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WSFSSH, Inc. · 1 month ago

Asset Manager - Affordable Housing

New York, NY

Full-time

Onsite

Mid Level

$120K/yr - $140K/yr

3+ years exp

WSFSSH, Inc. is dedicated to providing safe, affordable senior housing while integrating compassionate property management with supportive services. The Asset Manager will oversee the organization’s real estate portfolio, ensuring compliance with various regulations and maintaining strong relationships with stakeholders.

ConstructionHomeless ShelterNon ProfitService IndustrySocial Assistance

Responsibilities

Maintain in-depth familiarity with portfolio including ownership structure; financing structure; guarantor structure; underwritten and actual operating results; LIHTC and other regulatory requirements, and continuing program compliance

Provide oversight of performance including ongoing monitoring of the operational, financial, management, regulatory compliance and budgetary compliance for portfolio, comparing actual asset performance to underwritten expectations

Monitor key portfolio dates including loan maturities, Y15, real estate tax abatement expirations and regulatory agreement expirations

Establish, maintain and enhance relationships with lenders, investors, and agencies with interests in the portfolio. Provide annual reporting to same

Monitor reserve balances, project reserve needs and request funds from reserves as needed. Work with the Property Management and Development teams to assess the adequacy of capital needs reserves. Maintain and update REO schedule in coordination with development, finance and property management teams

Calculate and get approval (as needed) for annual cash flow disbursements for the portfolio including but not limited to HUD surplus cash distributions, deferred developer fee payments, subordinate soft debt payments, seller notes, incentive management fees and others

Review annual budgets as prepared by finance team; present annual budgets to subsidiary boards for approval; track cash flow and deferred developer fees

Preparation and review of periodic internal reporting, including review of NOI, delinquencies, vacancies, monitoring of cash and reserve utilization, distributions, assignment of risk-ratings, tracking key performance indicators

Identification and analysis of under-performing assets, and preparation and implementation of proactive operational work-out strategies - working closely with development, finance, and property management

Build and maintain a comprehensive five-year waterfall model to forecast each property’s performance as well as forecast portfolio-level results and measurements

Provide support, guidance and feedback to real estate development staff related to portfolio performance and operational trend information and participate in other due diligence activities

Monitor portfolio against New York City’s Climate Mobilization Act sustainability targets. Track and advise on energy usage within the real estate portfolio; Engage in identifying strategies in collaboration with Development, Facilities and Property Management to reduce energy consumption

Respond to questions and provide guidance to property management, finance, and development teams

Ability to work independently to maintain adherence with deadlines

Comparable work experience with portfolio/asset management in the affordable housing and/or property management industries (3-5 years preferred)

Excellent verbal and written communication skills, including ability to interact effectively and to act as the Company’s primary point of contact with investors, lenders and agencies

Functional knowledge of Microsoft Office applications, advanced Excel

Qualification

Asset managementRegulatory complianceFinancial analysisMicrosoft ExcelPortfolio performance monitoringIndustry certificationsCommunication skillsTeam collaborationProblem-solvingTime management

Required

Monitor key portfolio dates including loan maturities, Y15, real estate tax abatement expirations and regulatory agreement expirations

Establish, maintain and enhance relationships with lenders, investors, and agencies with interests in the portfolio. Provide annual reporting to same

Review annual budgets as prepared by finance team; present annual budgets to subsidiary boards for approval; track cash flow and deferred developer fees

Build and maintain a comprehensive five-year waterfall model to forecast each property's performance as well as forecast portfolio-level results and measurements

Provide support, guidance and feedback to real estate development staff related to portfolio performance and operational trend information and participate in other due diligence activities

Monitor portfolio against New York City's Climate Mobilization Act sustainability targets. Track and advise on energy usage within the real estate portfolio; Engage in identifying strategies in collaboration with Development, Facilities and Property Management to reduce energy consumption

Respond to questions and provide guidance to property management, finance, and development teams

Ability to work independently to maintain adherence with deadlines

Excellent verbal and written communication skills, including ability to interact effectively and to act as the Company's primary point of contact with investors, lenders and agencies

Functional knowledge of Microsoft Office applications, advanced Excel