Director of Preservation and Capital Projects

Columbia Residential is an integrated real estate development and property management company with a substantial portfolio of affordable multifamily properties. We are seeking a highly skilled and experienced Director of Preservation to direct and implement a strategy for preserving and enhancing our affordable multifamily property portfolio within our Asset Management department.  This position reports to the Vice President of Asset Management.

Responsibilities:

1. Preservation Strategy:

• Develop and implement a comprehensive year 15 preservation strategy for our portfolio funded with low-income housing tax credits. This includes strategies for limited partner buyouts, refinancing and financial restructuring for challenged/aging properties.
• Obtain project financing including soliciting project financing proposals from construction and permanent lenders, tax credit equity investors and subsidy capital sources (e.g., local government, state government, AHP, etc.) for restructuring and/or refinancing of portfolio properties.
• Manage completion of project analysis and evaluation required for refinancing properties including financial structure, funding commitments, due diligence, and establishment of project pro forma.
• Work closely with the company leaders and others to negotiate financing commitments and loan/equity documents.
• Assist and support construction bidding and contract negotiation.
• Monitor the project budget and schedule, providing regular reports and briefings to company leadership team.
• Oversee draw requests to lenders.
• Collaborate with other departments, such as asset management, property management, and finance, to align preservation and capital improvement efforts with overall business goals.

2. Capital Improvement Projects:

• Oversee the planning, execution, and completion of capital improvement projects across the multifamily property portfolio.
• Manage replacement reserve and operating reserve funds for capitol project initiatives designed to enhance the longer-term sustainability of projects.
• Develop project scopes, budgets, and schedules in collaboration with internal construction staff and third-party vendors.
• Monitor project progress, quality, and compliance with specifications and regulations.
• Ensure projects are completed on time, within budget, and to the satisfaction of stakeholders.

3. Budgeting and Financial Management:

• Develop and manage the annual capital improvement budget for the multifamily property portfolio.
• Conduct financial analysis and cost estimation for proposed projects.
• -Monitor project expenses and track budget performance.
• -Prepare regular financial reports and presentations for senior management and stakeholders.

4. Regulatory Compliance:

• Stay updated with federal, state, and local regulations related to preservation and capital improvement projects in the multifamily property sector.
• Ensure compliance with applicable codes, permits, and licensing requirements.
• Coordinate with regulatory agencies and consultants as needed.

Skills:

• Low Income Housing tax credit program knowledge.
• Ability to underwrite, develop pro formas and analyze financial options for restructuring.
• Excellent project management skills, including budgeting, scheduling, and risk management.
• Strong financial analysis and cost estimation skills.
• Knowledge of regulatory requirements and compliance in the multifamily property sector.
• Excellent communication and interpersonal skills.
• Ability to lead and manage a team.
• Proficiency in financial analysis and project management software and tools.

Requirements:

• Bachelor’s degree in Real Estate, Finance, Business Administration, or a related field.
• Minimum of 5 years of experience in affordable housing finance or asset management, preferably in the multifamily property sector.
• Strong financial analysis and modeling skills.

Compensation:

• Competitive Base Salary commensurate with experience
• Benefits – health, 401K, Paid Time off, others

If you are a highly motivated and results-oriented professional with a passion for preservation and capital projects in the affordable multifamily property sector, we invite you to apply for this exciting opportunity. Join our team and contribute to the preservation and enhancement of our multifamily property portfolio.