Asset Manager - Real Estate Transactions

Foster City, CA, United States

At MidPen, we build communities that change lives and revitalize neighborhoods. We work every day to create a world where everyone has a quality home they can afford and equitable access to opportunity. Our goal is to develop communities that enhance cities and catalyze growth and opportunity for residents.

With a “three companies, one mission” approach, we develop affordable housing, provide professional property management for all our communities, and coordinate robust onsite support programs to help our residents advance their well-being. We are one of the nation’s largest non-profit developers and owners of affordable housing — to date, we’ve developed over 120 communities across 11 Northern California counties and provide affordable homes for more than 20,000 (and growing) low-income working families, seniors, and people with special needs. The lack of affordable housing in the Bay Area is our reason for doing what we do, and we want you to be a part of the journey toward social, economic, and racial equity.

BENEFITS AND COMPENSATION

In 2023, MidPen was again certified as an official Great Place to Work, and for good reason! In addition, we offer a best-in-class benefit package that includes healthcare options (Kaiser or Sutter), dental, vision, life & disability insurance. We also offer a wide range of voluntary benefits; 403(b) retirement investment opportunity and annual financial literacy and retirement planning options, FSA for childcare, medical and commuter benefit options, Employee Assistance program and pet insurance for our furry, feathered, and scaled friends. In addition to 14 paid company holidays, which include a paid winter holiday break between Christmas and the New Year, we offer 4 paid wellness days for employees to disconnect and recharge. As a learning organization, we encourage professional development and career advancement, and we offer up to $3,000 annually ($12,000 lifetime maximum) for education assistance with tuition reimbursement and/or loan debt relief that includes qualified family members. And, as a family-friendly company, we offer a paid time off parental leave benefit of 12 weeks in a 12-month period for new or expecting parents. Check out our benefits snapshot on our careers page.

PAY RANGE

$100,000 - $120,000 Annual Salary - Pay based on applicable experience and qualifications

POSITION OVERVIEW

The Asset Manager, Real Estate Transactions (AMRET) reports to the Associate Director of Asset Management, Real Estate Transactions. The AMRET is responsible for the completion of assigned projects in connection with MidPen’s stabilized portfolio. These projects include, but are not limited to, rehabs funded through public and private loan proceeds, grants or rebate programs, loan modifications, refinancing, new Housing Assistance Payments (HAP) Contracts, the purchase of investor’s interests in partnership and other capital events/transactions in the portfolio. This position requires significant coordination with both internal and external partners to ensure adequate communication, input, and planning.

This is a hybrid position, based on current MidPen policy of working Tuesdays and Thursdays in the Foster City Office. Mon, Wed and Fri, option to work from home or the office. When working from home, requires a reliable internet connection.

ESSENTIAL DUTIES

Collaborates with the Asset Managers to assist in maintaining the Asset Strategy Tracker/Narratives to identify and prioritize concerns and opportunities in the portfolio; formulates and maintains a long-term multi-year project plan and pipeline

Monitors available Requests for Proposals (RFP’s) and Notices of Funds Available (NOFA’s) for available funds from public lenders, including but not limited to funds for capital improvement projects, refinancing, loan modifications, Housing Assistance Payments (HAP) Contracts, energy grants and rebate incentive programs, and other capital events in the portfolio

Completes applications for funding pursuant to RFP’s and NOFA’s with the prior approval

Evaluates the impact of proposed projects on short- and long-term cash flow, compliance, rents, and long-term capital needs and make recommendations to the supervisor

Project Execution

Ensures all governing documents are reviewed by internal parties prior to execution, as required, and all final documents are completed and distributed to applicable parties

Prepares materials for and presents to Boards and Committees as necessary; obtains required approvals including, but not limited to, memos, reports, and resolutions

Develops and maintains positive relationships with all internal and external parties

Updates internal records, changes made to property structure and information, including, but not limited to, data maintained in Integratec, internal models, trackers, and reports

Completes a Project Closing Summary and post-closing instructions to applicable parties; distributes to internal and external parties as applicable

