Distressed Asset Manager Jobs (NOW HIRING)

About Us:

The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.

Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.

As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.

Role Summary:

The Senior Asset Manager is responsible for the oversight, analysis, and resolution of a portfolio of high‑risk, delinquent, and non‑performing multifamily loans, with a strong emphasis on affordable housing, LIHTC, Agency, and Non‑Agency products. This role independently manages complex distressed assets, develops workout recommendations, and partners with Legal, Credit, and Servicing to support restructures, enforcement actions, and loss‑mitigation strategies. The Senior Asset Manager also provides guidance to Asset Managers and Analysts, supporting consistency in credit practice and documentation.

What You’ll Do:

• Manage a portfolio of high-risk, delinquent, watchlist, and non-performing multifamily assets, ensuring proactive monitoring of performance, covenant compliance, and collateral condition.

• Evaluate borrower financial strength, property performance, and business plans to assess credit risk, identify potential issues, and determine appropriate risk mitigation strategies.

• Develop and execute asset-level workout strategies, including forbearance agreements, loan restructurings, repayment plans, and, where necessary, enforcement actions.

• Partner with Legal and external counsel to manage enforcement processes such as receiverships, foreclosure, litigation, and negotiation of workout and restructuring documentation.

• Serve as the primary point of contact for complex and distressed assets, leading borrower discussions, managing investor communications, and coordinating with internal stakeholders.

• Prepare clear and concise credit memos, risk assessments, and recommendations to support decision-making by senior leadership and credit committees.

• Maintain accurate and timely asset-level data and reporting within servicing systems, ensuring transparency and consistency across tracking tools and dashboards.

• Monitor portfolio performance to identify early warning indicators and escalate emerging risks with recommended actions.

• Support portfolio-level reporting and analysis, including identification of trends, risk concentrations, and performance insights.

• Provide guidance and support to junior team members, promoting consistency in analysis, documentation, and overall asset management practices.

Skills and Experience:

• Bachelor’s degree required (Finance, Real Estate, or related field preferred).

• 5–7+ years of experience with strong knowledge of multifamily asset management and non-performing loans, including Agency and Non-Agency products (experience with LIHTC preferred).

• Proven ability to manage complex assets and deliver clear, well-supported credit recommendations in a dynamic environment.

• Proficiency in financial analysis, valuation concepts, and risk assessment, including experience evaluating cash flow, collateral performance, and business plans.

• Strong communication, organizational, and negotiation skills, with the ability to effectively engage borrowers, investors, legal counsel, and internal stakeholders.

• Ability to manage multiple priorities and drive outcomes in a fast-paced, high-accountability environment.

• Travel required as needed.

What We Offer:

• Competitive compensation

• 401(k) retirement plans with employer match

• Medical, dental, and vision benefits for employees and their dependents

• Commuter benefits

• PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability

• Tuition assistance program

• Two “work from anywhere” weeks per year

• Summer Fridays

• Collaborative working spaces

• Service days to support our communities

• Employee development and engagement events

• More about our offerings and culture here

This is a remote role available in Missouri, Kansas, and Texas. Periodic travel to our Manhattan or Chappaqua, NY office may be required. The salary range is $95,000 – $110,000, dependent on experience.

Applicants must be authorized to work in the United States. The Community Preservation Corporation does not provide employment sponsorship of any kind. Candidates are responsible for ensuring they meet all minimum qualifications for the position at the time of application.

The Community Preservation Corporation is an Equal Opportunity Employer, and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status

Compensation Range: $95K - $110K