Asset Management Associate

Recruitment Team•New York, NY

11d

About The Position

At L+M Development Partners, working together to build stronger communities is our mission. Our double bottom line philosophy means that we measure success not only in financial returns but also by the positive impacts we make in the communities we serve. Founded in 1984, L+M is a full-service real estate development firm that develops, invests, constructs, and manages properties with industry-leading innovation in a variety of urban markets nationwide, primarily in the New York Tristate Area. Recognized as one of the top affordable housing developers in the country, L+M and its affiliate companies are responsible for approximately $20 billion in development and investment, and combined have over 57,000 high-quality residential units in construction or that have been acquired, preserved, or completed. Please visit our website for more information: http://lmdevpartners.com. To learn more about our mission and values, go to https://lmdevpartners.com/mission-and-values/ L+M Development Partners is seeking a highly skilled and proactive Asset Management Professional to oversee a diverse portfolio of Low-Income Housing Tax Credit (LIHTC) and mixed-income assets. This role is crucial in maximizing property performance, ensuring compliance, and executing strategic long-term value creation across our New York City affordable housing properties. Core Responsibilities The professional will be responsible for developing and implementing sophisticated asset management strategies with a deep understanding of affordable housing finance and operations.

Requirements

Experience: 2-5 years of direct experience in real estate asset management, investment, or finance, with significant exposure to multifamily properties.
Affordable Housing Expertise: Proven working knowledge of the Low-Income Housing Tax Credit (LIHTC) program (Sections 42/LIHTC).
Analytical Skills: Strong financial modeling, quantitative analysis, and proficiency in interpreting real estate financial statements.
Education: Bachelor's degree required.
Highly organized, self-motivated, and capable of prioritizing competing deadlines in a fast-paced, entrepreneurial environment.
Strong verbal and written communication skills for effective stakeholder engagement (partners, lenders, property management, and internal teams).
Ability to navigate and interpret transaction legal documents and financial projections.

Nice To Haves

Advanced degree in Business Administration, Real Estate or Urban Planning preferred.
Location Focus: Experience with assets in the New York City metro area preferred.

Responsibilities

Strategic Planning: Develop and formalize annual asset management plans, budgets, and long-term financial strategies focused on optimizing cash flow, maintaining physical condition, and ensuring the long-term viability of LIHTC assets.
Value Maximization: Continuously analyze portfolio performance to identify opportunities for financial restructuring, capital investment, debt refinancing, or potential property disposition.
Compliance & Risk Management: Monitor property performance against LIHTC underwriting pro-forma, regulatory agreements, partnership covenants, and debt service requirements to mitigate compliance risk and protect investor and partnership interests.
Operational Oversight: Provide proactive, hands-on asset management, working closely with Property Management to analyze rent rolls, vacancy rates, collections, and operating expenses to ensure optimal property performance and resident satisfaction.
Life Cycle Management: Manage properties transitioning from the Development team to operations, ensuring due diligence documentation is complete and operational strategies align with partnership agreements and preservation goals.
Analyze monthly and quarterly property financial statements, budget variances, and key performance indicators (KPIs) against underwriting benchmarks and operating budgets.
Manage and monitor the physical condition of assets, reviewing Capital Needs Assessments (CNAs), tracking reserve balances, and approving significant capital expenditure projects.
Evaluate and formally assign property ratings, placing assets on watch lists when appropriate, and collaborating with the team to develop and execute corrective action plans.
Abstract, interpret, and summarize complex business terms found in LIHTC partnership agreements, loan documents, regulatory agreements, and development closing documents.
Oversee all partnership reporting requirements, ensuring timely and accurate delivery to lenders, investors (Limited Partners), and government agencies.
Collaborate with Legal and Finance teams to support complex transactions, including debt restructuring, partnership buyouts, and property sales.