Vice President, Asset Management - Debt & Alternative Investments
Job Title: Vice President, Asset Management - Debt & Alternative Investments
Location: Onsite in either New York, NY or Richardson, TX corporate office
**Compensation range is location based
Position Summary:
The Vice President, Asset Management – Debt & Alternatives is part of Harbor Group’s Asset Management group, which manages all the company’s direct equity, preferred equity, and debt portfolio investments. The Vice President will act as an asset manager for a portfolio of debt and alternative investments which include but are not limited to pooled mortgage vehicles – including a large portfolio of Freddie Mac K-series bonds – as well as whole loans, mezzanine loans, preferred equity, and other structured investments.
The Vice President is responsible for managing all performance aspects of their portfolio including portfolio and investment surveillance and reporting, servicer/borrower/sponsor interface, loan compliance, and servicing. The AM will work closely with the Transactions, Legal, and Investor Relations teams on new acquisitions and the oversight of portfolio investments and with the Finance team related to cash management and payment collection.
The Vice President’s near-term focus will be heavily weighted on our Freddie Mac bond portfolio, including overall portfolio management, bond-level and loan-level surveillance and watchlisting, and capital markets related activities as well as evaluating and handling DCH approval requests and working with special servicers to formulate, negotiate, and execute loan modifications/restructures, loan assumptions, DIL/foreclosures, guaranty claims, and REO asset recovery plans.
A demonstrated track record overseeing multifamily property leasing, operations, and capital improvements, on a direct equity and/or REO basis, alongside experience working with mortgage loan documents and other credit instruments, is fundamental to the role.
Essential Duties & Responsibilities include the following but are not limited to the job specifications contained herein. Additional duties or job functions that can be performed safely may be required as deemed necessary by Harbor Group Management Company.
Pooled Mortgage Securities:
• Review monthly reports received from the trustee and/or servicers, again with a focus on identifying issues early and being proactive in addressing them.
• Conduct regular/monthly loan portfolio reviews with special servicers, with a focus on servicer and internally designated watchlist loans, large loans, and other loans of interest.
• Actively monitor monthly remittance reports, including loan repayments, trust advances and interest on advances, and senior class participations, with an eye toward maximizing total bond-level investment returns.
• Assess and respond to DCH approval requests in consultation with the Co-Head of Asset Management and Special Servicing Committee.
• Ensure compliance with agreements between HGI and other parties such as the special servicer and institutional investors.
• Collaborate with the Transactions team and others with respect to repo facilities and warehouse lines.
Securitized Mortgage Loans, Whole Loans, Mezzanine Debt and Preferred Equity:
• Monitor the performance of each investment including detailed reviews of monthly financial and operating reports and regular updates with servicers/sponsors/property managers, etc., with a focus on identifying issues early and being proactive in addressing them.
• Conduct regular site visits and market research to assess and critically evaluate the underlying collateral.
• Serve as the primary point of communication with the servicer/borrower/sponsor.
• Formulate, negotiate, and execute loan modifications/restructures, DIL/foreclosures, guaranty claims, and REO asset recovery plans.
• Oversee loan draws and the administration of escrow accounts.
• Understand and monitor key dates and compliance requirements from all underlying…