Assistant Asset Manager, Construction and Lease Up
Company: Cinnaire Corporation
Locations: Lansing, MI; Detroit, MI; Grand Rapids, MI; Chicago, IL; Indianapolis, IN; Madison, WI; Wilmington, DE
Job Function: Financial Services
Background
Who we are
Cinnaire is a mission-driven organization. Our team of more than 150 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 strong, vibrant 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.
Summary
The Assistant Asset Manager, Construction and Lease Up (AAMCLU) manages an investment portfolio and ensures continuing compliance with executed partnership agreements, continuing compliance with loan documents, and adherence to various regulatory agreements and supports the Asset Management team with tasks directly related to the management of the tax credit equity real estate portfolio.
Responsibilities
- Holds orientation meetings on all new deals with the development team.
- Ensures proper setup of new deals in data management system.
- 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.
- 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.
- Monitors operations during the lease-up period to:
- Ensure continued compliance with applicable programs.
- Ensure timely conversion to the permanent financing.
- Calculates net income/(loss) projections.
- Monitors projected and capital contribution needs.
- Processes capital contributions.
- Completes the conversion to permanent financing when a loan product is involved.
- Manages and monitors accurate, timely delivery of data to the data management system.
- Closely monitors and evaluates assets displaying signs of weakness for action plans and/or inclusion in watchlist and corresponding with sponsors regarding he assets. Collects and processes information relating to performance of each asset.
- Maintains business relationships with investors, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and any other related parties.
- Manages reporting requirements of a tax credit investment portfolio at each quarter and year end.
- Oversees the department mailbox throughout the year to ensure data is being saved and loaded timely.
- Assists in preparation of materials for industry conferences and recurring partner meetings.
- Assists with coordinating reserve draws and capital contributions.
Requirements
Qualifications and Skills:
- BA/BS in Real Estate, Urban Planning, Finance, Economics, Business, Accounting, or related field.
- 1-2 years of experience working in a professional real estate setting.
- Experience using operating data from multifamily real estate to find trends and issues Strong Microsoft Office Suite skills.
- Reliable means to get to work and to property sites.
Key Competencies:
- Analysis to Synthesis: Interprets data and information from multiple sources and translates it into coherent messages that inform decisions.
- Intellectual Agility: Flexes and adapts thinking skills to meet the needs of different situations and circumstances; does not 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 towards a goal; draws upon knowledge and professional judgement to orchestrate the steps required to get results.
Reporting Relationship: Reports to Construction and Lease Up Manager
Supervisory Relationship: None
Physical Requirements:
- Ability to visit and inspect property sites.
- Ability to work on a computer for extended periods of time.
Travel Required: 10%
Compensation and Benefits
Cinnaire offers a competitive compensation package.
Benefits Offered: Medical, Health Reimbursement Account, Flexible Spending Accounts (medical and dependent care), Dental, Vision, Life Insurance, Accidental Death & Dismemberment, Long-Term Disability, Employee Assistance Plan, Pet Insurance, Identity Theft Protection, Paid Mobile Phone Service, Unlimited PTO, Incentive Compensation, 403(b) Plan, and Profit-Sharing Plan.