Senior Associate, Commercial Workout Officer - Remote

Overview

This role involves managing and resolving a portfolio of distressed commercial real estate loans secured primarily by rent-regulated multifamily properties in New York City.

The position is senior and highly visible, focused on complex CRE restructurings, NYC rent regulation dynamics, and judicial foreclosure processes. Success in this role requires experience working through multifamily workout scenarios in the NYC market and understanding the legal, financial, and regulatory nuances unique to this asset class.

Responsibilities

• Manage a portfolio of distressed commercial real estate loans, monitoring collateral performance, borrower financial condition, guarantor support, and covenant compliance.
• Evaluate property operations, rent rolls, financial statements, market conditions, and capital needs to identify risks and opportunities.
• Develop and execute loan resolution strategies, including modifications, restructurings, forbearances, and other workout solutions.
• Perform underwriting, financial modeling, collateral valuation, and risk analysis to support credit recommendations and recovery strategies.
• Prepare credit memoranda, action plans, and presentations for management and credit committee approval.
• Review, interpret, and negotiate commercial loan documentation, including loan agreements, mortgages, guarantees, intercreditor agreements, and workout-related documentation.
• Partner with internal and external legal counsel to ensure documentation accuracy and compliance with applicable policies and regulations.
• Identify legal, structural, and collateral-related issues that may impact loan recovery or enforceability.
• Lead or support negotiations with borrowers, sponsors, investors, legal representatives, and other stakeholders to achieve effective workout outcomes.
• Oversee judicial foreclosure proceedings and coordinate with legal counsel throughout the process.
• Manage REO assets following foreclosure, including stabilization efforts, valuation analysis, asset management, and disposition activities.
• Maintain effective communication with borrowers, internal management, and partners throughout the workout lifecycle.

Requirements

• Bachelor’s Degree: Finance, Real Estate, Accounting, or a related field – Required.
• 9+ years of experience in commercial real estate workouts, including special servicing / special assets, or credit risk management within a regulated financial institution.
• Experience in commercial real estate lending, credit underwriting, loan workouts, restructuring, asset management, special assets, or related areas.
• Deep understanding in commercial loan documentation, mezzanine financing, and related intercreditor agreements.
• Extensive experience analyzing property financial statements.
• Strong analytical, negotiation, communication, and relationship management skills.
• Ability to prepare and present credit recommendations and workout strategies to senior stakeholders.
• Proficiency with Word, PowerPoint, and loan servicing or risk management systems.
• Expert-level Excel.

Preferred Qualifications

• Expertise in commercial real estate loan workouts either serving in CMBS Special Servicing or within special assets at a regulated financial institution.
• Knowledge of rent-regulated multifamily housing in New York City.
• Extensive experience managing judicial foreclosures, Chapter 11 bankruptcies, related 363 sales, and REO assets.
• Master’s Degree: Finance, Real Estate, Accounting, or a related field – Preferred.

Work Authorization & Sponsorship

Applicants must be legally authorized to work in the United States on a full-time basis without requiring employer sponsorship to commence employment.

Compensation & Benefits

• Base pay range (annualized): $93,750.00 USD to $170,000.00 USD
• Exact compensation may vary based on skills, experience, training, licensure and certifications, and location.
• Benefits include a competitive rewards package designed to support employees, their families, and well-being.

Location

New York City

Working Conditions

• Frequent minimal physical effort such as sitting, standing, and walking is required.
• Depending on location, occasional moving and lifting light equipment and/or furniture may be required.

Equal Opportunity

The employer is an equal opportunity employer (EEO) and considers qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.

Additional Information

• This job description does not list all job duties and may be revised at any time.
• The job description is not a contract for employment and employment may be terminated by either the employee or employer at any time for any reason.