Community Preservation Corporation
Head of Asset Management (Portfolio & Servicing)
Community Preservation Corporation, New York, NY, United States
Job Title: Head of Asset Management (Portfolio & Servicing)
Department: Operations and Finance
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.
About CPC Climate Capital:
CPC Climate Capital is a new subsidiary of The Community Preservation Corporation and will be a subrecipient of Climate United Fund, the recipient of a $6.97 billion grant from the National Clean Investment Fund established by the federal government as part of the Inflation Reduction Act (IRA). CPC Climate Capital will use its subaward of approximately $2.4 billion to decarbonize multifamily housing by making subordinate debt financing available to owners of multifamily housing nationally. These investments will reduce or eliminate on-site fossil fuels, thereby reducing greenhouse gas emissions. Our climate goals will be simultaneously delivered against other critical national priorities, including the creation and preservation of affordable housing, promoting equity and environmental justice, and supporting high-quality jobs.
For more information, please visit us at CPCClimateCapital.com
Summary of Position: Oversees the asset management of CPC Climate Capital subordinate mortgage loan portfolio, including both construction and permanent lending, through direct management and oversight of a team of Asset Managers and Servicers. Develops and communicates a proactive asset management and effective loan servicing strategy. Sets operational procedures and controls to ensure compliance with all regulatory, asset, and property management agreements. The individual will be responsible for tracking and reporting on construction progress, analyzing budgets, and disbursing construction funds per disbursement requests and engineer's recommendations as well as monitoring and assessing property performance on the portfolio of permanent financing. They will identify risks which may delay repayment or refinancing and play a proactive role in developing solutions to resolve issues.
Roles and Responsibilities:
1. Leadership:
This is a hybrid role that can be based in NYC and would work out of our Manhattan office 2 - 3 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.
Department: Operations and Finance
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.
About CPC Climate Capital:
CPC Climate Capital is a new subsidiary of The Community Preservation Corporation and will be a subrecipient of Climate United Fund, the recipient of a $6.97 billion grant from the National Clean Investment Fund established by the federal government as part of the Inflation Reduction Act (IRA). CPC Climate Capital will use its subaward of approximately $2.4 billion to decarbonize multifamily housing by making subordinate debt financing available to owners of multifamily housing nationally. These investments will reduce or eliminate on-site fossil fuels, thereby reducing greenhouse gas emissions. Our climate goals will be simultaneously delivered against other critical national priorities, including the creation and preservation of affordable housing, promoting equity and environmental justice, and supporting high-quality jobs.
For more information, please visit us at CPCClimateCapital.com
Summary of Position: Oversees the asset management of CPC Climate Capital subordinate mortgage loan portfolio, including both construction and permanent lending, through direct management and oversight of a team of Asset Managers and Servicers. Develops and communicates a proactive asset management and effective loan servicing strategy. Sets operational procedures and controls to ensure compliance with all regulatory, asset, and property management agreements. The individual will be responsible for tracking and reporting on construction progress, analyzing budgets, and disbursing construction funds per disbursement requests and engineer's recommendations as well as monitoring and assessing property performance on the portfolio of permanent financing. They will identify risks which may delay repayment or refinancing and play a proactive role in developing solutions to resolve issues.
Roles and Responsibilities:
1. Leadership:
- Recommend and implement policies and procedures designed to achieve the highest level of competency / best practices in asset management and loan servicing.
- Act as main point of contact for senior lenders, borrowers, engineers / consultants and staff. Meet with stakeholders as needed to communicate progress, provide information as requested and explain policies and procedures. Adhere to all investment program requirements and ensure portfolio risks are known, reported, and always mitigated.
- Establish control/performance reporting to assist with the management of major activities and departmental projects.
- Train and develop Asset Managers and Portfolio Administrators, ensuring all members are aware of best practices, investment program requirements, audit requirements and are reporting information accurately and timely. Inspire and empower team to successfully collaborate with peers across the organization and third party consultants. .
- Provide leadership for on-going technology advancements in support of effective and efficient management activities
- Work on special projects, as required.
- Ensure that Asset Managers monitor critical performance metrics of assets, focused on physical, including energy efficiency, financial and compliance indicators as well as local market trends. Oversee any necessary improvements to physical condition of the properties or capital projects.
- Identify any actual, anticipated, or potential deterioration in the quality of any loan, including covenant breaches and delinquent loans. Communicate portfolio performance and risk to senior management, as required.
- Review any amendment or waiver requests and provide recommendations to the approval staff
- Complete daily/weekly/monthly reporting requirements and assist COO with various monthly reporting responsibilities, as directed.
- Prepare audit responses, special project reports and project implementation reports.
- Monitor system capabilities to maximize efficiency. Set-up and review new system functions as new products are on-boarded.
- Maintain loan servicing procedures, ensuring compliance with CPC Climate Capital policies and internal controls.
- Reconcile all monthly servicer postings entered at the loan level.
- Review and approve paperwork required for ongoing loan advances. Complete disbursement processing and ensure loan activity complies with CPC Climate Capital policies and procedures.
- Review project budgets, engineering reports and the availability of funds as it relates to the construction timeline and anticipated construction draws, ensuring that projects remain in balance.
- Process all escrow account related functions, including but not limited to monitoring of taxes, insurance and annual escrow analysis; disbursing funds; and force placing insurance, as required.
- Review and approve payoff letters and process receipt of payoff funds, including but not limited to: release of liens, UCC cancellations, refunds and return of original collateral documents.
- An undergraduate degree in business, finance, accounting, construction management, real estate or a related field, with exposure to real estate development, property management and/or underwriting. MBA and/or Master's degree preferred.
- Minimum 15 years' progressive experience in commercial real estate lending or commercial loan asset management, accounting, finance, and construction management. Knowledge of GSE lending preferred.
- Interact with all parties to the transactions including but not limited to originators, underwriters, approving staff, program staff, inspecting engineers/architects, borrowers, governmental partners, and internal and external legal counsel
- Proactively identify issues to program management and develop and recommend solutions to resolve issues
- Extensive knowledge and understanding of credit and income producing real estate. Ability to read and understand basic commercial real estate loan documentation, securitization documents, including pooling and servicing agreements and related documentation.
- Strong personnel and project management skills. Experience in overseeing teams of professionals, preferably in asset management. Experience with technology implementation a plus.
- Strong analytical skills to understand complex commercial loan documents and borrower financial statements.
- Excellent verbal, written, and interpersonal communication skills.
- Ability to multi-task and oversee multiple priorities. Deadline driven.
- Proficiency in Microsoft Word and Excel.
- 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 hybrid role that can be based in NYC and would work out of our Manhattan office 2 - 3 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.