Senior Vice President, Asset Management - Denver Office

At Mercy Housing, we are on a mission to redefine affordable, low-income housing and create a more humane world where communities thrive, and all individuals can realize their full potential. As the largest nonprofit affordable housing provider in the nation, we build, preserve, and manage program-enriched housing across the country.

Interested and Qualified candidates should contact Tracy McMillan at 484.994.9270 or tracymac@broadviewtalent.com. 

The Senior Vice President, Asset Management will maintain a consistent and coordinated approach to the stewardship of a very large and highly regulated affordable real estate portfolio with many complex assets. In coordination with the CEO, COO, CFO and Mercy Housing Management Group (MHMG) SVP and President, set national portfolio goals for property performance. Create a recapitalization strategy that prioritizes and directs investments in existing properties to obtain optimum financial performance to increase distributable cash.  Supervise and guide team including an Asset Management Team (including affordable housing and commercial oversight and analytics), a Capital and Design Team, a Transaction Team and Environmental Sustainability Team.  This role is integral to the financial and physical health of Mercy Housing’s $4.9B real estate portfolio. 

The position reports to the Chief Operating Officer (COO) and is eligible for a hybrid work schedule.

Pay: $200,000-230,000/salary DOE

Benefits:

• Several Healthcare plans to choose from, dental (includes adult and child orthodontia) and vision  
• 15 days of earned PTO your first year, 12 company holidays 2 floating holidays. 
• 403b match 
• Early close Fridays (3 paid hours each Friday)   
• Early close prior to a holiday (3 paid hours) 
• Paid Time off between Christmas and New Year's Holiday 
• Paid Volunteer Time  
• Paid Parental Leave and Care Giver Leave  
• Paid Life Insurance 
• Free Employee Assistance Plan  
• Free Basic Dental
• Pet Insurance options 

Duties:

Asset Management (Affordable and Commercial Portfolio, Analytics and Reporting)

• Oversee the analysis, risk ratings, watch list reporting, and action plans on all properties. Provide analysis and recommendations regarding significant patterns and trends emerging from such analysis with additional focus on those that are underperforming.
• Oversee the annual asset business planning cycle and ongoing monitoring of the portfolio. Ensure the creation, monitoring, and execution of Asset Business Plans at the property level through collaboration with the Mercy Housing Management Group (MHMG) and the Geographic Business Center leadership.
• Ensure that all ownership reporting to investors and regulatory agencies including annual property tax filings, appeals and exemptions, annual owner’s certifications for all LIHTC properties, and all compliance reporting is completed and submitted.
• Ensure the timely and accurate review, approval, and monitoring of property budgets and quarterly forecasting of Asset Management Fees, Partnership Management Fees, Development Fees, and other revenues.
• Ensure that annual audits and cash flow calculations for each asset are reviewed to ensure accuracy and timely delivery.
• Manage, mentor, guide and motivate the asset management staff.
• Ensure all pertinent data and documents regarding the portfolio are put into Mercy Investment Central system.
• Oversee the annual “look back analysis” on all new development properties to evaluate projects after stabilization and compare to original underwriting to improve underwriting practices and future property performance.
• Oversee all commercial asset management work to maximize occupancy and cash flow.
• Work with MHMG and Finance to streamline processes and reduce redundancy.

Capital and Design

• Oversee the five-year capital tracker, reserve analysis and capital improvement plans for portfolio.
• Partner with MHMG to execute on all large-scale capital projects both budgeted and for Portfolio Preservation Fund.
• Ensure that all residual receipts are calculated to maximize value of asset.
• Assist development with any residual construction cash after financial close.
• Assist Risk Management in the rebuild process for large insurance claims (Over $100K).
• Assist in the oversight of construction scope and bids for large scale capital projects.
• Ensure Asset Management Team is seeking important opportunities for capital, operating and environmental grants and subsidies and NOFAs to reduce expenses and address capital needs at the properties.
• Oversee staff who review the design of all new development projects to ensure compliance with Mercy’s Design Standards.

Transactions

• Responsible for the Transaction Team and all distressed property workouts, refinances, financial restructures, and dispositions.
• Responsible for accurate timing and forecasting of transactions to meet budget/forecast.
• Oversee the transaction team’s assessment of all acquisitions for Mercy including detailed due diligence, underwriting and financing options.
• Oversee the transaction team’s refinances and repositioning of property debt.
• Oversee the transaction team’s preparation and planning for Year 15 exits including all partner negotiation and management of reserves to optimize financial impact of exit.

Environmental Sustainability

• Responsible for the implementation and maintenance of a consistent and coordinated national approach to integrating Environmental Stewardship practices into future and existing developments, operations, and locations. 
• Work with Environmental Sustainability Team to develop, fund and implement a consistent pipeline of sustainability projects that will achieve program goals (GRRP, sensors, solar, etc.).
• Manage the Environmental Sustainability staff and guide other work teams to assure the goals and work plans are achieved in a timely and effective manner. Recommends, vets, implements, and maintains a strategic plan regarding organizational execution of consistent environmental practices.  Track progress toward environmental goals.
• Oversee all reporting and strategic planning toward Mercy Housing’s energy and carbon reduction commitments (i.e. Department of Energy (DOE) Better Buildings Challenge and Better Climate Challenge goals).
• Identify resources and oversee funding applications to support sustainability efforts.

Minimum Qualifications:

• Bachelor’s degree in finance, real estate, business administration, or related field.
• Ten (10) years of experience in asset management while managing a large team
• Experience in federal housing programs, subsidies and LIHTC.

Preferred Qualifications:

• Master’s degree in finance, real estate, business administration, or related field.
• Environmental sustainability experience.

Knowledge and Skills:

• Motivate people to superior performance and be a valuable resource to company leaders.
• Demonstrated ability to lead, coach and build a highly motivated and competent staff located in a variety of locations while being based in Denver, Colorado
• Strong understanding of current technologies for both internal and outsourced approaches to asset management, property management, accounting to direct industry best practices.
• Skilled communicator of financial metrics, benchmarks and process to effect change in a centralized operating environment.

This is a brief summary of the position and responsibilities.

Mercy Housing is a fair chance employer; while we conduct background checks for all positions, we will consider qualified applicants with arrest and conviction records.

Salary : $200,000 - $230,000