Director, Asset Management, Workouts
Location: Baltimore, MD
Work Arrangement: Hybrid
Employment Type: Full-time
Requisition ID: REQ3834
About the Employer
Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. Since 1982, Enterprise has invested $92.0 billion and created 1.1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Enterprise supports community development organizations on the ground, aggregates and invests capital for impact, advances housing policy at every level of government, and builds and manages communities.
Role Summary
The Director, Workouts is an asset management leadership role responsible for stabilizing, restructuring, and repositioning underperforming assets within Enterprise Community Development's affordable housing portfolio. This role focuses on properties experiencing structural cash flow deficits, sustained net operating income shortfalls, capital constraints, or other forms of distress requiring active intervention beyond routine asset management. The Director will manage a dedicated team and serve as the owner's representative for a portfolio of non-stabilized LIHTC senior and family communities. The position reports to the Senior Vice President, Asset Management and is based out of the Baltimore, MD and Bethesda, MD offices.
What You'll Do
- Lead the identification, triage, and resolution of assets experiencing chronic cash flow deficits or operational distress
- Develop, implement, and oversee property-specific action plans that result in property stabilization
- Prepare and present recommendations to Senior Management
- Find, investigate, and apply for project-level grant or soft debt funding to help properties stabilize
- Assist Transactions Team with dispositions and/or refinancings
- Identify additional sources of ancillary income that can help a community stabilize
- Manage, coach, and develop a team of workout-focused asset management professionals
- Review and approve operating budgets, reforecasts, capital expenditure plans, and non-routine expenditures
- Analyze financial statements, debt structures, reserve usage, and partnership arrangements
- Partner with property management, development, compliance, and resident services teams to resolve complex asset challenges
- Oversee site visits, physical needs assessments, inspection responses, and action plans
- Oversee monthly, quarterly, and annual reporting for the workout portfolio
- Prepare clear internal reporting and support lender, investor, and partner communications
Required Qualifications
- 7+ years of LIHTC/multifamily experience
- 3+ years of workout experience
- 5+ years of direct people management experience
- Bachelor's degree required
- Demonstrated people leadership, sound judgment, and ability to operate effectively in high-pressure environments
- Excellent verbal communication and business writing skills
- Strong financial and analytical skills, including advanced proficiency in Microsoft Excel
- Proficiency with Yardi
- Ability to produce, review, and interpret real estate financial models and financial statements
- Proven problem-solving, critical-thinking, and project management skills
- Strong organizational skills with ability to coordinate complex activities, prioritize competing demands, and meet deadlines
- Ability to interact professionally with a diverse group of associates, residents, and external partners
- Demonstrated positive attitude, intellectual curiosity, and commitment to continuous improvement
- Demonstrated commitment to ethics, professionalism, and collaboration; ability to build respectful, effective working relationships with internal and external stakeholders
Preferred Qualifications
- Finance, Accounting, Business, or Real Estate degree
- Master's degree (MBA or MS Real Estate) or CPA
Compensation
$155,000–$175,000/year
Benefits
Enterprise offers a comprehensive total rewards package including dental, health, and vision care plans, family-building benefits such as adoption and surrogacy support, flexible work arrangements, health advocacy, Employee Assistance Program (EAP), mental health benefits, financial education, wellness programs, auto-enrollment in the company's 401(k) plan with employer matching contributions, annual performance bonuses, generous paid leave programs, and access to learning and development opportunities including tuition reimbursement for job-related courses and certifications.
Additional Information
This is a new position at Enterprise Community Development. Enterprise offers career opportunities in offices across the country and is committed to supporting your growth journey as part of a diverse, committed team.
