Position SVP, Asset Management – Debt Investments
Company Private Real Estate Investment and Management Company
Location New York, NY
Reporting Relationship Managing Director, Head of Asset Management
COMPANY AND CULTURE
Our client is a private real estate investment and management firm with a global portfolio of assets valued over $12 billion. With offices in the US and abroad, the firm’s real estate holdings include 45,000 + apartment units and over 4 million SF of commercial assets.
The firm specializes in core plus and value-added real estate investments and structured debt investments and it owns a large portfolio of Multifamily assets in locations throughout the US.
The business also actively originates and invests in Mezzanine Debt, Preferred Equity, Whole Loans and Securitized B notes. And in 2020 they launched a NEW whole loan solutions platform.
Our client understands that their growth is predicated upon identifying, evaluating and retaining the best professionals and they place a special emphasis on hiring people who ascribe the firm’s guiding values of Honesty, Integrity and Transparency and they actively promote a diverse, collaborative and respectful workplace.
The Senior Vice President, Asset Management - Debt Investments is newly created role and the executive will be part of the firm’s broader Asset Management team that handles all Asset Management for the company’s direct equity, preferred equity, and debt portfolio investments.
In this new role, s/he will act as the SVP/Portfolio Manager – Debt Investments and be a senior member of the Asset Management group and will lead a team of (3) professionals: an asset manager, a senior associate, and an analyst.
This person will be responsible for the financial performance of the company’s entire Debt Investment Portfolio throughout the U.S. Along with the portfolio level responsibility, the individual will be responsible, as a direct Asset Manager, for a short list of the company’s larger and more intensive investments. On average loans range from $5M- $25M and some range up to $50M. We anticipate that this position will grow and take on additional responsibilities as the business expands.
The SVP will handle all phases of the Debt Asset Management process for the company’s Debt Portfolio. Over the entire life cycle for each debt investment or group of investments, and the SVP will work closely with the Debt team to ensure that initial origination/acquisition objectives and investor goals are achieved. We anticipate the person will oversee individual loans and securities as well as portfolios that consist of multiple loans and securities. S/he will also be asked to lead projects to enhance performance across the entire debt portfolio.
S/he will interface extensively with all the firm’s various functional areas with an emphasis on Investor Relations, Legal, and Transactions and will work closely with senior members of these teams on: portfolio-wide initiatives relating to Capital Raising, ongoing Investor Communications and overseeing Third-Party Providers of Financing and Asset Management, and the related aspects of the underwriting and due diligence for new investments, workouts, restructurings, and foreclosures. This is a highly visible position working closely with the senior team.
The successful candidate must have significant experience and knowledge of real estate credit and analysis; debt structuring and the legal aspects of real estate debt; loan servicing and portfolio management; SEC regulatory compliance; and finance and accounting. The ideal candidate will have superior skills in institutional client reporting and communications (written and verbal); managing sponsor and co-lender relationships and managing people.
KEY RESPONSIBILITIES AND DUTIES
- Lead the Debt Asset Management Team and oversee all aspects of the Debt Asset Management function.
- Work collaboratively with the Transactions, Legal, and Investor Relations teams on new acquisitions. Participate directly in the Asset Management aspects of the loan origination/acquisition process including vetting and signoff on key underwriting assumptions; the structuring and mechanics of loan reserves, draws, and performance tests; approval of borrower operational and capital budgets; legal documentation; and the onboarding of new investments into the portfolio.
- Review monthly, quarterly, and annual borrower reports including customary financial reports (income statement, balance sheet, statement of cash flows, and partner capital accounts) as well as various property operational reports such as leasing reports, traffic reports, construction progress reports, aged receivables and delinquencies, etc.. Identify and understand variances relating to underlying property/collateral performance. Stay abreast of micro, local, and regional property and capital market trends. Within the legal framework of each investment, work to improve in sponsor and/or property performance to mitigate risk and/or enhance overall investment returns.
- Oversee or directly handle all workouts, restructurings, and foreclosures. Prepare analysis, formulate strategies, recommend solutions, secure necessary internal and external approvals, negotiate terms with sponsors, and work with the Legal team to manage the legal process and transaction documentation.
- Conduct site visits on a regular basis and meet with borrowers/sponsors to review and assess property operations, leasing, capital improvement programs, and property physical condition.
- Manage the ongoing servicing of each investment including timely receipt of all scheduled debt service payments, the maintenance of all tax, insurance, replacement, and capital reserves, and all loan advances and reserve draws. Monitor and enforce various borrower and guarantor reporting, performance, and compliance tests. Review annual budgets and, where applicable, manage the lender approval process.
- Oversee and manage the monthly and quarterly distribution approval process for all debt investments. Work to ensure that quarterly and annual cash distribution targets to investors are met.
- Oversee the administration of repo contracts on the debt securities portfolio including the regular resetting of contacts, monitoring and managing liquidity and mark-to-market/margin-call exposure, and interfacing with repo providers. Similarly, oversee the administration of CLO and other credit facilities relating to the whole loan portfolio.
- Support and participate directly in the quarterly and annual valuation, audit, and compliance reporting processes.
- Directly and with other team members, communicate professionally and effectively with large institutions and other investors.
- Effectively and professionally present information to, respond to questions from, and communicate with groups of executives, investors, lenders, and partners.
PROFESSIONAL EXPERIENCE /QUALIFICATIONS
- Experience: Qualified candidates will have 10-15 years overall experience in Real Estate Debt Asset Management and/or underwriting/origination/acquisition work experience. Multifamily and commercial property sector experience is required, though other sector experience is considered. Some team management experience is needed.
The ideal candidate is a leader and will possess the following skills/attributes:
- A minimum of 10 years of Real Estate Debt Asset Management experience, with demonstrated experience Asset-Managing a portfolio of greater than 30 loans and/or Real Estate Securities and in multiple US markets.
- Demonstrated experience and the ability to manage a team.
- Exceptional knowledge of Real Estate Debt and Property Markets.
- Superior analytical and problem-solving skills, with a demonstrated track record of providing creative and innovative solutions to real-time challenges.
- An investment mindset with a comprehensive understanding of financial calculations/metrics and analytical skills. Must be well-versed in project proformas and understanding deals, and able to articulate, both orally and in written form, the case for a specific project. Should have both an intuitive and a detailed sense of the dynamics, risks, and financing/capital structure of each transaction.
- Proficiency with Word, Excel, PowerPoint, MRI, and RealInsight or other lender/servicing technology platforms a plus.
- Strong written and verbal communication skills and negotiation skills.
- Sound Decision Making Ability and the ability to balance consensus against authority as appropriate.
- Excellent organizational and time management skills. Ability to provide clear direction and balance competing priorities. Able to work with time sensitive, detail-oriented material and meet multiple deadlines across various markets. Experience managing multiple projects successfully through constantly changing priorities.
- The ability to travel frequently, i.e., 30%-50% travel – and this can vary.
- Strong preference is given to New York Metro – and some other locations could be considered.
- The successful candidate will have a strong academic background with an BA/BS degree.
- MBA or a Master’s in Real Estate or other relevant fields is preferred.
We are prepared to offer a market-competitive compensation package, which will include a base salary and incentive bonus structure.
- Asset Management
10+ to 15 years