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PGIM Real Estate is seeking a Senior Asset Manager, Construction. The candidate will be a part of the Construction Asset Management Team monitoring collateral, credit and portfolio performance for the commercial mortgage construction loan portfolio to ensure accurate and timely information is shared and reported across multiple capital sources. Specific experience in Construction Asset Management is needed and experience in negotiating Construction Loan Administration terms is preferred. The candidate will work with team members, borrowers, legal counsel, production teams and others within PGIM Real Estate to ensure superior customer service is being provided and construction risk is mitigated in accordance with loan documents. The construction portfolio consists of complex credit structures originated by multiple capital sources and includes multifamily, hospitals, healthcare, office, industrial, and mixed-use properties.
The candidate shall possess good common sense and situational awareness, the ability to work well in a team environment while autonomously managing their own portfolio and relationships within, a sense of urgency, sound business judgment and will be dependable demonstrating an elevated level of integrity.
This team is following a hybrid schedule and are on-site three days a week.
What you can expect:
- Monitoring and managing a portfolio of construction projects from initial closing through stabilization including review of construction advances, processing change orders, budget maintenance, escrow disbursements and monitoring monthly progress reports across multiple capital sources.
- Monitoring business plans in multiple sectors to ensure timely execution of the defined exit strategy.
- Drive the construction draw processes across stakeholders while providing innovative solutions to enable the funding of draws, within loan covenant parameters, in conjunction with project situations that arise so that projects track to schedule.
- Ability to drive closing process on various construction loans.
- Performing or coordinating inspections as needed. Completing inspection reports and documentation with critical findings and incorporating issues in action plans. Inspections to include adherence to construction budget with variance reporting.
- Ensuring attention to detail and continuously improving the integrity of portfolio information to meet capital source reporting requirements and deadlines.
- Monitor covenant compliance.
- Preparing watchlist analysis and comments.
- Developing thorough understanding of a deal’s capital structure including any nuances related to funding and reserve disbursement conditions.
- Reviewing modification and restructure requests.
- Partnering with the Loan Services servicing team in monitoring and curing loan delinquencies, loan level suspense items, and monitoring letters of credit, as well as maturity/pre-payment forecasts.
- Maintaining and fostering relationships with borrowers, intermediaries, investors, and the originations teams.
- Making recommendations to multiple portfolio managers with different portfolio strategies in efforts to mitigate risk and foster favorable outcomes.
- Preparing loan and portfolio level status reports on a monthly, quarterly, and ad-hoc basis for portfolio management.
- Staying current with all regulations, policies and procedures, and industry trends.
- Support and develop improvements in processes and technology.
The successful candidate will benefit from a broad exposure to different aspects of Loan Services’ commercial real estate servicing business including:
- Development of strong credit and construction loan administration skills
- Opportunity to work as part of a diverse experienced team.
- Exposure to various commercial property types (multifamily, healthcare and hospitals) and exposure to various real estate markets throughout the US
- Experience with multiple real estate capital sources and lending programs.
- Direct interaction with senior members of Loan Services, PGIM Real Estate, borrowers, investors and agencies
- Development of critical skills required in asset management and origination roles.
What you will bring:
- Bachelor’s degree required preferably in Finance, Economics, Mathematics, Real Estate or related discipline.
- Real Estate, Investment, Finance, or accounting experience (5+ years preferred)
- Exposure to FHA/HUD construction and/or Fannie and Freddie rehab experience a plus
- Affordable and LIHTC industry knowledge a plus
- Ability to work well in a team environment with a willingness to assist other team members.
- Proactive, self-starter with a sense of urgency
- Ability to think creatively and solve problems autonomously.
- Ability to drive numerous stakeholders towards solutions on various issues.
- Strong quantitative skills and demonstrated analytical ability.
- Strong customer service skills are essential, including the ability to create/build and maintain relationships with internal and external clients.
- Excellent written and verbal communication skills in speaking to internal and external clients.
- Strong organizational skills and attention to detail with ability to manage multiple projects and prioritize work based on established deadlines.
Source: Prudential’s Career Page
