The role of the Associate is to analyze, devise and implement the best strategy for each CMBS REO asset in order to maximize cash flow, limit risk and losses and maximize profits of the bondholders during the holding period. In order to achieve this, the Associate will need to have a comprehensive understanding of market conditions, property values, real estate trends, value-add possibilities, REMIC restrictions, CMBS REO basics, etc. The initial strategy is formulated independently by the Associate through the Business Plan process and finalized by the VP and REO Director. Associate will work closely with the loan workout team in order to understand what collateral is in the REO pipeline in their region and be fully engaged with their loan workout counterpart the day a loans transfers to Special Servicing. Associate should provide support throughout the time that the loan is in Special Servicing and more importantly during the foreclosure process where needed. Associate will be asked to take a more active role in cases where a Receiver is appointed or other similar situations where there is a bigger focus on the real estate. Associate will also participate in the process of underwriting potential B-piece acquisitions and re-underwriting existing loans that are part of Rialto’s existing CMBS portfolios. In order to achieve this, the Associate will need to have a comprehensive understanding of market conditions, property values, real estate trends, value-add possibilities, etc. Travel is required.
- Proficient in all areas of real estate management including, but not limited to: financial analysis and modeling, market analysis, due diligence, entitlements, zoning, planning & permitting, construction management, property management and leasing & sales of commercial assets.
- Manage and direct internal resources, including REO Analysts, to carry out the day to day management of the assets in accordance with the determined asset strategy
- Identify and coordinate external resources including, but not limited to brokers, property managers, contractors, engineers, consultants, appraisers and attorneys in order to fulfill the ultimate goal of each asset and always in consideration of maximum return and risk reduction
- Understand all types of real estate product in order to analyze various scenarios and model full life-cycle financial analysis to formulate and determine each asset’s most profitable strategy, in addition to an accurate valuation of each REO asset based on the strategy
- Fully understand the life-cycle of the CMBS process, nuances and restrictions as they relate to the REMIC and CMBS REO
- Provide pre-foreclosure support to loan workout department where needed
- Manage receiverships as needed when one is appointed.
- Ability to underwrite and perform due diligence on all types of real estate product to assist in acquisition efforts of B-pieces and re-underwriting initiatives.
- Identify value-add propositions through cost management including but not limited to: appealing property tax bases, reducing operating expenses and increasing NOI.
- Maximizing returns/profits to Trust and bondholders while minimizing losses.
- Collaborate with Compliance team to track non-recoverability and interaction with Master Servicer as needed.
- Collaborate with PMCs to effectively control costs and to carry out the determined asset strategy.
- Research market comparables, sales, leasing transactions, and activity affecting local real estate markets utilizing internal and external resources such as outside counsel, real estate brokers and vendors.
- Coordinate obtaining appraisals and broker opinions of values.
- Collaborate with Analysts as needed to formulate projections and cash flows.
- Be creative in value-add strategies as needed including the possibility of bulk sales of similar asset classes in order to draw interest from bigger, institutional buyers.
- Analyze assets from a “fair value” perspective to see if there are opportunities that benefit the Trust and Fund.
- Bachelor’s Degree in Real Estate, Accounting, Finance or related field
- Minimum of 5 years prior commercial real estate experience in a management role inclusive of underwriting and due diligence experience
- Ability to read and comprehend legal documents including Loan Agreements, Title Reports, Purchase and Sale Agreements and commercial real estate leases
- Advanced knowledge and application of Microsoft Excel & Word. Argus experience preferred.
- Excellent written and verbal communication skills.
- Ability to work effectively in a fast-paced team environment and possess strong ability to independently problem solve.
- Research/Market Analysis
- Due Diligence
5+ to 7 years
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