What are the responsibilities and job description for the Director of Asset Management position at Bridge Housing Corporation?

Job Description

Summary

The Director of Asset Management (DAM) is responsible for maintaining BRIDGE’s high quality assets, and for implementing BRIDGE’s strategies within the Asset Management department. This person reports to the Senior Vice President of Asset Management and Compliance and will supervise a team of three to four staff and strategically manage the portfolio of properties in California and the Pacific Northwest.

The objective of this role is to optimize the performance of the portfolio by thinking strategically and long-term while accomplishing short term projects. Responsibilities include analyzing projects and portfolio performances with particular concern for the financial, operational, and physical health of the properties.

The DAM works closely with several cross-functional teams focused on the financial health of the portfolio, including Property Management and individual property site staff, Accounting, Legal, Insurance, and Development. The DAM has extensive external contact with BRIDGE’s consultants (legal, financial, etc.), regulatory agencies, lenders and investors.

This professional will report on the performance of the portfolio to senior management on a monthly, quarterly and annual basis.

Responsibilities

Oversees the organization’s portfolio ensuring that the properties’ financial performance meets or exceeds expectations, and that they are physically maintained at or above company standards
Oversees a portfolio of pre-stabilization properties to ensure that the properties’ financial performance meets or exceeds expectations, and that they are physically maintained at or above company standards
Participates in the lease-up of newly constructed projects
Manages a team of asset management professionals
Recommends and executes financial restructuring as appropriate, including refinancing old debt, as well as investor exit (buyouts)
Administers LIHTC (low income housing tax credits) capital accounts through annual analysis and exit tax projections
Collaborates with the development team to identify opportunities for rehab and re-syndication
Coordinates with Portfolio Rehabilitation Manager and Sustainability Manager to manage small and medium size rehab projects
Special portfolio projects as assigned
Creates and refines the reporting procedures, database and other informational systems
Able to think strategically about the portfolio and management of multiple projects at once
Knowledge of real estate development, affordable housing finance and asset management functions to work effectively and credibly with other departments

Financial Analysis

Evaluates property plans to ensure surplus cash will meet long-term corporate cash flow targets.

Manages the annual budget process with assigned portfolio; proposes creative solutions to cash-flow issues.

Monitors portfolio to ensure that financial performance is in-line with the budget and that variance explanations meet BRIDGE and investor / lender requirements.

Monitors and reviews audits to ensure surplus distributions are made correctly and on a timely basis.

Monitors that properties moving into operations are meeting financial performance according to the proforma.

Tracks & monitors LIHTC (low income housing tax credits) capital accounts through annual analysis and exit tax projections

Relationship Management

Establishes and maintains good working relationships with lenders and investors as the primary contact for properties in the assigned portfolio.

Negotiates with partners and / or lenders as needed to amend agreements.

Facilitates approval processes with lenders and / or investors as needed.

Develops and sponsors occasional meetings to review portfolios with investors, lenders, and internal groups, including the coordination of on-site property visits in the portfolio.

Prepares annual Board reports for single purpose entities and projects with outside partners.

Coordinates all responses to questions from investors / lenders on assigned portfolio.

Physical Planning

Reviews long-term capital plans for the properties in assigned portfolio, suggesting adjustments to the Portfolio Rehabilitation Manager if necessary, managing reserve balances to meet long-term cash needs, identifying those properties requiring outside funding, and ensuring that major projects are progressing on plan.

Qualifications

Minimum of seven years of experience in asset management, property management or affordable housing development including with LIHTC

Bachelors or Master’s degree in a relevant field of study

Ability to read and interpret legal documents and financial spreadsheets

Skilled in operations, financial analysis and reporting

Excellent analytical, administrative and organizational skills

Experience in working collaboratively across divisions and being proactive

Keen understanding of the owner role and function to carry out dual bottom line of social mission and financial viability

An entrepreneurial and creative approach to problem solving in the field of affordable housing and asset management

Excellent oral and written communication skills

Must be comfortable with the duality of department languages (portfolio and asset management as well as development)

Previous management or supervisorial experience preferred

AMS and / or CHAM Designation preferred

BRIDGE Housing is an Equal Opportunity Employer committed to fostering an inclusive environment for our diverse workforce. We do not discriminate on the basis of race, religion, color,

national origin, gender identity, sexual orientation, age, marital status, veteran status, or disability. Pursuant to the California Fair Chance Act, we will consider qualified applicants with arrest

records

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