Caritas Management Corporation
Asset Manager - Cadillac Hotel
Caritas Management Corporation, San Francisco, California, United States, 94199
Asset Manager - Cadillac Hotel at Caritas Management Corporation
GENERAL SUMMARY: The Asset Manager is responsible for the development and implementation of strategies to preserve and enhance the value and condition of affordable real estate rental housing properties, and to ensure that Local, State, and Federal agency regulations and asset performance goals are met or exceeded. This role requires proactive communication with Internal Partners, including executive leadership, site managers, finance and accounting, resident services, and the real estate development team. A background in affordable housing property management, certifications, or equivalent experience is needed to recommend strategies to preserve and manage affordable rental housing properties. The Asset Manager will coordinate with Internal Partners on Budgeting & Financial Reporting; Operations Oversight; Acquisitions & New Construction Support; Capital Improvements & Reserve Draw Administration; Relationship Management; Year 15 Buyout Planning; and Operating Policies, Procedures, and Staff Training. As part of the Asset Management team, you must be a leader committed to excellence and growth, as the organization evolves to meet the needs of low-income residents. This position supports Reality House West in accomplishing our mission to end homelessness.
ESSENTIAL JOB FUNCTIONS
Business Planning and Financial Reporting (~25%)
Business Planning: Develop an Asset Management Business Plan and periodically review changes. Set up asset management systems, compliance charts, document binders, and financial oversight systems for portfolio oversight.
Budgeting: Benchmark property operations including net operating income, gross revenue, operating expenses, investment projections, ROI, cash flow, and distribution analysis.
Forecasting & Benchmarking: Evaluate market trends, forecast cash flow, and benchmark trends against the portfolio.
Variance Analysis: Collaborate with Finance and Housing Operations to analyze variances against industry benchmarks; develop solutions for structural deficits and disposition of surpluses/deficits.
Reporting: Oversee periodic investor reporting, distributions, and monitoring of cash and reserve utilization.
Document Management: Organize ownership, loan, and regulatory agreement amendments and periodic reporting to investors and reporting agencies in a timely manner.
Acquisitions, New Construction, Financing & Design Review Support (~25%)
Acquisitions: Review budget and staffing implications for property acquisitions.
New Construction: Coordinate with cross-functional teams on development, management, lease-up, construction management, risk management, welfare exemption filings, and accounting in asset management plans.
Financing: Lead loan restructuring requests with support from Real Estate Development and Finance.
Design Review: Participate in design development plans with Real Estate Development, Housing Operations, and Resident Services.
Capital Improvements & Reserve Draws Administration (~5%)
Capital Improvements: Establish long-term capital plans and preventive maintenance plans with Property Management teams.
Reserve Draws Administration: Coordinate pre-approvals for budgeted long-term capital plan improvements with Maintenance Operations Managers, Housing Operations Supervisor, and Staff Accountant Properties.
Operations Oversight (~10%)
Program Compliance: Ensure ongoing compliance with LIHTC and other regulatory guidelines; address deficiencies to resolve issues timely.
Portfolio Performance: Review Housing Operations performance, assess risk, and develop proactive workout strategies with Housing Operations.
Relationship Management (~10%)
External Partner Engagement: Build relationships with local partners, lenders, investors, and the public in a professional manner.
Internal Partner Engagement: Foster collaboration and proactive communication with internal teams.
Year 15 Buyout Planning (~10%)
LIHTC: Deliver LIHTCs to limited partners, repay deferred developer fees, and plan for exit of investor LPs at Year 15.
Tax Capital Accounts: Monitor changes in tax capital accounts for potential exit taxes and distributions at dissolution.
Purchase Option/ROFR: Review agreements and rights with consultants or counsel for purchases within option/ROFR periods.
Insurance Management and Procurement (~5%)
Claims Management: Track insurance claims and outcomes for investor, lender, and executive review.
Procurement: Coordinate with Finance on portfolio changes.
Warranties: Monitor warranties and construction defects with Site and Maintenance Operations.
Welfare Tax Exemption (~5%)
Initial and Annual Welfare Tax Exemption: Ensure applications with local County Assessors to maintain welfare tax exemptions on qualified assets.
Operating Policies, Procedures, and Staff Training (~5%)
Operating Policies and Procedures: Propose new policies to Directors and Executives.
