Lead Commercial Real Estate Asset Manager - CLI - LIHTC
Type: Full Time
Salary: $150,000.00 - $200,000.00
Corporate Real Estate
May be considered for a discretionary bonus, Restricted Share Rights, or other long-term incentive awards.
Internal Number: R-225564
At Wells Fargo, we are looking for talented people who will put our customers at the center of everything we do. We are seeking candidates who embrace diversity, equity and inclusion in a workplace where everyone feels valued and inspired. Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
About this role:
Wells Fargo is seeking a Lead Commercial Real Estate Asset Manager to manage a portfolio of Low Income Housing Tax Credit (LIHTC) equity investments from some of our largest and most complex affordable housing clients. Learn more about our career areas and lines of business at wellsfargojobs.com.
In this role, you will:
Provide a single point of contact with our clients and internal departments regarding assigned assets including monitoring all tasks associated with the assigned assets
Collaborate and consult with Commercial Real Estate peers, colleagues, and mid level to more experienced managers to resolve issues and achieve goals
Identify and analyze issues, and recommend and execute remediation
Monitor investment and property or fund performance, including construction and lease-up progress
Analyze tax returns and property and client financial statements
Review requests for capital contributions and reserve releases, including calculations of adjustments to capital contributions based on agreements.
Underwrite general partner / fund manager partners consent requests (including loan refinances and changes in partnership structures)
Negotiate and execute the exit of Wells Fargo from investment partnerships
Assess markets in which assets reside, identify market and sub-market risks and issues
Lead and/or participate in projects or teams related to Wells Fargo’s internal asset management process improvement
Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.
5+ years of Commercial Real Estate Portfolio Management experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education
5+ years of experience in the Low-Income Housing Tax Credit (LIHTC) industry with one or more of the following functional roles: Real Estate Underwriting, Portfolio Management, Fund Management, Asset Management, Real Estate Workouts, Financial Analysis, Accounting
Familiarity and ability to review tax returns and audits for LIHTC partnerships
Knowledge of IRS Code Section 42 regulations and compliance requirements
Ability to effectively underwrite perm loan conversions
Experience negotiating Investor Limited Partner (ILP) exits from Real Estate Partnerships
Experience managing multifamily housing projects during construction
Ability to read and understand complex commercial real estate loan or real estate investment documentation, securitization documents, including Real Estate partnership and Real Estate fund agreement legal documents, pooling and servicing agreements and related documentation
Advanced knowledge of financial issues and tax issues pertaining to Real Estate
Customer service focus with experience actively listening, eliciting information, comprehending customer issues/needs, and recommending solutions
Extensive knowledge and understanding of tax credit and income producing real estate, including tax credit syndication experience
Strong attention to detail and accuracy skills
Advanced Microsoft Excel skills
Strong analytical skills and ability to solve complex technical problems
Strong communication skills and ability to articulate complex material to a diverse audience
Demonstrated ability to handle multiple, conflicting priorities concurrently while providing a high level of service to both internal and external clients
Bachelor’s or Master’s degree in Real Estate, Finance, Accounting or related field
We’re strong for our customers and communities
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852, and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance through more than 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com), and mobile banking and has offices in 31 countries and territories to support customers who conduct business in the global economy.
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights, and perspectives from Wells Fargo are available at Wells Fargo Stories.
Additional information may be found at wellsfargo.com?Twitter: @WellsFargo