Director - Asset Management
Situs Asset Management is seeking a Director for the Asset Management team dedicated to TPG Real Estate Finance (“TRT”).
About the role:
Member of a dedicated Asset Management team which is responsible for managing, monitoring and reporting on the performance of a $3.6B portfolio of transitional commercial real estate loans originated and acquired by TPG Real Estate Finance, Inc. (NYSE: TRTX). This role will involve working closely with the Situs Asset Management Team, TRTX, and the Situs Servicing team to deliver efficient, accurate, timely and consistently high quality services.
Essential Key Responsibilities:
Managing a portfolio of loans secured by transitional real estate assets including real estate development.
· Primary asset management contact for borrowers and staff; support contact with lenders
· Review financial statements, perform financial analysis, develop Excel-based models for property operations and loan waterfalls
· Develop and present solutions to correct performance issues; contribute to development of optimal resolution strategies
· Obtain approval from TRTX and execute approved solutions
· Oversight and verification of future funding draws including, without limitation, requisition review, anticipated cost report, budget tracking, use of contingency, lien waivers, disbursement tracking; attend loan progress and borrower requisition meetings
· Monitor Borrower progress against business plan, including achieving milestone targets; perform periodic site visits; monitor ability of Borrower to timely repay loan via sale or refinancing
· Monitor loan collections and fundings for compliance with loan documents, covenants, Borrower business plan, and TRTX underwriting
· Monitor payment of taxes and insurance, financial covenant compliance, and guarantor financial reporting
· Perform market research and quarterly desktop property valuation as needed
· Monthly reporting of performance of loan and loan collateral Liaise with borrowers and lenders
· Works independently on projects and also collaborates ‘face to face’ as a team player.
· Other duties as assigned.
· Directing a team of Analysts, Associates and Assistant Vice Presidents
· Providing clear definition of tasks, deadlines and performance standards
· Providing steady supervision, answering questions, and training younger professionals
· Scheduling work streams, anticipating scheduling issues and conflicts, and ensuring adequate technology and staffing
To be successful you will need:
· Minimum of 8+ years of experience with commercial real estate debt, including hotel properties; construction lending experience preferable, but not required
· Strong analytical skills, including experience reviewing financial documents, financial statement analysis, loan documents and construction documents, and underwriting cash flows.
· Ability to creatively resolve issues that arise in connection with the borrowers business plan.
· Workout experience a plus.
· Strong organizational and time management skills
· Ability to work in fast-paced environment running multiple tasks under tight deadlines
· Bachelor’s degree;
· MBA a plus.
TPG Real Estate Finance Trust (TRT) is a portfolio lender that originates large, first-mortgage loans in primary and select secondary U.S. markets. Its loans are typically secured by properties undergoing value-creation processes including releasing, repositioning, and conversion of use. TRT is managed by TPG Capital, a leading global private investment firm.
Since 1985, Situs has been the premier, global provider of end-to-end commercial real estate and loan advisory services and integrated solutions, offering customized services to leading financial institutions, investors, owners, and developers. We offer a wide array of services, including enterprise and process improvement, capital markets and commercial real estate advisory, primary and special servicing, and creative staffing solutions.
Situs has been selected as Advisor of the Year at the Real Estate Finance and Investment Financing Awards 2015.
We are an equal opportunity employer (m/f/d/v).
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