Date published: 18-Mar-2019
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $42.1 billion of assets under management as of September 30, 2018. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. Investment performance is our cornerstone - we strive to generate strong risk adjusted returns for our investors over the long term. For additional information on Fortress, please visit www.fortress.com.
Fortress’s Credit business was launched in 2002 by Pete Briger. Today, the Fortress Credit team consists of over 500 professionals and is focused on investing globally, primarily in undervalued assets and distressed and illiquid credit investments. The investment team, led by Co-CIOs Pete Briger and Dean Dakolias, has a long and established track record investing throughout a number of credit and distressed cycles around the world, including the RTC Workout and the Asian Financial Crisis. With over 100 professionals dedicated to asset management in 14 geographic locations, the Fortress Credit team also has the experience and expertise to manage and service assets with operational complexity.
About The Position
This position is key to our success in lending on commercial real estate construction projects and investing equity in commercial real estate properties across North American. The Associate will be involved in both loan and investment due diligence prior to closing and loan and investment administration and oversight during execution and delivery. Our projects involve all the major types of commercial real estate and include office, retail, hotels, multifamily and industrial projects. This position reports directly to the Vice President of Construction and Development and also will work side by side with our commercial real estate investment and asset management teams. Additionally the Associate will work directly with general contractors, construction managers, owner’s reps, borrowers, operating partners and other 3rd party service providers.
Provide design, development, and construction related support to the Asset Management and Investment Teams on a mixed portfolio of properties types
Review and comment on reports, design concepts, attend meetings, and conduct regular site visits to evaluate progress in business plan implementation
Provide advice on methods to mitigate risk associated with the design and construction process
Produce estimates and critical path method schedules in support of Asset Management
Compare historical and third party data and utilize industry contacts to provide or analyze maintenance and improvement budgets
Review legal documents such as leases, design and construction contracts, loan and leasing agreements to ensure compliance
Act as a liaison between the Asset managers, Analysts, underwriter, borrower, borrower's counsel, company's counsel, and any relevant third parties such as contractors or consultant.
Analyze disbursement requests (AIA documents, invoices, soft cost backup, budgets, etc.) category by category and in comparison to prior disbursements.
Monitor borrower performance during the build-out of the project and notify the asset manager and immediate supervisor of any negative changes in borrower conduct as to the management of the project or performance under the loan.
Preview title rundowns, proof of real estate tax payments, hazard and liability insurance documentation.
Coordinate and approve monthly funding draw requests after verifying compliance with loan documents and inspector's report.
Maintain internal recordkeeping of loan disbursements and project progress.
Three to five years of previous experience in a relevant real estate role is required, along with a preference for candidates who possess prior experience directly in development or construction.
Candidate must possess a Bachelor's Degree in Construction or Architecture.
Proficiency in MS-Office applications including MS Project and MS-Windows network environment is required.
Fortress Investment Group LLC collectively with its subsidiaries and operating affiliates is an equal opportunity employer and considers all applicants for employment without regard to race, religion, creed, color, sex, age, national origin, citizenship status, disability, genetic information, protected veteran status, marital status, sexual orientation, gender identity, or any other status protected by federal, state or local law.