CommonBond Communities

Asset Manager

Location
St. Paul, MN
Posted
Sep 11, 2019
Closes
Oct 11, 2019
Ref
019-0137
Contact
CommonBond Communities
Category
Other
Job Type
Employee
Employment Status
Full Time
CommonBond Communities
Asset Manager
St. Paul,

Home is the foundation for everything in life. That’s why it’s been our mission since 1971 to offer quality, dignified affordable housing and life-changing support services. Our model has always 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.”
If creating vibrant, stable communities sounds like important work to you, join us!
CommonBond Communities offers an employee-driven culture that values work/life balance. 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 keep reading!
CommonBond is excited to announce an opening for an Asset Manager. With direction from the Senior Asset Manager, the primary responsibility of the Asset Manager is monitoring CommonBond’s long-term owner interests to obtain goals of each assigned property. Work is focused on maintaining high performing properties by executing on financial, physical, policy, and mission opportunities for assigned properties, contributing to the overall health of the entire portfolio. Productive and respectful collaboration with CommonBond’s property management, advantage services, accounting, compliance, facilities and housing development teams is required.

ESSENTIAL JOB FUNCTIONS AND ASSOCIATED TASKS
Analysis, Planning & Monitoring
• For assigned properties, provide property managers with annual budgets/goals including rent increases, cash flow goals, etc.) With guidance from Senior Asset Manager, approve final budgets.
• Monitor and evaluate property management/facility’s development of, and annual updates to, capital improvement plans for each assigned 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 assigned properties 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 assigned 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 assigned properties; 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 for assigned properties.
• Analyze, and communicate to property management, utility consumption data.
• Conduct annual property tax analysis and appeals.
• 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.

Reporting
• Ensure timely and accurate submission of required reporting to limited partners, lenders, funders, etc. for assigned properties.

New Projects/Deal Books
• 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 Opportunities
• Maintain a clear understanding of requirements within Limited Partner Agreements, particularly waterfalls and responsibilities, and timing for, cash distributions to CommonBond and partners for assigned portfolio. Report refinance, limited partner exits, and other potential opportunities to Senior Asset Manager.
Relationship Management
• Build 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
• Ensure “Entity Maintenance” (i.e., annual business renewal; additional insureds on policies; DUNS #/SAM registrations; etc.) for assigned properties.
• 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.
• Other duties as assigned.

Why CommonBond Communities?:
• Work-life balance
• Competitive salary
• Excellent benefits
• Employee recognition and rewards program
• Employee referral program
• A respectful and growth-oriented workplace
• A chance to make the difference in the community!

QUALIFICATIONS
Education
Bachelor’s degree with an emphasis in real estate, urban planning, political science, business administration, finance, public administration or a closely related field, or five+ years of housing asset management, real estate development, or other equivalent role.

Experience
3+ years of housing asset management, real estate development, or other equivalent role.

Skills
• 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.
• General understanding of real estate finance and development concepts, including all debt and equity affordable housing programs or 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.


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