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Position Summary

As an Asset Management Lead Director, you will leverage your experience and forward-thinking approach to oversee the asset management process, maximizing the total return of Aetna’s real estate investment portfolio, which includes (1) mortgage loans, (2) affordable housing/low-income housing tax credit (LIHTC) equity investments and (3) joint venture equity investments (JVs).

You will be a vital member of Aetna’s Real Estate Investment (REI) team, reporting directly to the Head of Real Estate Investments. Your daily focus will be on asset management, with the opportunity to lead a newly created asset management group. To deepen your understanding of the affordable housing/LIHTC portfolio and gain insights into Aetna’s current portfolio, you will work closely with a Senior Investment Manager who specializes in affordable housing investments. Given the significant growth of the investment portfolio, there is a pressing need to evolve and strengthen the asset management process and team capabilities.

In this role, you will play a crucial role in managing the performance and risk of each investment. Your responsibilities will include enhancing processes related to data base improvements, update and all Policy and Procedures as needed for all loan and equity investments, and staff training and development.

Key functions of this role will encompass, but are not limited to, (1) asset performance monitoring, (2) post-close risk management, (3) portfolio reporting and forecasting, and (4) new investment production support.

You will utilize Aetna’s proprietary technologies to enhance portfolio oversight, streamline reporting, improve data accuracy, and provide sharper insights across all real estate investments. Collaboration with Investment Managers and Aetna’s IT department will be essential as you work on enhancing current systems with new technology software to improve reporting functions and effectively manage the portfolio, delivering meaningful operational improvements.

This is an exciting opportunity to help shape an evolving asset management function within a dynamic, growing team that values integrity, accuracy, and innovation in every aspect of its work. Your strong expertise in financial forecasting and reporting, property operations & asset valuation, and fund-level investment management, combined with a solid understanding of the affordable housing industry, will be key to your success. A collaborative approach, strong work ethic, demonstrated career advancement and a commitment to continuous skill development are essential attributes for this role.

Additional Job Duties & Responsibilities:

Performance Monitoring:

Overall:

Oversee the asset management, portfolio management and reporting functions including portfolio metrics and forecasting of financial performance for all three types of real estate investments.

Commercial Mortgages & JV Equity:

Manage a portfolio of commercial mortgage loans, including monitoring property operations, conducting annual risk assessments including analyzing the financial results and preparing a valuation for each asset. Identify any weaknesses that may negatively impact loan repayment and finalize the annual reviews by updating all data metrics, including implementing a final risk rating within Aetna’s mortgage information management system (MIMs). Additionally, ensure compliance with legal loan documents including all reporting requirements from each borrower/property owner.

Affordable Housing:

+ Develop a comprehensive understanding of the affordable housing industry, particularly the low-income housing tax credit (LIHTC) sector, including a full understanding of all financial and tax related matters.

+ Ensure timely and complete quarterly and annual reporting from each Fund Manager (Syndicator) in accordance with fund partnership agreements.

+ Analyze quarterly fund reports, financial statements, and actual tax benefits of each partnership investment to assess overall fund health and actual fund performance compared to initial projections.

+ Review and assess industry risk ratings assigned by Fund Managers for properties within the LITHC portfolio, ensuring consistency with AHIC guidelines and industry-accepted standards.

Coordinate quarterly asset management review meetings with Fund Managers to review quarterly reports for each Fund; participate in review meeting, ask pertinent questions for higher-risk assets including all action plans to evaluate Fund Manager’s understanding of operational issues to mitigate all risks for each asset.

Post-Close Risk Management:

Commercial Mortgages & JV Equity:

+ Assist the Head of REI and Asset Managers with high-risk loans including preemptive recommendations to minimize loan default and potential loan loss. If necessary, propose loan terms to restructure debt obligations to avoid default or foreclosure.

+ Ensure timely resolution of pending loan maturities facilitating repayments or negotiating modifications/extensions as needed.

+ Assist in preparing a Hold/Sale analysis for all JVs to determine optimal timing for property dispositions and assist in analyzing potential refinancing of existing mortgage debt for the JV owners.

Affordable Housing:

+ Analyze and manage incoming Limited Partner (LP) consent requests from Fund Managers, summarizing key points and associated risks, and a recommendation to Senior Investment Managers as needed. Additionally, negotiate the final terms for each consent request with Fund Managers ensuring that proposed changes align with investment objectives and Aetna’s underwriting and risk management guidelines.

+ Monitor existing assets for exposure to environmental, legislative, regulatory, and geopolitical risks that may impact the LIHTC portfolio and investment strategy.

Reporting/Forecasting:

Commercial Mortgages & JV Equity:

+ Oversee the preparation and delivery of portfolio management reports for key loan performance metrics, such as LTV, DSCR and risk rating, on a monthly/quarterly basis, for internal purposes.

