Stratford Capital Group (“Stratford Capital”) is seeking candidates for an Asset Manager position. The Asset Manager is responsible for managing a portfolio of multi-family real estate assets comprised largely of rental apartment properties acquired through the Section 42 LIHTC affordable housing tax credit program to ensure the unabated delivery of low income housing tax credits and tax losses to the investment fund and, ultimately, the investor limited partner. The position will be based in Stratford Capital's corporate office in Peabody, Massachusetts, approximately 12 miles north of Boston. In response to the COVID-19 pandemic, this position will be remote until further notice. We are seeking a motivated individual who possesses strong financial and analytical skills that will excel in a dynamic, entrepreneurial, team-based environment.
Desired Skills & Experience
• Monitor investment and property performance to preserve investment value. Ensure the continuous delivery of pro forma investment benefits (tax credits & passive losses); as well as NOI and cash flow.
• Identify and analyze issues, as well as recommend and execute action plans that will help mitigate the risk and protect the investment.
• Develop and maintain relationships with General Partners/developers, management agents, lenders, contractors, accountants, third-party consultants, and others to ensure the flow of current and relevant information.
• Assess project and partnership risk factors and mitigate as necessary including; compliance with Section 42 (LIHTC) provisions, terms of partnership agreement, loan documents, operational/performance benchmarks, and financial performance.
• Complete required monthly, quarterly and annual reporting activities including; monthly and quarterly operating performance and risk rating reviews (in accordance with AHIC standards). Ensure timely submission and review of partnership tax returns and audits each year by confirming the early engagement of CPA firm and tracking the status of progress. Review and analyze audited financial statements and tax returns and compare to original projections. Ensure conformance to investment and partnership agreements.
• Review annual property operating budgets for performance in comparison to original projections and make inquiries as necessary. Evaluate for new trends in income and expense categories.
• Monitor construction and lease-up progress. Review monthly construction draws, change orders, architect and inspector reports, construction schedules, leasing and traffic reports. Identify, communicate and resolve potential issues; as well as determine potential impact on permanent loan conversion, sources of funds, and overall investment performance.
• Perform annual property site inspections or more frequently as needed (based on watch list status) for early identification of potential issues. Maintain familiarity with regional and local economic and demographic trends within portfolio markets. Generate site visit reports and follow-up on findings. Evaluate physical condition of assets and determine future capital needs.
• Communicate issues that may place a project at risk to appropriate leadership. Recommend the implementation of strategies to resolve operational, financial, and compliance related difficulties within the portfolio.
• Maintain current and thorough records of all property/partnership activity (and document management) in the proprietary asset management database to maintain the integrity of system.
• Review capital calls from developer/GPs. Ensure required performance benchmarks are achieved and the requisite documentation is provided (in accordance to partnership agreement). Calculate annual tax credit amounts from final cost certification/8609s, and calculate first year tax credit delivery from actual lease-up figures. Prepare final upward or downward capital adjustments pursuant to the terms of the partnership agreement.
Qualifications and Skills
• BS/BA in Finance, Real Estate, or related field.
• 3 to 5 years of relevant real estate experience required.
• Prior experience as a LIHTC Asset Manager or Senior Analyst is highly preferred. Can also be a previous Public Accounting Senior or higher in LIHTC or related Real Estate field.
• Essential skills include: thorough knowledge of Section 42 and affordable housing, partnership taxation and accounting, as well as real estate investment/financial analysis. Strong organizational skills and an attention to detail are essential.
• Proficiency in MS Office applications and excellent verbal and written communication skills are essential.
Stratford Capital is a privately-held group of companies involved in various facets of investment banking, multifamily real estate development and finance. Stratford Capital's primary focus involves the syndication of LIHTC investments in both multi-investor funds and proprietary investment funds for our corporate clients nationwide. Stratford Capital has successfully underwritten, sponsored and syndicated private equity in 240 multifamily rental apartment properties comprising in excess of 26,000 apartment units in 35 states with a capitalized value of approximately $3.9 billion. In addition to its headquarters in Peabody, Massachusetts, Stratford Capital maintains an office in Vienna, Virginia.