Spring11 – Associate, Asset Management Full Time

This role will be dedicated to the affordable housing asset management team of a global investment management firm overseeing a multi-billion-dollar portfolio of Low-Income Housing Tax Credit (LIHTC) and other affordable housing construction and transitional real estate loans.

We are currently seeking an Associate to join our growing team to work on a diverse portfolio of affordable housing loan assets, including ground-up construction and substantial rehabilitation, spanning 4% and 9% LIHTC transactions, tax-exempt bond financings, and mixed-income developments across various regions. The Associate will be tasked with providing asset management support, loan servicing and servicer oversight, and qualitative and quantitative loan underwriting for a growing portfolio of affordable housing and LIHTC-financed real estate loans.

Responsibilities

• Provide affordable housing and commercial real estate analysis and debt underwriting across all markets, with emphasis on LIHTC (4% and 9%), tax-exempt bond, and other subsidized multifamily transactions
• Review and approve draw requests for substantial rehabilitation and ground-up construction projects of varying sizes and scopes, ranging from single-site rural and small-market developments to large-scale urban mixed-income and public housing redevelopments
• Track construction completion, placed-in-service dates, cost certification, and Form 8609 issuance, as well as equity capital contribution milestones and conversion to permanent financing
• Evaluate the impact of credit delivery, adjuster provisions, and compliance period requirements on collateral performance and sponsor liquidity
• Monitor performance of lease-up and stabilized affordable properties including rent roll and operating statement analysis, occupancy and rent restriction testing by AMI tier, review of Section 8 HAP contract and other subsidy performance, renovation draw reviews, and loan covenant testing
• Monitor each position’s performance relative to underwriting, budget, and covenants within loan documents, including compliance with LIHTC regulatory agreements, land use restriction agreements (LURAs), and other affordability restrictions
• Oversee monthly debt service billing and collection, confirming timely receipt and correct application of borrower payments, including interest, principal, escrow, and reserve deposits
• Organize, review, and confirm the work of the primary and master servicing teams, including loan boarding, payment processing, interest rate resets, and monthly servicing reporting
• Administer reserve and escrow accounts, including replacement reserves, interest and operating deficit reserves, and tax and insurance escrows, encompassing balance reconciliation and review of release requests
• Review and process borrower consent and administrative requests, including transfers of interest, assumptions, partial releases, subordinations, and estoppels, coordinating with counsel and the servicer as required
• Track loan maturities, extension option tests, rate cap purchase and replacement obligations, and evidence of tax, insurance, and regulatory agreement compliance
• Maintain loan data integrity across servicing and reporting systems by reconciling outstanding balances, accrued interest, and unfunded commitments to servicer records, and manage watchlist, delinquency, and default reporting in coordination with servicing and special servicing teams
• Complete quarterly asset updates for various assets
• Update and/or create credit committee presentation memos for loan modifications
• Coordination with and/or management of various third parties including servicers, borrowers, tax credit syndicators and equity investors, state and local housing finance agencies, lenders, and construction consultants, amongst others
• Work collaboratively to achieve department and firm objectives
• Contribute to the oversight and mentorship of junior staff members to support an expanding Asset Management platform

Qualifications

• Bachelor’s degree in real estate, Economics, Finance or other related field required
• Minimum of 3-6 years of experience in commercial real estate is required, with a meaningful portion in affordable housing / LIHTC, including direct experience with investment management, asset management, loan servicing, property management, loan origination and/or underwriting
• Working knowledge of LIHTC program mechanics is required, including 4% and 9% credits, tax-exempt bond financing and volume cap, LURAs and regulatory agreements, Section 8 HAP contracts, HUD and state housing finance agency requirements, compliance period obligations, and Year 15 exits
• Familiarity with soft debt and subsidy layering (HOME, CDBG, AHP, National Housing Trust Fund, state credits) and with construction-to-permanent execution in affordable housing transactions
• Direct experience with loan servicing or servicer oversight strongly preferred, including payment application, escrow and reserve administration, borrower consent processing, and review of servicer reporting
• Must be proficient in Microsoft Excel and PowerPoint; ARGUS experience preferred
• Excellent verbal and written communication skills
• Must possess the financial and quantitative acumen necessary to make well-reasoned, decisive recommendations, as applicable, to senior management
• Ability to work in a fast-paced and quickly changing environment

Source: Newmark Career Page