Associate, Real Estate Asset Management
Posted on Jan 24, 2019 by New York Life Insurance Company
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Th e Company
NYL Investors, a premier asset manager with $236 billion in assets under management, is a wholly owned subsidiary of New York Life Insurance Company, the largest mutual insurance company in the world. Real Estate Investors group is a full service, fully integrated real estate enterprise with more than 135 professionals where the principal focus is the origination, underwriting, and investment in real estate related debt and equity products including commercial mortgage loans, real estate equity investments, commercial mortgage backed securities and unsecured REIT bonds. Through its home office located in New York City, an equity group headquartered in San Francisco, and a regional field network with offices in New York, Atlanta, Chicago, Dallas, and San Francisco, the Real Estate Group provides a local market presence and a national reach.
Real Estate Investors brings an unparalleled level of knowledge, strength, and accountability to the financing process and has become a trusted provider of real estate capital and investment management services, with a long and successful track record of helping clients achieve their financial goals and objectives. Real Estate Investors is staffed by experienced real estate professionals whose commitment to customer satisfaction is matched by their market acumen, integrity, and flexibility. The group's vertically integrated, multi-disciplinary team allows the delivery of the consistent service our borrowers and investors have come to expect.
Real Estate Investors manages $51.9 billion in client assets as of June 30, 2018, including commercial mortgages, CMBS, direct equity, and other real estate related products on behalf of both third party institutional investors and New York Life.
The Asset Management Associate will be based in San Francisco and will report directly to the Senior Director and West Region Head of Asset Management. This person will primarily support the asset managers on all analytic and strategic aspects of their business. This will include: quarterly valuations, lease analysis, hold /sell recommendations, property level budgets and business plans, work with third party vendors, capital and potentially underwriting new acquisitions, etc.
This person's key responsibilities will be as follows:
- This person will support the asset managers with analytic support including: lease analysis, hold/sell models, JV waterfall calculations, quarterly valuations etc. They will support the performance of due diligence, including gathering and maintaining market statistics and coordinating the work of external consultants and appraisers.
- Support the asset managers on the timely completion and/or review of accurate property valuation analysis and potential underwriting of all types of property acquisitions, loans and joint venture development value add transaction opportunities.
- Participate in property level conference calls with asset manager, joint venture partners, third party property managers and leasing agents.
- Assist in preparation and completion of Lease summary and required approval process.
- This person will also help prepare investment committee memorandums.
- Prepare and review property level financial investment valuation and performance models using Argus Enterprise and Excel models based on information provided from various sources including acquisition officers, asset managers, outside brokers, appraisers and other service providers.
- Maintain current real estate market data for areas under investment consideration, in addition to existing asset markets.
- Develop external sources of data (brokers, appraisers, etc.) in target markets.
- Assist asset managers with various valuation projects including quarterly and annual internal property valuations, hold/sell analysis, and lease analyses.
- Assist asset managers with property level operations and implement best practices for each asset class.
- Attend networking, industry and market functions.
- Train others in the use of Excel and Argus valuation software as necessary.
- Limited west coast travel for market and property visits.
Candidate Experience and Qualifications
The candidate should have a minimum of 1-2 years of investment analysis experience, preferably with an institutional investment company, brokerage company or related real estate firm.
Candidates for this position should have the following career qualifications:
- A fundamental understanding of the commercial real estate market and financing.
- Experience working on varied transactions including interaction with principals, developers and brokers. Prior experience with joint venture transactions, including financial waterfall analysis, is a plus.
- Strong hands-on knowledge and abilities in Excel and Argus.
- Strong analytical skills, aptitude and experience.
- Excellent written and verbal communication skills.
- Attention to detail.
- Ability to prioritize multiple assignments and multi-task effectively.
- Familiarity with multiple west coast real estate markets and experience with performance calculation a plus.
Undergraduate degree is required. An MBA with a Real Estate focus would be a plus.
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Associate, Real Estate Asset Management