Senior Loan Asset Manager (Multifamily CRE)
Job Description
Job Description
About Us:
The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.
Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.
As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.
Role Summary:
The Senior Asset Manager will help implement the strategic direction provided by the AVP, Senior Asset Manager and Asset Management team and will maintain relationships with various stakeholders involved with the CPC’s permanent Mortgage Loan portfolios. The individual will oversee the identification and mitigation of credit, financial, operational, physical and market risks impacting the properties collateralizing their loan portfolio. This role will also work with internal stakeholders, as well as borrowers; guarantors; local, state, and federal government agencies; developers; owners; managers; and other industry groups to preserve the value of the housing financed by the mortgage loans.
What You’ll Do:
- Manage ongoing asset management and surveillance activities to identify, monitor, rate and mitigate the financial, credit, operational, physical and market risks impacting the properties collateralizing the Mortgage Loans in the CPC loan portfolio, as assigned.
- Coordinate the review, analysis, and submission of property-level, loan asset management reports.
- Ensure compliance with Loan Servicing Agreements.
- Facilitate CPC’s partnership with appropriate internal and external partners.
- Review and approve reserve withdrawal requests to reimburse borrowers for eligible expenditures.
- Coordinate the review, analysis, and submission of borrowers’ special consent requests including but not limited to assumptions, changes to organizational structures, management changes, collateral releases, easements, tax credit investor exits and additional requests as received from the Borrower and required by the note holder and loan documents.
- Inform management and other internal stakeholders of risks and issues in the portfolios and assist with quantifying CPC’s risk exposure.
- Work with internal and external stakeholders to mitigate risks in the portfolios and communicate all servicing and asset management requirements.
- Monitor borrower level compliance with loan documentation.
- Provide excellent customer service to borrowers, principals, and sponsors by responding promptly and accurately to questions and information requests.
- Assist in training and mentoring Asset Management staff.
- Perform other duties as required.
Skills and Experience:
- 5 - 7 years' within real estate asset/portfolio management or multifamily loan servicing required.
- Understanding of multifamily rental housing development, ownership, operations and management.
- Familiarity with federal, state, and local affordable housing programs.
- Demonstrated ability to manage multiple projects and assignments, meet deadlines, coordinate, and communicate effectively and cultivate professional relationships.
- Experience with agency multifamily asset management requirements preferred.
- Excellent oral and written communication skills.
- Superior presentation skills and problem-solving skills.
- Ability to travel, as necessary.
What We Offer:
- Competitive compensation
- 401(k) retirement plans with employer match
- Medical, dental, and vision benefits for employees and their dependents
- Commuter benefits
- PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
- Tuition assistance program
- Two “work from anywhere” weeks per year
- Summer Fridays
- Collaborative working spaces
- Service days to support our communities
- Employee development and engagement events
- More about our offerings and culture here
This is a hybrid role that can be based in either NY and would work out of our Manhattan or Chappaqua office 2 - 3 days a week or remote in select locations (Massachusetts, Pennsylvania, Texas, Georgia, Illinois, Maryland, North Carolina, Virginia) and will need to periodically travel to our Manhattan or Chappaqua office. The salary range is $90,000 – $110,000, dependent on experience.
The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.