The AVP, Senior Credit Manager will lead a team responsible for oversight, management and reporting of Berkshire’s debt investments.
Provide leadership to a team responsible for monitoring CME and bridge loan asset level performance on an ongoing basis
- Be go-to for asset management issues from internal and external partner
- Review and approve bridge loan draw requests, project budget modifications and other asset level decisions requiring Servicer approval
- Responsible for quarterly reviews of loan performance, credit assessment, identification of watchlist loans
- Ongoing engagement with servicer/asset manager/closing teams to ensure smooth transition to asset management and proactive view of loan performance and identification of issues during term
- Track and report on changes in business plan, progression of business plan execution, insurance losses, and delinquencies
- Critical role with loan modifications if/as needed, providing suggestions and taking the Asset Management lead in loan restructuring to mitigate loan default risk
- Coordinate quarterly asset credit scoring and review outlines
- Maintain and monitor exposures for market, sponsor, product subtype, pending maturities
- Ongoing monthly and ad hoc notifications and certifications as well as quarterly business plan execution updates, loan performance, and loan modifications
- Attention to detail and coordination of internal and external stakeholders required
- Exposure by market, sponsor, property type and maturity year
- Perform exit analysis for bridge loans with 90 days to maturity and for CME loans with 2 or less years to maturity to identify extension/refinance risk
- Provide sensitivities as needed to stress portfolio outcomes
- Provide write ups summarizing submarket, asset, sponsor and financial metrics
- Review property level financial statements, borrower financial condition, and inspection results
- Provide down side scenarios to include breakeven occupancy, break even cap rate, potential refinance shortfalls, and sponsor equity
The Company may revise this job description from time to time as business needs require. It is not intended to be an exhaustive listing of all the functions of the job, nor is to limit the Company right to assign other functions to an employee in this position. This job description does not constitute a written or implied contract of employment.
JOB QUALIFICATION REQUIREMENTS:
- A seasoned real estate professional with comprehensive knowledge of the residential sector. 10+ years of experience preferred.
- Savvy and experienced underwriting, structuring, monitoring, and/or asset management of multifamily debt and equity transactions, including transitional loans.
- Experience with transitional assets, construction draw reviews, and/or value add renovations preferred.
- Experience training and managing a team
- Experience with GSE multifamily lending programs preferred.
- Special Servicing, Loan Restructuring/Workout and Distressed Loan experience preferred
- Experience in both debt and equity transactions preferred
- Knowledge of full capital structures
- Demonstrated successful experience in structuring equity, mezzanine and preferred deals
- Excellent verbal and written communications skills
- Ability to work independently, with limited support to deliver results
- Ability to influence and persuade, using a variety of approaches appropriate for the situation and party being influenced
- Excellent relationship building skills in working with property management, internal and external partners and sellers
- Ability to travel for site inspections
- Bachelor’s Degree in a related field; MBA or related master’s degree a plus
- Excellent computer skills; proficiency with Microsoft suite of products, Yardi (helpful)
- Investment analytical skills and advanced Excel modeling capabilities
- Investment Management
10+ to 15 years
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