AMREES Commentary & Opportunities in the Market

Mortgage Team Leader

THE POSITION

 

Our client is looking for a Mortgage Team Leader to help grow the portfolio across Canada.   

Specific responsibilities and accountabilities of the position are as follows:

 

 

• Originate, underwrite, negotiate, perform due diligence, make internal recommendation and close prospective mortgage and/or equity real estate transactions.

 

• Coordinate fulfillment of all mortgage reporting requests for US General Account, non-US General Account and Mortgage subsidiaries, as appropriate.

• Coordination and completion of all debt and equity hedging strategies.

 

• Leads mortgage production team in originating, underwriting, negotiating, performing due diligence, making internal recommendation and closing prospective real estate mortgage transactions. 

 

• Develops and maintains relationships with key external personnel (brokers, developers, borrowers and consultants) representing the company in a professional, positive manner at all times

 

• Evaluates and monitors ongoing performance of mortgage portfolio and develop strategies for non-income producing mortgages.

 

• Works closely with Regional Director and Equity Team Leader to establish strong lines of communication and helps develop and implement investment strategies and policies affecting Field Office.

 

• Responsible for leadership role in oversight of Field Office mortgage production and asset management, providing direction and guidance to Mortgage Production Specialists and Loan Managers.

 

• Fosters environment of cooperation and teamwork without detracting from personal accountability of staff for achieving results. 

 

• Assists mortgage staff in structuring transactions and resolving issues.

 

• Origination and oversight activities may be for the US General Account or non-US General Account including subsidiaries, or a combination of all three.

 

• Maintains close relationship with REPM and keeps it informed of investment programs and competitive market information. 

 

• Effectively manages expenses.

 

• May serve on investment committee, contribute to and implement regional mortgage market strategies, and complete CMBS inspections.

 

• May be back-up Regional Director.

 

• Work closely with CMG on the acquisition and management of private equity funds, as required.

 

• Support International Insurance Operations to provide underwriting and due diligence upon request.

 

 

 

CANDIDATE QUALIFICATIONS

 

· Active Mortgage Brokers license with requisite continuing education courses current.

· Minimum ten years of experience in the commercial mortgage lending markets.

· Complete familiarity with Canadian commercial real estate located in major provinces.

· Demonstrated ability to market commercial debt products.

· Familiarity with foreign exchange and applicable hedges.

Director, Real Estate Investments (Americas)

THE POSITION

 

A)    Identify, Source & Analyze:

· Assists and contributes to the establishment of the REI and Americas strategy and provides market based insights as required

· Source attractive investment opportunities

· Lead the research, analysis and evaluation of a variety of real estate investment opportunities including managing the overall evaluation process

· Oversee the development of complex dynamic financial models to analyze investment opportunities (including testing assumptions and sensitivities)

· Oversee valuation analysis, including DCF, precedent transactions and comparable analysis

· Lead due diligence on opportunities including past and projected financial performance, quality of management teams, investment merits and risks, expected returns, regulatory environment, industry dynamics and other relevant factors

· Review 3rd party due diligence reports (legal, accounting, industry strategic reviews, environmental, etc.)

· Meet and maintain contact with fund and brokerage community to review past performance, strategy, outlook, industry issues, and other relevant topics as required

· Apply “Total Portfolio Approach” as it applies to investments

· Make investment recommendations based on the results of the team’s due diligence and analysis

· Oversee the drafting of Real Estate investment recommendations outlining potential investment opportunities

· Present investment recommendations to the Real Estate Investments Senior Vice President and the Investment Department Decision Committee and Board as required

 

B) Execute Real Estate Investments:

· Manage relationships with investment partners (lead General Partner, other co-investors) and advisors (financial, legal, etc.)

