PGIM Real Estate - Asset Manager

Job Classification:

This role requires working out of our Dallas office on a hybrid basis 2-3 days a week.

PGIM is the diversified asset management business of Prudential Financial, Inc. (NYSE: PRU). With $1.5 trillion in assets under management, and 38 offices spanning 16 countries, PGIM is among the world’s top-10 largest asset managers. Comprised of seven self-governing asset management divisions, each PGIM business offers a distinct workplace culture that aligns with the firm’s ultimate objective to provide premier service to our clients while fostering an inclusive workplace culture that is rooted in trust, respect, and equality.

As one of the largest real estate managers in the world with more than $180 billion in gross assets under management and administration, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. Our scope of insights, rigorous risk management and seamless execution are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing and the deep local expertise of professionals in 32 cities globally.

Through our investment, financing, asset management and talent management approach, we engage in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. When you join our team, you’ll find yourself inspired by an inclusive company culture that believes that diversity of all kinds allows us to develop better and more innovative solutions for our clients.

PGIM Real Estate Loan Services, Inc. (Loan Services) is a subsidiary of PGIM Real Estate, one of the largest commercial and multifamily mortgage servicing firms in the nation. Loan Services has 145 dedicated professionals across the globe who service commercial, multifamily, and agriculture loans for multiple clients including a large life insurance company, global institutional investors, and agencies. Current Assets Under Management / Administration is $109 Billion for over 4,700 core and higher yielding loans in twelve countries located on three continents.

RELS is seeking an Asset Manager to join its Agency Asset Management team. The candidate will be responsible for independently managing a complex portfolio of Fannie Mae and or Freddie Mac commercial real estate loans with minimal supervision. The candidate shall possess excellent writing skills, be detail oriented and focused on accuracy, strong credit skills to assess and manage risk, produce decisive credit action recommendations, analyze and articulate watchlist comments, ensure loan covenant compliance, and assist in maturity management. The candidate must provide superior customer service, create efficiencies and promote trust. The candidate shall possess good common sense, a sense of urgency, sound business judgment and will be dependable demonstrating an elevated level of integrity.

This role will work out of our Dallas office on a hybrid basis.

Responsibilities:

• Credit Actions: Engage in frequent verbal and written communication and correspondence with borrowers, legal counsel, master servicers, and investors. Perform cash flow analysis, market surveys, document review and other due diligence necessary to produce prompt, well written and supported case recommendations for complex borrower requests. Transactions will be associated with the Fannie Mae and or Freddie Mac capital source with varied debt structures and include multifamily loans located throughout the US. Borrower requests may include assumptions, modifications, partial releases, property substitutions, partial ownership transfers, lease approvals, easements, reserve disbursements, insurance losses, and property management changes.
• Triggers: Ensure loan covenant compliance requirements are managed timely and effectively including initial input, post-closing monitoring, maintenance of collateral, and debt service thresholds.
• Watchlist: Provide written analysis identifying key trends and issues noting any corresponding mitigants. Take initiative to improve quality of reporting and early detection of issues. Possess the ability to identify loans for addition or removal from the watchlist and to concisely communicate relevant issues, remedies and mitigants with management.
• Inspections: Conduct property inspections and review third party reports to monitor collateral condition, verify completion of repairs and adherence to construction budgets.
• Create Efficiencies: Attention to accurate detail, take initiative to continually improve the integrity of portfolio information and standardized reporting while ensuring the highest quality work product. Build synergies with both internal and external groups such as originations, legal, compliance, servicing, accounting, Fannie Mae, Freddie Mac, Master Servicers and third-party vendors to create efficiencies and transparency. Proactively identifies and leads implementation of innovative and practical solutions.
• Training & Industry Participation: Achieve on-going training targets established by RELS. Stay abreast of industry trends and changes through various mediums including conferences, webinars and publications.

Qualifications:

• Bachelor’s degree required, preferably in Finance, Real Estate or related discipline.
• 3-5 years of equivalent commercial real estate asset management or lending experience.
• Strong understanding of commercial loan documents with varying degree of complexity.
• Understanding of the Freddie Mac Multifamily Seller/Servicer Guide, Fannie Mae Multifamily Selling and Servicing Guide, Subservicing Agreements and Pooling and Servicing Agreements.
• Efficiently utilize proprietary technology and be flexible and adapt to consistent change.
• Solid understanding of the life of a commercial loan (loan closing to disposition of asset).
• Excellent written and verbal communication skills.
• Excellent interpersonal and customer service skills including the ability to create/build and maintain relationships with internal and external parties.
• Proven analytical and problem-solving skills.
• Excellent organizational skills are required (e.g. multitask in a time sensitive environment).
• Personal computer skills (Excel, Word, Outlook, Sharepoint, Power BI, etc.).

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