CRE Asset Management – Associate

Overview

Sound Point Capital Management, a credit-oriented alternative asset manager overseeing $45 billion AUM, is seeking an Asset Management Associate to join its Commercial Real Estate team. This is an opportunity to work on a fast growing, well-capitalized, commercial real estate credit platform with a core focus on the origination and acquisition of transitional debt investments throughout the United States. The Sound Point Commercial Real Estate team invests in fixed and floating rate loans for all major asset classes (multifamily, office, mixed-use, industrial, hotel & retail).

We are building a multi-asset class CRE loan portfolio of first mortgages and subordinate debt positions focused on generating attractive risk-adjusted returns. The position will be hired on a full-time basis for our New York office, with limited remote capabilities.

Responsibilities at a glance include supporting the Asset Management team in the management of commercial real estate debt investments to protect and enhance asset value, monitoring and reporting on the performance of a portfolio of large and highly structured, complex, transitional CRE loans, generally ranging in size from $25MM to $75MM. This role requires frequent borrower interaction and collaboration with portfolio managers, Third Party Servicers, originators, closers, co-lenders, and loan servicers.

Included are two initial focus items:
Missing document requests and modification & extension updates.

• Provide ongoing loan surveillance, including the evaluation and tracking of key debt metrics, property performance, market and submarket trends, guarantor financial performance, review and approval of annual operating budgets, financial reporting, cash management.
• Compile Quarterly Asset Review (QAR) report to be reviewed by Investment Committee including:
• Attend borrower update calls and compile detailed notes on each asset performance within QAR document.
• Review IC memos for accuracy of information and note performance tracking on QARs.
• Assist with LSR underwriting revisions for accuracy.
• Review Costar/Axiometrics, etc. to update QAR market/submarket information.
• Monitor and document within the QAR the progress of borrower business plans from loan closing through takeout.
• Assist in drafting clear and concise memorandums for modifications, future advances, waivers, extensions, collateral releases, loan paydowns or payoffs, lease approvals and consent requests that require investment committee approval.
• Partner with the Asset Management Team to assist/review borrower draw requests, major lease reviews and approvals and other portfolio monitoring initiatives.
• Compile settlement statements for extensions, modifications, etc. in preparation for closing.
• Coordinate with Third Party Servicers to obtain all necessary closing conditions.
• Provide document requests to Third Party Servicers to include:
  • KYC information
  • Missing document requests
  • Asset level and loan level information
• Assist with REO-related tasks and approvals including but not limited to:
  • REO Operating Account Opening
  • Engaging third party reports
  • Interviewing and recommending replacement property managers or leasing teams
  • Assist in preparing REO business plans as needed by the Asset Management Team.
• Update internal Box site for Third Party Servicers with Critical to Board documents once a new deal has closed.
• Work on special projects as necessary; prepare internal presentations as necessary for asset management team or senior management.
• Coordinate with investment partners to answer questions and provide updates, including;
  • payoff updates
  • modification & extension updates
  • loan maturity updates
  • remit report resolutions

• 3-6 years' experience in commercial real estate equity or debt with asset management, underwriting or valuation experience required
• Must be able to work effectively with minimum supervision, work well under pressure, and handle multiple tasks/demands in an environment of changing priorities and tight deadlines
• Must be able to anticipate problems in the portfolio and proactively work to resolve issues before they occur.
• Strong technical and writing ability with…