· Lead the negotiation and execution of agreements and other transaction-related legal documentation

 

C)    Monitor Investments:

· Review and approve capital and distributions related to Real Estate investments

· Coordinate with CPPIB Finance & Operations group with respect to monitoring ongoing investments

· Monitor ongoing financial performance of portfolio companies

· Oversee the reviews of valuations for portfolio companies

· Attend board meetings as required

· Primary responsibility for building and leveraging relationships with portfolio company management teams and private equity sponsors

· Oversee the monitoring and evaluation of potential exit alternatives (including public market conditions, potential strategic partners)

 

D)    Build the Team:

· Represent CPPIB externally and be an active communicator of the organization’s strategies and objectives

· Review, analyze and comment on investment recommendations prepared by other members of Real Estate Investments

· Help to lead the strategic decision making process for Real Estate Investments

· Participate in and contribute to weekly departmental meetings

· Lead the training and development of Real Estate Investment department colleagues

· Play a lead role in recruiting activities including liaising with universities, networking, sourcing candidates and interviewing prospective hires as required

· Other relevant duties and projects as assigned

 

 

SKILLS/KNOWLEDGE/COMPETENCIES/CAPABILITIES

 

· 10-15 years in real estate investing, lending or operations, or real estate related experience in private equity, investment banking or other relevant experience

· Post graduate degree with a focus on Real Estate, Business, Commerce or Finance

· Direct U.S. real estate experience is an asset

· Strong research, financial modeling, analytical and valuation skills

· Proven experience in leading successful deals (e.g. sourcing, analysis, due diligence, execution and monitoring)

· Experience leading successful negotiations with multiple stakeholders and executing a wide range of agreements (confidentiality, purchase and sale, shareholder etc.)

· Proven track record of successful investment recommendations

· Solid, demonstrated experience building, overseeing, leading, coaching and developing deal teams (e.g. recruiting, training, coaching etc.)

· Significant relationship management experience including primary responsi8bilty for managing relationships with portfolio funds and properties and other external stakeholders (investment partners such as General Partner and other co-investors and advisors such as financial, legal etc.)

· Demonstrated persuasive skills

· Superior interpersonal skills; solid, demonstrated communication skills (oral and written) as well as exceptional presentation skills

· Professionalism and integrity

· Flexibility, adaptability, initiative and creativity

· Excellent judgment and “sense of the deal”

· Ability to meet tight deadlines and work well under pressure

· Team player who enjoys a high performance, partnership and integrity culture

Willingness to travel

Managing Director - Portfolio Management

Basic Purpose

Develop, coordinate, supervise and direct the portfolio management activities for the company’s institutional and

private wealth clients in a manner consistent with established policy and procedure. Develop, implement and

monitor strategic and operating plans for institutional clients (i.e. separate accounts) and company sponsored funds.

The duties and responsibilities include coordination of company staff and service providers associated with assets

and portfolios, with the objectives of maximizing investment performance (income, cash flow and long term value),

all within the framework of the portfolio strategy and objectives. This position, has ultimate responsibility and

accountability for achieving client/fund portfolio objectives.

Principal Accountabilities and Duties



Develop, collaborate, and coordinate with the senior acquisitions officer and executive management team

on overall strategic plans for individual clients (i.e. separate accounts) and company sponsored funds. The

strategic plan will establish portfolio objectives and investment allocation targets, and will incorporate asset

focus on property type, geographic regions, investment style, investment structure, leverage, performance

metrics and hold/sell analysis.



Lead and supervise senior asset and portfolio managers and staff, with the objective of (1) delegating

processing and analytical work in order to leverage the senior asset and portfolio managers own time and

capabilities, and (2) developing the senior asset managers and staff skills and knowledge base.



Lead and manage the strategic input and content of the property/portfolio budgets, asset management plans

and quarterly/annual reports to ensure high quality, accurate and timely product.



Lead and manage (in conjunction with the CFO) quarterly investment performance measurement by

asset/portfolio managers for individual client fund portfolios in compliance with industry standards (i.e.

NCREIF) on an accurate and timely basis. The internal and external valuation process of properties/assets

is integral to the development of the investment performance measurement. Manage the reporting of

investment performance to clients and consultants on a timely basis.



Institute and implement policies and procedures for asset/portfolio management, as updated periodically, to

ensure consistency with industry best practices and to achieve the goal of improved efficiency and

productivity of asset/portfolio management activities.



