Affordable Development Director
Pangea Properties is a vertically integrated, privately held real estate investment trust (REIT) headquartered in Chicago, IL. Founded in 2009, our mission is to bring high quality, professional property management to the fragmented and unsophisticated workforce housing category. We believe that by leveraging our operational platform, Pangea can provide institutional capital with access to a vast and untouched, high yield asset class. We lead with operations and are accomplishing our mission by incorporating data, technology and excellent customer service to all units under management. We strive to deliver our core values of service, value and care to all our residents. In just over 9 years, we have grown our private equity capital portfolio to over 14,000 apartment units owned and operated in Chicago, Indianapolis and Baltimore. More recently we have grown a direct mortgage origination unit, Pangea Mortgage Capital, to a portfolio of over $100mm of loans outstanding in addition to building third party management, construction and affordable development businesses. To accomplish all of this, Pangea has grown to approximately 475 employees, the majority of whom were sourced internally and promoted from within.
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Pangea Affordable, LLC is the REIT’s affordable housing business unit that focuses on the development or preservation of affordable housing using various sources of public funds including low-income housing tax credits (LIHTC), historic tax credits, tax-exempt bonds, HAP contracts or other rental subsidies and other soft money sources. We are seeking a highly motivated, self-directed candidate with proven experience in affordable development or finance as well as the entrepreneurial fire to want to build something bigger. The ideal candidate will assume end-to-end responsibility for the sourcing, underwriting, capital identification and execution of a wide spectrum of affordable housing development opportunities. This role will report to the CFO of the parent REIT and will prepare and present deal summaries to the CEO and other members of the investment committee.
The goal for this role is to aggressively scale the business into a meaningful vertical within Pangea Properties. The role will initially be supported by the CFO and the company’s acquisitions manager and team; however, the successful candidate will quickly develop and begin executing on a pipeline of transactions, and will build a high-quality team around them to support rapid expansion nationally. This is a highest priority initiative for the REIT, and this role presents the opportunity to leverage Pangea’s significant capitalization and operational expertise to build a big business in a short period of time. Successful achievement of this goal will earn a position among the company’s senior leadership.
- Bachelor’s degree from top 50 undergraduate university, minimum 3.5 GPA
- 3-5 years of experience in affordable housing development or finance with top tier firm or large public housing agency
- Established relationships with public housing and finance agencies, attorneys, consultants, lenders and other providers of public capital to support affordable housing
- Track record of leading successful projects on budget, balancing business needs vs. technical and time constraints, as well as coordinating across cross-functional teams
- Deal sourcing and underwriting capabilities and ability to creatively assemble capital sources
- Excellent written and oral communication skills
- Experience working within fast-paced and/or start-up environments
- Competitive base salary plus bonus and/or direct participation in development fees
- Company equity awards available for exceptional, proven performance
- Full benefit package, including medical, dental, & vision; disability and life coverage; 401(k) with company match
- Casual work environment and dress code
- 10 paid vacation days, plus 5 days of paid sick time annually (increases with tenure)
- Startup culture with direct access to senior management and in-place support staff
- Stocked pantry of healthy snacks, beverages and full kitchen / break / social space
- Great company events and collaborative culture
- Headquartered in Chicago’s West Loop neighborhood