Staff Supervision & Training: Oversee, supervise, and train assistant and associate asset managers; attend training as needed.
Other duties as assigned
KNOWLEDGE / SKILLS REQUIRED Minimum of five (5) years of professional experience in multi-family compliance and/or multi-family real estate asset management, property management, finance, or related field; OR three to five years with a developer specializing in tax credit properties. Undergraduate degree or equivalent affordable housing industry experience and/or certifications. Ability to utilize spreadsheet tools and word processing for analysis. Supervisory experience with strong program development and policy skills. Strong organizational, detail-oriented, and time management skills. Ability to work independently and as part of a team. Ability to meet the geographic range of the position. Strong ability to represent the agency, interact with diverse populations, and build collaborative relationships with tenants, staff, and the community.
Sensitivity to homelessness and ability to work with people from diverse backgrounds; passion for the mission and impact on a dynamic nonprofit organization.
Physical Requirements & Work Environment The physical demands described here are representative of those required to perform the essential functions. Reasonable accommodations may be made for disabilities. Regularly sit at a desk, use computer keyboard, and operate office tools. May stand, walk, climb stairs, and lift up to 25 pounds occasionally. Vision and hearing capabilities required for normal office work. Typical office environment with moderate noise; reasonable accommodations available.
TO APPLY Send resume and letter of interest to:
Caritas Management Corporation
1358 Valencia St. San Francisco, CA 94110
Or Email: caritasHR@caritasmanagement.com
EQUAL OPPORTUNITY EMPLOYER
Caritas Management Corporation provides equal employment opportunities to all employees and applicants without regard to race, color, religion, gender, sexual orientation, national origin, age, disability, marital status, veteran status, or any other consideration made unlawful by federal, state, or local laws. San Francisco only: consideration for qualified applicants with criminal history under Fair Chance Ordinance. Oakland only: Section 3 candidates prioritized at Section 3 properties.
Company Description: Caritas Management Corporation (CMC) is a for-profit subsidiary of Mission Housing Development Corporation (MHDC). CMC manages over 2,000 affordable housing units for MHDC and other non-profits in San Francisco. CMC provides financial management, rent-up and leasing, occupancy & compliance, maintenance and security. Minority-owned and operated, CMC seeks tenant-supported, fiscally sound management aligned with its mission.
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GENERAL SUMMARY: The Asset Manager is responsible for the development and implementation of strategies to preserve and enhance the value and condition of affordable real estate rental housing properties, and to ensure that Local, State, and Federal agency regulations and asset performance goals are met or exceeded. This role requires proactive communication with Internal Partners, including executive leadership, site managers, finance and accounting, resident services, and the real estate development team. A background in affordable housing property management, certifications, or equivalent experience is needed to recommend strategies to preserve and manage affordable rental housing properties. The Asset Manager will coordinate with Internal Partners on Budgeting & Financial Reporting; Operations Oversight; Acquisitions & New Construction Support; Capital Improvements & Reserve Draw Administration; Relationship Management; Year 15 Buyout Planning; and Operating Policies, Procedures, and Staff Training. As part of the Asset Management team, you must be a leader committed to excellence and growth, as the organization evolves to meet the needs of low-income residents. This position supports Reality House West in accomplishing our mission to end homelessness.
ESSENTIAL JOB FUNCTIONS
Business Planning and Financial Reporting (~25%)
Business Planning: Develop an Asset Management Business Plan and periodically review changes. Set up asset management systems, compliance charts, document binders, and financial oversight systems for portfolio oversight.
Budgeting: Benchmark property operations including net operating income, gross revenue, operating expenses, investment projections, ROI, cash flow, and distribution analysis.
Forecasting & Benchmarking: Evaluate market trends, forecast cash flow, and benchmark trends against the portfolio.
Variance Analysis: Collaborate with Finance and Housing Operations to analyze variances against industry benchmarks; develop solutions for structural deficits and disposition of surpluses/deficits.
Reporting: Oversee periodic investor reporting, distributions, and monitoring of cash and reserve utilization.
Document Management: Organize ownership, loan, and regulatory agreement amendments and periodic reporting to investors and reporting agencies in a timely manner.
Acquisitions, New Construction, Financing & Design Review Support (~25%)
Acquisitions: Review budget and staffing implications for property acquisitions.
