Jobs
Asset Manager,
Mercy Housing California
City: San Francisco
State: CA
Company Name: Mercy Housing California
Organizational Description: Mercy Housing California (MHC) is the largest regional development corporation in the Mercy Housing System (MHS). MHC develops housing throughout California and has offices in San Francisco, Sacramento, and Los Angeles. Formerly called Mercy Charities Housing California (MCHC), it was established in 1988 from a merger between Mercy Housing California and the housing ministry of Catholic Charities San Francisco. In 2000, MHC continued its expansion by merging with Rural California Housing Corporation - the second largest developer of self-help homeownership housing in the country.
Job Title: Asset Manager
Position Summary: The Asset Manager is responsible for achieving results for each property in the portfolio; analyzes properties utilizing industry standard real estate methods to evaluate financial health and long-term viability and makes strategic recommendations. Analyzes Mercy properties to evaluate financial health and long-term viability and makes recommendations to the GBC Leader. Performs in-depth property analysis utilizing industry standard real estate methods. Assists the GBC Leader with the oversight and internal control of assets within the geographic portfolio. Provides property analysis and reporting of affordable housing and real estate holdings within the GBC on behalf of the GBC to the National Office, including investor reporting, debt service coverage testing, partnership calculations, review of financial operating statements, and reporting property performance to the Asset Management department. The Asset Manager is expected to carry out job tasks with final review by the GBC Leader and/or senior level managers.
Work Site: West Sacramento or San Francisco
Job Responsibilities:
- Prepare an annual asset business plan: Each year, prepare annual business plan for strategies, financial goals, and physical condition, as well as a five year plan for the property. The plan includes the budget, capital expenditure expectations, strategic recommendation(s), disposition strategies, and a plan for cash flow.
- Review and recommend annual budget: Oversee preparation with the property management company and recommend an annual operating budget to the Owner.
- Local market knowledge: Maintain a current understanding of local market conditions and opportunities or risks.
- Financial results: Achieve targeted results as per the approved annual asset business plan and budget. Monitor closely the debt repayments, AP aging, Owner distributions, asset management fee collections, and the quarterly sources and uses of cash. Know the property's operation and its position in the market.
- Internal reporting: Maintain and keep current all required internal periodic reports and keep the asset management system up to date on each asset.
- Troubled assets: Take the lead responsibility and be accountable for finding, recommending, and implementing solutions.
- Refi and recap: Initiate and complete refinancing or, where required, initiate a Year 15 rehab and recap with the development team.
- Due diligence: Work with Acquisitions and Development on due diligence for new deals.
- Forecasting: Handle cash flow forecasting for each quarter, including capex needs.
- Mitigate property taxes: Handle any necessary appeals or applications for waiver of taxes.
- Property insurance: Review coverages and costs for economic reasonableness and competitiveness.
- Perform periodic site inspections: During the calendar year, go on-site and drive the sub market and prepare detailed write up on findings.
- Investor/lender reporting: Prepare and submit interim and annual performance reports and information as required by investor's/lender's document format. Coordinate with Accounting on information release.
- Oversee property management performance: Hire and replace property management company, as appropriate.
- Occupancy: Achieve targets needed to meet budget with eligible residents.
- Compliance: Ensure that all residents meet the eligibility requirements as provided by the governing regulatory documents.
- Physical condition: Meet investor/lender requirements and other specific goals identified in the Ownership Management Plan.
- Resident satisfaction: Achieve targets set forth in the Ownership Management Plan.
- Resident Services: Oversee Resident Services and Property Management's results per the asset plan's performance goals.
- Community relations: Maintain positive community relations in relation to the Ownership.
- Risk management: Prompt resolution of life/safety issues, compliance with Fair Housing, OSHA, IRS, and other regulatory requirements; monitor for any liability issues that could harm the Owner and promptly report threatened or pending legal action. Promptly notify Owner of any notices received from lenders, regulators, or other stakeholders indicating default, lack of compliance, etc.
- Regulatory agencies: Build and maintain relationships with local and regional offices of various regulatory agencies that have a stake in the asset's performance.
Education: Bachelors degree in real estate, finance, business, or related field strongly preferred.
Experience: Minimum of three years of real estate industry experience, preferably commercial real estate with exposure to affordable housing.
Abilities:
- Work in complex organization with multiple relationships.
- Adapt to frequently changing work assignments.
- Read and interpret financial statements; read, interpret, and comment on legal documents.
- Make limited contractual and expenditure decisions within corporate guidelines.
- Proficiency with Microsoft Office.
- Work on several projects at the same time with constant interruptions.
- Communicate effectively, both orally and in writing.
- Able to negotiate. Good organizational skills.
- Work with minimal supervision.
- Develop consensus within and between diverse groups.
- Understand and commit to the Mission and Values of Mercy Housing, Inc.
Apply at http://mercyhousing.ats.hrsmart.com
