REO Jobs

The news on the banking front deteriorates more every day. It appears that Citibank is on a path of significant nationalization, with the government taking up to 40% of the company’s common stock. This follows similar situations that have impacted UK banks including Royal Bank of Scotland and Lloyds, and the list of other major troubled banks on the domestic front and internationally is staggering. However, one side of the story is still emerging. Most of the major banks have not begun the inevitable move to get aggressive with the workout of commercial real estate loans that choke their balance sheets. It’s only a matter of time, especially with expanded federal intervention, that word will come down from the top for the regulators to get aggressive on the workout front–which will translate to new pools of commercial REO (real estate owned) portfolios. None of these institutions have the professionals in place to deal with that situation, so I expect that building teams to mop-up this problem will lead to a hiring wave later this year and into 2010.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities
THE PALMER TEAM Structured Finance (SACRAMENTO) The candidate will be responsible for financing transactions at all levels of the capital stack, underwriting and structuring debt and equity products for institutional clients. USAA REAL ESTATE CO. Director of Accounting (SAN ANTONIO) The director will handle accounting for real estate assets, development projects, acquisitions, sale asset, among others. BUCHANAN STREET PARTNERS Investment Officer (NEWPORT BEACH, CA) The officer will be responsible to manage a portfolio of 10 to 12 real estate investments on behalf of the Buchanan Funds. JBM OF MARCUS & MILICHAP Junior Broker/Financial Analyst (TAMPA, FL) The analyst will prepare financial analysis and underwriting of apartment investments and broken condominium conversions-including leveraged and unleveraged IRR returns, COC cap rates, DSCR ratio models, using historical, T-12 and T-3 numbers, plus rent and sale comparable analysis and other research required for creating proposals and offering materials. FTI CONSULTING Director-Restructuring- Real Estate Industry (LOS ANGELES) The director will manage the workout process and prepare business plans and cash flow projection. HARBOR GROUP INTERNATIONAL Vice President, Acquisitions (Multifamily) (NORFOLK, VA) The VP will be responsible for sourcing and identifying acquisitions and joint venture opportunities, including stabilized properties, REO, loan sales, and preferred equity/mezzanine structures, while preparing investment recommendations for the Investment Committee and managing the transaction process through due diligence, contract negotiations and closing. NOBLE CAPITAL Investor Relations Executive (AUSTIN, TX) The executive will require the ability to identify available capital through high net-worth private investors, fund managers/ brokers and direct financial institutions. After capital sources are identified by the IRE, a systematic sales approach will be used to provide an opportunity for the identified capital to earn above average returns working through the Noble Capital Investment alternatives. ALL STAR Project Manager or Assistant Project Manager (WASHINGTON, DC) The manager will manage all on-site personnel, schedule all preventive maintenance, repairs, service calls, and other mechanical services, and prepare required reports.
Promotions No more than one submission per company will be considered per week. Submissions with multiple names will be capped at three for coverage in Executive Watch.
CB RICHARD ELLIS GROUP, INC. (LOS ANGELES) CBRE is promoting Robert E. Sulentic to be the company’s chief financial officer. Sulentic is currently CEO of the company’s development services business. COLDWELL BANKER COMMERCIAL AFFILIATES (PARSIPPANY, NJ) Coldwell Banker is promoting Rick Davidson, president and COO for Coldwell Banker Commercial Affiliates, to the additional role of chief operating officer for Coldwell Banker Real Estate.
New Hires No more than one submission per company will be considered per week. Submissions with multiple names will be capped at three for coverage in Executive Watch.
GRUBB & ELLIS CO. (LOS ANGELES) Grubb & Ellis Co. is hiring Craig Cahow to its West Los Angeles office as a senior vice president, Office Group. His focus will be office landlord and tenant representation. Most recently, Cahow served as managing director, leasing, for Cabi Developers, where he was responsible for the company’s Southern California portfolio. DOCKERTY ROMER & CO. (DEALRAY BEACH, FL) Dockerty Romer is hiring Kurt Hoffmann in a loan productioncapacity specializing in retail, office, industrial and multi-family properties. He was formerly a principal in Tavernier Capital Partners in Boca Raton, FL. COYOTE MANAGEMENT, L.P. (ADDISON, TX) Coyote Management is hiring Shawn R. Merecki as vice president of Leasing. Merecki was also VP of Leasing for Midway Companies in Houston. FXFOWLE ARCHITECTS (NEW YORK CITY) FXFOWLE Architects is hiring George W. Hellmuth, AIA, LEED, as Director, Mid-Atlantic Region. WALKER & DUNLOP (BETHESDA, MD) Walker & Dunlop is hiring Doug Bath as group head of their healthcare unit, Healthcare Finance. Doug was a senior vice president at Sunrise Senior Living, Inc.

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