Asset Manager (CSP)

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.

Backgound:

COMMUNITY STABILIZATION PARTNERS (CSP) is a joint venture of managing member and equity investor CPC, equity investor Related Fund Management (RFM) and strategic consultant Neighborhood Restore. CSP has an equity interest, alongside the FDIC, in $5.8 billion in loans that were part of the former Signature Bank’s portfolio. The loans are secured by rent stabilized and/or rent controlled multifamily housing in New York City. CSP is committed to preserving this housing’s affordability, improving its physical and financial stability, and maximizing recoveries for CSP and the FDIC. CSP manages and services the loans in this portfolio. It does not own or maintain the properties.

Role Summary:

As part of the CSP team, the Asset Manager will assist in implementing the day-to-day risk, asset management and default management activities on the CSP, formerly Signature Bank, loan portfolio. To identify and mitigate the credit, financial, operational, physical and market risks impacting the properties collateralizing the loans within the portfolio. To work with CSP team members; attorneys; borrowers; guarantors; local, state and federal government agencies; Related Fund Management, and other industry groups to preserve the value of the housing financed by the mortgage loans. To assist asset management partners with loan modifications and the stabilization of the overall portfolio.

What You’ll Do:

Perform ongoing asset management, default management, and surveillance activities to assist with identifying, monitoring, and mitigating the financial, credit, operational, physical, ownership and market risks impacting the multifamily properties collateralizing the portfolio, as assigned

Review, analyze and report on property and principal-level financial statements

Review property inspections and site visits, as assigned, and identify mitigation strategies for all safety and deferred maintenance issues

Review reserve withdrawals to reimburse Borrowers for eligible expenditures and recommend approvals to CSP Portfolio Management

Liaise between CSP Asset Management (RFM), CSP Portfolio Management, Legal Department, and CSP Servicing with delinquency management, calculation of payments, loan modifications, and acceleration process, as assigned.

Process special consent requests such as, but not limited to: Guarantee Releases, Partial Collateral Releases, Easements, Property Management Changes; etc. and recommend approvals to CSP Portfolio Management and Asset Management teams, as required.

Monitor delinquency and pending maturities, ensuring timely, accurate reporting and resolution of payment issues

Underwrite and oversee the processing of loan modifications, borrowers’ post-closing requests, and coordinate the updating of all systems with the internal and external CSP teams.

Monitor borrowers’ compliance with the loan documents and mitigate risks by communicating all asset management requirements to borrowers

Inform management and other internal stakeholders of risks and issues in the portfolio as they arise

Provide excellent customer service to all stakeholders by responding promptly and accurately to questions and information requests

Perform other duties, as directed or required.

Skills and Experience:

Bachelor’s degree preferred and minimum 3 years of relevant experience in real estate asset / portfolio management, finance, servicing, development or underwriting

Ability to work effectively in a diverse environment with for profit, non profit, public and private organizations

Ability to manage multiple assignments, meet tight deadlines, coordinate and communicate effectively and cultivate new and existing relationships

Understanding of multifamily development, ownership, management and finance

Experience with New York State Agency, Fannie Mae, Freddie Mac Multifamily Asset Management requirements preferred

Strong analytical and problem-solving skills with the ability to work independently

Superb reading comprehension

Excellent oral and written communication and presentation 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 full-time, hybrid role where you will work from the Chappaqua office two - three days a week. The salary range is $85,000 – $100,000, 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.

Full-time