Associate Vice President Asset Management - Special Assets

Role Description

The Assistant Vice President (AVP), Asset Management – Special Assets will report directly to our Senior Vice President of Asset Management. This role will be responsible for overseeing complex, underperforming, and high-risk assets across a portfolio of LIHTC and market-rate multifamily investments leading strategy and execution for distressed properties, capital restructuring, regulatory challenges, and partnership workouts.

Qualifications

• Bachelor’s degree or equivalent work experience, ideally in Finance, Real Estate, Accounting, Business, or related field.
• Minimum 6 years’ experience of LIHTC multifamily asset management.
• Experience leading workouts, restructurings, or distressed asset resolutions.
• Deep understanding of affordable housing capital stacks (tax credits, bonds, soft financing).
• Advanced financial modeling skills.
• Strong negotiation and restructuring experience with lenders and investors.

Requirements

• Lead oversight of designated special assets portfolio, including distressed, watchlist, or high-risk properties.
• Identify early warning indicators and proactively intervene to prevent deterioration.
• Develop and execute asset-level business plans aligned with enterprise strategy.
• Present recommendations to Investment Committee and Executive Leadership.
• Ensure compliance with LIHTC requirements and layered funding sources (HOME, CDBG, bonds, HUD, state agencies).
• Resolve material noncompliance issues and agency findings.
• Oversee corrective action plans and investor reporting.
• Manage state housing finance agency relationships in distressed scenarios.
• Oversee performance of property management for special assets.
• Approve turnaround budgets and operational recovery plans.
• Conduct deep financial analysis including stress testing and downside modeling.
• Monitor DSCR, breakeven occupancy, reserve sufficiency, and covenant compliance.
• Develop hold/sell/restructure recommendations supported by detailed financial modeling.
• Oversee physical repositioning and capital improvement strategies.
• Direct large-scale rehab or syndication efforts.
• Align capital deployment with recovery strategy.
• Serve as senior liaison to executive leadership.
• Coordinate with Legal, Accounting, Development, and Property Management teams.
• Contribute to enterprise-level asset management policies and risk framework development.
• Assist in negotiation of loan modifications, restructurings, forbearance agreements, or deed-in-lieu transactions.
• Structure recapitalizations include GP equity, LP adjustments, soft debt restructuring, and syndications.
• Assist in evaluating and identifying refinancing strategies in constrained capital markets.
• Direct resolution of partnership disputes and complex waterfall issues.
• Manage troubled Year 15 exits, Qualified Contract processes, and extended use strategies.

Benefits

• Health Care Plan (Medical, Dental & Vision)
• Retirement Plan (401k, IRA)
• Life Insurance (Basic, Voluntary & AD&D)
• Paid Time Off (Vacation, Sick & Public Holidays)
• Short Term & Long Term Disability