Real Estate Loan Closing Associate

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Date: Nov 9, 2020

Location: New York, NY, US

Company: New York Life Insurance Co

 

A career at New York Life offers many opportunities. To be part of a growing and successful business. To reach your full potential, whatever your specialty. Above all, to make a difference in the world by helping people achieve financial security. It’s a career journey you can be proud of, and you’ll find plenty of support along the way. Our development programs range from skill-building to management training, and we value our diverse and inclusive workplace where all voices can be heard. 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 service, supported by our Foundation. It all adds up to a rewarding career at a company where doing right by our customers is part of who we are, as a mutual company without outside shareholders. 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 visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

 

New York Life Real Estate Investors is seeking an associate to join its Commercial Real Estate Loan Closing team, in its home office located in New York, New York.  The position works closely with loan underwriters, borrowers, brokers, legal counsels, and third parties to facilitate the efficient closing of each transaction while ensuring all underwriting and closing requirements are met.

 

Primary Responsibilities:

  • Coordination with loan originators located in five regionally based field office locations, to facilitate the preparation and negotiation of real estate loan application commitments which include mortgage, mezzanine, co-lending, portfolio, construction and bridge structures.
  • Management of the loan closing process including:
    • Review and negotiation of the loan documents, in consultation with lender’s in-house legal counsel, local legal counsel, and other internal resources, as well as borrower’s legal counsel and business counterparts; and
    • Ensure the receipt and review of all due diligence items required for a timely closing (e.g., property related reports, title & survey, tenant lease related documentation, property and liability insurance, etc.).
  • Disbursement of loan proceeds including:
    • Prepare wire;
    • Review settlement statements;
    • Collect and direct allocation of funds due to the Company (e.g. escrowed deposits, holdbacks, and fee income); and
    • Facilitate the payment of expenses incurred in connection with the transaction (e.g. legal and third-party expenses).
  • Utilization of the Department’s real estate transaction management system to ensure:
    • Data quality management relating to each transaction;
    • Approvals for underwriting, due diligence, and investment committee are obtained prior to closing; and
    • Timely transfer of closed loans to the loan management division, including on-boarding to the loan management system.
  • Participation in various departmental and divisional special projects.

 

Qualifications:

  • Bachelor’s Degree in Finance, Real Estate, or related field.
  • A minimum of five years of experience closing mortgage loans, together with a solid working knowledge of the commercial real estate loan closing process and the legal issues that arise, as well as an understanding of the business analysis that supports each transaction.
  • Strong organizational and communication skills.
  • Self-motivated, with the ability to effectively prioritize multiple assignments.
  • Proficient knowledge of Microsoft office.

 

The Company:

New York Life Real Estate Investors is a full-service, fully integrated real estate enterprise with $55+ billion in assets under management.  The focus is origination and management of real estate related debt and equity investments on behalf of New York Life Insurance Company and third-party investors. Our three investment platforms include: Commercial Mortgage Loans, Direct Equity Investment and Real Estate Securities Investment (CMBS and REIT debt). More information on the Company can be found at: www.newyorklife.com/realestateinvestorsNew York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company, a 175-year-old mutual life insurance company.

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Job Requisition ID: 82921 


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