Asset Manager, Real Estate Investments

You will be an integral member of Aetna's Real Estate Investment team, reporting to the Head of Real Estate Investments with a strong alignment with a Senior Investment Manager focused on the affordable housing portfolio. This team's investment portfolio has grown significantly thus, the need to evolve and strengthen our asset management process and team depth. You are central not only to managing the performance and risk of these investments but also to developing and refining the asset management functions that support all real estate investments.

This role allows you to be involved in various critical functions including, but not limited to, (1) asset performance monitoring, (2) post-close risk management, (3) portfolio reporting and forecasting, and (6) new investment production support. You will utilize internal proprietary technologies designed to enhance portfolio oversight, streamline reporting, improve data accuracy, and provide sharper insights across all real estate investments. You will work closely with Investment Managers and Aetna's IT department to ensure all new technology software systems provide asset information to effectively manage the portfolio and deliver meaningful operational improvements.

This is an exciting opportunity to help shape an evolving asset management function within a dynamic, growing team - one that values integrity, precision, and innovation in every aspect of its work. Your strong expertise in financial forecasting and reporting, property operations & asset valuation, fund-level investment management, along with a strong understanding and working knowledge of the affordable housing industry will contribute to your success. You will also possess a collaborative approach, work ethic, task oriented and a continuous improvement mindset.Additional Job Duties & Responsibilities:

Performance Monitoring:

Commercial Mortgages & JV Equity:

Manage a book of commercial mortgage loans, including monitoring property operations, complete an annual risk assessment including analyzing the financial results and preparing a valuation for each asset. Identify any weaknesses that may negatively impact loan repayment, as applicable. Finalize annual review by updating all data metrics, including final risk rating within Aetna's mortgage information management system (MIMs).

Oversee loan document compliance including all reporting requirements from each borrower/property owner.

Affordable Housing:

Ensure that the quarterly and annual reporting provided by Syndicators is complete and delivered on-time in accordance with associated fund partnership agreements.

Review and analyze quarterly fund reporting, financial statements, and annual partnership tax documents to assess overall fund health and actual fund performance compared to expectations.

Review and assess AHIC risk ratings assigned by each Syndicator for each property within the LITHC portfolio, ensuring that such risk ratings are applied consistently and in accordance with AHIC guidelines and industry-accepted standards.

Coordinate quarterly asset management review meetings with each Syndicator to review the quarterly reporting for each Fund; participate in review meeting, ask pertinent questions for higher-risk assets including all action plans to effectively manage the operational issues and minimize the risk for each asset.

Post-Close Risk Management:

Commercial Mortgages & JV Equity:

Assist the Head of REI (or an Investment Manager) with high-risk loans including preemptive recommendations to minimize loan default and loan loss. If necessary, support efforts to restructure loan terms or foreclose, if required.

Ensure timely resolution of loan issues, such as loan maturities to produce loan repayments or negotiating loan modifications, extensions, and lease approvals.

Assist in preparing a Hold/Sale analysis for all JVs to determine the appropriate timing to recommend a property disposition and assist in analyzing potential refinancing of existing mortgage debt.

Affordable Housing:

Analyze and manage incoming consent requests from syndicators, summarizing key points, risks, and recommendations to senior Investment Managers as needed. Negotiate consent request terms with Syndicators when necessary, ensuring that any proposed changes align with investment objectives and the team's underwriting and risk management guidelines.

Monitor existing assets for exposure to environmental and climate impacts, legislative and regulatory changes, and geo-political risk that may impact the LIHTC portfolio and investment strategy.

Reporting:

Commercial Mortgages & JV Equity:

Prepare and deliver portfolio management reports for key loan performance metrics, such as LTV, DSCR and risk rating, on a monthly or quarterly basis, to all stakeholders.

Additionally, provide portfolio statistics, such as property type, geographic and borrower information to senior management upon request.

Provide financial information to the Operations Group to support book value adjustments for income, depreciation and mark-to-market value changes.

Assist in preparing the quarterly CECL calculations and reporting. Facilitate any internal or external audit requests.

Affordable Housing:

Assist in completing internal semi-annual affordable housing portfolio report, which includes a review of fund reserves, property status, property risk rating, an assessment of actual benefits compared to projected benefits, and financial exposure, among other attributes.

Track and communicate key performance indicators, risks, and portfolio trends through regular, precise reporting and presentations to internal stakeholders. This includes yield reporting to Aetna's chief investment officer, and ad hoc reporting requests.

Forecasting:

Commercial Mortgages & JV Equity:

Assist the Head of REI in preparing annual and quarterly financial models to forecast net investment income (NII) for each loan and at the portfolio-level, including projected loan repayments, collateral value shortfalls, and the probability of potential loan default and loan loss for underperforming properties.

JV Equity:

Assist Investment Managers in projecting property cashflows, depreciation and property valuation for each JV investment.

Assist in reviewing the annual property operating and capital budgets, prepared by Aetna's JV partners, and finalize for internal reporting.

Report any collateral shortfall wherein the property value is less than the existing third-party debt used to acquire the property.

Affordable Housing:

Assist in coordinating and preparing quarterly tax benefit projections for the LIHTC investment portfolio, ensuring timely delivery of accurate projections to the Tax Department for use in calculating the organization's effective tax rate and estimated tax payments.

Assist in assessing each Syndicator's annual forecast of tax benefits for accuracy for both stabilized properties as well as all "under construction" projects.

