TITLE:ย Director of Asset Managementย
REPORTS TO:ย Vice President of Real Estateย
DEPARTMENT: Asset Managementย
STATUS:ย Regular, full-timeย ย
FLSAย STATUS:ย Exemptย
WAGE RANGE: $165,000 - $195,000/year
GRANTย FUNDED:ย Noย
UNIONย POSTION:ย Noย
LOCATION:ย TNDC Central Officesย
SCHEDULE:ย Hybrid minimum of 3 days onsite at TNDC offices and 2 days remote per week; on call as needed for critical incidentsย
SUMMARYย
The Directorย of Asset Management is a full-time position for an experienced asset management professional who reports to the Vice President of Real Estate andย is responsible forย the asset management of a growing affordable housing portfolio that includes 50 properties currently. The Directorย supervises the Asset Management staff and works closely with leadership from other departmentsย directly relatedย to portfolio performance including Property Operations and Housing Development. This position provides leadership and oversight and is responsible for developing and executing the portfolio strategy, including strategic repositioning of assets; conducting analysis and making recommendations and action plans to improve portfolio performance; and representing TNDC as a leader at key stakeholder and peer network convenings to advocate for policies and funding opportunities to optimally support TNDCโs portfolio sustainability. This position has a unique opportunity to work and lead across all business lines.ย
This job description should not be interpreted as all inclusive. It is intended toย identifyย the essential functions and requirements of this position. The incumbent may be requested to perform job-related responsibilities and tasks other than thoseย statedย in this job description.ย
RESPONSIBILITIESย
Strategic Leadership and Portfolio Goal Settingย
- Supervise 4.0 Full Time Employees (FTEs): 3 Asset Manager Staff and 1 Asset Management Analyst; supervision responsibilities may change depending on growth of the portfolioย
- Oversee delegation of TNDCโs portfolio to asset management staff; ensure quality control across assets and staff; ensure alignment of strategic decisions on portfolio work with TNDCโs organizational business plansย
- Develop annual operational and structural (recapitalization, workout, repositioning) goals for management of the portfolio,ย establishย clear and actionable performance goals and benchmarks for each asset including strategies to reduce costs, increase efficiency and performance to ensure TNDC maintains a financially balanced portfolioย
- Ensure annual asset performance goals are reflected and tracked in asset-specific plans, variance tracking metrics, and portfolio asset watchlistย
- Participate in TNDCโs Senior Leadership Team (SLT) monthly convenings; report updates to the SLT on major asset management initiatives in coordination with TNDCโs Vice President of Real Estate (VPRE)ย
- Attend TNDCโs monthly Board Finance, Asset Management, and Property Management Committee (FAMP), and potentially the Housing Development Committee; provide regular updates to Committee on major asset management initiatives and overall portfolio performance indicatorsย
Portfolio and Organizational Financial Healthย
- Leadย annual property budget processesย on behalf of Asset Management and in conjunction with leadership from other TNDC departments; review and approve final annual operating budgets, including those in the housing development pipeline; record risks, vulnerabilities, andย opportunities related to operating performance in asset management plansย
- Develop annual capital expenditure goals for each asset with identified sources of funding (replacement reserves, portfolio reserves, etc.)ย using third party capital planning reports and/or internal facilities conditions assessments; track new sources of potential capital improvement fundingย and forecast potential need for larger recapitalization initiativesย
- Participate in monthly Portfolio Recapitalization meetings; initiate recapitalization, refinancing, repositioning, and/or dispositions of assets that require structural solutionsย
- Provide lead asset management involvement in Interdepartmental Design Team meetings to opine on design and new construction/rehabilitation scopes to ensure optimal outcomes for project financial health and sustainability once in TNDCโs portfolio; make strategic recommendations on overarching design guidelines that will improve operational efficiency, ensure financial sustainability, and manage insurance risk.ย
- Developย exit strategyย for each asset, includingย Year 15 withdrawals of investors,ย buy-out of investor interest, sale, and refinancingย strategies; opine on and shape back-end deal terms for development pipeline projectsย
- Lead hand-off process for projects transitioning from the real estate development team to ownership and operations; ensure all regulatory obligations, maintenance obligations,ย and special conditions are recorded in asset management plansย
- Work withย Director of Risk Management,ย property management,ย and insurance broker(s)ย toย initiateย programs to reduceย insuranceย risk across the portfolio. Manage insurance renewals and coordination of coverage. As necessary, evaluate the need forย additionalย risk management strategies andย additionalย enhancements.ย