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

+ Track Borrower total loan exposure to adhere to REI’s policy.

+ 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, as well as new loan activity.

+ Review and determine collateral value shortfalls, the probability of potential loan default and expected loan loss for underperforming properties.

+ Work with Investment Operations to finalize Capital Gains/Losses for the portfolio.

+ Prepare the Current Estimated Collateral Losses (CECL) calculations for mortgage loans each quarter.

+ Facilitate any internal or external audit requests.

+ Work with Head of REI and the Investment Operations group to accurately report the book value for each JV equity investment based on annual financial results, depreciation and mark-to-market value changes.

+ For JV investments, assist Investment Managers in reviewing the annual property operating and capital budgets, prepared by Aetna’s JV partners, as part of the annual projections of property cashflows, depreciation and profits. Prepare a property valuation for each JV investment.

+ Prepare a Hold/Sale analysis annually to assist Investment Managers in decision making and timing of potential asset sales.

+ Assist Investment Managers in their interaction with Aetna’s JV partners for all property or leasing matters including reviewing and coordinating ongoing capital calls or funding of new JV investments by coordinating all funding requirements with the Investment Operations group.

Affordable Housing:

+ Coordinate and prepare final annual and quarterly tax benefit projections for the LIHTC investment portfolio, ensuring timely delivery to the Tax Department for use in calculating the organization’s effective tax rate and estimated tax payments.

+ Assess each Syndicator’s annual forecast of tax benefits for accuracy for both stabilized properties as well as all “under construction” projects. Make necessary adjustments to finalize forecast of all tax benefits.

+ Prepare book value forecasts for the portfolio to support the organization’s strategic planning, financial forecasting, and long-term investment decisions.

+ Compile the semi-annual affordable housing portfolio report, reviewing fund performance, cash reserves, property status, risk ratings, and comparing actual tax benefits to prior projections.

+ Review and gain approval for all capital call requests from LIHTC Fund Managers by analyzing the supporting documentation to confirm each request has achieved the require terms of the LP partnership agreement. Once verified, coordinate the required approval to fund, confirm the accuracy of funding amount and coordinate with the Investment Operations group the timely execution of outgoing wires.

+ Track the total investment exposure of all Fund Managers/Syndicators and Developers to adhere to internal exposure limits.

Additional Asset Management Duties:

+ Coordinate and execute the interest rate lock process for new loans, ensuring timely submission of required documentation, confirmation of rate lock terms, and verification of all Investment Committee approval requirements.

+ Review/approve/coordinate loan closing schedules and funding requirements with Investment Operations to ensure adequate funding capacity.

+ Recommend operational changes to enhance asset and portfolio management.

+ Undertake special projects, such as department presentations and portfolio reviews.

Travel:

+ Travel as required to perform property inspections for existing mortgage loans or affordable housing investments, meet with borrowers and property owners and attend industry events.

Required Qualifications

+ 10 or more years of experience in Asset or Portfolio Management.

+ 7 or more years of asset management experience working in a large commercial bank, life insurance company or other institutional real estate investment management firm.

+ Willingness to travel (including plane travel) to meet the obligations of the job

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 problem loan resolution or property operational problems and the ability to minimize potential losses by utilizing proven methods to mitigate operational, financial and management 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 or hands-on involvement with proprietary technology or reporting systems for portfolio and asset management functions.

+ Professional certifications such as CPA, CFA, or CCIM, or completion of rec ognized affordable housing training programs (e.g., Novogradac LIHTC certification, HCCP).

Skills in:

+ T-SQL, relational database structures, and Excel macros.

+ Prior experience in working with mortgage loan documentation and/or managing complex commercial properties, working attorneys to facilitate approval of management agreements, mortgage modifications, and lease approvals.

+ A solid understanding of key business terms for limited partnership agreements and prior exposure to negotiations with property owners and Fund Managers, including managing capital contributions, preparing and analyzing cash flow waterfall calculations, and a solid knowledge of key aspects of financial guarantys.

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.

Pay Range

The typical pay range for this role is:

$144,200.00 - $288,400.00

This 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. This position also includes an award target in the company’s equity award program.

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 people

We 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/benefits

We anticipate the application window for this opening will close on: 09/16/2025

Qualified applicants with arrest or conviction records will be considered for employment in accordance with all federal, state and local laws.

We are an equal opportunity and affirmative action employer. We do not discriminate in recruiting, hiring, promotion, or any other personnel action based on race, ethnicity, color, national origin, sex/gender, sexual orientation, gender identity or expression, religion, age, disability, protected veteran status, or any other characteristic protected by applicable federal, state, or local law.