New Construction: Coordinate with cross-functional teams on development, management, lease-up, construction management, risk management, welfare exemption filings, and accounting in asset management plans.
Financing: Lead loan restructuring requests with support from Real Estate Development and Finance.
Design Review: Participate in design development plans with Real Estate Development, Housing Operations, and Resident Services.
Capital Improvements & Reserve Draws Administration (~5%)
Capital Improvements: Establish long-term capital plans and preventive maintenance plans with Property Management teams.
Reserve Draws Administration: Coordinate pre-approvals for budgeted long-term capital plan improvements with Maintenance Operations Managers, Housing Operations Supervisor, and Staff Accountant Properties.
Operations Oversight (~10%)
Program Compliance: Ensure ongoing compliance with LIHTC and other regulatory guidelines; address deficiencies to resolve issues timely.
Portfolio Performance: Review Housing Operations performance, assess risk, and develop proactive workout strategies with Housing Operations.
Relationship Management (~10%)
External Partner Engagement: Build relationships with local partners, lenders, investors, and the public in a professional manner.
Internal Partner Engagement: Foster collaboration and proactive communication with internal teams.
Year 15 Buyout Planning (~10%)
LIHTC: Deliver LIHTCs to limited partners, repay deferred developer fees, and plan for exit of investor LPs at Year 15.
Tax Capital Accounts: Monitor changes in tax capital accounts for potential exit taxes and distributions at dissolution.
Purchase Option/ROFR: Review agreements and rights with consultants or counsel for purchases within option/ROFR periods.
Insurance Management and Procurement (~5%)
Claims Management: Track insurance claims and outcomes for investor, lender, and executive review.
Procurement: Coordinate with Finance on portfolio changes.
Warranties: Monitor warranties and construction defects with Site and Maintenance Operations.
Welfare Tax Exemption (~5%)
Initial and Annual Welfare Tax Exemption: Ensure applications with local County Assessors to maintain welfare tax exemptions on qualified assets.
Operating Policies, Procedures, and Staff Training (~5%)
Operating Policies and Procedures: Propose new policies to Directors and Executives.
Staff Supervision & Training: Oversee, supervise, and train assistant and associate asset managers; attend training as needed.
Other duties as assigned
KNOWLEDGE / SKILLS REQUIRED Minimum of five (5) years of professional experience in multi-family compliance and/or multi-family real estate asset management, property management, finance, or related field; OR three to five years with a developer specializing in tax credit properties. Undergraduate degree or equivalent affordable housing industry experience and/or certifications. Ability to utilize spreadsheet tools and word processing for analysis. Supervisory experience with strong program development and policy skills. Strong organizational, detail-oriented, and time management skills. Ability to work independently and as part of a team. Ability to meet the geographic range of the position. Strong ability to represent the agency, interact with diverse populations, and build collaborative relationships with tenants, staff, and the community.
Sensitivity to homelessness and ability to work with people from diverse backgrounds; passion for the mission and impact on a dynamic nonprofit organization.
Physical Requirements & Work Environment The physical demands described here are representative of those required to perform the essential functions. Reasonable accommodations may be made for disabilities. Regularly sit at a desk, use computer keyboard, and operate office tools. May stand, walk, climb stairs, and lift up to 25 pounds occasionally. Vision and hearing capabilities required for normal office work. Typical office environment with moderate noise; reasonable accommodations available.
TO APPLY Send resume and letter of interest to:
Caritas Management Corporation
1358 Valencia St. San Francisco, CA 94110
Or Email: caritasHR@caritasmanagement.com
EQUAL OPPORTUNITY EMPLOYER
Caritas Management Corporation provides equal employment opportunities to all employees and applicants without regard to race, color, religion, gender, sexual orientation, national origin, age, disability, marital status, veteran status, or any other consideration made unlawful by federal, state, or local laws. San Francisco only: consideration for qualified applicants with criminal history under Fair Chance Ordinance. Oakland only: Section 3 candidates prioritized at Section 3 properties.
Company Description: Caritas Management Corporation (CMC) is a for-profit subsidiary of Mission Housing Development Corporation (MHDC). CMC manages over 2,000 affordable housing units for MHDC and other non-profits in San Francisco. CMC provides financial management, rent-up and leasing, occupancy & compliance, maintenance and security. Minority-owned and operated, CMC seeks tenant-supported, fiscally sound management aligned with its mission.
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