New York Life Insurance Company DIRECTOR, TRANSACTIONS in San Francisco, California
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New York Life Real Estate Investors (“NYLREI”) as part of New York Life Investment Management is one of the country’s largest asset management firms and is one of the most active real estate investors, including commercial first mortgage lending for its general account, and a capital markets group acquiring real estate equity and debt securities.
The Director, Transactions will be based in San Francisco. He/she will be primarily
responsible for sourcing and closing investment opportunities in Northern California, the Pacific Northwest, and Salt Lake City. Acquisition activity will include core, value add, and opportunistic investments on both a direct and/or joint venture basis. This position will report to the Head of Transactions and be part of the NYLREI equity team nationally.
MAJOR DUTIES AND RESPONSIBILITIES:
The key responsibilities of the Director - Transactions will be as follows:
Solicit, develop, and maintain relationships with brokers, owners, developers, operators, and professional service providers.
Source existing property acquisition opportunities and develop a “hit list” ofproperties throughout their target markets for commercial office acquisition andother investment opportunities.
Know the target markets within assignedgeography, understand market drivers, supply/demand, employment and otherfactors to support overall strategy and specific opportunities to the company.
Maintain a current pipeline of “for sale” or “potential for sale” properties.
Investments will be primarily through direct property acquisition as well as joint ventures and completing “distressed” transactions.
This person will have responsibility for coordinating all aspects of the acquisition process as it relates to their investments, which includes:
o Preparation of a market analysis.
o Development of a financial assessment and acquisition pro forma.
o Prepare and present investment package for NYLREI Investment Committee.
o Negotiate with seller or seller’s representatives on all aspects of the letters of intent and purchase and sale agreements.
o Initiate and manage the due diligence effort (including coordination of all internal and external consultants).
o Work with Asset Management Group on developing a business plan for the property.
o Negotiate and secure project-level debt for new acquisitions.
o Coordinate the preparation of closing/settlement process.
Will have some involvement tracking the performance of the asset through the investment hold period; will not have direct responsibility but will continue to “care” as the owner through the asset’s lifecycle.
Coordinate property sales or assist asset management department in property dispositions.
Participate in the overall NYLREI business and to grow the business and footprint in the market. Meet with investors and lenders as appropriate to demonstrate NYLREI’s investment credibility and strategy.
Represent the company within the real estate industry and in institutional investment circles. Participate in national and regional trade associations that further NYLREI’s business.
Provide general direction to the real estate department relative to local trends in real estate investment, underwriting, new product ideas etc.
Ongoing interaction with the Head of Transactions, Portfolio Management and AssetManagement departments to ensure that fund strategy is consistently maintained.
CANDIDATE QUALIFICATIONS / EXPERIENCE
Specifically, candidates for this position should have the following experiential qualifications:
Experience : The candidate should have a minimum of five years in a lead acquisition role in commercial real estate and have a minimum of 10 years institutional real estate experience.
Education : Undergraduate degree is required. An MBA, or other relevant graduate degree is an added benefit, but not required.
The successful candidate will have the following career experience:
Extensive experience investing in multiple property types and strong relationships in the market, preferably Northern California and the Pacific Northwest.
Should have a demonstrated track record in the real estate transaction process from sourcing opportunities through closing. This person will likely have been on the principal side of the business.
Should have some understanding of various real estate sector markets nationally as well as have a depth of knowledge in Northern California and the Pacific Northwest. Will bring a strong existing network and presence among target market property owners, brokers, and consultants in one or more of these markets.
Must have experience sourcing acquisitions as well as executing transactions. Should show a specific approach to building a business plan to acquire properties. Should have a track record of finding “off-market” transactions under the radar screen (not just finding brokered “auction” deals).
Strong real estate valuation and underwriting skills with a strong attention to detail.
Experienced in the application of leverage.
o Capital markets experience with the ability to structure transactions at different points in the capital stack, in addition to straight acquisitions would be a positive, although not essential attribute.
o This could include experience structuring mezzanine debt, whole loans, equity joint ventures, etc.
o Experience with structuring and modeling joint ventures a plus.
Must have desire, energy and willingness to spend a significant amount of time out of the office reviewing markets and properties and meeting face-to-face with property owners, brokers, and others. Must be highly organized, motivated, and able to source and manage a full pipeline of potential transactions.
Must have a deep understanding of the economics, market fundamentals, operations and marketing/positioning of real estate; preferably in office, industrial, retail, and multifamily properties. The candidate should bring a strong analytical orientation to the position. Will know how to value properties, run numbers (although he/she will have access to analytical support), and evaluate markets and opportunities. Should be able to effectively present and defend opportunities internally.
The candidate should be a strong negotiator who can balance achieving the best transaction terms for the company with building long-term relationships in the marketplace.
The successful candidate will bring a current, state-of-the-art institutional quality industry perspective and experience to this position.
The successful candidate will have the following personal attributes and characteristics:
Highly motivated with a strong record of academic and professional achievement.
This person will be willing to “roll up his/her sleeves” to get the job done. This person will ultimately work with analysts/associates but will have to handle much of his/her work directly.
The candidate should have the attitude of a principal, insightful, creative and entrepreneurial. While this is a transactional person, this person should value the long-term performance of the assets they acquire.
The candidate should have experience with core-plus, value-add, and development transactions, not just acquiring core, stabilized assets. Must demonstrate ability to see value in underperforming assets. Understands repositioning re-tenanting strategies, and risk/reward of such transactions.
Strong relationship builder, both externally within the marketplace and internally within the firm.
Will be able to hold their own in a fast- paced, intellectually challenging environment and defend their position.
Motivated, self starter. Very highly developed organizational skills.
Strong communications skills, both written and verbal.
Excellent presentation skills. Thoughtful listener. Direct and open communication style.
Adheres to the NYLREI values and culture of commitment, collaboration, drive towards excellence, honesty, integrity, respect for others and trust.
Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by ourFoundation (https://www.newyorklife.com/foundation) .We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visitLinkedIn (https://www.linkedin.com/company/newyorklife/) , ourNewsroom (https://www.newyorklife.com/newsroom/) and theCareers (https://www.newyorklife.com/about/careers/) page of www.NewYorkLife.com .
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