CommonBond Communities

Director of Asset Management

St. Paul, MN
Mar 23, 2018
Apr 22, 2018
CommonBond Communities
Job Type
Employment Status
Full Time
Director of Asset Management
Central Office, St. Paul
Full Time (40 hours)

CommonBond is excited to announce an opening for a the Director of Asset Management.

The Director of Asset Management has responsibility to oversee the strategic management of CommonBond’s operating affordable housing portfolio. The Director will work to optimize the financial performance of the properties, and oversee the physical condition of the assets in the portfolio.

Asset Management Department Responsibilities:
• Develop strategy to maximize the value of the portfolio to the organization consistent with Strategic Plan for CommonBond. This includes: maximizing cash flows, identifying assets for recapitalization, as well as developing criteria for sale of assets.
• Develop an annual business plan for the Asset Management function, including Corporate Compliance.
• Provide portfolio management strategies and insights as the senior owner representative.
• Exercise exit strategies at the end of compliance periods including investor buy outs.
• Negotiate improvements to waterfalls and other investor or lender requirements as needed.
• Proactively refinance properties, as needed, to ensure optimal cash flow and other programmatic or mission objectives.
• Directly manage the most complex, issue-laden properties in the portfolio.
• Hire and manage a Asset Management and Corporate Compliance staff to perform the work required to manage the portfolio.
• Assist in documentation and ensure implementation of new policies for the Asset Management function. Develop and maintain Compliance CommonBond Asset Management and Compliance Best Practices, Training, and Policy & Procedure Manual
• Oversee management and tracking of portfolio activity and performance.
• Monitor and advise on the effectiveness of CommonBond Property Management Department as pertains to operations and compliance with standard practices. Recommend methods or actions to reduce variances and improve overall performance.
• Assist with resolving performance issues with property management through both verbal and written communication
• Work with the Controller, Accounting Manager and properties to provide direction and feedback to Property Managers as to following procedure requirements of property documents.
• Provide significant input and recommendations to the Real Estate Development department for new projects regarding operating financials, compliance matters and related issues; involved in up-front development of properties.
• Oversee procedures and benchmarks for communication between departments on pipeline and existing projects. Work with internal partners to improve overall risk management. Monitor the process of moving a project from development to long-term operations and prove feedback.
• Work across functional areas to improve alignment of performance of portfolio to annual and strategic goals.
• Manage Ongoing Administration of Property Financing and Contracts. Develop or refine protocols to insure CommonBond is positioned to provide information and meet the on-going administrative needs of various internal and external constituents.

Supervise the Following Corporate Compliance Responsibilities:
• Regularly study and interpret federal, state and local housing regulations, interpreting their applicability to CommonBond’s portfolio & policy
• Manage and maintain effective relationships w/government regulatory groups and private investors.
• Develop & maintain a strong local affordable housing network.
• Stay abreast of any changes in fair housing.
• Act as internal consultant for compliance staff studying complex information and, as requested, advising management and cross-functional teams on property acquisition or rehabilitation, entry into new markets, etc.
• Plan and conduct regular internal compliance audits on all CommonBond owned & managed properties.
• Coordinate CommonBond preparation and monitor activity at MOR, LIHTC & all other external compliance audits
• Assist in hiring of positions w/compliance responsibility.
• Provide ongoing assessment of compliance performance for such positions with focus on PMCS & Property Management staff.
• Support PMCS, CCS, PM compliance positions as needed during PTO, vacation, training or peak activity.
• Maintain current housing certification for all programs within CommonBond portfolio as well as any others related to housing programs.

• Bachelor’s degree with an emphasis in real estate, business administration, finance, public administration, urban planning, political science, or a related discipline. Graduate degree preferred.
• Minimum of 5-7 years of experience in public or private sector real estate development, multifamily housing development, urban planning or related fields (such as legal, accounting, paralegal, title officer, property manager, multifamily lending or investing).
• Basic knowledge of real estate legal documents and financial accounting.
• Demonstrated project management capabilities.
• Transactional experience closing loans and working with investors evidencing ability to structure financing, negotiate terms, and review business terms of any legal documentation.
• Strong interpersonal skills - ability to interact effectively and professionally with leadership and staff, prospective and present funders, community representatives, and government agencies.
• Demonstrated experience preparing professional reports.
• Proficient in Microsoft programs such as Word, Excel, PowerPoint, MS Projects and other programs.
• Excellent oral and written communication skills.
• Ability to work independently, establish priorities, and follow through on completion of tasks.
• Demonstrate understanding and accurate use of Yardi software (or similar).


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