Asset Manager

2 weeks ago

San Diego, United States Bridge Housing Corporation Full time
Job DescriptionJob Description

Summary

The Asset Manager (AM) is responsible for a portfolio of approximately 30 properties and serves as the primary contact for the portfolio’s investors and lenders. The portfolio includes a mix of property and financing types, including a number of public housing properties. The AM acts as the representative of the owner of each property and as such, they are directly responsible for ensuring that the long-term financial health of properties in the portfolio meets BRIDGE, owner and lender requirements.

The AM works closely with several cross-functional teams focused on the financial health of the portfolio, including Property Management and individual property site staff, Accounting, Compliance, Legal, Insurance, Development, and Capital Markets. The AM has extensive external contact with BRIDGE’s consultants (legal, financial, etc.), regulatory agencies, lenders and investors.

Responsibilities

General

  • Create and maintain comprehensive asset management/strategy plans for each property in assigned portfolio
  • As assigned, work with Development and Property Management to create accurate pro forma and long-term strategic plans for new properties
  • Complete portfolio analysis and summary reports to determine concerns impacting the financial and/or physical health of the asset
  • Ensure properties are meeting financial goals as projected/required under all agreements or regulations
  • Review all reporting information due to investors/lenders
  • Research partnership agreements, financing documents, regulatory agreements, tax returns, and other source documents to determine constraints and barriers to long-term needs
  • Conduct site visits, document property condition and develop corrective action as appropriate
  • Review all governing documents for new and existing properties
  • Collaborate with others to resolve issues related to cash-flow and long-term capital needs, including working with investors/lenders to free-up existing reserves or secure new loans or other funding sources available to the projects
  • Monitor property commercial spaces and work with brokers to market and negotiate leases with prospective tenants
  • Identify properties within the portfolio that are good candidates for refinancing debt and purchasing limited partnership interests. Negotiate limited partnership interest buyouts and close refinancing.
  • Participate in preparation and review of the initial and annual tax exemption filings

Financial Analysis

  • Evaluate property plans to ensure surplus cash will meet long-term corporate cash flow targets
  • Manage annual budget process with assigned portfolio; propose and recommend solutions to cash-flow issues
  • Monitor portfolio to ensure that financial performance is in-line with the budget and that variance explanations meet BRIDGE and investor/lender requirements
  • Monitor and review audits to ensure surplus distributions are made correctly and on a timely basis
  • Review partnership tax returns to ensure they are in line with projections
  • Monitor that properties moving into operations are meeting financial performance according to the original pro forma

Relationship Management

  • Establish and maintain good working relationships with regulatory agencies, lenders and investors as the primary contact for properties in the assigned portfolio
  • Negotiate with partners and/or lenders as needed to amend existing agreements
  • Facilitate approval processes with lenders and/or investors as needed
  • Develop and sponsor occasional meetings to review portfolios with investors, lenders, and internal groups, including the coordination of on-site property visits in the portfolio
  • Prepare annual Board reports for single purpose entities and projects with outside partners
  • Coordinate all responses to questions from regulatory agencies/investors/lenders on assigned portfolio

Physical Planning

  • Review long-term capital plans for the properties in assigned portfolio, manage reserve balances to meet long-term capital needs and identify those properties requiring outside funding. Ensure that major projects are progressing according to plan.


  • Qualifications
    • Bachelor’s Degree in Finance, Business Administration, Accounting or related field
    • Three or more years of experience in real estate or finance with emphasis on financial analysis of large portfolios. Additional related experience may substitute education qualifications.
    • Experience in at least four of the following areas: affordable housing, refinancing of debt, affordable housing regulatory programs, real estate accounting, financial analysis, property management or project development (market rate and/or affordable housing)
    • Experience in working with 3rd party property managers
    • Demonstrated proficiency with Excel and Word
    • Ability to multitask and adapt to changing priorities in a fast-paced and collaborative environment
    • Ability to present comfortably and in a well-organized manner in front of large groups
    • Ability to prepare financial feasibility analyses and strategic plans, conduct research, review portfolio related documents/agreements, and prepare narrative reports and proposals
    • Strong analytical and accounting skills
    • Strong written and verbal communication skills
    • Good business and financial judgment
    • Ability to work effectively with all levels of staff in many departments, external financial professionals, and public officials
    • Experience with, or strong interest in, non-profit organizations and BRIDGE’s mission
    • Ability to provide day-to-day support of assigned portfolio with minimum supervision
    • Applicants based in the San Francisco office are preferred, however, other applicants with extensive related experience based in other areas may be considered. BRIDGE Housing is an


      Equal Opportunity Employer committed to fostering an inclusive environment for our diverse workforce. We do not discriminate on the basis of race, religion, color, national origin, gender identity, sexual orientation, age, marital status, veteran status, or disability. Pursuant to the California Fair Chance Act, we will consider qualified applicants with arrest and conviction records.

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