Assistant Asset Manager, Construction and Lease-up

Cinnaire - Detroit, MI

Full-time - Mid Level

Detroit, MI

Social Assistance

About the position

The Assistant Asset Manager, Construction and Lease-up (AAMCLU) at Cinnaire Corporation 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 develop action plans or watchlist inclusion.
• 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

• Bachelor's degree in Real Estate, Urban Planning, Finance, Economics, Business, Accounting, or related field.
• 1-2 years of experience 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 of transportation to work and property sites.

Nice-to-haves

• Experience with tax credit equity investments.
• Knowledge of construction and lease-up processes.

Benefits

• Profit sharing
• AD&D insurance
• Disability insurance
• Health insurance
• Unlimited paid time off
• Dental insurance
• Flexible spending account
• Employee assistance program
• Vision insurance
• 403(b)
• Life insurance
• Pet insurance