Ensures other departments successfully executes, implements changes required after a modification with the property, including but not limited to, Accounting’s treatment on the books, disclosures in the audited financials, updates to compliance, property management, and others as applicable

Coordinates with internal parties, secures all required approvals from external stakeholders as required in governing documents and regulations, or as requested by senior staff and/or supervisor

Manages and leads meetings with key partners, both internal and external to ensure adequate communication and feedback

Presents project status updates to the supervisor, department, and others at MidPen upon request

Ensures adequate communication with residents and on-site staff regarding any projects which may affect the community or staff

HAP Contracts

Applies for all HAP funds available for the portfolio

Negotiates with the Housing Authorities to optimize contract rents and other favorable terms

Coordinates with both internal and external parties to ensure appropriate approvals and successful implementation

Refinancing and Loan Modifications

Identifies loan modifications to improve property performance and/or cash flow to MidPen; and completes modifications as assigned

Consults with development staff to leverage other capital events to pursue modifications with public lenders

Evaluates properties for refinancing options and makes recommendations; upon approval of a refinance, leads in the managing of the financing and related activities through to close

Evaluates properties for Loan Restructure Programs (LRP) including, Department Housing and Community Development AB1699 program; and summarizes recommendations in written project plans

Property Rehabs

Maintains accurate budget, cost tracking and project schedules for review by the supervisor and other internal partners

Ensures capital projects adhere to MidPen building guidelines and participates in the process of updating building guidelines, providing recommendations based on research and experience

Confirms all warranties are collected, documented, and provided to staff, including any Operating & Maintenance (O&M) Manuals and instructions

Collaborates with internal staff, evaluates portfolio to find highest and best use of funds; and assesses a property once selected to ensure the appropriate scope

Works with Constructions Management/Facilities to ensure capital improvements are completed timely, within budget, and according to contracts and project plans

Leads design, building permits, and other construction related processes; negotiates with contractors and consultants to ensure optimal pricing and service

Ensures timely draws loan/grant funds, and pursue rebates as applicable

Monitors options and right of first refusals and evaluates purchase prices for purchase of investor interests

Coordinates with investors to execute on the purchase of interest, including meeting all requirements and obtaining approvals of stakeholders

Prepares and presents on materials for Board and/or Committee approval

Documents transactions and coordinates with Accounting as necessary to ensure proper booking and records

Perform other assignments as requested

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the education, knowledge, skill, and/or ability required.

Education and Experience

Bachelor’s Degree in Finance, Community Development, Economics, Urban Planning, or related field plus 3 years’ experience in low-income housing development or asset management, or an equivalent combination of education and relevant work experience

Knowledge, Skills, and Abilities

Proficiency using Excel, Word, and Outlook

Ability to prepare financial feasibility analyses and strategic plans, conduct research, and prepare narrative reports and proposals

Proven capability to analyze complex problems

Ability to work in fast-moving, flexible environment and maintain priorities and project management skills

Ability to prepare financial feasibility analysis, conduct research and prepare narrative reports and proposals

Self-starter, minimal need for guidance from manager/supervisor

Commitment to the Mission and Values of MidPen

Must have valid California driver’s license, reliable transportation, and proof of current auto insurance policy

Physical Requirements

Ability to travel between properties

Ability to travel across 12 counties

Constantly perform desk-based computer tasks

Frequently sitting

Occasionally stand/walk, reach/work above shoulders, grasp lightly/fine manipulation, grasp forcefully, use a telephone, sort/file paperwork or parts, lift/carry/push/pull objects that weigh up to 15 pounds

Rarely twist/bend/stoop/squat, kneel/crawl

This description reflects management’s assignment of essential functions, it does not proscribe or restrict the tasks that may be assigned.

EQUAL OPPORTUNITY EMPLOYER

MidPen Housing Corp. provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

Consistent with its obligations under the law, MidPen Housing Corp. will provide reasonable accommodation to any employee with a disability who requires accommodation to perform the essential functions of his or her job. MidPen believes that diversity and inclusion among our teammates is critical to our success, and we seek to recruit, develop, and retain the most talented people from a diverse candidate pool.

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