- Monitor trends withinย Assetย Management field toย determineย new software, methods and ideas that will improve portfolio performance or departmental efficiency.ย
- Lead monthly interdepartmental Watchlist Committee meetings;ย utilizingย monthly portfolio data, ensure Committee members are held accountable toย identifiedย action items, timelines, and deliverables for priority assetsย
- Ensure asset management team tracks asset management plans with identified solutions to course-correct budgets and re-forecasts asset financial performance based on progress or changes in budget outcomes; lead monthly interdepartmental variance meetings to ensure property operating targets are metย
- Complete special projects as assigned by the Vice President of Real Estate that directly support specific asset financial health or portfolio-wide sustainabilityย
Lender / Investor / Funder Relationship Managementย
- Act as the primary contact for lenders, investors, development partners, and bondholders; communicate effectively and manage those relationships toย maintainย positive relationsย
- Monitor asset management reports, reserve draws, rent increase requests, and other documents and request to funders and investors; quality control requests made by asset management staff and ensure all deadlines are metย
- Ensure all asset management-related requests from internal and external stakeholders are completed on-time for delivery of annual audits and financial statementsย
- Assistย with completion of property auditsย
- Complete annual update to TNDCโs Real Estate Owned (REO) schedule;ย participateย in meetings with funders and investors,ย as-needed,ย regardingย financial performance targets and progressย
Third Party Property Management, Commercial Portfolio Management, Services Obligationsย
- Lead overall commercial leasing strategy for TNDC portfolio and new projects; review lease terms, understand impact of lease terms to projectโs underwriting and financial sustainability, manage relationship with third-party commercial management and marketing firmsย
- Lead oversight of TNDCโs third-party management contracts, including annual budgeting; leasing,ย rentsย and operational targets; and capital expenditures; function as lead for TNDC and main point of contact for management leadershipย
- Ensure required social service obligations are understood and met; make recommendations on how social services can directly help with property performance goalsย
Policyย
- Monitor local, city, state, and federal policies and regulation changes that shape and impact portfolio performance outcomes and funding opportunities that directly support TNDCโs portfolio health and long-term sustainabilityย
- Participate in stakeholder advocacyย and peer networkย convenings related to regulatory and funding changes thatย impactย portfolio; provide comments and recommendations to support policies that willย directlyย benefitย TNDCย
MINIMUM REQUIREMENTSย
- Four-year college degreeย
- Sevenย years of direct experience in non-profit owner asset management as a full-charge asset manager. Experience and accomplishments comparable to this grade may substitute for years of direct experience.ย
- High level specialist knowledge in at least two of these subjects: insurance, property tax, HUD contract renewals/increases, AM design review, Tax Credit programs or databasingย
- Intermediate knowledge of MSย Suite, including Teams,ย Planner andย SharePointย
- Two years of experience in quantitative analysisย
PREFERRED QUALIFICATIONSย
- Graduate Degree and/orย additionalย related professional experienceย
- Intermediate knowledge of property management software or accounting softwareย
- Training or experience in Housing Developmentย
- Professional certification related to housing development,ย propertyย or asset managementย
PHYSICAL DEMANDSย
- Ability to remain in a stationary positionย for extended periods while working at a computer.ย
- Ability to move aboutย inside the office and between onsite meetings at various TNDC properties.ย
- Ability toย operateย a computer, phone, and standard office equipment.ย
- Occasional liftingย of materials weighing up to 25ย lbsย (files, laptops, binders).ย
- Ability to travelย to TNDC properties, external meetings, and training locations throughout San Francisco and the Bay Area.ย
- Reasonable accommodations may be made to enable individuals with disabilities to perform essential job functionsย
WORK ENVIRONMENTย
- Positionย operatesย in an office environment with regular visits to residential buildings, which may include exposure to dust, cleaning chemicals, and varying weather conditions.ย
- Noise level is typically moderate.ย
- This position is eligible for a hybrid schedule per TNDC policyย
TRAVEL REQUIREMENTSย
- Regular local travel between TNDC properties and partner meetings (typically within San Francisco).ย
- Occasional Bay Area travel forย trainings, funder meetings, and conferences.ย
- Rare out-of-state travel for professional development or compliance requirements.ย
Tenderloin Neighborhood Development Corporation is an Equal Opportunity Employer.ย In compliance with the San Francisco Fair Chance Ordinance (August 13, 2014), all qualified applicants with criminal histories will be considered for the position.ย
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