PGIM Real Estate - Senior Asset Manager at Prudential Ins Co of America in Dallas, Texas

Job Description:

About PGIM Real Estate

As one of the largest real estate managers in the world with $179.2 billion in gross assets under management and administration1, 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. PGIM Real Estate is a business of PGIM, the $1.3 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing 2, and the deep local expertise of professionals in 31 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit www.pgimrealestate.com

PGIM Loan Services is a subsidiary of PGIM Real Estate and one of the largest commercial and multifamily mortgage servicing firms in the nation. PGIM Loan Services manages a wide variety of mortgage investments that includes Prudential’s General Account, CMBS, Fannie Mae, Freddie Mac and FHA loans.  The Company is a rated Primary, Master, and Special Servicer.  PGIM Real Estate is one of the nation’s largest full-service commercial, multi-family and agricultural real estate lenders and has been serving the commercial real estate market for over 125 years.

PGIM Loan Services is seeking a Senior Asset Manager who will have direct responsibility for the management/oversight of Loan Services’ Construction portfolios. The position will work closely with the Team Lead, asset management teams and Loan Services senior management to mitigate risks within the portfolios. The position will also work with borrowers, portfolio management, originators, closers and others within PGIM RE to ensure superior customer service is being provided.  The Construction portfolio consists of complex business plans and credit across multiple capital sources, investors, and product types such as multifamily, hospitals, healthcare, office, industrial, and mixed-use properties.

The candidate shall possess good common sense, the ability to work well in a team environment, a sense of urgency, sound business judgment and will be dependable demonstrating an elevated level of integrity.

Responsibilities:

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  Monitor and manage a portfolio of construction projects from initial closing through stabilization including review of construction advances, processing change orders, budget maintenance, escrow disbursements and monitoring monthly progress reports across multiple capital sources

  
  


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  Monitoring business plans in multiple sectors to ensure timely execution of the defined exit strategy

  
  


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  Ability to drive closing process on various construction loans

  
  


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  Performing or coordinating inspections as needed. Completing inspection reports and documentation with critical findings and incorporating issues in action plans. Inspections to include adherence to construction budget with variance reporting

  
  


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  Prepare watchlist analysis and comments

  
  


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  Maintaining and fostering relationships with borrowers, intermediaries, investors, and the originations teams

  
  


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  Stay current with changing agency guide regulations with regards to asset management, construction loan administration and servicing procedures.

  
  


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  Preparing loan and portfolio level status reports on a monthly, quarterly, and ad-hoc basis for portfolio management

  
  


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  Review construction and reserve draws to ensure compliance with loan documentation, budget allocation, engineering recommendations and procedures

  
  


• Ensure loan covenant compliance


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  Proactively monitor and manage performance of assigned portfolio

  
  


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  Assist team members in interpreting and administering various complex agreements, corporate policies, procedures and reports

  
  


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  Stay abreast of economic trends and market conditions that may affect assigned portfolio

  
  


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  Partner with functional Servicing and Surveillance teams

  
  


• Assist in the various watchlist processes


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  Lead and participate in special projects (technical, policy and procedures, metrics, system modules, etc.)

  
  


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  Manage oversight of monthly GNMA securitization process

  
   
  

Qualifications:

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  Bachelor’s degree preferably in Finance, Economics, Mathematics, Real Estate or related discipline

  
  


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  Commercial Real Estate / Asset Management or comparable Management experience (5-7 years preferred)

  
  


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  Exposure to FHA/HUD construction and/or Fannie and Freddie rehab experience a plus

  
  


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  Affordable housing and LIHTC industry knowledge a plus

  
  


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  Ability to work well in a virtual team environment and assist team members

  
  


• Flexible with the ability to adapt in a constantly changing environment


• Proven ability to create and manage internal and external client relationships


• Proactive with a sense of urgency


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  Ability to think creatively and solve problems

  
  


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  Strong understanding of commercial loan documents

  
  


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  Excellent written and verbal communication skills

  
  


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  Strong organizational skills, analytical skills and attention to detail with ability to manage multiple projects and prioritize work based on established deadlines

  
  


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  Ability to efficiently utilize proprietary technology and strong personal computer skills (Excel, Word, Outlook)