Steven Cole Email & Phone Number

Glendale, Ca

Greater Los Angeles Area

Oversaw the operations and management of the organization's 3000+ unit stabilized residential portfolio ensuring that the properties performance meet to exceed financial expectations, are physically maintained at or above company standards, and comply with all regulatory requirements. Collaborated with the Property Management and Facilities Management to ensure properties are performing at optimal levels and in full compliance in all aspects. Collaborated with Development Group to identify repositioning opportunities including soft debt funding sources, resyndication opportunities, restructuring of existing debt or refinance opportunities. Oversaw and managed tax credit investor buyouts at the completion of the 15-year compliance period. Interfaced with the Board of Directors regarding Portfolio Management activities including obtaining project specific approvals and presenting the quarterly Property Performance Report. Established and maintained effective business relationships with vendors, general contractors, investors, attorneys, accountants, lenders, and governmental/regulatory entities. Mentored Portfolio Management staff in the development and asset management of affordable housing.

Woodland Hills, Ca

Managed a team of Real Estate Asset Managers who are responsible for monitoring and reporting the operational performance of a diverse portfolio in excess of 200 LIHTC assets during the construction, lease-up and stabilization phases of development.

Irvine, Ca

Oversaw a portfolio of LIHTC Properties during the construction and initial lease-up phases. Directed and supervised a construction management team. Controlled risk to maximize quality while adhering to budget and timelines for completion. Ensured the timely delivery of initial tax credits and losses to the partnership. Fund capital contributions in accordance with the partnership documents. Facilitated Permanent Loan Conversions including conventional and Bond transaction as well as soft debt.

Prepared and implemented detailed workout plans for underperforming assets. Conducted site visits at least quarterly and more frequently as needed based on level of concern. Worked directly with investors, attorneys, accountants, lenders, developers, and governmental/regulatory entities.

Underwrote proposed LIHTC investments in accordance with specific due diligence guidelines. Extensive use of complex financial models. Provided investment overviews and recommendations to the Acquisitions Committee. Structured proposed investments to achieve investor specified Internal Rate of Return. Analyzed Market Studies to assess comparability ratings, capture rates, absorption estimates and overall market areas. Reviewed third party engineering, seismic and environmental reports to determine development feasibility. Negotiate Partnership Agreement terms with proposed General Partners. Mitigate investment risk by effectively identifying concerns and implementing resolutions. Work directly with investors, attorneys, accountants, lenders, developers, and governmental/regulatory entities. Conduct due diligence site visits and prepare site visit reports.

Oversaw a nationwide portfolio of LIHTC properties. Assessed financial and operational performance of each property according to specified benchmarks. Reviewed and approve property budgets and compare performance in relation to original underwriting projections. Developed and implemented work-out plans for properties that fail to meet specified benchmarks. Conducted annual site visits and property management reviews. Insured adherence to partnership and regulatory agreements and financing structures.

Lake Forest, Ca

Managed 5 community associations totaling over 1,100 residential units. Prepared and managed annual budgets and implemented short and long term community maintenance plans. Determined Board Meeting agendas and facilitated Board of Directors and various committee meetings. Established and maintained positive relations with community members by effectively addressing their concerns. 2002 California Association of Community Managers (CACM) “Vision Award” winner.