CommonBond Communities
Senior Asset Manager
CommonBond Communities, Saint Paul, Minnesota, United States, 55199
Home is the foundation for everything in life. Since 1971, our model has been about supporting residents in finding stability and achieving their goals. It's why we're more than housing—we combine quality affordable homes with our on-site Advantage Services—because we believe that with the right support and opportunities, all people can thrive. Today, over 13,000 people—families, seniors, veterans, and people with disabilities and other barriers—call a CommonBond community "home." Our core values are
Respect, Integrity, Partnership, Innovation,
and
Excellence . We live these values and look for people who embody them to represent our organization in the community. If this sounds like you, please consider joining our team.
Why CommonBond Communities?:Work-life balanceCompetitive salaryEmployee referral programComprehensive benefits packageEmployee recognition and rewards programA respectful and growth-oriented workplaceA chance to make a difference in the community!Ongoing training and professional development
SupervisionSupervise, train, and coach Asset Manager, building a culture of respect and collaboration within Asset Management, and across departments throughout the organization.
Analysis, Planning & MonitoringDevelop, maintain, and update Scorecard.Develop, maintain, and update Watchlist, including development of metrics to determine when property performance requires corrective action.Provide property managers with annual budgets/goals including rent increases, cashflow goals, etc. Approve final budgets.Monitor and evaluate property management/facility's development of, and annual updates to, capital improvement plans for each property. Ensure each plan contains sustainability components. Identify resources to address the needs. Secure external resources as appropriate.Prepare reports for Acquisitions & Development team which compares underwriting proforma to actual performance (developer fees, operations, etc.).Assess monthly performance of all properties in SAM portfolio by reviewing financial statements on a monthly basis (e.g., review budget-to-actual and balance sheet financials). Participate in Portfolio Review meetings.Work cross-functionally within CBC to generate annual asset management plans for each property, ensuring each plan clearly denotes owner's goals (e.g., population to be served, service level/outcome, affordability, etc.) and includes green/sustainability components, prioritizing watchlist properties.Monitor, and ensure timely renewal of key rental and other subsidy contracts for SAM portfolio; confer on budget-based vs OCAF Section 8 Contract renewals.Ensure cash flow, asset management and other fees/reimbursements, and incentives due to Owner are received, maximizing Owner's waterfall opportunities.Participate in pre-audit meeting with auditors for assigned properties; analyze internal and external audit results, report findings, and oversee corrective actions.Periodically inspect assigned properties, prioritizing properties on watch list within assigned portfolio.Attend and assist property management staff in coordinating inspections by investors within assigned portfolio.
ReportingEnsure timely and accurate submission of required reporting to limited partners, lenders, funders, etc.Prepare asset management reports for the CBC board of directors and management.
New Projects/Deal BooksWork with CBC A&D Dept to review all new acquisitions and new developments: ensure deal structure and reporting are clear; ensure reasonableness of guarantees, distributions (waterfalls), reserve levels, and fees.Ensure receipt of "Closing Letter" for each new property acquired/developed by CBC, and other information required for creation of deal books for all properties. Create deal books.Convene 'stabilization' meetings to ensure new properties meet financial stabilizations tests as defined in Limited Partnership Agreements, and other pertinent agreements.
Managing Portfolio OpportunitiesEstablish and implement "year 15" and other time sensitive refinancing strategies. Ensure property condition and financials are stable for re-syndication and/or recapitalization. Track capital accounts for investors to inform strategy for limited partner exits and long term portfolio plans.Annually review schedule of maturing debt and regularly gather and interpret key market data to identify/inform refinancing, restructuring, and repositioning of properties and/or portfolios. Recommend and, upon direction, execute such opportunities.
OtherBuild effective, positive, respectful working relationships across functions/business areas within CBC to achieve stated property and portfolio goals. Serve as resource for other departments regarding partnership agreements, loan documents, tax returns, restrictive covenants, and other concerns as necessary.Direct third-party property managers in all areas of operations.Periodically work cross-functionally to assess technology needs (e.g., database software, etc.), work with EVP to obtain, and ensure full utilization of selected software and other tools.Ensure "Entity Maintenance" (i.e., annual business renewal; additional insureds on policies; DUNS #/SAM registrations; etc.)Stay abreast of asset management industry best practices, and new industry-related policies, statutes, rules, and regulations (e.g., impact of 2018 Tax Reform Act on CommonBond investors).Develop and maintain effective relationships with investors, funders, lenders, auditors, vendors, clients, and other key external partners, ensuring prompt and thorough responses to all inquiries.
Minimum RequirementsBachelor's degree with an emphasis in real estate, urban planning, political science, business administration, finance, public administration or a closely related field.5+ years of housing asset management, real estate development, or other equivalent role.Advanced skill in financial analysis.Excellent oral and written communication skills.Strong ability to independently interpret and analyze business terms in legal documents (e.g., mortgages, loan and regulatory agreements, limited partnership agreements, etc.); understand and interpret deal underwriting, property audits, partnership tax returns, etc.Skilled in drafting both persuasive and informative correspondence to investors, lenders and other external and internal parties.Understanding of real estate finance and development concepts, including all debt and equity affordable housing programs, and demonstrated ability to learn.Strong, mature interpersonal skills with the ability to interact respectfully, collaboratively, and professionally with internal colleagues, and external partners, investors, lenders, etc.Proficient in Microsoft programs including Word, Excel, PowerPoint, MS Project, and others.Ability to work independently, establish priorities and follow through on completion of tasks.Ability to sit for extended periods of time.Ability to open and close file drawers.Ability to lift and carry up to 15 pounds.Ability to file documents.Ability to type data into a computer.Must have access to reliable transportation.Must have willingness and ability to occasionally overnight travel.
