Managing Director, Special Assets

Description

CREA, LLC is a full-service low-income housing tax credit ("LIHTC") syndicator forming long-term relationships with investors and developers that cultivate success and improve lives. With nearly 25 years in affordable housing, CREA has raised $12.025 billion - resulting in the formation of over 88,000 homes within 958 communities across the country. Thanks to the contribution of over 145 employees, CREA continues to look for talented and passionate individuals who are excited about opportunities to grow with us into the future. We are looking to add a talented Managing Director to the Special Assets department in Boston, MA., or Indianapolis, IN. CREA office.  

Physical Presence: In-Office | Tue – Thu; Flexible | Mon & Fri

Open to the following CREA office locations: Boston, MA. or Indianapolis, IN.

Reports to: President

Position Summary:

This position will be essential in managing workouts within CREA’s portfolio of Section 42, LIHTC projects. The Managing Director, Special Assets, oversees and resolves complex LIHTC real estate transactions within the Special Assets (“SA”) portfolio. This role involves developing and implementing strategic plans to protect investor interests, ensuring project compliance and financial performance, and coordinating resolutions for disputes, defaults, and litigation. The candidate will maintain detailed knowledge of each project, perform risk analysis, and collaborate with internal teams, external stakeholders, and regulatory agencies. Responsibilities also include financial and compliance reporting, construction draw processing, site inspections, and maintaining the SA Policies & Procedures Manual. 

Primary Responsibilities:

• Manage transactions assigned to the SA Department
• Strategize, negotiate, and implement plans that preserve LIHTC for CREA’s investors 
• Maintain detailed working knowledge of each project in the SA portfolio 
• Oversee and monitor LIHTC projects during the time maintained in SA and manage the resolution of disputes, litigation, defaults, and breaches on CREA’s behalf 
• Collect and review monthly, quarterly, and annual financial information for the lower-tier partnerships in SA
• Provide reporting on a monthly, quarterly, and annual basis
• Provide updates and proposed resolutions for projects in the SA portfolio during regularly scheduled internal meetings with senior leadership
• Work with CREA’s proprietary, centralized database system to track and update project data
• Analyze partnership data and perform risk rating analysis
• Work closely with general partners / managing members, third-party accountants, property managers, State Agencies, lenders, and any other stakeholder of the lower-tier partnerships in the SA portfolio
• Process monthly construction draws and periodic equity installments when necessary
• Collect tax returns and audits SA transactions, and coordinate review and approval through CREA’s Asset Management & Fund Management Departments
• Perform site visits as necessary (but not less than quarterly) to each apartment complex in the SA portfolio and manage the correction of all deficiencies at the property until the property is re-stabilized and transitioned back to Asset Management
• Coordinate compliance reviews with third-party compliance consultants
• Monitor projects for compliance with partnerships agreements
• Verification that real estate property taxes are paid current, and insurance coverage is adequate and up to date
• Coordinate investor updates and manage consent request documentation with CREA’s Investor Relations Department
• Collaborate with Managing Director, Asset Management on transfer of transactions to and from SA
• Update and maintain the SA Policies & Procedure Manual
• Other duties and special projects as determined by Manager and driven by CREA business needs

Requirements

A bachelor's degree in accounting, finance, or business is required. A master’s degree in business administration is preferred. A minimum of ten years of experience working within the Asset Management-related field on LIHTC projects is required; specifically, partnership workouts. Multi-family property management experience is a plus. Must possess a working understanding of compliance and must have proficiency in navigating LIHTC partnership agreements. Valid LIHTC Compliance Certification is required.  Must be proficient with Microsoft Office Suite with a heavy emphasis on Excel and Word. The candidate must have excellent communication & interpersonal skills and an ability to comfortably interact with senior management internally and a large external client and vendor base. Up to 40% of travel, most involving overnight stays. This role may require extended hours during peak periods to meet business needs. Must possess and be able to demonstrate effectiveness with each of the following Core Competencies:

Core Competencies: 

• Demonstrates strong analytical thinking, sound judgment, and effective time management, while maintaining a collaborative and organized approach 
• Works well across teams and builds positive working relationships throughout the organization 
• Communicates clearly and professionally, both in writing and verbally 
• Handles sensitive and confidential information with discretion and professionalism 
• Takes initiative and operates independently with minimal supervision 
• Navigates complex or challenging conversations with professionalism and care, helping to maintain and protect CREA’s strong reputation 

 Our Values: 

• We work as a family, investing in each other, worthy causes, and the communities we serve.
• We have integrity in all that we do; we embrace differences and treat others with kindness and respect.
• We believe that, with teamwork, we can accomplish anything and pursue inventive solutions for our clients.