Assistant Asset Manager, Construction and Lease-up

Cinnaire - Wilmington, DE

Full-time - Entry Level

Wilmington, DE

Social Assistance

About the position

The Assistant Asset Manager, Construction and Lease-up (AAMCLU) is responsible for managing an investment portfolio, ensuring compliance with partnership agreements, loan documents, and regulatory agreements. This role supports the Asset Management team in overseeing the tax credit equity real estate portfolio, focusing on construction and lease-up processes to protect investments and ensure timely delivery of tax credits.

Responsibilities

• Hold orientation meetings on all new deals with the development team.
• Ensure proper setup of new deals in the data management system.
• Monitor construction to protect debt and/or equity investments and ensure timely delivery of tax credits.
• Ensure construction is performed in accordance with loan documents and partnership agreements, including monitoring costs and timelines.
• Monitor lease-up to protect debt and/or equity investments and ensure timely delivery of tax credits.
• Monitor operations during the lease-up period to ensure compliance with applicable programs and timely conversion to permanent financing.
• Calculate net income/(loss) projections and monitor projected capital contribution needs.
• Process capital contributions and complete the conversion to permanent financing when applicable.
• Manage and monitor accurate, timely delivery of data to the data management system.
• Evaluate assets displaying signs of weakness and correspond with sponsors regarding action plans.
• Collect and process performance information for each asset.
• Maintain business relationships with investors, developers, and other related parties.
• Manage reporting requirements of a tax credit investment portfolio quarterly and annually.
• Oversee the department mailbox to ensure timely data management.
• Assist in preparation of materials for industry conferences and partner meetings.
• Coordinate reserve draws and capital contributions.

Requirements

• BA/BS in Real Estate, Urban Planning, Finance, Economics, Business, Accounting, or related field.
• 1-2 years of experience working in a professional real estate setting.
• Experience using operating data from multifamily real estate to identify trends and issues.
• Strong Microsoft Office Suite skills.
• Reliable means to get to work and to property sites.

Benefits

• Medical
• Health Reimbursement Account
• Flexible Spending Accounts (medical and dependent care)
• Dental
• Vision
• Life Insurance
• Accidental Death & Dismemberment
• Long-Term Disability
• Employee Assistance Plan
• Pet Insurance
• Identity Theft Protection
• Paid Mobile Phone Service
• Unlimited PTO
• Incentive Compensation
• 403(b) Plan
• Profit-Sharing Plan