Real Estate Development Manager
Meadows & Ohly continues to differentiate ourselves in the market by our commitment to our core values – impeccable integrity, enthusiastic hard work and long-term relationships, all of which drive us to do what is best, not what is easiest. Our most important asset continues to be our exceptional people; they each play an integral role in our company and the sustainability of our mission and values. Thank you for your interest in working with Meadows & Ohly!
Position Locations:
Alpharetta, GA
Position Summary:
Manages all phases of medical office building development and acquisitions, including: feasibility studies, meetings with hospital and physician practice leadership, leasing, financial analysis, lender requirements, predevelopment strategic validation and due diligence, base building delivery, tenant improvement delivery, and occupancy. Initially these duties are performed through oversight by M&O Development Lead. Manager quickly develops to self-management with minimal oversight required by M&O Development Lead
Essential Duties and Responsibilities:
Development Abilities
Advanced in development financial modeling and understands the implications of the manipulation model inputs on lease economics, cash flow returns, perceived risk, and value creation.
Lead key project stakeholder interviews, pre-leasing activities, and preparation of feasibility study reports for M&O clients; complete competitive market analysis; and establish the strategic and business objectives for the project.
Identify, evaluate, track, and manage key project risks associated with defined capital structures, delivery strategies, etc. to minimize risk factors at play for clients, investors, and M&O.
Develop and negotiate leases with health system and physician practice tenants with an understanding of key risk mitigants in the lease provisions.
Manage and analyze pre-development site due diligence, including: site analysis (i.e. demographics, topo.), zoning and subdivision issues, soil and water studies, phase I environmental evaluations, impact fees, utility support, parking requirements, traffic/DOT studies, etc. [If not self-performed, understands how to source M&O personnel to accomplish the same in order to achieve overall project schedule expectations.]
Understand governmental requirements such as CON issues, Stark law, or local governance.
Manage the formulation of building operational costs expected to be incurred (real estate tax millage rates, utility costs, insurance costs, etc.) and understand underwriting exposure associated with respective proforma assumptions of the same. [Consult with property management department for operating cost assumptions.]
Prepare (or manage the preparation of) the development budget and operating pro-forma projections for 10 years using Excel or Argus. Understand differences of various promote and incentive structures. Articulate risk associated with the outputs of proforma underwriting to prospective investors, clients, and M&O leadership.
Interface with hospital administration, hospital board members and physicians in a manner that builds trust and inspires confidence.
Guide architectural/professional team and building design; and negotiate architectural contracts using M&O best practices. [If not self-performed, understands how to source and manage M&O personnel to accomplish the same.]
Finalize construction pricing through negotiations or bid process and finalize construction contracts (including leading the value engineering process) using M&O best practices. [If not self-performed, understands how to source M&O personnel to accomplish the same.]
Understand the differences of alternative ownership structures and support Development Lead in negotiation of JV operating agreements. Able to appropriately discern client objectives in order to recommend appropriate capitalization structure and strategy for the deliverance of a project.
Support and equip Development Lead with appropriate analysis in negotiations of ground lease provisions and economics.
Participate in loan procurement including management of loan closing.
Participate in the equity raise and engage with investors as directed by the Development Lead.
Translate healthcare-specific demand drivers for real estate into project objectives that support the defined delivery strategy of a given project and encourage key stakeholders to make informed, timely decisions to support the maintenance of the overall project schedule.
Ensure delivery of projects within budget, on time, and in accordance with the defined project objectives to ensure client-driven project success.
Work collaboratively and apply development knowledge and experience across M&O engagements among various service lines to support M&O’s service mission in supporting clients in providing exceptional care and improving the health of their communities.
Support and equip Development Lead and M&O leadership in the pursuit of various business development opportunities across various clients and geographical regions.
Acquisition Abilities
Formulate acquisition pricing and project 10-year cash flows using Excel and Agrus (Model various promote and incentive structures).
Manage and finalize appropriate acquisition documents.
Coordinate financing as needed.
Manage due diligence activities including lease reviews, assessment of building operations and savings opportunities, verifying offering bid assumptions, staffing evaluations, etc. and identify, evaluate, track, and mitigate key risk factors found in the analysis of transaction due diligence.
Support Development Lead in negotiations of ground lease provisions and economics.
Coordinate with property management and accounting staff with assimilations of acquisitions.
Knowledge, Skills & Abilities:
Ability to listen effectively, ask critical questions, define problems/opportunities, formulate solutions and execute a plan.
Must be detail oriented and understand the relationship of “cause and effect” and the relationship of “risk vs. reward.”
Ability to build trust with all “stakeholders” and sell a concept.
Ability to manage a team of professionals to a common goal, engaging the strengths of those involved.
Ability to write and speak effectively before groups of customers, clients, and other employees of the organization.
Ability to solve practical problems and deal with a variety of concrete variables and unforeseen variables in situations where only limited standardization exists.
Ability to read and interpret real estate documents.
Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
See position scorecard.
Minimum Qualifications:
External candidates: Previous experience as a Senior Associate or Development Manager (preferably with healthcare real estate) which indicates experience in real estate development. Internal candidates: Prior experience and/or responsibility with key elements of the development cycle and/or program management, including leasing and project management for new facilities.
Professional interaction with high-level executives (hospital executives and/or physicians preferred).
Bachelor’s degree (B.A.) from a four-year college or university; and five years related financial, leasing or construction experience and/or training; or equivalent combination of education and experience.
Credits toward or completion of Masters of Business Administration degree preferred; however, demonstrated experience is more important.
Physical Demands:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to use hands and fingers to handle or feel; reach with hands and arms; and talk and hear. The employee frequently is required to sit. The employee is occasionally required to stand and walk. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, and ability to adjust focus.
Working Environment:
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The noise level in the work environment is usually moderate.
Typical M&O Projects:
Projects consistent with the following; however, may be larger or smaller in size and scope.
Development of Base Building: Multi-story and single-story medical office buildings (“MOBs”) on hospital campuses or outpatient sites with or without structured parking. Wide range of project sizes from 15,000 SF to 300,000 SF in size — $10,000,000 to $150,000,000 in development costs.
Tenant Improvements: Physician practice suites varying from 3,000 SF to 70,000 SF in size and include every practice specialty. Suites also include diagnostic imaging, surgery, physical rehabilitation and wellness centers.
Acquisitions: Multi-story MOBs on main hospital campuses or satellite campuses. Sizes are the same as development projects above.
About Meadows & Ohly, LLC
Meadows & Ohly is a comprehensive real estate services firm that has served the healthcare industry since 1972. The Meadows & Ohly team brings a powerful combination of strategic expertise and operational knowledge to every engagement, with an overarching focus on creating environments that support better healthcare.