VP of Asset Management
ESJ Capital Partners, Florida, NY, United States
The Vice President of Asset Management is responsible for developing, implementing, and monitoring each real estate asset’s business plan through a “hands-on” approach. In this capacity, the Asset Manager directs the respective assets' leasing, financial, and operational activities. It is anticipated that this role will include oversight of the asset management team as the portfolio grows.
ESJ is active in medical office, office, education (STNL) and multi-family, primarily in the Southeast.
Principal Accountabilities and Responsibilities Preparation of the Annual Business Plan
Develop and update the yearly business plans for each asset. These include office, flex/medical office, and educational facilities (NNN).
This position requires strong knowledge of FSG, MG, and NNN lease structures.
Ability to think creatively to add value to the existing portfolio.
Prepare Asset Management Reports
These reports track actual operating results against the current year’s budget and provide updates on the market and the asset’s business plan.
Prepare and manage the quarterly investor reporting process for each asset.
Lead the annual appraisal process by engaging third party appraisal firms.
Oversee Leasing
Lead and drive positive leasing outcomes at the properties. This includes managing the third-party leasing teams, creation of lease up strategy, and negotiation of leases and LOI’s.
Prepare/review appropriate financial analysis of proposed transactions and compare them to leasing guidelines in the annual business plan and impact on the assets’ value.
Lead weekly leasing calls to ensure the property meets leasing goals.
Negotiation of all lease documentation (LOI’s and legal documents), in conjunction with counsel.
Oversee Property Management
Hiring and direct oversight of Property Managers.
Monitor accounts receivables and collections efforts, approving default correspondence, legal action, and bad-debt write-offs.
Review of monthly reports, including financial results. Lead PM teams to drive successful operations and improve NOI.
Review and approval of all vendors and/or construction contracts.
Approval of any expenditures, TI’s, Commissions, or capital projects per the firm’s policies.
Ensure nonprofit tenants are in compliance with their exemption status.
Oversee all Capital Spending
Create and refine five (5) year capital plan each year for budgetary and valuation purposes.
Cost/benefit analysis, including potential “pay-backs” of potential capital items and recommendation to proceed.
Direct architects in the development of detailed plans for capital projects.
Approve all contracts and any change orders.
Draft loan draw requests to lenders
Loan Compliance & Financing/Disposition Strategy
Ensure each asset is operating in accordance with the loan documents' requirements and maintain lender relationships.
Participate in the financing strategy at acquisition
Lead and make recommendations of capital strategy throughout the hold period.
Lead disposition strategy including evaluating market conditions, making recommendations to the executive team on if/when to sell and at what price, negotiate purchase and sale agreements with potential buyers (with counsel).
Property Visits
Visit each property as appropriate (approximately once per quarter) to observe daily operations to ensure the property is being managed to the firm’s standards, inspect vacancies and ensure they are marketable, and in general, determine the project is performing as desired or make the necessary course corrections.
Tour the competitive buildings and meet with leasing brokers and major tenants.
Acquisitions
Work with the acquisition team to develop all underwriting assumptions and the acquisition business plan.
Lead or assist in the due diligence of new acquisitions.
Meet with the existing on-site management team to evaluate the going forward team.
Qualifications
Bachelor’s degree; preferred emphasis in business, accounting, real estate, law, math, or finance
High-level Excel and comprehension of Argus
Excellent leadership skills
Ability to manage multiple projects and think out of the box.
Team player who enjoys working in a collaborative environment.
Openness to new real estate verticals, including multifamily
Opportunity to expand and build out a team as the multifamily vertical grows
7+ years’ work experience within commercial real estate asset management
This opportunity is in Aventura, FL, in-office four days per week.
#J-18808-Ljbffr
ESJ is active in medical office, office, education (STNL) and multi-family, primarily in the Southeast.
Principal Accountabilities and Responsibilities Preparation of the Annual Business Plan
Develop and update the yearly business plans for each asset. These include office, flex/medical office, and educational facilities (NNN).
This position requires strong knowledge of FSG, MG, and NNN lease structures.
Ability to think creatively to add value to the existing portfolio.
Prepare Asset Management Reports
These reports track actual operating results against the current year’s budget and provide updates on the market and the asset’s business plan.
Prepare and manage the quarterly investor reporting process for each asset.
Lead the annual appraisal process by engaging third party appraisal firms.
Oversee Leasing
Lead and drive positive leasing outcomes at the properties. This includes managing the third-party leasing teams, creation of lease up strategy, and negotiation of leases and LOI’s.
Prepare/review appropriate financial analysis of proposed transactions and compare them to leasing guidelines in the annual business plan and impact on the assets’ value.
Lead weekly leasing calls to ensure the property meets leasing goals.
Negotiation of all lease documentation (LOI’s and legal documents), in conjunction with counsel.
Oversee Property Management
Hiring and direct oversight of Property Managers.
Monitor accounts receivables and collections efforts, approving default correspondence, legal action, and bad-debt write-offs.
Review of monthly reports, including financial results. Lead PM teams to drive successful operations and improve NOI.
Review and approval of all vendors and/or construction contracts.
Approval of any expenditures, TI’s, Commissions, or capital projects per the firm’s policies.
Ensure nonprofit tenants are in compliance with their exemption status.
Oversee all Capital Spending
Create and refine five (5) year capital plan each year for budgetary and valuation purposes.
Cost/benefit analysis, including potential “pay-backs” of potential capital items and recommendation to proceed.
Direct architects in the development of detailed plans for capital projects.
Approve all contracts and any change orders.
Draft loan draw requests to lenders
Loan Compliance & Financing/Disposition Strategy
Ensure each asset is operating in accordance with the loan documents' requirements and maintain lender relationships.
Participate in the financing strategy at acquisition
Lead and make recommendations of capital strategy throughout the hold period.
Lead disposition strategy including evaluating market conditions, making recommendations to the executive team on if/when to sell and at what price, negotiate purchase and sale agreements with potential buyers (with counsel).
Property Visits
Visit each property as appropriate (approximately once per quarter) to observe daily operations to ensure the property is being managed to the firm’s standards, inspect vacancies and ensure they are marketable, and in general, determine the project is performing as desired or make the necessary course corrections.
Tour the competitive buildings and meet with leasing brokers and major tenants.
Acquisitions
Work with the acquisition team to develop all underwriting assumptions and the acquisition business plan.
Lead or assist in the due diligence of new acquisitions.
Meet with the existing on-site management team to evaluate the going forward team.
Qualifications
Bachelor’s degree; preferred emphasis in business, accounting, real estate, law, math, or finance
High-level Excel and comprehension of Argus
Excellent leadership skills
Ability to manage multiple projects and think out of the box.
Team player who enjoys working in a collaborative environment.
Openness to new real estate verticals, including multifamily
Opportunity to expand and build out a team as the multifamily vertical grows
7+ years’ work experience within commercial real estate asset management
This opportunity is in Aventura, FL, in-office four days per week.
#J-18808-Ljbffr