We are looking for an astute, determined professional like you to fulfill a Senior Associate role within our Senior Housing Asset Management team. You will showcase your success through collaboration, ownership and innovation. Your expertise in emerging trends and practices will evoke stimulating discussions around optimization and change to help keep our competitive edge. This rewarding opportunity will enable you to make a big impact in our organization, so if this sounds exciting, then PGIM might be the place.
- Provide general asset management and direction for a portfolio of senior housing assets across the United States. This includes frequent contact and direction with property managers and operating partners.
- Maintain frequent contact with operating partners, development partners, and lenders.
- Evaluate potential development transactions in terms of overall deal strength as well as portfolio suitability. Review initial documentation for transactions — interacting with partners, lenders, attorneys and deal team. Monitor the construction process and manage issues with partners, consultants and lenders.
- Oversee the budget process and preparation of the annual strategic plan for each property. Review periodic property reports and track operating performance. Prepare regular updates summarizing results and respond to information requests
- Assist the portfolio management and transactions teams for both the acquisition and disposition of properties
- Serve as the market expert in assigned territories. Understand general trends and individual property markets / submarkets
- Supervise, mentor and train junior members of the team
- Prepare analyses of various investment decisions – leasing; financing; acquisition; hold/sell
- Review quarterly appraisals for factual accuracy and consistency with other similar properties
- Prepare and/or review periodic internal reports and respond to information requests from the Portfolio Management team.
Your Required Skills:
- Bachelor’s degree required in finance, accounting, economics; emphasis in real estate preferred
- Candidates must have at least 5-8 years of related real estate experience preferably with development and senior housing asset experience; experience working with joint venture partners a plus
- Understanding of key real estate agreements including leases, purchase and sale agreements, management and leasing agreements, partnership agreements, development agreements and loan agreements.
- Understanding of basic real estate terms and concepts such as net leases, gross leases, contracts, rents, percentage rents, operating expenses, capital expenditures, recovery of expenses, property types and basic finance concepts such as NOI returns, cash flow returns, internal rate of return, present value/discounted cash flow, capital markets
- Experience managing a sizable portfolio of senior housing assets including assets under construction within institutional caliber organizations. Awareness of portfolio goals and ability to develop and monitor specific plans for individual investments that contributes to these goals
- Strong interpersonal/communication skills; ability to develop and ask questions, negotiate acceptable terms with third parties and to make presentations to senior management, investment committee or clients, when necessary
- Capability of simultaneously handling multiple assignments and to direct and monitor the activities of others on a systematic basis
Your Desired Skills:
- Ability to use financial and valuation software including Argus
- Experience working with joint venture partners
- Involvement in promoting ESG, proptech and data initiatives
Source: PGIM Real Estate Career Page
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $66 billion ($47.6 billion net) as of December 31, 2016. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies.