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PGIM Real Estate Loan Services is seeking a Senior Asset Manager on its US NonCore Debt Asset Management Team. You will be part of a team of asset managers supporting portfolio management for our US NonCore Debt Fund, various single client institutional accounts, as well as a high yield general account platform. You will manage a short-term, leveraged portfolio of bridge, pre-stabilized, transitional mortgage loans, mezzanine loans, ground-up construction, and preferred equity transactions.
Responsibilities will include managing underperforming loans, including the development and implementation of workout strategies to mitigate losses and maximize recoveries. This team aims to be highly collaborative, innovative, highly organized, and committed to providing exceptional service to our customers. They are based in Dallas, Texas and Atlanta, Georgia and are currently following a hybrid work model (on-site 3 times a week).
What you can expect:
- Monitor business plans across multiple property types to ensure timely execution of the defined exit strategy. This includes communicating regularly with borrowers to understand where actual performance deviates from the business plan and proactively working with borrowers as necessary to address any implications to the risk profile of the capital structure.
- Review monthly performance figures for each property in the portfolio in the team’s monthly/quarterly reporting workbook.
- Review loan performance and work with Team Manager regarding loans that should be placed on watchlist. Update watchlist information, proactively monitor property operating performance and trends and report findings based on PGIM RE guidelines.
- Collaborate internally w/Portfolio Management on the implementation of overall Asset Management strategy to align with PGIM Real Estate’s credit objectives.
- Write clear and concise credit recommendations and present to investment committee.
- Lead outside counsel to appropriately draft documentation implementing PGIM Real Estate’s selected asset management strategy.
- Develop workout plans for distressed loans and negotiate loan modifications, extensions and restructurings with borrowers to implement approved plans.
- Collect, analyze, document, and submit borrower request packages (credit actions) to Team Manager/Portfolio Management for approval. Credit actions to include (but not limited to): modifications, extensions, assumptions, ownership transfers, advances (future funding) or reserve disbursements related to construction, capex, TI/LC, debt shortfalls, etc.; lease approvals, easements, property management changes, etc.
- Lead enforcement actions where necessary
- Maintain and foster relationships with borrowers, intermediaries, investors, and the originations teams.
- Adhere to loan documents and any other governing documents when performing all responsibilities.
What you will bring:
- Bachelor’s degree preferably in Real Estate, Finance, Accounting, Economics or related discipline.
- 10+ years related commercial real estate debt experience with structured products including mezzanine and preferred equity or equivalent combination of education and experience.
- Ability to make recommendations to multiple portfolio managers with different return strategies.
- Experience reviewing and negotiating loan documents.
- Strong customer service skills with the ability to communicate clearly with all clients and stakeholders in a hybrid and virtual team environment.
- Strong organizational skills with the ability to multi-task, work independently and as part of a team in a time sensitive environment where meeting established deadlines are critical.
- Proficiency in analyzing property business plans, generating financial models, and applying critical thinking skills across all property types, structures, risk profiles, and geographies.
- Eagerness to collaborate with team members to achieve common teamwide goals.
- Proficiency in Excel.
What Will Set You Apart:
- Significant prior experience resolving underperforming loans, including knowledge of loan modification and restructuring processes.
- Significant prior experience with a value-add debt portfolio which may include originations or underwriting roles.
- Experience presenting to investment committees.
- Knowledge of structured commercial real estate lending products including mezzanine and preferred equity structures.
- Experience managing ground-up construction and value-add business plans.
*We know not everyone will meet 100% of the requirements, however we encourage you to apply if you think your skills are a good fit for this role.
Source: PGIM Real Estate Career Page
