Asset Manager, Construction and Lease Up

Company: Cinnaire

Locations: Lansing, MI; Detroit, MI; Grand Rapids, MI; Chicago, IL; Indianapolis, IN; Wilmington, DE; Madison, WI

Job Function: Lending/Loan Operations


Who we are
Cinnaire is a mission-driven organization. Our team of more than 130 individuals are united by our core purpose. As dedicated problem solvers, we start each day thinking ‘what kind of difference can we make in people’s lives today?’ and then go about revitalizing communities, empowering individuals and creating economic opportunities.

What we do
We get involved. We spend time on the ground in the communities we serve, getting to know the people, understanding their challenges, and devising out-of-the-box solutions. Ours is a people-first approach to advancing communities. As a community development financial organization, we provide creative capital solutions to projects with high social value that may not otherwise receive support from traditional financial institutions. Our toolkit of services includes programs that lend funds, finance development and manage and build all the components of healthy communities.

How we do it
We help community development organizations, lending partners and socially motivated investors accomplish goals in underserved communities. We fill gaps in community development funding by leveraging capital from public and private sector organizations and bringing expertise to communities that need it most.

Where we serve
Since 1993, Cinnaire has funded affordable housing developments and community development initiatives throughout the Midwest and Mid-Atlantic states. Headquartered in Lansing Michigan, we have offices in Detroit and Grand Rapids, MI:, Milwaukee and Madison, WI; Chicago, IL; Indianapolis, IN; and Wilmington, DE, while providing financial and development support across our nine-state footprint including Michigan, Wisconsin, Minnesota, Indiana, Illinois, Pennsylvania, New Jersey, Delaware and Maryland.


An Asset Manager oversees a portfolio of real estate debt and equity investments.  Generally, this includes ensuring the financial success of the partnerships, continuing compliance with the executed partnership agreement, continuing compliance with loan documents, and adherence to various regulatory agreements.  These requirements are fulfilled through monitoring, reporting, and direct interaction with owners and management of individual partnerships.


Essential Duties and Responsibilities:

  1. Holds orientation meetings on all new deals with the development team.
  2. Ensures proper setup of new deals in data management system.
  3. Monitors construction to:
    • Ensure protection of debt and/or equity investments.
    • Ensure timely delivery of tax credits and losses for low-income housing tax credit equity investments.
    • Ensure construction is performed in accordance with the loan documents/partnership agreement, including monitoring of construction costs and timeliness.
  4. Monitors lease-up to:
    • Ensure protection of debt and/or equity investments.
    • Ensure timely delivery of tax credits and losses for low-income housing tax credit equity investments.
  5. Monitors operations during the lease-up period to:
    • Ensure continued compliance with applicable programs.
    • Ensure timely conversion to the permanent financing.
  6. Calculates net income/(loss) projections.
  7. Monitors projected and capital contribution needs.
  8. Processes capital contributions.
  9. Completes the conversion to permanent financing when a loan product is involved.
  10. Manages and monitors accurate, timely delivery of data to the data management system.
  11. Closely monitors and corresponds regularly with sponsors for those assets displaying signs of weakness and increased investor risk.
  12. Evaluates assets displaying signs of weakness and increased investor risk for inclusion on the watch list.
  13. Monitors action plan progress on troubled assets on a regular basis to ensure improved asset performance.
  14. Collects and processes information relating to the performance of each asset.
  15. Analyzes, projects, and reports information relating to the performance of each deal.
  16. Involvement in industry activities includes participation in industry conferences, trade shows, educational opportunities, and other events that will benefit business relationships.
  17. Continues education in applicable aspects of the laws and regulations for different programs involved in the assets (HOME Loans, other loan products, tax credit rules, bond compliance, etc.).
  18. Maintains business relationships with investors, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and any other related parties.
  19. Involvement in the assessment of policies and procedures of the asset management department to assist in continually improving the performance of the department.
  20. Participates in departmental staff meetings and company-wide staff meetings.


Qualifications and Skills:

  • BA/BS from accredited College/University
  • 2 years of experience in real estate development; finance, rent-restricted multifamily asset or property management; or community development; or commercial lending, commercial real estate development; finance, rent-restricted multifamily asset or property management; or community development.


  • Intellectual Agility: Flexes and adapts thinking skills to meet the needs of different situations and circumstances. Doesn’t limit problem solving to one approach or methodology.
  • Perseverance: Accepts uncertainty by remaining focused and engaged on assignments. Looks for plausible solutions to difficult problems.
  • Insight to Action: Acts on conviction and advances from concept to implementation toward a goal. Draws upon knowledge and professional judgement to orchestrate the steps required to get results.
  • Customer Focus: Stays ahead of customer needs and uses insight to develop new and/or modify client services.

Reporting Relationship: Reports to Construction and Lease Up Manager

Supervisory Relationship: None

Physical Requirements:

  • Ability to work on a computer for extended periods of time.

Travel Required: Up to 50%

Compensation and Benefits

Cinnaire offers a competitive compensation package

How to Apply