Director Of Asset Management

TITLE: Director of Asset Management

REPORTS TO: Vice President of Real Estate

DEPARTMENT: Asset Management

STATUS: Regular, full-time

FLSA STATUS: Exempt

WAGE RANGE: $165,000 - $195,000/year

GRANT FUNDED: No

UNION POSTION: No

LOCATION: TNDC Central Offices

SCHEDULE: Hybrid minimum of 3 days onsite at TNDC offices and 2 days remote per week; on call as needed for critical incidents

SUMMARY

The Director of Asset Management is a full-time position for an experienced asset management professional who reports to the Vice President of Real Estate and is responsible for the asset management of a growing affordable housing portfolio that includes 50 properties currently. The Director supervises the Asset Management staff and works closely with leadership from other departments directly related 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 TNDC's portfolio sustainability. This position has a unique opportunity to work and lead across all business lines.

This job description should not be interpreted as all inclusive. It is intended to identify the essential functions and requirements of this position. The incumbent may be requested to perform job-related responsibilities and tasks other than those stated in this job description.

RESPONSIBILITIES

Strategic Leadership and Portfolio Goal Setting

• 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 portfolio
• Oversee delegation of TNDC's portfolio to asset management staff; ensure quality control across assets and staff; ensure alignment of strategic decisions on portfolio work with TNDC's organizational business plans
• Develop annual operational and structural (recapitalization, workout, repositioning) goals for management of the portfolio, establish 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 portfolio
• Ensure annual asset performance goals are reflected and tracked in asset-specific plans, variance tracking metrics, and portfolio asset watchlist
• Participate in TNDC's Senior Leadership Team (SLT) monthly convenings; report updates to the SLT on major asset management initiatives in coordination with TNDC's Vice President of Real Estate (VPRE)
• Attend TNDC's 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 indicators

Portfolio and Organizational Financial Health

• Lead annual property budget processes 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, and opportunities related to operating performance in asset management plans
• Develop annual capital expenditure goals for each asset with identified sources of funding (replacement reserves, portfolio reserves, etc.) using third party capital planning reports and/or internal facilities conditions assessments; track new sources of potential capital improvement funding and forecast potential need for larger recapitalization initiatives
• Participate in monthly Portfolio Recapitalization meetings; initiate recapitalization, refinancing, repositioning, and/or dispositions of assets that require structural solutions
• 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 TNDC's portfolio; make strategic recommendations on overarching design guidelines that will improve operational efficiency, ensure financial sustainability, and manage insurance risk.
• Develop exit strategy for each asset, including Year 15 withdrawals of investors, buy-out of investor interest, sale, and refinancing strategies; opine on and shape back-end deal terms for development pipeline projects
• Lead hand-off process for projects transitioning from the real estate development team to ownership and operations; ensure all regulatory obligations, maintenance obligations, and special conditions are recorded in asset management plans
• Work with Director of Risk Management, property management, and insurance broker(s) to initiate programs to reduce insurance risk across the portfolio. Manage insurance renewals and coordination of coverage. As necessary, evaluate the need for additional risk management strategies and additional enhancements.
• Monitor trends within Asset Management field to determine new software, methods and ideas that will improve portfolio performance or departmental efficiency.
• Lead monthly interdepartmental Watchlist Committee meetings; utilizing monthly portfolio data, ensure Committee members are held accountable to identified action items, timelines, and deliverables for priority assets
• 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 met
• Complete special projects as assigned by the Vice President of Real Estate that directly support specific asset financial health or portfolio-wide sustainability

Lender / Investor / Funder Relationship Management

• Act as the primary contact for lenders, investors, development partners, and bondholders; communicate effectively and manage those relationships to maintain positive relations
• 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 met
• Ensure all asset management-related requests from internal and external stakeholders are completed on-time for delivery of annual audits and financial statements
• Assist with completion of property audits
• Complete annual update to TNDC's Real Estate Owned (REO) schedule; participate in meetings with funders and investors, as-needed, regarding financial performance targets and progress

Third Party Property Management, Commercial Portfolio Management, Services Obligations

• Lead overall commercial leasing strategy for TNDC portfolio and new projects; review lease terms, understand impact of lease terms to project's underwriting and financial sustainability, manage relationship with third-party commercial management and marketing firms
• Lead oversight of TNDC's third-party management contracts, including annual budgeting; leasing, rents and operational targets; and capital expenditures; function as lead for TNDC and main point of contact for management leadership
• Ensure required social service obligations are understood and met; make recommendations on how social services can directly help with property performance goals

Policy

• Monitor local, city, state, and federal policies and regulation changes that shape and impact portfolio performance outcomes and funding opportunities that directly support TNDC's portfolio health and long-term sustainability
• Participate in stakeholder advocacy and peer network convenings related to regulatory and funding changes that impact portfolio; provide comments and recommendations to support policies that will directly benefit TNDC

MINIMUM REQUIREMENTS

• Four-year college degree
• Seven 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.
• 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 databasing
• Intermediate knowledge of MS Suite, including Teams, Planner and SharePoint
• Two years of experience in quantitative analysis

PREFERRED QUALIFICATIONS

• Graduate Degree and/or additional related professional experience
• Intermediate knowledge of property management software or accounting software
• Training or experience in Housing Development
• Professional certification related to housing development, property or asset management

PHYSICAL DEMANDS

• Ability to remain in a stationary position for extended periods while working at a computer.
• Ability to move about inside the office and between onsite meetings at various TNDC properties.
• Ability to operate a computer, phone, and standard office equipment.
• Occasional lifting of materials weighing up to 25 lbs (files, laptops, binders).
• Ability to travel to TNDC properties, external meetings, and training locations throughout San Francisco and the Bay Area.
• Reasonable accommodations may be made to enable individuals with disabilities to perform essential job functions

WORK ENVIRONMENT

• Position operates in an office environment with regular visits to residential buildings, which may include exposure to dust, cleaning chemicals, and varying weather conditions.
• Noise level is typically moderate.
• This position is eligible for a hybrid schedule per TNDC policy

TRAVEL REQUIREMENTS

• Regular local travel between TNDC properties and partner meetings (typically within San Francisco).
• Occasional Bay Area travel for trainings, funder meetings, and conferences.
• Rare out-of-state travel for professional development or compliance requirements.

Tenderloin Neighborhood Development Corporation is an Equal Opportunity Employer. In compliance with the San Francisco Fair Chance Ordinance (August 13, 2014), all qualified applicants with criminal histories will be considered for the position.