Property Manager Capital Partners

NEIL J. ROSEN, HCCP

**** ********* ****. ******** *****, VA; Telephone: (C) 786-***-****,

Linked-in Profile: http://www.linkedin.com/pub/neil-rosen-hccp/7/330/4a3

Innate critical analysis skills with results-oriented turn-around track record; proficient in sticking with assignments until goals are achieved or exceeded; works to the strengths of the team; always looking to improve the process! Significant experience in affordable (Section 42) housing and proven results in lease-up and stabilization of market rate properties. Value added professional by improving NOI through analyzing the 4 P’s and preparing a plan (5) of action to resolve issues identified.

OBJECTIVE OF POSITION:

Proven hybrid professional, who will benefit a firm looking for a Regional Manager that not only understands operating partnership agreements and audited financial statements; but has complete understanding on how assets should operate from the front line property level.

PROFESSIONAL EXPERIENCE:

NJR Real Estate Consulting Services, LLC: Virginia Beach, Virginia

President, July 2003 – Present

Asset management consulting services to both affordable & market rate multifamily community

Stabilization of troubled apartment assets

Acquisition & Rehabilitation Strategic Advisory

Comprehensive Site Visit Reporting & Multifamily Due Diligence Services

Tax Credit Compliance Reviews

Project Management & Construction Oversight

Ripley Heatwole Co: (interim assignment) V.P., Asset & Property Mgmt.- April 2010–July 2011

Stabilized the company’s portfolio of 19 apartment assets (3,100 units), with an average occupancy of 96% at time of departure. This was an improvement of 5% in occupancy. Portfolio is a combination of affordable and market rate housing. Their Class A premier property had yet to be stabilized in 3 years requiring significant partner deficit funding. It had occupancy of 98% and cash flowing for the 10 months prior to departure.

Streamlined management reporting. Implemented an occupied unit inspection program requiring every unit to be inspected by the property manager at least twice each year for liability purposes and reduction of maintenance expenses. Identified weaknesses in curb appeal and implemented improvements, including signage to increase more drive-by traffic. Introduced check reader units on properties; now residents pay by credit cards or checks automating the payment and streamlining the administrative process; significant time savings.

Consultant to MMA Financial, Structured Assets Group; August 2003 – Present

Representing the general partnership interests for 20 tax credit properties in 5 states totaling 3,336 units. The states included: Nevada, New Mexico, Colorado, Wyoming and Indiana. Evaluated and assessed assets; and prepared written plan of actions that included time lines to meet specific goals and objectives.

The significant improvement of this portfolio provided flexibility to client to sell GP interests at a greater value than its cost basis. In August 2003 portfolio occupancy averaged 88% and in May 2005 averaged 95%. There was a significant shift in the resident profile to a more qualified household. Total collected monthly receipts increased approximately 20% from August 2003 to May 2005. Weighted average DSC increased from .89 to 1.30 for the Nevada portfolio. Deficit funding that had occurred on several properties in 2003 and prior years was minimal in 2004 and there was positive cash flow by 2005. There was significant curb appeal improvement through a concerted focus on details of properties. A substantial reduction in crime was realized through the implementation of a “zero tolerance” policy. On an Indianapolis property was involved in the oversight of $1.6 million rehabilitation.

National Housing Corporation, Virginia Beach, Virginia

Director of Asset Management, April 2000 – June 2003 – Contract Employee

Responsible for a 40 property Section 42 tax credit portfolio representing over 5,000 units in 10 states. Transitioned the portfolio from an owner management strategy to utilizing 3rd party management agents; and designed a weekly, monthly and annual reporting system for the management agents to provide financial and operational information pertinent to NHC.

Résumé of Neil J. Rosen, Page 2

Realized a significant turnaround in performance of this money losing portfolio; generating operating cash flow approaching 11% of total revenues after debt service in 2002. Maintained an average of 95% physical occupancy for the entire portfolio from 2001 forward.

Successfully completed the construction and lease-up of the last 8 properties during 2000 and into 2002 ahead of schedule with positive performance adjusters delivered to the general-partners. Development responsibilities associated with last two properties; collected over $22 million in capital installments from the investment-limited partners; worked closely with the lenders to originate permanent financing; responsible for operating budgets totaling in excess of $36 million. Successfully received IRS Section 42 Recertification Waivers for 12 properties.

NJR Real Estate Consulting Services, Sudbury, Massachusetts

President, December 1999 – April 2000

Provided asset management consulting services to three national syndication outfits

Gatehouse Management, Inc., Boston, Massachusetts

Vice President, Director of Operations, October 1998 – December 1999

Responsible for management of sixteen multifamily LIHTC properties, totaling over 2,600 units located in Florida, California and Rhode Island. Identified area of operations under-performing and developed and implemented plans of actions improving economic performance and aesthetic appeal.

Boston Capital Partners, Inc., Boston, Massachusetts.

Assistant Vice President, Asset Management: January 1995 to October 1998

Workout asset manager responsible for properties requiring site assessment, problem identification, development and implementation of corrective action plans.

Managed from an investment level a portfolio of 125 properties located in 28 states; worked closely with developers and management agents to ensure long-term viability of operating partnerships. Monitor and analyze performance of properties to confirm compliance with LIHTC and with other ancillary funding programs. Significant experience reviewing audited financial statements and partnership tax returns. Conducted analyses on operating partnerships and properties under construction for purposes of releasing equity installments and construction draws.

American Properties Team, Woburn, Massachusetts; Sr. Regional Property Manager: 1991 to 1994

Managed nine condominium developments. Negotiated and implemented approximately $3 million in capital improvements.

Winn Management Company, Boston, Massachusetts Property Manager: 1989 - 1990

Managed a 307 unit, Section 236 mixed residential site with a 20% set-aside for Section 8 residents. Received two Exceed Standard Ratings from the Massachusetts Housing Finance Agency (MHFA).

EDUCATION:

Babson College, F.W. Olin Graduate School; Wellesley, Massachusetts

Master’s in Business Administration, Concentration in Finance, 3.59 GPA

The American University, Kogod School of Business; Washington, D.C.

Bachelor Science in Business Administration, Major in Finance, 3.80 GPA, (Cum Laude)

Professional Memberships

Housing Credit Certified Professional; HCCP, National Designation recognizing skilled, experienced and knowledgeable real estate professionals involved with the Section 42, LIHTC Program. On the National Board of Governors for the HCCP since inception in 1998.

CPM candidate with coursework ongoing .

Publications and Speaking Engagements

Published articles for national trade publications pertaining to tax credit delivery in lease-up years; high priority issues to investment limited partners; and stabilizing troubled assets. key note presentations at numerous conferences on specific tax credit and other multifamily housing issues.

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