Senior Asset Manager in Boston, MA at Key Bank- Corporate

Date Posted: 3/22/2018

Job Snapshot

  • Employee Type:
    Full-Time
  • Location:
    225 Franklin Street
    Boston, MA
  • Job Type:
    Banking
  • Experience:
    Not Specified
  • Date Posted:
    3/22/2018
  • Job ID:
    28266BR

Job Description

ABOUT THE JOB

Responsible for the asset management of a defined portfolio of Key Community Development Capital’s equity investment platform, Key Community Development Corporation (KCDC). KCDC makes community development investments located throughout Key’s footprint states. The average portfolio represents $220M in investment. The Senior Asset Manager manages risks inherent in long term investments through the review of project information and sponsor information, including the analysis of financial statements, capital and operating budgets, and other relevant project data to ensure the flow of tax credit benefits. This position works with internal KCDC staff, as well as manages outside relationships with general partners, accountants and attorneys. The Senior Asset Manager performs on-site property inspections to evaluate property condition and ensure tenant eligibility compliance and has a deep understanding of the various tax credit programs.

This position reports to the Asset Management Team Lead.

ESSENTIAL JOB FUNCTIONS

  • Mitigate risk to the bank by properly evaluating the financial, leasing/occupancy, construction progress and other relevant data in order to properly risk rate the investment on a quarterly basis. Report on portfolio projects risk rated at a certain level or higher at the quarterly Asset Quality Review (AQR) meeting.
  • Participate in equity deal underwriting and KCDC Investment Committee, with the ability to understand the important balance of business development and asset quality requirements.
  • Collaborate with the underwriter in structuring projects from the inception, including providing recommendations for improvement to the underwriting model.
  • Obtain and review tax returns of operating partnerships for accuracy and return on equity investment. Compare actual results to projected benefits and communicate discrepancies to the Asset Management Team Lead.
  • Obtain and review property financial reports on a quarterly basis. Analyze the results against budgeted projections as well as historical data.
  • Perform on-site compliance audits, property inspections, management company reviews and review of applicable documentation.
  • Pursue noted deficiencies or 8823 filings.
  • Review and approve requests for payment of capital contributions.
  • Act as a resource to general partners and property managers of operating partnerships. Recommend implementation of strategies to resolve operational, financial and compliance related issues within the portfolio.
  • Prepare equity adjusters as necessary based upon the delivery of tax credits to KCDC and help direct other team members through the process.
  • Maintain a thorough and up-to-date record of project activity and document management in the database (KATS) to maintain the integrity of the asset management database system.
  • Review and approve changes of accountant and property management companies.
  • Closely monitor project reserve accounts to ensure sustainability throughout the project compliance period. Approve requests for withdrawals where appropriate.
  • Monitor and collect asset management fees and cash flow disbursements.
  • Assist the Asset Resolution Specialist with project work out situations.
  • Develop new business through meetings with developers and non-profits.
  • Compliance with internal risk rating standards to ensure an effective internal review, resulting in an acceptable outcome.
  • Participate in and lead team initiatives to improve portfolio monitoring and risk management processes. Continually update job skills and knowledge by attending training sessions and industry conferences.
  • This position is involved in the ongoing training of new and existing asset management staff.

REQUIRED QUALIFICATIONS

  • Commitment to serving low and moderate income clients and neighborhoods.
  • Bachelor’s degree in business, accounting, finance or a related field.
  • Minimum of five years experience in the Asset Management field.
  • Strong understanding of business management reports/documents including operating statements, budgets and partnership agreements.
  • Ability to travel to project locations approximately 25% of the year.
  • Excellent analytical, interpersonal, and communication skills.
  • Strong understanding of and aptitude with technology and data management.


ABOUT KEY:
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. KeyBank is Member FDIC.

ABOUT THE BUSINESS:
Key Corporate Bank is a full-service corporate and investment bank serving the needs of mid- to large- sized businesses and focusing principally on middle market clients in six industry sectors: consumer, energy, healthcare, industrial, public sector, and real estate.

FLSA STATUS:Exempt

KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.

JobID: 28266BR

CHECK OUT OUR SIMILAR JOBS

  1. Business Manager Jobs
  2. Finance Manager Jobs