|Transactional Asset Manager - Multifamily Affordable Housing|
Company: Preservation of Affordable Housing
Location: Washington, DC
Employment Type: Full Time
Date Posted: 05/13/2021
Expire Date: 07/13/2021
Job Categories: Real Estate
Transactional Asset Manager - Multifamily Affordable Housing|
About the Opportunity: POAH is seeking a Transactional Asset Manager to join its Asset Management team working from Boston, Chicago or Washington, DC. For a description of the Asset Management teams work see https://www.poah.org/about/asset-management. The Transactional Asset Manager, working with other members of the team, will be responsible for property recapitalizations and refinancing debt for our existing portfolio, as well as some traditional asset management responsibilities. Some of the Transactional Asset Managers specific and essential tasks may include:
Identifying refinancing opportunities and advantageous debt products. Completing the process from identification to application and closing.
Preparing applications for second stage tax credit awards, refinancing, grant and other opportunities.
Developing requests for proposals (RFPs) for debt and equity and negotiating term sheets with lenders and/or partners for second stage LIHTC transactions.
Assembling a team of professionals including architect, engineer, lawyer and general contractor, and coordinating their work with other team members, including colleagues, on the refinancing and recapitalization projects.
Establishing and managing the predevelopment and recapitalization budgets to achieve projected financial objectives, tracking costs, analyzing and resolving budget shortfalls.
Working with the Senior Portfolio Asset Manager to monitor the financial performance of the existing portfolio including current year performance, budgeting and capital needs analysis.
Performing site visits and promulgating POAH and POAH Communities standards and knowledge in the field.
Completing portfolio analysis related to rents, surplus cash waterfall, operating comps, etc.
Tracking down property information as needed for portfolio surveys, lender/investor queries, portfolio information database.
Completing due diligence information requests.
Reviewing and negotiating closing documentation and/or researching information about previously closed transactions.
Tracking real estate taxes throughout the portfolio. Working with internal and/or external counsel explore potential savings.
Assisting with limited partner exits and lender/investor relations.
Experience & Knowledge
Candidates for this position should possess at least 4 years of relevant experience and knowledge in some or all of the following areas:
Structuring, negotiating and bringing refinancing and/or second stage tax credit recapitalizations to closing;
Public and private financing and transaction structuring.
Housing and community development, especially affordable housing and the regulations and financing applicable to the industry;
Asset Management and/or property management experience for affordable housing properties.
Design and construction management, including multi-family construction and rehab;
Establishing, monitoring, and achieving projected budgets;
Orchestrating Section 8 HAP renewals and/or rent comparability studies and associated rent increases;
Working with the HUD Multifamily Accelerated Processing (MAP) Guide to complete FHA refinancings.
Candidates should have demonstrated ability to:
Model refinancing and recapitalization transactions;
Communicate effectively in person and in writing;
Perform spreadsheet and other financial analyses;
Manage simultaneous and competing activities and demands, and
Remain organized and meet deadlines.
Ability to travel
Ability to attend periodic evening meetings
Company Name: Preservation of Affordable Housing
About the Organization: Preservation of Affordable Housing, Inc. (POAH) is a national nonprofit organization whose mission is to preserve, create and sustain affordable, healthy homes that support economic security, racial equity and access to opportunity for all. POAH owns and operates more than 12,000 affordable homes at more than 120 properties in 11 states and the District of Columbia. POAH is based in Boston with offices in Chicago and Washington, DC. POAHs reach is national in scope, and its pursuit of the preservation mission is empowered by a focus on the business bottom line. Its strong reputation is the result of a demonstrated ability to craft complex financial transactions, tackle tough multi-family projects, and close deals that preserve the affordability of at-risk properties. The organization and its leaders are at the forefront of policy and legislative discussions around housing preservation, affordable housing finance and regulatory reform, including energy efficiency in the multifamily sector. The POAH team is dedicated, creative and passionate. We believe a diverse and inclusive team is a stronger, smarter team, and we actively promote diversity and meaningful inclusion of different perspectives among our board, our staff, our partners, in our procurement of good and services, and at our communities. We understand that addressing structural racism and achieving racial equity are central to the work we do and we proactively integrate the issue of race in our housing work.