Assist in providing book value forecasts for the LIHTC portfolio to support the organization's strategic planning, financial forecasting, and long-term investment decisions.

Investment Operations:

Commercial Mortgages & JV Equity:

Coordinate and execute the rate lock process for commercial mortgage transactions, ensuring timely submission of required documentation, confirmation of rate lock terms, and verification of all investment committee approval requirements.

Assist in delivering forecasted property cashflows for each JV investment for annual operating results to Investment Operations.

Review/approve/coordinate all capital funding requirements by Aetna.

Affordable Housing:

Review and respond to capital call requests from LIHTC syndicators, carefully evaluating the supporting documentation to confirm the requests align with the terms of the relevant partnership agreements. Once validated, coordinate with internal teams to confirm the funding amount, facilitate the proper approvals needed, and ensure timely execution of outgoing wires.

Process Innovation:

Support an annual review of the department's Policy and Procedure Manual to assess the need for changes or revisions to any Policy or Guideline to enhance the asset management function for all real estate assets and portfolios. Collaborate proactively with Investment Managers and the internal IT group to refine, enhance, and optimize internal asset management reporting systems, ensuring that tools and outputs meet evolving business needs and improve the efficiency and accuracy of the asset management function.

Additional Asset Management Duties:

Conduct market research and provide analytical support for existing and potential mortgage loans and tax credit investments. Help assess any needed change to the existing mortgage loan action plan or JV investment strategy given unexpected property and/or market changes. Assist Investment Managers in their interaction with Aetna's JV partners for all property or leasing matters including making decisions on new tenants, all operating or capital budgets, property management issues, and related matters. Special projects, such as department presentations and portfolio reviews, on an ad hoc basis.

Travel:

Travel may be required for property inspections for existing mortgage loans or affordable housing investments, as well as to attend real estate industry events.Required Qualifications:

• 5 or more years of experience in Asset Management
• 1 or more years of asset management experience working in a large commercial bank or life insurance company
• Willingness to travel up to 10% (including plane travel)

Preferred Qualifications:

• Master's degree or MBA with a focus on real estate, finance, or related fields.
• Knowledge of:
  • Key attributes of impact investment principles, including how affordable housing investments intersect with social determinants of health and broader community outcomes.
  • Demonstrated experience working on higher risk real estate investments or assets and the ability to minimize potential loan losses by utilizing proven methods to cure operational issues.
  • Familiarity with ESG (Environmental, Social, Governance) frameworks, especially as they relate to affordable housing or institutional real estate investments.
  • Experience managing or interacting with third party fund managers to facilitate timely receipt of all required reporting, establish effective relationships to enhance the transfer of information and provide guidance to improve asset management activities of all affordable housing investments.
  • Prior exposure to or hands-on involvement with proprietary technology or reporting system development for asset management functions.
  • Professional certifications such as CPA, CFA, or CCIM, or completion of recognized affordable housing training programs (e.g., Novogradac LIHTC certification, HCCP).
• Skill in:
  • T-SQL, relational database structures, and Excel macros.
  • Measuring the impacts of housing and supportive services on health outcomes and healthcare costs.
  • Prior experience in working with mortgage loan documentation and attorneys for mortgage modifications, lease approvals and other legal oriented activities. A working knowledge of mortgage loan underwriting would be beneficial.
  • A solid understanding of key business terms for limited partnership agreements and prior exposure to negotiations with developer/syndicator partners, including equity pay-in structure, cash flow waterfall, guarantys and reserve requirements.
• Ability To:
  • Apply knowledge of business and the marketplace to advance the organization's goals.
  • Paint a compelling picture of the vision and strategy that motivates others to action.
  • Intellectual Agility: Flexing and adapting thinking skills to meet the needs of different situations and circumstances; expanding problem solving to include multiple approaches or methodologies to resolve issues.

Education:

Bachelor's Degree Required; equivalent years of related professional work experience may substitute. Anticipated Weekly Hours
40Time Type
Full timePay Range

The typical pay range for this role is:$101,970.00 - $203,940.00This pay range represents the base hourly rate or base annual full-time salary for all positions in the job grade within which this position falls. The actual base salary offer will depend on a variety of factors including experience, education, geography and other relevant factors. This position is eligible for a CVS Health bonus, commission or short-term incentive program in addition to the base pay range listed above.Our people fuel our future. Our teams reflect the customers, patients, members and communities we serve and we are committed to fostering a workplace where every colleague feels valued and that they belong.Great benefits for great peopleWe take pride in our comprehensive and competitive mix of pay and benefits - investing in the physical, emotional and financial wellness of our colleagues and their families to help them be the healthiest they can be. In addition to our competitive wages, our great benefits include:

• Affordable medical plan options, a 401(k) plan (including matching company contributions), and an employee stock purchase plan.
• No-cost programs for all colleagues including wellness screenings, tobacco cessation and weight management programs, confidential counseling and financial coaching.
• Benefit solutions that address the different needs and preferences of our colleagues including paid time off, flexible work schedules, family leave, dependent care resources, colleague assistance programs, tuition assistance, retiree medical access and many other benefits depending on eligibility.

For more information, visit https://jobs.cvshealth.com/us/en/benefitsWe anticipate the application window for this opening will close on: 07/16/2025Qualified applicants with arrest or conviction records will be considered for employment in accordance with all federal, state and local laws.