Managing Director, Special Assets
Managing Director, Special Assets
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Not Disclosed
Salary Not Disclosed
1 Vacancy
Job Description
CREA LLC is a fullservice lowincome housing tax credit (LIHTC) syndicator forming longterm relationships with investors and developers that cultivate success and improve lives. With nearly 25 years in affordable housing CREA has raised $12.025 billion resulting in the formation of over 88000 homes within 958 communities across the country. Thanks to the contribution of over 145 employees CREA continues to look for talented and passionate individuals who are excited about opportunities to grow with us into the future. We are looking to add a talented Managing Director to the Special Assets department in Boston MA. or Indianapolis IN. CREA office.
Physical Presence: InOffice Tue Thu; Flexible Mon & Fri
Open to the following CREA office locations: Boston MA. or Indianapolis IN.
Reports to: President
Position Summary:
This position will be essential in managing workouts within CREAs portfolio of Section 42 LIHTC projects. The Managing Director Special Assets oversees and resolves complex LIHTC real estate transactions within the Special Assets (SA) portfolio. This role involves developing and implementing strategic plans to protect investor interests ensuring project compliance and financial performance and coordinating resolutions for disputes defaults and litigation. The candidate will maintain detailed knowledge of each project perform risk analysis and collaborate with internal teams external stakeholders and regulatory agencies. Responsibilities also include financial and compliance reporting construction draw processing site inspections and maintaining the SA Policies & Procedures Manual.
Primary Responsibilities:
- Manage transactions assigned to the SA Department
- Strategize negotiate and implement plans that preserve LIHTC for CREAs investors
- Maintain detailed working knowledge of each project in the SA portfolio
- Oversee and monitor LIHTC projects during the time maintained in SA and manage the resolution of disputes litigation defaults and breaches on CREAs behalf
- Collect and review monthly quarterly and annual financial information for the lowertier partnerships in SA
- Provide reporting on a monthly quarterly and annual basis
- Provide updates and proposed resolutions for projects in the SA portfolio during regularly scheduled internal meetings with senior leadership
- Work with CREAs proprietary centralized database system to track and update project data
- Analyze partnership data and perform risk rating analysis
- Work closely with general partners / managing members thirdparty accountants property managers State Agencies lenders and any other stakeholder of the lowertier partnerships in the SA portfolio
- Process monthly construction draws and periodic equity installments when necessary
- Collect tax returns and audits SA transactions and coordinate review and approval through CREAs Asset Management & Fund Management Departments
- Perform site visits as necessary (but not less than quarterly) to each apartment complex in the SA portfolio and manage the correction of all deficiencies at the property until the property is restabilized and transitioned back to Asset Management
- Coordinate compliance reviews with thirdparty compliance consultants
- Monitor projects for compliance with partnerships agreements
- Verification that real estate property taxes are paid current and insurance coverage is adequate and up to date
- Coordinate investor updates and manage consent request documentation with CREAs Investor Relations Department
- Collaborate with Managing Director Asset Management on transfer of transactions to and from SA
- Update and maintain the SA Policies & Procedure Manual
- Other duties and special projects as determined by Manager and driven by CREA business needs
A bachelors degree in accounting finance or business is required. A masters degree in business administration is preferred. A minimum of ten years of experience working within the Asset Managementrelated field on LIHTC projects is required; specifically partnership workouts. Multifamily property management experience is a plus. Must possess a working understanding of compliance and must have proficiency in navigating LIHTC partnership agreements. Valid LIHTC Compliance Certification is required. Must be proficient with Microsoft Office Suite with a heavy emphasis on Excel and Word. The candidate must have excellent communication & interpersonal skills and an ability to comfortably interact with senior management internally and a large external client and vendor base. Up to 40% of travel most involving overnight stays. This role may require extended hours during peak periods to meet business needs. Must possess and be able to demonstrate effectiveness with each of the following Core Competencies:
Core Competencies:
- Demonstrates strong analytical thinking sound judgment and effective time management while maintaining a collaborative and organized approach
- Works well across teams and builds positive working relationships throughout the organization
- Communicates clearly and professionally both in writing and verbally
- Handles sensitive and confidential information with discretion and professionalism
- Takes initiative and operates independently with minimal supervision
- Navigates complex or challenging conversations with professionalism and care helping to maintain and protect CREAs strong reputation
Our Values:
- We work as a family investing in each other worthy causes and the communities we serve.
- We have integrity in all that we do; we embrace differences and treat others with kindness and respect.
- We believe that with teamwork we can accomplish anything and pursue inventive solutions for our clients.
Required Experience:
Director
Employment Type
Full-Time
