Senior Asset Manager

The Senior Asset Manager reports to the VP of Asset Management. The essential functions of the Senior Asset Manager position include the following:

Supervise a team that is responsible for oversight of portfolio performance and maximizing value of a large number of housing units; initiate and track audit findings, property budgets, waterfall distributions and operational benchmarks; and coordinate with compliance, property management, tenant services, maintenance and resyndication and refinance activities. The Sr. Asset Management will work with the VP of Asset Management in monitoring prortfilio and property budgets to preserve the capital integrity and longterm viability of Corporate properties and in assuring continuous improvement of efficient and effecitve work flow intra and inter departmental.

RESPONSIBILITIES

Oversee daily operations of the Asset Management department by providing appropriate oversight of staff activities, directives and overall departmental systems and procedures.

Proactively communicate to VP of Asset Management any issues that materially impact portfolio, asset-level risk, market trends, or relationships with stakeholders.

Assist VP of Asset Management in developing and implementing strategic business plans and term sheets for each asset.

Monitor performance of all assets quarterly and re-visit strategy as needed to meet the objectives established in the business plan. Ensure properties are meeting affordability and reserve funding as required under all agreements and/or regulations. Analyze long-term property performance against projections.

Identify properties that are candidates for refinancing, resyndication and other restructuring. Work with VP of Asset Management, Development and consultants for exit strategies, assist in appraisals, valuations and disposition process.

Assist with the feasibility review and due diligence of prospective new acquisitions. Review and provide input on project proformas as well as reforecast of post-rehab budgets.

Prepare breakeven report and work with perm lender to ensure conversion at the full committed loan amount. Assist team members as needed with their breakeven reports.

Provide analytical support on a wide variety of assignments including cash flow modeling, reforecasting, review of property operations and market research.

Provide quarterly portfolio reporting and strategic recommendations to address issues related to the financial performance of the property, capital planning or operational issues for his/her own portfolio.

Develop and foster productive working relationships with brokers and industry peers. Act as direct contact with lenders, investors, municipalities and regulatory agencies for operational inquires, reporting and reserve withdrawals.

Conduct periodic site inspections, document property condition and develop corrective action as appropriate.

Work with Risk Management regarding insurance requirements, review quarterly insurance updates, identify and mitigate areas of risk.

Monitor quarterly and specialty reporting distribution ensuring all requirements are met with the external stakeholders including the filing of the annual property tax exemptions and annual CTAC reporting.

Review and approve annual property budgets and capital needs assessments for his/her own portfolio and assist VP of Asset Management in review of remaining portfolio.

Contribute to preparation of the audited financial statements, i.e., related party fees, contingent liabilities, reserves and surplus cash analysis and distribution.

Interact with internal staff (Property Management, Finance, Accounting, Development, Risk Management and Compliance) and external parties (investors, lenders, regulators, auditors) to achieve property goals.

Maintain a record of best practices, asset management due dates, bi-weekly meeting agendas and various other reporting as required by the VP of Asset Management.

Work independently and continues to increase industry knowledge.

Participate on projects to improve department and interdepartmental processes.

Conduct annual performance reviews of direct reports.

Performs other related duties and assignments as required.

Attend Company sponsored events that relate to the development of the team, which, from time to time, may include overnight stays at locations away from the employees home.

EXPERIENCE

• The Senior Asset Manager should have the following education / minimal skills:
• Four-year degree, preferably in related field, or comparable industry experience.
• Minimum of 5 years in asset management or related areas of real estate or affordable housing which; may include development, investment, property management, acquisitions/dispositions.
• Must have knowledge of regulatory programs, the housing industry, marketing, physical asset management, and working knowledge of multi-family and senior communities.
• Must be familiar with HUD, Bond, Tax Credit, and Conventional financed occupancy related programs.
• Incumbent must have demonstrated track record of exceptional problem solving within a sophisticated operating environment and able to implement rapid turn-around plans.
• Possess well-developed analytical and negotiation skills.
• Must be computer literate, with strong spreadsheet and word processing knowledge: MS Word, Excel, Outlook, internet required. MS Project is helpful.
• Ability to work flexible hours. Ability to travel is required.
• Valid drivers license, current insurance and vehicle available.

PHYSICAL REQUIREMENTS/WORK ENVIRONMENT

Exposure to various types of weather conditions

Standing, walking, sitting

Driving

Operate computer and office equipment

FLSA CODE

Exempt