation of drawings for initial budgeting and scope definition, development of site and building design detailed drawings, etc.
- Track progress of each project against goals, objectives, approved budgets, approved timelines. Report status and variances in coordination with Development Accounting. Create action plans and adjust as required to meet objectives, budget and schedule.
- Assist the Development Team with sourcing and advancing incentives such as Tax Increment Financing, capital grants, and alternative project subsidy sources.
- Assist in preparing and presenting the development projects and related acquisitions to Senior Management and Board presentations.
Required Qualifications, Knowledge & Skills:
- Bachelor’s Degree preferred
- A minimum of 7-10 years’ relevant or transferable experience
- Must be a self-starter, highly motivated, and goal-oriented
- Must be well-organized, detail oriented and possess excellent interpersonal, written, and verbal communication skills and be able to work in a team environment
- Must have strong analytical and problem-solving skills, be flexible and able to handle multiple projects and tasks simultaneously
- Demonstrated strong computer and Internet skills, especially advanced MS Office Suite
- The ability to travel is required
Cedar currently has an outstanding career opportunity for a Sr. Finance Associate to work in the Asset Management or Development group. This position will be involved in all facets of asset management, financial analysis, joint venture modeling, proforma management, valuations, and the corporate forecasting process for mixed-use project joint venture transactions. This is a terrific opportunity to manage the underlying value creation opportunities across the portfolio. The Sr. Finance Associate will have exposure and visibility to the top leadership of the Company.
- Prepare and create financial models and analyses, discounted cash flows, IRR analysis, NPV analysis, etc. for each asset utilizing Microsoft Excel and Argus
- Perform detailed financial analysis to determine highest and best use, equity structure and financing for grocery anchored shopping centers and urban mixed-use developments
- Review quarterly valuations, hold/sell analyses, leasing analyses and other valuation projects
- Develop and implement tools and provide support for activities related to real estate market research, property acquisition and leasing, the annual budgeting process, operating variance analysis, communications, etc.
- Manage the process of property budgets, annual business plans, quarterly reforecasts, and variance analyses
- Develop a working knowledge of leases, partnership agreements and other agreements for general responsibilities
- Create and maintain all Argus models
- Act as a liaison to other departments within the Company
- Utilize internal systems and software to effectuate daily responsibilities
- Assist senior leadership in running the department
- At least 5 years of work experience as an analyst in an institutional real estate investment firm, investment bank or related industry; retail experience a plus
- Bachelor’s Degree in finance, real estate, accounting, or related field
- Experience in joint venture deal modeling and proforma management
- Understanding of real estate fundamentals, financial principles, and complex capital structures
- Proficient in Microsoft Office and Argus
- Outstanding quantitative and analytical skills, keen attention to detail
- Effective oral and written communication skills
- Ability to deliver excellent results within established timeframes while managing multiple priorities
- Ability to establish and maintain cooperative working relationships with other team members while performing assigned duties
Summary: The Regional Property Manager is responsible for the successful day-to-day financial, administrative and maintenance operation of multiple retail properties within the Company’s portfolio while assuring the Company’s standards are achieved and superior customer service is delivered.
- Participate in the development and implementation of operations guidelines and Company policies and procedures
- Coordinate with Leasing & Construction counterparts to ensure that Company’s goals for the region are met
- Participate with executive team on acquisitions, re-developments and dispositions for the region
- Ensure contact with tenants on a regular basis to assess needs, provide resolution to tenant issues and provide exemplary customer service through a proactive and positive approach
- Exhibit a thorough understanding of leases and ensure tenants and landlord responsibilities are in compliance
- Provide oversight of contractors at the properties so they are being maintained properly and as required
- Ensure preventative maintenance programs, work orders and property inspections are implemented in accordance with Company standards
- Assess property conditions and coordinate the repairs of any deficiencies within property budget
- Review work orders and inspections each month to ensure follow up and resolution
- Negotiate and bid maintenance agreements with contractors for the upkeep of the Center
- Develop specifications for capital items, bid and analyze pricing from vendors and monitor projects
- Work with internal departments such as Leasing, Construction, Accounting, and external parties, construction companies, miscellaneous vendors and town officials
- Assist with rent collections, negotiate payment plans with delinquent tenants and coordinate collection proceedings with Director of Accounts Receivable & Collections
- Work with Tenant Coordination to ensure timely delivery, construction build out and opening
- Track and coordinate all return of possession (ROPs) within your portfolio
- Financial reporting for property operations including:
- Develop property level & capital budgets on annual basis
- Approve all property invoices
- Review and approve CAM, Real Estate Tax and Insurance reconciliations
- Prepare variances, straight- line rent and vacancies reports on a quarterly basis
- Review tenant gross sales reports and evaluate for annual audits
- Any other duties or responsibilities assigned by Management that may be required now or in the future
- Bachelor’s degree preferred, with at least 5 years of multi-property, retail property management experience
- Proficient in Microsoft applications (Excel, Word)
- Ability to work independently, as well as part of a team
- Must have strong operational and reporting skills, plus excellent tenant relations
- Must possess excellent verbal and written communication skills
- Must be willing to travel