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Senior Financial Asset Manager
4 months ago
Join our MEDA Team
At MEDA, we find meaning and fulfillment in investing in people's lives. We work collaboratively to close the opportunity gap for low-to moderate-income Latino families in San Francisco's Mission District by providing them access to affordable housing, career and small-business development, education, and more. As MEDA continues to strengthen this community, we need more talented professionals dedicated to inspiring positive change – and driven to succeed in a fast-paced team environment. Be one of us
Your Career Opportunity
As the Senior Financial Asset Manager with the Community Real Estate (CRE) team at MEDA, you will play a pivotal role in our mission to prevent family displacement in the Mission and San Francisco through housing preservation and production. The CRE team oversees a diverse portfolio exceeding $100 million, comprising over 36 small sites, 4 tax credit, and 5 RAD properties. Your duties will include monitoring operational performance, fostering relationships with joint venture partners and funders, assessing physical conditions, ensuring program compliance, and evaluating market viability for both residential and commercial properties. You will serve as the primary liaison, representing MEDA's long-term ownership interests to internal and external stakeholders, establishing clear objectives, resolving issues, and providing oversight in alignment with our strategic goals. Your dedication to community preservation, excellent communication skills, financial acumen, proactive mindset, and effective project and team management abilities will be instrumental in this role.
The Sr. Financial Asset Manager works closely with CRE leadership, along with several cross-functional teams focused on the financial health of the portfolio, including the JV Partners, Finance, Risk Management and Compliance, Preservation, Production, and Property Management. Your dedication to preserving communities and driving positive change will be invaluable in this role.
Duties and Responsibilities
The work of the asset management unit is dynamic and evolves with the growth of the CRE Team. Core areas of your work, among other duties and responsibilities, will entail:
Real Estate Portfolio Management:
- Support the Associate Director in implementing and aligning strategies and achieving outcomes for Community Real Estate in anti-displacement. Work closely with Preservation and Production teams through each stage of the real estate lifecycle.
- Identify and manage financial risks related to the real estate portfolio, including but not limited to preparing ongoing financial evaluations and recommendations for portfolio-wide initiatives, including, developing pro forma budgets, benchmarking, trends, and utility analysis.
- Research partnership agreements, financing documents, regulatory agreements, tax returns, and other pertinent sources to align with ownership objectives across the portfolio. Responsively address information requests from Regulatory Agencies, lenders, and investment partners.
- Guide the financial and physical strength of MEDA's overall portfolio and ensure timely and accurate compliance with lenders and investors, and in particular, the San Francisco Mayor's Office of Housing and Community Development (MOHCD).
- Analyze monthly property budget-to-actual results by comparing them to proforma and key performance indicators (KPIs) established for the portfolios.
- Monitor and manage property debt, identifying opportunities for refinancing and negotiating with partners and lenders as needed to amend agreements to ensure long-term financial stability of the portfolios.
- Develop Lender Covenant Schedule, Property Fee Schedule(s), LPA requirements, and a Real Estate Owned (REO) Schedule in coordination with Finance.
- Stay updated on industry trends, market conditions, and regulatory changes impacting the portfolios.
Cross-Functional Collaboration:
- Work closely with the Asset Manager of SSP and the Finance team to analyze monthly, quarterly, and annual portfolio financial data, identifying trends, risks, and optimization opportunities. Ensure small sites comply with funder, investor, and regulatory requirements, meeting or exceeding financial metrics, reserve funding, and surplus cash distribution goals.
- Collaborate with Preservation to develop precise pro forma financials and long-term financial plans for new acquisitions. Ensure properties transitioning into operations meet the financial performance outlined in the pro forma.
- Offer Asset Management insights to Production throughout all stages of new project development. This includes participating in internal and external meetings and actively contributing to the development of projections, scope of work, and design.
- In partnership with Finance, manage cash flow, capital expenses, reserve funding, and owner distribution projections.
- Support the Finance team by addressing auditor inquiries during annual audits and tax filings.
- Identify and mitigate portfolio-wide-related risk; oversight of property insurance-related matters.
Tax -Credit/RAD Portfolio:
- Represent the owner's operation interests in joint venture partnerships.
- Ensure compliance with tax credit and RAD regulatory requirements and other obligations.
- Facilitate timely submission of reports and required financials to JV partners, lenders, tax credit partners, funders, and other stakeholders as required by underlying financing.
- Manage annual budgeting processes in collaboration with JV partners, conduct monthly financial assessments and audits, and identify areas for improvement to align with projections and owner objectives.
- Oversee the property management entity in accordance with long-term objectives and policies for the tax credit portfolio.
- Coordinate with property management teams to optimize operational efficiency and drive revenue growth.
- Identify and mitigate property-related risks and potential liability.
- Assess monthly financial reports to address properties below budget and variances.
- Conduct regular site visits and inspections to assess property conditions to mitigate risk and liability.
- In partnership with the Capital Improvement Manager and Property Management, support commercial tenant improvements, capital needs assessments of the tax credit portfolio, and develop capital plans.
- Coordinate the timely and accurate completion of Property Tax Welfare Exemptions for the assigned tax credit portfolio.
- Process draws and LP payments.
- Prepare Asset Management updates for the tax credit sites for Board reports as necessary.
- Perform other assignments and duties as assigned.
Your Keys to Success
To perform successfully in this role, you will need to leverage these key qualifications:
- Bachelor's degree in real estate, finance, business, or related field.
- Minimum of 7 years of real estate industry experience, preferably affordable housing, multifamily portfolio, and tax credit with exposure to commercial real estate.
- Asset Management Specialist (AMS) or Certified Housing Asset Management (CHAM) designation is a plus.
- Demonstrated financial acumen and ability to draw conclusions and present analytical findings and interpretations clearly and thoughtfully.
- Demonstrated ability to work effectively with senior management teams and cross-functional teams.
- Analytical thought leader with the ability to think creatively and outside the box.
- Strong management skills, with a focus on data management, accountability, and achieving results.
- Interpersonal skills that allow for the development of positive working relationships, and conflict-resolution while maintaining strong supervision and accountability.
- Experience in project management with time-sensitive deadlines and accountability to the team.
- Strong financial pro forma skills, including proficiency in Microsoft Excel and Yardi
- Proven ability to develop and maintain cooperative relationships with individuals from diverse backgrounds, including board members, public sector staff and officials, representatives of other nonprofit organizations, vendors, and people from low-income households.
- High degree of independence, initiative, responsibility, and accountability, as well as capability in a team environment.
- Spanish fluency is preferred.
- Strong working knowledge of the Mission District preferred.
