Asset Management Reserve Associate (Commercial Real Estate)

The Community Preservation Corporation • Chappaqua, NY

2d • Hybrid

About The Position

The Community Preservation Corporation (CPC) is a leading non-profit affordable housing finance company dedicated to neighborhood revitalization. They provide capital for affordable housing through lending and partnerships, and have invested over $15 billion to create and preserve more than 230,000 housing units. CPC focuses on expanding affordable housing, closing the racial wealth gap, and investing in the green economy. This role is responsible for the administration, oversight, and analysis of repair and replacement reserves, immediate repairs, and capital improvement requirements for a multifamily commercial mortgage portfolio. The Associate will use independent judgment to evaluate reserve disbursement requests, ensure compliance with loan documents and investor requirements, identify portfolio risks, and recommend resolutions. This role collaborates with various internal teams (Asset Management, Surveillance, Credit, Legal) and external parties (borrowers, consultants) to manage reserves and mitigate portfolio risk. Additionally, the position contributes to process improvement, operational enhancements, reporting, and control functions within the Asset Performance & Oversight team.

Requirements

• Bachelor’s degree in Finance, Real Estate, Business, Construction Management, or a related field preferred.
• 3+ years of experience in commercial real estate servicing, asset management, reserve administration, construction review, property operations, or related field ideal.
• Experience reviewing and interpreting loan documents, reserve requirements, and investor guidelines.
• Familiarity with Fannie Mae, Freddie Mac, FHA, or other commercial real estate servicing programs preferred.
• Strong analytical, problem-solving, and decision-making skills.
• Ability to assess risk, identify issues, and recommend appropriate resolutions.
• Strong organizational skills with the ability to manage a portfolio of responsibilities independently.
• Excellent written and verbal communication skills with the ability to interact effectively with borrowers, consultants, attorneys, investors, and internal stakeholders.
• Advanced proficiency in Microsoft Excel and experience working with servicing, workflow, and reporting systems.
• Ability to manage competing priorities in a fast-paced environment while maintaining a high degree of accuracy and professionalism.
• Applicants must be authorized to work in the United States.
• The Community Preservation Corporation does not provide employment sponsorship of any kind.
• Candidates are responsible for ensuring they meet all minimum qualifications for the position at the time of application.

Nice To Haves

• Familiarity with Fannie Mae, Freddie Mac, FHA, or other commercial real estate servicing programs preferred.

Responsibilities

• Independently manage an assigned portfolio of loans with reserve requirements, ensuring compliance with loan documents, Agency guidelines, servicing agreements, and internal policies.
• Review and evaluate reserve draw requests, exercising judgment to determine eligibility, identify exceptions, and recommend approval, denial, or escalation.
• Analyze reserve activity, property condition information, and repair progress to identify emerging risks and proactively recommend corrective actions.
• Monitor compliance with immediate repair requirements, deferred maintenance obligations, life-safety items, insurance-related repairs, and capital improvement plans.
• Coordinate and oversee Property Needs Assessments (PNAs), engineering reports, inspections, and other third-party reviews to support reserve administration and risk management.
• Interpret loan documents, reserve agreements, inspection reports, and investor requirements to ensure accurate application of servicing standards.
• Serve as a primary point of contact for borrowers, property managers, consultants, attorneys, and vendors regarding reserve-related matters and compliance requirements.
• Partner with Asset Managers and other servicing teams to evaluate property performance concerns and recommend appropriate reserve-related solutions.
• Prepare portfolio analyses, exception reports, trend reporting, and management summaries to support decision-making and risk oversight.
• Support investor, Agency, and audit requests through research, analysis, and documentation review.
• Identify opportunities to improve operational efficiency, controls, reporting, and reserve administration practices; participate in the implementation of process improvements and workflow enhancements.
• Assist in training team members and promoting consistent application of reserve policies and procedures across the Asset Performance function.
• Support in ad-hoc or team projects as assigned.

Benefits

• Competitive compensation
• 401(k) retirement plans with employer match
• Medical, dental, and vision benefits for employees and their dependents
• Commuter benefits
• PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
• Tuition assistance program
• Two “work from anywhere” weeks per year
• Summer Fridays
• Collaborative working spaces
• Service days to support our communities
• Employee development and engagement events

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level