Date published: 26-Oct-2020
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $45.5 billion of assets under management as of June 30, 2020. Founded in 1998, Fortress manages assets on behalf of approximately 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
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
· Compile and compare historical and third party data to track and analyze maintenance and capital improvement work progress with emphasis on schedules and 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.
· Coordinate, review, and recommend for approval monthly funding draw requests after verifying compliance with loan documents and inspector's report.
· Track progress of loan disbursements against actual 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, construction, or construction lending
· Candidate must possess a Bachelor's Degree if at all possible in Construction, Architecture, Engineering, or Business.
· 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.