Vice President-Lead Commercial Real Estate Portfolio Manager

Wells Fargo•Boston, MA

23d•$119,000 - $224,000•Onsite

About The Position

Corporate & Investment Bank (CIB) delivers a comprehensive suite of banking, capital markets and advisory solutions, including a full complement of sales, trading and research capabilities, to corporate, government and institutional clients. We focus on our clients' overall financial needs, with consideration and respect for their total relationship with Wells Fargo. Commercial Real Estate (CRE) provides a fully integrated platform of banking, financing, and capital markets solutions to commercial real estate clients including financial sponsors, institutional investors and asset managers, regional developers, and public and private corporations. About this role: Wells Fargo is seeking a Vice President-Lead Commercial Real Estate Portfolio Manager- Tax Credit Portfolio Manager to manage a portfolio of equity investments from some of our largest and most complex affordable housing clients. In this role, you will: Provide coaching and mentoring for more junior employees Provide a single point of contact with general partners and internal departments regarding assigned assets Independently manage a portfolio of investments in real estate partnerships Identify and analyze issues, and recommend and execute action plans Monitor investment and property performance, including construction and lease-up progress Analyze tax returns and property and sponsor financial statements Review third-party inspections and reports in compliance with Low Income Housing Tax Credit (LIHTC) regulations Review requests for capital contributions and reserve releases, including calculations of adjustments to capital contributions due to adjusters Underwrite general partner consent requests (including loan refinances and changes in partnership structures) Perform site visits Negotiate and execute the exit of Wells Fargo from investment partnerships Assess markets in which assets reside, identify market and sub-market risks and issues Participate and/or supervising projects related to asset management process improvement Track any tasks outsourced to third parties Make decisions in complex and multifaceted situations requiring exceptional understanding of the function, policies, procedures, and compliance requirements that influence and lead broader work team to meet deliverables and drive new initiatives Collaborate and consult with Commercial Real Estate peers, colleagues, and mid-level to more experienced managers to resolve issues and achieve goals Lead projects, teams, or serve as a peer mentor

Requirements

5+ years of Commercial Real Estate Portfolio Management experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education

Nice To Haves

5+ years of experience in the Low-Income Housing Tax Credit (LIHTC) industry with one or more of the following functional roles: Real Estate Underwriting, Portfolio Management, Asset Management, Tax Credits, Real Estate Workouts, Financial Analysis, Accounting
Knowledge of Affordable and Low-Income Housing
Ability to review tax returns and audits for LIHTC partnerships
Knowledge of Section 42 regulations and compliance
Familiarity with partnership legal documents
Ability to effectively underwrite perm loan conversions
Experience negotiating Investor Limited Partner (ILP) exits
Experience managing deals under construction
Ability to read and understand complex commercial real estate loan or real estate investment documentation, securitization documents, including pooling and servicing agreements and related documentation
Advanced knowledge of financial issues and tax issues
Customer service focus with experience actively listening, eliciting information, comprehending customer issues/needs, and recommending solutions
Extensive knowledge and understanding of credit and income producing real estate
Strong attention to detail and accuracy skills
Advanced Microsoft Excel skills
Strong organizational, multi-tasking, and prioritizing skills
Strong analytical skills and ability to solve complex technical problems
Strong communication skills and ability to articulate complex material to a diverse audience
Strong project management skills including the ability to handle multiple projects concurrently
Leadership experience including; coaching, training, and mentoring
Bachelor’s or Master’s degree in Real Estate, Finance, Accounting or related field

Responsibilities

Provide coaching and mentoring for more junior employees
Provide a single point of contact with general partners and internal departments regarding assigned assets
Independently manage a portfolio of investments in real estate partnerships
Identify and analyze issues, and recommend and execute action plans
Monitor investment and property performance, including construction and lease-up progress
Analyze tax returns and property and sponsor financial statements
Review third-party inspections and reports in compliance with Low Income Housing Tax Credit (LIHTC) regulations
Review requests for capital contributions and reserve releases, including calculations of adjustments to capital contributions due to adjusters
Underwrite general partner consent requests (including loan refinances and changes in partnership structures)
Perform site visits
Negotiate and execute the exit of Wells Fargo from investment partnerships
Assess markets in which assets reside, identify market and sub-market risks and issues
Participate and/or supervising projects related to asset management process improvement
Track any tasks outsourced to third parties
Make decisions in complex and multifaceted situations requiring exceptional understanding of the function, policies, procedures, and compliance requirements that influence and lead broader work team to meet deliverables and drive new initiatives
Collaborate and consult with Commercial Real Estate peers, colleagues, and mid-level to more experienced managers to resolve issues and achieve goals
Lead projects, teams, or serve as a peer mentor