VP Loan Portfolio Manager, CSP
4 weeks ago
About Us:
The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.
Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.
As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.
Background:
The Community Preservation Corporation (CPC) is the managing member of Community Stabilization Partners (CSP), a joint venture between CPC and Related Fund Management (RFM). CSP manages and services a significant portfolio of mortgage debt secured by NYC multifamily rental buildings that are overwhelmingly rent stabilized. Our goal is to improve both financial performance and building conditions by working with the borrowers on modifications, working with partners where possible, and taking over the real estate in certain situations.
Role Summary:
CPC is growing and looking for a VP Portfolio Manager dedicated to the CSP Portfolio. This leadership role works on CPC’s behalf to ensure that actions taken on individual assets support portfolio-wide strategies to maximize recoveries and preserve affordable housing. The Portfolio Manager will also develop and implement targeted asset management strategies to create or preserve regulated affordable housing.
The Portfolio Manager will be a subject matter expert as it pertains to the portfolio and support management by rendering their advice and recommendations to business leaders. This role will also be instrumental in creating and carrying out management policies and procedures.
What You’ll do:
- Track and report on portfolio performance, developing and improving reporting formats.
- Identify trends and priorities across the portfolio, and proactively work towards solutions.
- Coordinate the flow of information between Asset Management (primarily and RFM function) and Servicing (primarily a CPC function).
- Manage special assets (loans and REO) tracking towards preservation outcomes that create or preserve regulated affordable housing.
- Negotiate with CSP borrowers to finalize and implement resolution plans.
- Coordinate legal action as required.
- Work with NYC Housing Preservation and Development and NYS Department of Homes and Community Renewal to coordinate public resources for select CSP assets.
- Work with potential preservation buyers, in instances where CSP assets may be transferred.
- Present findings and proposals to CSP committees and CPC management.
- Perform other duties as required.
Skills and Experience
- BA/BS required. Master’s Degree in a related field is preferred. Comparable work experience will be considered.
- 10+ years of experience in commercial real estate finance with minimum of 5 years of experience with distressed assets/loan workouts or affordable housing finance experience required.
- A demonstrated understanding of the local NYC commercial real estate market; in particular, rent-stabilized multi-family.
- Excellent communication and project management skills.
- Demonstrated ability to work across teams and organizations ensuring timely and effective communication.
- Experience underwriting subsidized residential development; in particular, HPD subsidy and abatement programs.
- Advanced Excel skills to analyze, synthesize, and present large data sets in a clear and understandable manner for the audience.
- Experience with financial modeling for real estate assets.
- Thorough knowledge of the practical steps needed to meet lending requirements, and how to modify a business deal to meet such constraints and requirements.
- The ability to understand other parties’ needs, and to explain clearly the soundness of a given problem’s solution.
What We Offer:
- Competitive compensation
- 401(k) retirement plans with employer match
- Medical, dental, and vision benefits for employees and their dependents
- Commuter benefits
- PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
- Tuition assistance program
- Two “work from anywhere” weeks per year
- Summer Fridays
- Collaborative working spaces
- Service days to support our communities
- Employee development and engagement events
- More about our offerings and culture here
This is a full-time, hybrid role where you will work from the Manhattan office two - three days a week. The salary range is $160,000 – $180,000, dependent on experience.
The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.
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