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 Senior 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:
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Provide a single point of contact with our clients and internal departments regarding assigned assets including monitoring all tasks associated with the assigned assets
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Collaborate and consult with Commercial Real Estate peers, colleagues, and mid level to more experienced managers to resolve issues and achieve goals
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Identify and analyze issues, and recommend and execute remediation
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Monitor investment and property or fund performance, including construction and lease-up progress
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Analyze tax returns and property and client financial statements
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Review requests for capital contributions and reserve releases, including calculations of adjustments to capital contributions based on agreements.
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Underwrite general partner / fund manager partners consent requests (including loan refinances and changes in partnership structures)
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Negotiate and execute the exit of Wells Fargo from investment partnerships
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Assess markets in which assets reside, identify market and sub-market risks and issues
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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.
Required Qualifications:
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4+ 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
Desired Qualifications:
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4+ years of experience in the 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
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Familiarity and ability to review tax returns and audits for LIHTC partnerships
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Knowledge of IRS Code Section 42 regulations and compliance requirements
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Ability to effectively underwrite perm loan conversions
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Experience negotiating Investor Limited Partner (ILP) exits from Real Estate Partnerships
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Experience managing multifamily housing projects during construction
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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
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Knowledge of financial issues and tax issues pertaining to Real Estate
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Customer service focus with experience actively listening, eliciting information, comprehending customer issues/needs, and recommending solutions
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Knowledge and understanding of tax credit and income producing real estate, including tax credit syndication experience
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Strong attention to detail and accuracy skills
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Advanced Microsoft Excel skills
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Strong analytical skills and ability to solve complex technical problems
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Strong communication skills and ability to articulate complex material to a diverse audience
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Demonstrated ability to handle multiple, conflicting priorities concurrently while providing a high level of service to both internal and external clients
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Bachelor’s or Master’s degree in Real Estate, Finance, Accounting or related field
Job Expectations:
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Ability to travel up to 25% of the time
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Ability to work additional hours as needed
We Value Diversity
At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.
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.
Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.
Drug and Alcohol Policy
Wells Fargo maintains a drug free workplace. Please see our Drug and Alcohol Policy to learn more.
