Responsibilities
- Manage a portfolio of mid- to high-complexity distressed commercial real estate loans, focusing on rent-regulated multifamily assets in NYC.
- Evaluate collateral performance, borrower financials, and guarantor support to identify risks and recommend appropriate workout strategies.
- Develop and execute resolution plans including loan modifications, forbearances, restructurings, the pursuit of various remedies.
- Monitor ongoing borrower compliance, property performance, and loan covenant adherence.
- Review, interpret, and negotiate commercial loan documents, including notes, mortgages, guarantees, intercreditor agreements, and forbearance or modification agreements.
- Partner with internal and external counsel to ensure documentation accuracy and adherence to internal credit and regulatory standards.
- Identify legal and structural issues that could impact collateral recovery or enforceability.
- Conduct comprehensive underwriting of rent-regulated multifamily properties, including evaluation of rent rolls, regulatory compliance, operating statements, capital needs, and market dynamics.
- Perform financial modeling, collateral valuations, and risk assessments to support loan resolution recommendations.
- Prepare and present detailed credit memoranda and action plans to management and credit committees.
- Lead negotiations with institutional borrowers, sponsors, investors, and legal representatives to achieve balanced, risk-mitigated outcomes.
- Maintain initiative-taking and professional communication with borrowers and internal stakeholders throughout the workout process.
- Oversee and manage judicial foreclosure processes, coordinating with counsel to ensure compliance with state laws and procedural requirements.
- Manage Real Estate Owned (REO) assets post-foreclosure, including stabilization, valuation, and disposition.
- Collaborate with internal Real Estate and Asset Management teams to optimize recovery and minimize holding costs.
- Ensure all actions comply with internal policies, risk management frameworks, and regulatory requirements.
- Maintain thorough loan files, workout documentation, and regulatory reporting consistent with audit and examination standards.
- Demonstrate a strong understanding of credit policy and ensure all recommendations and actions are appropriately supported and documented.
Requirements
- Bachelor’s degree in Finance, Real Estate, Accounting, or related field required; MBA or relevant graduate degree preferred.
- Minimum 9+ years of experience in commercial real estate workouts, special assets, or credit risk management within a regulated financial institution.
- Proven experience reviewing and negotiating commercial loan documentation and complex legal structures.
- Background in underwriting and managing rent-regulated multifamily properties in New York City.
- Demonstrated ability to negotiate with institutional clients and structure loan modifications or settlements.
- Direct experience with judicial foreclosures, receiverships, and REO management.
Nice to Have
- Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.
- Experience in Microsoft Office products.
