WNC

Career Opportunities

Workout Specialist

Job Description:

The Workout Specialist reports to the Chief Operating Officer and works closely with Asset Management and Portfolio Management. The primary focus of this position is to provide extensive oversight of significantly underperforming assets within its portfolio of affordable multifamily communities. With the goal of optimizing performance, the Workout Specialist oversees all aspects of each real estate asset with an eye toward maximizing its value to ensure future profitability.

The Workout Specialist will establish reasonable operational benchmarks to ensure long term viability of the projects, prepare and implement workout plans with the owners, lenders, local and government agencies, supervise management agents directly or indirectly as needed and work to achieve the goals and objectives of the owners and investors. The Workout Specialist is responsible for the operational and financial viability of each Partnership assigned.

Requirements:

• Monitoring and analysis of property operations and workout/resolution of under-performing assets. Responsible for preparation and review of profoma operating analysis, analyses of property performance, and communication/interface with Lenders, Agencies, General Partner and Managing Agents.
• Must be able to interpret and understand financing structures including bond financing and constraints, refinancing parameters, recapitalization of reserves and debt restructuring documents, loan modification plans, and equity infusions / restructuring documents, regulatory and Partnership agreements.
• Review of marketing and leasing efforts; monthly, quarterly and annual analysis of financial statements; stress tests on market trend analysis; analysis of annual operating budgets compared to prior year performance; financial forecasting; variance reports to undertake research projects.
• Establish and maintain project files and databases.
• Work closely with the Senior Financial Analyst and Senior Asset Manager to update spreadsheets consolidating and monitoring portfolio information including but not limited to: financial status, capital improvement status, and budget monitoring and operations status.
• Prepare and implement a detailed analysis of underperforming assets with associated workout plan for the owners, lenders, local and government agencies, work with management agents directly or indirectly as needed during workout and work to achieve the goals and objectives of the owners and investors.
• Work closely with general partner, lenders and property management staff to assess financial performance, monitor budgets to corporate benchmarks and monitor operational performance relative to long-term strategic plan.
• Periodic committee write ups and recommendations for management review.
• Managing with appropriate attorneys, foreclosure and liquidation process of impaired assets.
• Conduct negotiations with the borrower.
• Retain and work with outside legal counsel, property managers, operations managers, and other third party consultants in bankruptcy, repossession, litigation and foreclosure of collateral assets.
• Lower-tier replacement general partner.
• Manage and coordinate equity restructuring and re-capitalization, provide long-term asset and funds management resulting in the “Year 15” exit valuation, disposition and/or upper-tier partnership wind-up services of troubled assets.
• Annually monitor project performance relative to proforma, update the limited partner buyout criteria and incorporate into long-term plan.
• Network with appropriate groups and individuals, including community and advocacy groups, to increase potential sources of funds and decrease regulatory burdens on operations.
• Monitor reserve levels and approve requests for release of replacement and operating reserves.
• Conduct site visits at least quarterly and more frequently as needed based on level of concern.
• Work closely with the Asset Management team in an advisory role to prevent future concerns.
• Prepare and submit financing packages to federal, state, local and private funding sources.
• Apply for and obtain required government permits and approvals when necessary.
• Represent the corporation before public bodies, community and neighborhood groups and financing agencies in a professional manner.
• Document processes established through the asset strategy meetings and disseminate information to management.
• Reporting to the investors on a quarterly basis or more frequently if needed.
• Perform related duties as assigned.
• Strategize with and counsel Vice President of Asset Management regarding post-investment issues, defaults, foreclosures, forbearances, workouts, bankruptcies and litigation.

Qualifications:

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the knowledge, skill and /or ability required.

• 10-15 years of experience in real estate or finance, five to eight years of responsible experience in post-investment issues, defaults, foreclosures, forbearances, workouts, bankruptcies and litigation. Knowledge of LIHTC preferred.
• Ability to prepare financial feasibility analyses, conducts, research, and prepares narrative reports and proposals.
• Experience in developing business and strategic plans.
• Strong analytical skills.
• Good political instincts and judgment.
• Ability to work effectively with development professionals, public officials, and low-income tenants.
• Experience with or strong interest in non-profit organizations.
• Strong computer skills primarily on Excel, Word and Access software (or comparable).
• Ability to work in fast-moving, flexible environment.
• Must have knowledge of multifamily real estate operations, including marketing and leasing; budgeting; capital needs planning; financial reporting and compliance with financing covenants or regulatory agreements preferred.
• Must have excellent communication and organizational skills.

WNC offers: medical, dental, vision, 401(k), vacation and sick pay, along with paid holidays. Please e-mail salary history along with resume to hr@wncinc.com.