Senior Associate, Commercial Workout Officer - Remote

Overview

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

This is a senior, highly visible position requiring deep expertise navigating complex CRE restructurings, NYC rent regulation dynamics, and judicial foreclosure processes.

Responsibilities

• Manage a portfolio of distressed commercial real estate loans by 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 support 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 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 in 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 of 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 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 in Finance, Real Estate, Accounting, or a related field (Preferred).

Additional Information

• Work authorization: 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.
• Compensation may vary based on skills, experience, training, licensure and certifications, and location.

Location

• Country: United States of America

Working Conditions

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

Risk Culture & Equal Opportunity

• A proactive and responsible approach toward risk management is expected at all levels.
• Equal opportunity employer.

Notice

• This job description does not list all job duties. Additional tasks may be assigned.
• The employer may revise this job description at any time.
• This job description is not a contract for employment; employment may be terminated at any time for any reason by either the employee or the employer.