Asset Manager (Foster City)

MidPen Housing•Foster City, CA

3d•Hybrid

About The Position

MidPen Housing Corp. seeks an Asset Manager to oversee a portfolio of up to 50 properties and serve as the primary contact for each portfolio’s investors and lenders, representing the property owner in the capacity of a MidPen affiliate. The Asset Manager is responsible for ensuring the portfolio’s long-term financial health meets MidPen, owner, and lender requirements and provides analytical support on financial matters. The role works closely with cross-functional teams, including Property Management and site staff, Accounting, Facilities, Purchasing, Legal, Insurance, Business Systems, the Board of Directors, and Development, and maintains relationships with consultants, regulatory agencies, lenders, and investors. This is a hybrid position in Foster City, currently requiring office work on Tuesdays, Wednesdays, and Thursdays. Reliable internet is required for remote work. The position includes site visits and property condition reviews, portfolio reporting and analysis, coordination of investor and lender review meetings, and collaboration on property financial and strategic plans. MidPen is a nonprofit affordable housing developer and property manager active in 12 Northern California counties. Its portfolio includes more than 142 properties serving 22,800 working families, seniors, and people with special needs. The organization’s mission is to provide high-quality affordable housing, establish stability and opportunity for residents, and foster diverse communities.

Requirements

Bachelor’s degree in Finance, Business Administration, Accounting, or a related field.
At least three years of experience in real estate or finance, with a heavy emphasis on financial analysis of large portfolios.
Experience in at least four of the following areas: nonprofit affordable housing, refinancing of debt, HUD regulatory programs, real estate accounting, financial analysis, property management, or project development.
Demonstrated proficiency in Microsoft Excel, Word, and Outlook, with strong analytical, accounting, and financial skills.
Ability to analyze complex problems, exercise sound business and financial judgment, and prepare financial feasibility analyses, strategic plans, research, narrative reports, and proposals.
Strong written and verbal communication skills, including the ability to present confidently and effectively to large groups.
Ability to collaborate with internal and external stakeholders, work effectively across staff levels and with public officials, and lead projects as needed.
Ability to multitask, adapt to changing priorities, and thrive in a fast-paced, collaborative environment.
Ability to independently manage day-to-day responsibilities and support an assigned portfolio with minimal supervision.
Demonstrated ability to manage competing priorities while maintaining organization, accuracy, and attention to detail.
Valid California driver’s license, reliable transportation, and proof of current auto insurance.
Ability to build and maintain effective working relationships with colleagues, external financial professionals, and other stakeholders.
Reliable internet for remote work.

Responsibilities

Establish and maintain working relationships with lenders and investors; serve as the primary contact for properties in the assigned portfolio and coordinate responses to questions and requests.
Manage the annual budget process with Property Management and, where applicable, Development; evaluate property plans, analyze budgets against MidPen benchmarks and goals, and develop solutions to cash-flow and financial-ratio challenges.
Ensure properties meet affordability, operating expense per unit, reserve funding, and surplus cash distribution requirements under applicable agreements and regulations; monitor financial performance against budgets and review variances.
Review long-term capital plans, manage reserve balances for future needs, identify properties requiring outside funding, monitor major project progress, and collaborate with internal teams and external partners on cash-flow and capital needs.
Review and analyze investor and lender reporting, monitor audits for accurate and timely surplus distributions, and prepare required reports and responses.
Negotiate with partners and lenders as needed to amend agreements and facilitate approvals for capital projects, reserve draws, financing, and other matters governed by property agreements.
Present resolutions, property performance summaries, and other required items to the Board Committee.
Research and review governing and source documents for new and existing properties, including partnership agreements, financing documents, regulatory agreements, ground leases, tax returns, and proformas, to identify constraints and assess long-term financial needs.
Conduct site visits and property condition reviews; monitor initiatives, develop corrective action plans with Property Management, track progress, and escalate concerns through senior management as appropriate.
Collaborate with Development and Property Management to develop accurate proformas and long-term strategic plans for new properties.
Monitor financial performance of properties transitioning into operations, ensuring alignment with the original proforma from the first complete fiscal year throughout the life of the asset.
Create and maintain comprehensive asset management and strategy plans for each property; complete portfolio analyses and summary reports, including enhanced reviews of properties outside established benchmarks or with financial or physical health concerns.
Coordinate portfolio review meetings with investors, lenders, and internal teams, including on-site property visits.
Perform other duties as assigned.