AVP, Credit Manager

Company Overview

Berkshire Residential Investments is a people-first real estate investment company who values not only the impact we make as a company, but the time we spend together in our high-performing teams. We value individual skills and perspectives to allow us to best serve our employees, investors, residents, and other stakeholders.

If you’re interested in a workplace where everyone feels empowered to bring their full, authentic selves to work each day, come join our talented and growing team at Berkshire Residential Investments. Our environment of entrepreneurial spirit, culture of expertise and our people-first approach will allow you to thrive while continuing to grow in your career.

Position Summary

Under the direction of the SVP, Head of Special Asset Management and Subordinate Debt, the AVP, Credit Manager will be responsible for managing the oversight of Berkshire’s K-Program portfolios and subordinate debt investments, as well as defaulted and non-performing loans in the portfolios. The role requires proactive asset management and the timely resolution of distressed assets in the portfolios to maximize the recovery on investments.

Responsibilities include, but are not limited to:

• Monitor the performance and trends of all K-Program and subordinate debt investments within Berkshire’s debt funds, ensuring comprehensive detail and data has been provided from Servicer and Borrower.
  • Compare current and trailing performance to prior period reporting and to underwriting
    • Identify areas of underperformance and analyze negative trends
    • Review source data for outliers
  • Ongoing engagement with servicer/asset manager to ensure a proactive view of loan performance, early identification of issues, and timely resolutions
  • Track all changes in business plan, progression of business plan execution, insurance losses, and delinquencies
  • Review all annual asset inspection reports for trends
  • Complete quarterly and annual reporting, including compiling and analyzing quarterly business plan execution updates, loan performance, and loan modifications
  • Lead loan modifications to mitigate loan default risk
  • Work with Berkshire credit managers to provide exposures for market, sponsor, product subtype, pending maturities
  • Provide sensitivities as needed to stress loan and portfolio outcomes
  • Actively participate in due diligence of new investment opportunities
• Provide watchlist summaries, prepare investment analysis, and lead the troubled loan workouts
  • Structure workout plans tailored to each investment’s circumstance
  • Engage in negotiations with Borrowers, legal representatives, servicers, and other parties involved in the loan workout process to propose feasible solutions such as loan modification, forbearance, debt restructuring, or foreclosure
  • Perform comprehensive analysis of property cash flow, submarkets, collateral condition, sponsor financials, and valuation to determine possible alternatives for default resolution
  • Review property level financial statements, borrower financial condition, and inspection results
  • Engage with outside counsel, special servicers, receivers, and investment partners as necessary to ensure clear communication, direction, and feedback as appropriate
  • Engage with internal stakeholders and provide comprehensive updates on status and performance
  • Provide downside scenarios to include breakeven occupancy, breakeven cap rate, potential refinance shortfalls, and sponsor equity
  • Consistently demonstrate use of tact and discretion

Knowledge/Experience:

• A seasoned real estate professional with comprehensive knowledge of the residential sector 7 years of experience preferred.
• Special Servicing, Loan Restructuring/Workout and Distressed Loan experience
• Experience working with GSE multifamily lending programs and securitized products
• Savvy and experienced underwriting and structuring of multifamily debt and equity transactions, including in the distressed arena
• Experience in both debt and equity transactions preferred
• Experience with cash flow modeling and waterfall analysis
• Knowledge of full capital structures
• Demonstrated successful experience in people management and leadership
• Excellent verbal and written communications skills
• Ability to work independently, with limited support to deliver results
• Ability to influence and persuade, using a variety of approaches appropriate for the situation and party being influenced
• Excellent relationship building skills in working with internal and external partners
• Ability to travel for site inspections

Technical/Educational Requirements:

• Bachelor’s Degree in a related field; MBA or related master’s degree a plus
• Excellent computer skills; proficiency with Microsoft suite of products, Investment analytical skills and advanced Excel modeling capabilities

Berkshire Residential offers an excellent benefits package, focusing on our employees’ total health and wellness. We offer programs and incentives that promote physical, mental, financial, and behavioral wellbeing both within and beyond our workplace. Please visit our Careers page for full details – and to learn more about how we value our employees.

Berkshire Residential values diversity, equity, inclusion and belonging. Berkshire is committed to providing equal opportunity in all practices, including employees and applicants for employment. We ensure that decisions affecting employees are made without regard to their race, color, creed, national origin, age, disability, gender, gender identity, sexual orientation, or any other protected status.