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NexCore Group

VP Asset Management-Seniors Housing

Salary
Competitive
Employment
Full Time
Real Estate Field
  • Asset / Portfolio Management
Location
Denver
Region
CO
Postal Code
80202
Country
United States

This job is no longer active.

Description


JOB RESPONSIBILITIES


The primary responsibility of the Vice President, Seniors Housing Asset Management is to maintain oversight and responsibility of the three to five-year business plan for each independent living, assisted living and memory care property from pre-construction through the time that each asset is sold, with a focus on value creation, preservation of capital and risk mitigation. This position merges the oversight of operations and sales with hands-on financial planning and execution to maximize and protect the value and ownership of our senior living assets. The role of this position is to assist in creating and validating investment decisions and assumptions and overseeing that each business plan meets or exceeds pro forma expectations.    


Underwriting, Pro Forma Modeling and Business Plans

  • Oversee the business plan for each seniors housing property from pre-construction, through opening and lease-up, on-going operations and performance, and disposition
  • Maintain database on market comparables to track and understand exit pricing for seniors housing assets; make recommendations on timing and sale structure
  • Create financial and operating metrics to assist in the review of project construction budgets and pro forma drafts to ensure proper working capital, rental rates, operating expenses and projected annual increases, staffing levels, FF&E and other budget items meet expectations
  • Collaborate with internal research department to develop thorough familiarity of competitive supply  and demographic trends within the geographic area of the assigned communities, as well as, overall industry trends
  • Coordinate, review and summarize appraisals and market feasibility reports and compare to internal research; assist in project underwriting to ensure buy-in on viability of each project
  • Collaborate with teammates to assess and apply for tax credits and other incentives
  • Develop understanding of legal documents relating to JV structures, management agreements, loan documents, etc. and periodic required milestones such as occupancy and cash flow requirements, management termination rights, etc.

Budgeting and Reforecasting

  • Track, with a proactive approach, construction timing and potential issues, oversee licensing process either directly or through operator oversight, track marketing efforts and pre-leasing, hiring and staffing levels, etc.
  • Oversee the preparation of annual operating budgets and business plans provided by operating partners; track variances and reforecasts and operator performance
  • Analyze and make recommendations on budgets proposed by operator partners in order to optimize property performance
  • Create and evaluate financial reporting related to property budgets, variances and benchmarking and compare to original underwriting as well as the competitive set
  • Collaborate with operators to ensure accurate reforecasting is accomplished in order to identify any cash flow problems as early as possible 

Financial Review, Analysis and Projections

  • Collaborate with partner operators and internal accounting department to ensure monthly, quarterly and annual reporting requirements are met for lenders and investors
  • Review monthly community reports and cash flow forecasts; follow-up on variances and any accounts receivable concerns
  • Prepare cash flow projections to include distribution and capital call analysis
  • Partner with internal finance department to configure partnership promote analysis
  • Prepare prospective and retrospective investment returns and valuations
  • Prepare and distribute financial and investment reporting to key stakeholders and owners
  • Perform property benchmarking analysis, comparing to industry benchmarks
  • Perform analyses on move-ins/move-outs, rent rolls, labor reports, real estate taxes and other relevant items
  • Conduct on-going analysis of sales and performance metrics (i.e., operating margins, leasing velocity, rental rates, competitor analysis and monitoring, development costs and sales prices per bed and unit, etc.) to identify trends; recommend strategies, assist in deploying initiatives and analyze and take ownership for the results of those initiatives
  • Assist internal team with due diligence for expansion, repositioning and disposition analysis for assigned communities

QUALIFICATIONS

  • Bachelor’s degree in Finance, Accounting, Business, Real Estate or related field
  • A minimum of 5-7 years’ experience in asset management  in the seniors housing industry is required with no exceptions
  • Demonstrated financial acumen and ability to draw conclusions and present analytical findings and interpretations in a clear and thoughtful manner; ability to think creatively and outside of the box
  • Proactive ability to see problems and challenges around the corner and create and present solutions; willingness and ability to take ownership of the outcome of property business plans
  • Excellent verbal/written communication skills
  • Ability to succinctly communicate to a wide variety of audiences: senior management, operating partners, accounting, and legal teams
  • Must possess advanced Excel skills
  • Manage multiple projects simultaneously and redirect priorities when needed
  • Ability and willingness to travel 20%

Job Function


  • Asset Management
 

Job Sector


  • Healthcare
 

Experience


5+ to 7 years


This job is no longer active.

 
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