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Senior Asset Manager- Workouts

Dallas

Credit Funds

Ref#: 2319

Date published: 3-Jun-2019

About Fortress

Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $39.2 billion of assets under management as of March 31, 2019. 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.

About Real Estate Loans & Equity

Fortress’s Real Estate Loans & Equity teams are focused on investing in distressed real estate loan acquisitions, special situation equity investments and recapitalizations, opportunistic lending, REIT debt and commercial real estate structured products.  The teams have long-standing distressed investing and asset management experience with a fully tested and integrated origination, acquisition, underwriting, and asset and risk management infrastructure.


About The Position

Fortress’s Dallas office has an opening for a Senior Asset Manager to join the commercial real estate team, specifically focused on principle equity.  The position will be responsible for creating and executing individualized asset business plans in order to achieve the fund’s return objectives.   The candidate will directly report to the Managing Director of Asset Management and Portfolio Manager, and have close interaction with the investment team, senior fund managers, fellow asset managers, and supporting analysts and associates.    

Responsibilities

  • Overseeing and monitoring the performance of a diverse portfolio of performing, subperforming and nonperforming high yield commercial real estate loans.
  • Development and implementation of action steps and strategies to maximize the value of underperforming assets, including modifications, workouts, litigation, foreclosure, bankruptcy and distressed partnerships.
  • Processing requests for modifications of documents, lease reviews, property releases, reserve releases, construction draws and other situations requiring the Asset Manager’s analysis
  • Developing strong relationships and effective lines of communication with clients, colleagues and third parties
  • Monitor loan covenants and reporting requirements across a high yield commercial real estate debt portfolio.
  • Review and analyze property financials and keep informed of market dynamics and key factors affecting current and future asset performance
  • Prepare asset status reports, action plans and annual business for senior management
  • Effectively interact with in-house departments including but not limited to acquisition team, capital formation group, accounting, and legal to ensure a consistent understanding of performance expectations and efficient use of resources
  • Review and become knowledgeable of the transaction documents, with specific emphasis on compliance with performance criteria.
  • Conduct periodic site visits to review physical condition and compliance standards
  • Assist in underwriting and closing of new acquisition opportunities
  • Negotiate loan documents, purchase and sale agreements, operating agreements , leasing agreements and property management agreements

Qualifications

  • 10+ years of direct and hands on experience in commercial real estate investing and asset management
  • Experience in distressed, opportunistic, repositioning and value add commercial real estate investments.
  • Experience in managing bridge loans, construction loans, B-Notes, mezzanine loans and subperforming and nonperforming loans secured by commercial estate 
  • Prior loan workout experience on non-performing commercial real estate investments
  • Strong modeling and analytical skills including regular use of Excel and MS Office programs
  • Acute attention to detail, ability to multitask, and strong organizational skills
  • Outstanding written and verbal communication
  • Self-starter, able to work independently or in a team environment
  • Demonstrated flexibility to handle multiple projects in a fast-paced environment
  • Unquestionable integrity and ethics
  • A MBA, Masters or Bachelor’s degree in accounting, finance or real estate

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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.