Vice President of Asset Management, Commercial - Toronto, Canada - MADISON HOMES HOLDINGS

MADISON HOMES HOLDINGS

Verified Company

Toronto, Canada

4 days ago

Posted by:

Sophia Lee

beBee Recruiter

Description

Title:
Vice President of Asset Management, Commercial & Hospitality

Department:
Commercial & Hospitality

Reports to:
CEO/CFO

Our History:

The Madison Group is a widely diversified real estate and land development company with extensive experience in building master
- planned communities, low-rise and high-rise residential projects and also operates a substantial portfolio of retail, commercial and industrial projects.

For over 55 years, Madison Group has built its foundation on integrity and innovation and our commitment to our customers is our foremost priority.

Madison Group focuses on creating quality homes & residences in desirable areas firmly rooted in a sense of community. Our reputation is defined by the talent, dedication, and passion of our team. For further information, please refer to Madison Homes' website at

The Role:

Commercial (80%)

Lead the creation and review of propertybyproperty business plans including annual budgets of income, expenses, and appropriate capital improvement while working collaboratively with the property management and accounting teams.
Review, approve and report on monthly, quarterly, and annual budget variances, identifying and recommending corrective action and areas for potential improvement.
Effectively communicate with the Executive Management Team at least quarterly on portfolio performance, asset plans, leasing activity, and budget variances.
Evaluate each assets income and expense performance and regularly compare the same to market comps.
Lead tenant lease negotiations, including market rent terms and tenant improvement allowances and landlord work requirements.
Oversee tenant build out budgeting process, construction bidding and contractor section, ensure tenant space is delivered on time, in accordance with lease requirements, and proactively address any concerns or questions.
Identify and implement opportunities to increase income and/or reduce expenses such as appealing real estate tax assessments, advances in technology, strategic utilization of thirdparty consultants, managing utility expenses and/or increasing recoveries from tenants or residents
Provide analytic support in determining the feasibility or advisability of potential leasing rate changes and/or incentives on commercial assets, capital projects and other valueadd asset opportunities.
Coordinate and participate in position/reposition opportunities and leasing strategies.
Review market, investment, capital factors for each asset type including opportunities for advantageous debt structuring refinancing and disposition opportunities.
Assist with due diligence process on acquisition projects and with the transition of newly acquired properties into portfolio management platform.
Establish and maintain strong positive working relationships with internal departments and thirdparty partners (property management, owner partners, enders, investors, and the brokerage community).
Conduct regular property inspections and report on the same.
Analyze cost saving opportunities and income generating ideas with the goal of increasing property NOI.

Hospitality (20%)

Drive financial and operating performance of the newly built Nobu Hotel and Restaurant (Toronto), with a focus on creating and protecting individual asset value on behalf of Madison's ownership interest.
Conduct periodic site visits to evaluate physical condition of property, property management, property marketability, and management plan.
Monitor performance of hotel general manager and key executives against established industry and company standards as well as their leadership effectiveness and communicate with senior management.
Review, evaluate, negotiate, and approve annual operating budgets, cash flow forecasts, debt service tests, and capital expense plans.
Coordinate the preparation of recurrent internal and external shareholder reports including quarterly investor, asset management binder, and ownership reporting.
Help estimate for annual distributions of surplus cash.
Effectively interact with hotel executive teams and operating brand partners on periodic calls and meetings.
Monitor capital expenditures, both routine and major renovations.
Maintain a comprehensive understanding of market conditions affecting assigned hotels, including, but not limited to, competitive set renovations, new development/supply growth, brand conversions, and executive team changes.
Keep current on key hotel and tourism trends, sale transactions, indicators, supply and demand dynamics, performance statistics and related topics through various industry standard tools.

Required Skills and Qualifications:

Bachelor's Degree or Higher in Business Administration, Real Estate, or related field, preferred.
10+ years of experience of real estate asset management experience.
Management reporting experience.
Experience in managing tenant improvement projects t