Develop, implement and manage “early warning” or “watch list” mechanism for assets and portfolios to

detect issues that may negatively affect investment performance.



Identify market opportunities and create new products for the company’s clients which take advantage of

the opportunities through the combination of market knowledge, product design standards and structures,

and the understanding of client needs.



In coordination with other senior management, initiate and direct client meetings and presentations

including conference calls and face to face meetings.



Participate in overall fund management and business development including new business strategy

meetings, product development, profitability analysis, and meetings with prospective investors/clients



Appointment to and participation in meetings for senior management team, investment committee, and

company Board. Participate and cooperate in the preparation of annual corporate strategic plan, annual

budget, and other corporate functions.



Participate as attendee, committee member or speaker at regional and national real estate organizations (i.e.

ULI, NCREIF, etc.) to remain current on industry trends and best practices as well as enhance the profile of

the overall company.



As a senior member of the firm’s management team, the incumbent is expected to lead the development of

junior staff in a mentoring capacity.



The incumbent is expected to contribute to the overall growth of the firm in terms of AUM and a

diversified group of clients and funds.

Other Responsibilities



Collaborate with the research team on the overall research function and specific research requirements of

individual clients or portfolios.



Other duties and responsibilities that may be assigned from time to time.

Qualifications



Outstanding oral and written communication skills both internally and externally to effectively manage

client and staff relationships.



Bachelors degree required with MBA or MS in Real Estate, preferred.



Minimum of 15 years of institutional real estate experience to effectively perform role in a fiduciary

environment with proven property and financial expertise in a diverse portfolio of assets and structures.



Experience in capital raising in the real estate sector and client relations managemen

Director REO Originations

On behalf of our client American Real Estate Executive Search is looking to hire a senior originations professional to be responsible for sourcing portfolios of single family residential assets held by banks and other financial institutions.

Specific responsibilities and accountabilities of the position are as follows:

• Source Opportunities - Establish and execute a strategy to enhance deal flow from direct sources and intermediaries through targeted contacts and promotion.  Oversee relations with major institutional lenders and brokers to source investment opportunities.

• Underwrite and Price - Monitor and analyze economic, legal, political and overall market conditions within targeted markets.  Work with the senior management team and outside professionals to review investment opportunities, lead recommendations on pricing of bids.

• Closing - Work with internal team and outside professionals to solve problems which occur before closing.

• Asset Management - Provide leadership, coaching and direction to the asset management team in order to effectively execute the strategy to monetize assets in a timely manner.

Qualifications

Education

Undergraduate degree required.  MBA preferred.

Experience

• At least 10 years of experience acquiring REO or related experience working as a lender, broker or real estate advisor dealing with residential pools.
• Excellent contacts among potential deal sources as well as the ability to establish and nurture additional contacts in the relevant space.
• Well-developed management, analytical, interpersonal, negotiation, communication and leadership skills.
• In depth knowledge and experience in portfolio management, asset management, transaction management and valuation.

Personal Characteristics

• Strategic and forward thinking
• An effective problem solver
• Highly intelligent
• Well organized
• Team player

Portfolio Manager, Real Estate Investments

THE COMPANY

With assets under management of $13.6 billion our client manages one of Canada's largest pension funds.  The Board of Trustees and Staff are charged with delivering on three key goals:

• Generating a rate of return on the Plan's investments over the long term to fund the client's pension promise, now and into the future
• Providing the finest service and communications to our members and pensioners

• Ensuring a real voice for members and pensioners in how their pension plan is run

The investment portfolio is managed by a Chief Investment Officer who reports to a Board of Trustees.  The Board of Trustees approved an allocation of 9.5% of the plan's assets to real estate in 2003, and more recently increased the allocation to 10%.  The real estate allocation is to be invested in Canada, the US and other international markets over time.

The Company's investment strategy for real estate is to construct a well diversified portfolio designed to generate the best possible risk-adjusted returns, while maximizing portfolio value.  Real estate investments in Canada are made primarily through direct investments, while pooled fund investments, and public real estate securities are utilized internationally.

As of September 30, 2008 our client's real estate portfolio had a market value in excess of $1.2 billion (net equity).

