About Us:
The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.
Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $11.9 billion to finance the creation and preservation of more than 220,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.
As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.
Role Summary:
The Assistant Vice President (AVP) of Construction Portfolio Management will oversee a significant portfolio of affordable housing and mixed-use real estate loans. Projects are located throughout the New York City metropolitan area, the Hudson Valley, upstate New York, and select states outside the tri-state region. The AVP will be responsible for tracking and reporting on construction progress, approving construction funding, analyzing budgets, monitoring leasing status, and assisting with conversions to permanent financing. This role will identify risks and develop proactive solutions to resolve issues. The AVP will also play a strategic role in process improvement and stakeholder management.
What You’ll do:
- Oversee and manage documentation on a portfolio of previously closed and new construction loans for affordable multifamily developments, ensuring compliance with all regulatory and organizational standards.
- Act as the primary point of contact for all parties to the transactions, including originators, underwriters, credit staff, loan administrators, inspecting engineers/architects, borrowers, syndicators, governmental partners, and internal and external legal counsel, building and maintaining strong relationships with key stakeholders.
- Track and provide comprehensive reporting on project budgets and the availability of funds during construction in relation to the construction timeline and anticipated construction draws, proactively identifying issues, recommending solutions, and communicating them effectively to senior management.
- Review and approve paperwork required for ongoing construction draws, ensuring accurate and timely preparation of credit memos for approval of loan modifications, collection of appropriate legal documentation, and participation in closings with internal and external parties.
- Maintain thorough and up-to-date records of property activity and document management to maintain the integrity of the asset management database and other electronic systems.
- Track leasing status and assist in potential re-underwriting of loan for refinancing.
- Prepare and present quarterly construction status reports and/or criticized loan reports, recommending risk rating changes and preparing documentation for approval of proposed changes.
- Participate in team initiatives to improve portfolio monitoring and risk management processes.
- Mentor and provide guidance to junior team members, driving process improvements and best practices within the team.
Skills and Experience
- BA/BS required, preferably in finance, real estate, or a related field.
- Minimum of 5-8 years' experience in commercial real estate lending, underwriting and deal structuring, portfolio management or construction management.
- Demonstrated experience with affordable housing finance, including familiarity with subsidy and grant sources, with a preference for experience in both private sector financial institutions and public agencies.
- Proven track record of managing large and complex real estate portfolios.
- Proficiency in MS Office; advanced proficiency in Excel.
- Strong familiarity with construction lending, administration, processes, systems, and documentation.
- Superior verbal and written communication skills.
- Excellent analytical, organizational, and presentation skills.
- Demonstrated ability to manage multiple tasks requiring strong attention to detail, as well as be a team player.
What We Offer:
- Competitive compensation
- 401(k) retirement plans with employer match
- Medical, dental, and vision benefits for employees and their dependents
- Commuter benefits
- PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
- Tuition assistance program
- Two “work from anywhere” weeks per year
- Summer Fridays
- Collaborative working spaces
- Service days to support our communities
- Employee development and engagement events
- More about our offerings and culture here
This is a full-time, hybrid role where you will work from the Manhattan office two - three days a week. The salary range is $100,000 – $125,000, dependent on experience.
The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.
