Senior Asset Manager

TITLE: Senior Asset Manager

REPORTS TO: Director of Asset Management

DEPARTMENT: Asset Management

STATUS: Regular, Full-Time

FSLA: Exempt

WAGE RANGE: $115,415 - $125,559/year

GRANT FUNDED: No

UNION POSITION: No

LOCATION: 145 Taylor St, San Francisco, CA 94102

SCHEDULE: Monday - Friday; 9:00 am - 5:30 pm; Hybrid; 3 days onsite, 2 days remote

SUMMARY

Under the general direction of the Director of Asset Management, the Senior Asset Manager is responsible for ensuring that a sub-portfolio of TNDC properties achieves the financial, physical, and social goals and standards of the owner, TNDC, and its funders. Of particular importance is planning property and portfolio re-capitalization and execution of partner exits. Overall, there is exposure to many issues with many opportunities for creative problem solving. This is a very good opportunity for professional development in real estate.

ESSENTIAL DUTIES

Financial Well-Being

• Establish and monitor financial performance standards for a portfolio of approximately twenty (20) assets within TNDC’s portfolio.

• Monitor and provide input on annual rent setting goals to meet property financial performance targets; monitor annual income certification process and participate, as-needed, in annual file audit strategy.

• Contribute to property Watch listing work-out analysis, discussions, and identification of asset-specific solutions

• Monitor the current and long-term financial status of TNDC projects by reviewing operating budget variance reports and by preparing long-term operating cash flow projections

• Review and manage asset-level data integrity in Yardi (or equivalent), document management, and Microsoft BI dashboards; standardize chart of accounts mapping for analytics

• Contribute to preparation of audited financial statements, i.e., related party fees, contingent liabilities, reserves, and surplus cash analysis and distribution

• Assist Director of Asset Management and Accounting Team in audit tie-out procedures, and provide variance narratives to streamline annual audits and monitoring visits.

• Review audited financial statement draft reports.

• Propose solutions to structural deficits and propose disposition of annual surplus/deficits

• Responsibility for at least one technical specialization for the portfolio, such as property tax, mortgage, HUD contracts, or insurance management.

Physical Well-Being

• Ensure portfolio meets owner physical quality standards

• Approve specific capital improvement project proposals

• Ensure that capital needs assessments are performed on all properties, either internally or from third-party consultants; utilize findings to inform asset management plans, capital improvements prioritization, and/or recapitalization strategies

• For moderate rehabs, serve as owner’s rep in preconstruction, change order control, schedule/cost oversight, and relocation planning coordination (with PM and services)

• Assist Facilities Team with establishing portfolio decarbonization and resilience targets (electrification, heat pump conversions, envelope upgrades) with facilities team, receive reports from facilities who track energy/water benchmarking, and help direct appropriate team to pursue incentives

• Complete property site visits annually, to assess operations and physical conditions, with additional site visits as needed.

Portfolio Planning and Re-capitalization

• Write property-specific asset management plans through analysis which finds each properties problems, opportunities and actions

• Contribute to portfolio long-range planning and lead execution of actions, such as re-finance, partner exits, increasing savings or finding new funding sources

Investor/Lender Contract Administration

• Minimize financial risk by ensuring compliance with third party requirements OR Follow the annual compliance calendar (CTCAC/TCAC, CDLAC, HUD, HCD, MOHCD, SF DBI/SFFD where applicable) developed by Director and ensure timely filing—e.g., Annual Owner’s Certifications, monitoring submissions, rent/income limit updates, utility allowances, and affirmative marketing reporting

• Track and fulfill city monitoring/reporting obligations specific to SF-funded assets, including compliance with recorded affordability covenants and services commitments

• In collaboration with Compliance inspection schedule, monitor stakeholder inspections, findings, and close-outs

• Maintain property asset management plans/deal books that include analysis of most restrictive requirements, services requirements, and other regulatory requirements that need to be tracked annually

• Monitor resident services outcomes that tie to asset KPIs (e.g., tenancy stabilization, reduced arrears/evictions, etc.)

• Provide timely information to and maintain excellent relationships with lenders, investors, and government agencies

• Preparing contract analysis summaries for loan and equity agreements

• Administer loan and equity agreements after initial and final loan closings

Responsibilities Furthering Multiple Owner Goals

• Advance Owner’s main objectives by commenting on Property Management policies plans and procedures

• Work with TNDC development staff to create initial operating budgets and project designs that achieve Asset Management goals of long-term financial stability, cost efficiency and well-maintained physical plant

• Participate in new project hand-off from development to asset management and operations, understanding the long-term performance objectives and recording regulatory requirements

• Recommend for approval management plans which accomplish owner’s asset management goals

• Assist Director or VP of Real Estate in preparation of quarterly and annual dashboards and memos for Board/Finance Committee and LPs—performance trends, compliance status, capex progress, risk alerts, and strategy updates

• Manage welfare tax exemptions, appeals, and valuation negotiations (as needed).

• Perform other related duties as required