Walker & Dunlop
Department:Affordable Housing | Equity - Asset Management
We are Walker & Dunlop. We are one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where people live, work, shop, and play — to life. We are committed to creating meaningful social, environmental, and economic change in our communities. We believe seeking diverse talent and promoting the inclusion of all perspectives are more than moral imperatives – they are critical to our success and ability to innovate and grow.
Walker & Dunlop, the #1 multifamily finance lender in the US, has been a major player in the affordable housing space for years, and we continue to invest in our platform to provide our clients with unparalleled solutions for all their affordable housing needs. Our suite of services, unmatched affordable housing experience, exceptional expertise in transaction execution, and industry-leading technology are setting a new standard in affordable housing. W&D’s dedicated affordable housing team, committed to addressing the affordable housing crisis in the U.S., is comprised of debt financing, LIHTC equity, investment sales, and preservation.
W&D Affordable Equity (formerly Alliant Capital) is a leading tax credit firm focused on tax credit syndication for the development and financing of affordable multifamily rental housing. As a syndicator of Low-Income Housing Tax Credits (LIHTC), W&D Affordable Equity raises corporate equity and monitors the development, construction, lease-up and permanent financing phases of its investments. With a dedicated team of experienced real estate, asset management, legal, and tax professionals, we provide the highest level of fully integrated real estate and investment support services.
The Asset Manager is responsible for maximizing asset values and limiting risk in the management of an assigned LIHTC portfolio. The Asset Manager oversees third party management company, performs site visits, completes financial and compliance reviews, and maintains relationships with developer partners. In addition, the Asset Manager will focus on the review and analysis of property level financial data for their portfolio, including annual operating budgets, quarterly financial statements, residual receipts analysis, year-end audited financial statements and tax returns. The Asset Manager also assists the department on special projects related to partnership reporting, strategic workouts and “Year 15” exit strategies. The position requires the ability to apply portfolio analysis and provide in-depth decision-making recommendations to Senior Management.
What you will be doing:
- Prior to transaction closing, assisting acquisitions in shaping the investment by evaluating projected operating numbers, investment assumptions, structure of the limited partnership agreement, capacity of the sponsor and property management agent, and market data, and opining on deal structuring issues and risk analysis of potential investments.
- Evaluating the financial and operational performance of an assigned multifamily portfolio consisting of Low Income Housing Tax Credit (LIHTC) properties through analysis and review of budgets, quarterly reports, annual audits and K-1 returns.
- Reviewing monthly financial reports prepared by property management firms to track asset performance, evaluating key indicators such as vacancy, delinquencies, turnover rates, and budget-to-actual variances.
- Monitoring construction, leasing, stabilization, and ongoing management and compliance strategies (including section 42, and state monitoring agency requirements) for assigned properties.
- Analyzing appropriateness and timing of equity installments and equity adjustments/yield maintenance calculations
- Reviewing equity contribution packages and approving reserve withdrawals on occasion within defined limits.
- Improving property monitoring and risk management processes including overseeing third party property management companies.
- Monitoring tax credit compliance status and triggers in each guaranty (completion, operating, and tax credit delivery) and financial capacity of guarantors.
- Establishing and enhancing relationships with property management companies, housing associations, financial institutions and other relevant companies/individuals.
- Maintaining contact relationships with general partners regarding strategies and specific asset management plans for increasing the value of investments.
- Providing workout and repositioning solutions for distressed assets.
- Handling refinancing, acquisitions, and dispositions for partner interest and properties.
- Provide reports and conduct presentations for investors and clients.
- Evaluate economic and demographic trends in multifamily markets and apply them to investments in the portfolio.
- Oversee, assist, and mentor junior departmental staff.
- Oversee regulatory compliance in accordance with loan documentation.
- Coordinating asset management functions through periodic site/sponsor visits, investment reviews, financial analysis, property analysis and portfolio analysis.
- Performing surplus cash calculations and coordinate receipt of fees and cash flow sharing.
- Maintaining database completeness and integrity.
- Other job duties or special projects as needed or assigned.
The education and experience we’re looking for:
- Bachelor’s degree in business, real estate, economics, finance, accounting, or equivalent experience. Master’s degree is preferred but not required.
- Minimum of 3+ years of relevant experience,
- Experience in and high knowledge of affordable housing development and management programs is preferred, especially the Low Income Housing Tax Credit program.
- Experience in asset management of real estate investment portfolios, real estate with operations and analysis, budgeting, financial reporting, and general accounting, or other relevant experience.
What skills you should have:
- Ability to show ownership of your work, take on challenges, acknowledge growth opportunities, and demonstrate patience when learning new processes.
- Ability to read, analyze and interpret business documents, agreements, financial documents, and governmental regulations.
- Ability to effectively present information and respond to questions.
- Ability to interpret various instructions furnished in written, oral, diagram, or schedule form.
- Knowledge of Microsoft Office Suite including Outlook, Word, Excel, and Outlook required. Experience with Access, Filemaker, PowerPoint and Crystal Reports highly desirable.
- Exceptional organizational skills, highly attentive to detail and able to perform tasks with limited supervision in a time sensitive work environment.
- Excellent analytical, reasoning and problem-solving skills.
- Ability to build and maintain strong relationships at all levels of the company.
- Ability to maintain the strictest confidence when handling confidential and non-routine information and matters.
- Courtesy, respect, and thoughtfulness in teaming with colleagues and other stakeholders.
- Embodiment of the Walker Way in approach to work: caring, collaborative, tenacious, driven, and insightful.
This position has an estimated base salary of $76,000-$95,000 plus annual discretionary performance bonus.
What We Offer
The opportunity to join one of Fortune Magazine’s Great Places to Work winners from 2015-2023
Comprehensive benefit options* that have earned Walker & Dunlop the silver level of the 2022 Cigna Healthy Workforce Designation™, some of which include:
- Up to 83% subsidized medical payroll deductions
- Competitive dental and vision benefits
- 401(k) + match
- Pre-tax transit and commuting benefits
- A robust health and wellness program – earn cash rewards and gain access to resources that
promote health, engagement, and balance
- Paid maternity and parental leave, as well as other family paid leave programs
- Company-paid life, short and long-term disability insurance
- Health Savings Account and Healthcare and Dependent Care Flexible Spending
Commitment to diversity, equity, and inclusion, with employee resource groups organizing activities and providing a space for open communication
Career development opportunities
Empowerment and encouragement to give back – volunteer hours and donation matching
*Eligibility may vary based on average number of hours worked
We are committed to equity in all steps of the recruitment and employment experience. We believe in equal access to opportunities in our workplace. We do not tolerate discrimination, including harassment, based on any characteristic protected by applicable law, such as race, color, national origin, religion, gender identity, sexual orientation, sex, age, disability, veteran or military status, and genetic information. We strive to be a safe place to ask questions, build professional relationships, and develop careers.
Please be wary of recruitment scams. An indication of a scam might be a request for sensitive or bank information at the time of application or emails coming from a non walkerdunlop.com email address. Please call us at 301.215.5500, if you have any concerns about information requested during or after the application process.