DESCRIPTION

Working under the direction of the Managing Director, Real Estate Investments, this position will be part of a seven-person team responsible for managing the real estate portfolio.

Responsible for the overall management of the real estate portfolio, the portfolio manager will monitor our client's external managers and the performance of the underlying investments to ensure returns are optimized.  The portfolio manager will evaluate new managers and investment offerings and contribute to our client's real estate investment strategy.

RESPONSIBILITIES

Identify and evaluate emerging managers and new investment offerings as required.

Monitor the external managers and their ongoing performance and activities, including compliance with approved investment mandates and pooled fund legal agreements.

Negotiate the terms and conditions of external manager engagements and set fees in accordance with established policies and market conditions.  Recommend changes when appropriate.

Develop and implement a comprehensive portfolio strategy in accordance with the investment strategy for real estate.

Perform investment analysis of direct investments and develop strategic recommendations.

Review and approve property specific strategic plans and annual operating and capital budgets.  Review and report on general market trends and their effect on the real estate portfolio.

Review quarterly manager reports and monitor the performance of the underlying investments in the portfolio.

Prepare quarterly real estate group reports for distribution to the Investment Committee and the Board of Trustees.

In conjunction with the Managing Director, represent the Company on advisory committees of pooled fund investments.

Review internal (manager) and external valuations/appraisals.

Coordinate the collection of quarterly distributions and the funding of capital calls.

Liaise with internal investment research and risk management staff, external legal counsel, and other professional service providers.  Manage the legal document process for the plan's real estate investments and manager relationships.

Liaise with finance staff and ensure they receive all necessary information related to the real estate portfolio in a timely manner to prepare the financial statements.

Participate in industry conferences and forums to keep abreast of leading trends and new investment ideas, along with best practices followed by other institutional real estate investors.

In addition, the incumbent will help direct, develop, and mentor the team's two analysts.

QUALIFICATIONS

An undergraduate degree in a relevant discipline.

A qualified candidate would also have a CFA, MBA, CA, CGA, or AACI designation.

7 or more years of relevant experience, with a minimum of 5 years portfolio or asset management experience, preferably in an institutional or pension fund environment.

Well versed in the Canadian real estate market with an in-depth knowledge of each of the four traditional property types.

Knowledge and experience in international real estate markets is considered an asset.

Background in preparing asset specific strategies, comprehensive quarterly reports and property valuations.

Proven interpersonal, communication and organizational skills.

Level headed and logical; takes initiative and enjoys problem solving; listens and works well with others.

Vice President Capital Funding

Our client is a global real estate investment advisor, and manager of residential and commercial properties.  With investments in thirty markets around the world, our client is able to leverage their local market proficiency and a superior performance record to capitalize on select investment opportunities.

 

On their behalf, we are conducting a search for a senior investment executive to develop strategic retlationships with multiple sources of equity capital to enable the company to expand its platform to take advantage of investment opportunities arising from the current market disruption.

 

Specific key responsibilities and accountabilities of this position are as follows:

 

• Fundraising.  Play a leadership role in developing and implementing fundraising strategies to expand its managed funds in the United States and globally by sourcing new investment capital from institutional, private equity, and HNW investors.  Participate in investor presentations and road shows.

• Product Development.  Provide market feedback to the senior management team of the Company to assist with developing new investment vehicles to meet the requirements of existing and potential clients and to capitalize on market opportunities.  In addition, develop marketing strategies to promote products among the Company's existing and prospective investor clients.

• Investor Relations.  Effectively manage investor client relationships, ensuring regular communication and best-in-class reporting.

CANDIDATE QUALIFICATIONS

Education

• Undergraduate degree required.  MBA and/or CFA preferred.

Experience

• At least 10 years of experience in investment advisory including direct capital raising responsibilities.
• Well-developed management, analytical, interpersonal, negotiation, communication and leadership skills.
• Appreciation for portfolio management - an ability to discuss markets and asset classes.
• Well networked in the private banking community and wealth advisory market.
• Excellent presentation skills at the senior management/board level.