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Respect, Integrity, Partnership, Innovation,
and
Excellence . We live these values and look for people who embody them to represent our organization in the community. If this sounds like you, please consider joining our team.
Why CommonBond Communities?:Work-life balanceCompetitive salaryEmployee referral programComprehensive benefits packageEmployee recognition and rewards programA respectful and growth-oriented workplaceA chance to make a difference in the community!Ongoing training and professional development
SupervisionSupervise, train, and coach Asset Manager, building a culture of respect and collaboration within Asset Management, and across departments throughout the organization.
Analysis, Planning & MonitoringDevelop, maintain, and update Scorecard.Develop, maintain, and update Watchlist, including development of metrics to determine when property performance requires corrective action.Provide property managers with annual budgets/goals including rent increases, cashflow goals, etc. Approve final budgets.Monitor and evaluate property management/facility's development of, and annual updates to, capital improvement plans for each property. Ensure each plan contains sustainability components. Identify resources to address the needs. Secure external resources as appropriate.Prepare reports for Acquisitions & Development team which compares underwriting proforma to actual performance (developer fees, operations, etc.).Assess monthly performance of all properties in SAM portfolio by reviewing financial statements on a monthly basis (e.g., review budget-to-actual and balance sheet financials). Participate in Portfolio Review meetings.Work cross-functionally within CBC to generate annual asset management plans for each property, ensuring each plan clearly denotes owner's goals (e.g., population to be served, service level/outcome, affordability, etc.) and includes green/sustainability components, prioritizing watchlist properties.Monitor, and ensure timely renewal of key rental and other subsidy contracts for SAM portfolio; confer on budget-based vs OCAF Section 8 Contract renewals.Ensure cash flow, asset management and other fees/reimbursements, and incentives due to Owner are received, maximizing Owner's waterfall opportunities.Participate in pre-audit meeting with auditors for assigned properties; analyze internal and external audit results, report findings, and oversee corrective actions.Periodically inspect assigned properties, prioritizing properties on watch list within assigned portfolio.Attend and assist property management staff in coordinating inspections by investors within assigned portfolio.
ReportingEnsure timely and accurate submission of required reporting to limited partners, lenders, funders, etc.Prepare asset management reports for the CBC board of directors and management.
New Projects/Deal BooksWork with CBC A&D Dept to review all new acquisitions and new developments: ensure deal structure and reporting are clear; ensure reasonableness of guarantees, distributions (waterfalls), reserve levels, and fees.Ensure receipt of "Closing Letter" for each new property acquired/developed by CBC, and other information required for creation of deal books for all properties. Create deal books.Convene 'stabilization' meetings to ensure new properties meet financial stabilizations tests as defined in Limited Partnership Agreements, and other pertinent agreements.
Managing Portfolio OpportunitiesEstablish and implement "year 15" and other time sensitive refinancing strategies. Ensure property condition and financials are stable for re-syndication and/or recapitalization. Track capital accounts for investors to inform strategy for limited partner exits and long term portfolio plans.Annually review schedule of maturing debt and regularly gather and interpret key market data to identify/inform refinancing, restructuring, and repositioning of properties and/or portfolios. Recommend and, upon direction, execute such opportunities.
OtherBuild effective, positive, respectful working relationships across functions/business areas within CBC to achieve stated property and portfolio goals. Serve as resource for other departments regarding partnership agreements, loan documents, tax returns, restrictive covenants, and other concerns as necessary.Direct third-party property managers in all areas of operations.Periodically work cross-functionally to assess technology needs (e.g., database software, etc.), work with EVP to obtain, and ensure full utilization of selected software and other tools.Ensure "Entity Maintenance" (i.e., annual business renewal; additional insureds on policies; DUNS #/SAM registrations; etc.)Stay abreast of asset management industry best practices, and new industry-related policies, statutes, rules, and regulations (e.g., impact of 2018 Tax Reform Act on CommonBond investors).Develop and maintain effective relationships with investors, funders, lenders, auditors, vendors, clients, and other key external partners, ensuring prompt and thorough responses to all inquiries.
Minimum RequirementsBachelor's degree with an emphasis in real estate, urban planning, political science, business administration, finance, public administration or a closely related field.5+ years of housing asset management, real estate development, or other equivalent role.Advanced skill in financial analysis.Excellent oral and written communication skills.Strong ability to independently interpret and analyze business terms in legal documents (e.g., mortgages, loan and regulatory agreements, limited partnership agreements, etc.); understand and interpret deal underwriting, property audits, partnership tax returns, etc.Skilled in drafting both persuasive and informative correspondence to investors, lenders and other external and internal parties.Understanding of real estate finance and development concepts, including all debt and equity affordable housing programs, and demonstrated ability to learn.Strong, mature interpersonal skills with the ability to interact respectfully, collaboratively, and professionally with internal colleagues, and external partners, investors, lenders, etc.Proficient in Microsoft programs including Word, Excel, PowerPoint, MS Project, and others.Ability to work independently, establish priorities and follow through on completion of tasks.Ability to sit for extended periods of time.Ability to open and close file drawers.Ability to lift and carry up to 15 pounds.Ability to file documents.Ability to type data into a computer.Must have access to reliable transportation.Must have willingness and ability to occasionally overnight travel.
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