Director, Asset Management, Workouts

Enterprise Community Development, a nonprofit affordable housing owner and part of Enterprise, is hiring a Director of Asset Management for Workouts. This is a new position. The director leads the work to stabilize, restructure and reposition underperforming properties in ECD's affordable housing portfolio, focusing on communities with structural cash flow deficits, sustained shortfalls in net operating income or capital constraints. The role reports to the Senior Vice President, Asset Management, manages a dedicated team and acts as the owner's representative for a portfolio of non-stabilized LIHTC senior and family communities.

What you will do

• Identify and resolve assets with chronic cash flow deficits or operational distress, and run property-specific stabilization plans
• Present recommendations to senior management, and support the transactions team on dispositions and refinancings
• Find and apply for project-level grants and soft debt, and identify new sources of ancillary income
• Review and approve operating budgets, reforecasts, capital plans and non-routine spending
• Analyze financial statements, debt structures, reserves and partnership arrangements
• Manage and coach a team of workout-focused asset managers, and oversee site visits, physical needs assessments and portfolio reporting

Requirements

• Seven or more years of LIHTC or multifamily experience, including at least three years of workout experience
• Five or more years of direct people management
• A bachelor's degree, preferably in finance, accounting, business or real estate; an MBA, an MS in real estate or a CPA is strongly preferred
• Strong financial analysis and Excel skills, the ability to build and review real estate financial models, and proficiency with Yardi

Full-time and hybrid, based out of the Baltimore and Bethesda, Maryland, offices. Enterprise lists a pay range of $155,000 to $175,000 a year and says its total rewards include annual performance bonuses (requisition REQ3834).

Applications go through the Enterprise careers site.