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Director, SAS - Agreed Upon Procedures in New York, NY (14635)

Job DescriptionJob Attributes+

  • Job ID

    14635

  • Job Category

    Due Diligence / AUP

  • Business Unit

    Commercial Real Estate

  • Job Location

    US - NY - New York

Overview

SitusAMC is where the best and most passionate people come to transform our client’s businesses and their own careers. Whether you’re a real estate veteran, a passionate technologist, or looking to get your start, join us as we work together to realize opportunities for everyone, we proudly serve.

At SitusAMC, we are looking to match your unique experience with one of our amazing careers, so that we can help you realize your potential and career growth within the Real Estate Industry. If you are someone who can be yourself, advocate for others, stay nimble, dream big, own every outcome, and think global but act local – come join our team!

Position Overview:

This role is responsible for the delivery of commercial advisory and diligence consulting services with a primary focus on real estate analysis and Agreed Upon Procedures (AUP) in connection with CMBS and other commercial real estate loan underwriting and debt consulting services. This position will also entail working with other team leaders in SAS to cross-sell services to grow client relationships. This role manages multiple transactions with multiple clients, under tight timelines and may have multiple teams reporting to them.

Essential Job Functions:

  • Perform all aspects of the AUP process for commercial real estate, which may be completed in connection with a commercial real estate loan, which include the below general procedures.

  • Review the Operating Statements and trace reported revenue and expense amounts to historic and year-to-date trial balances/general ledgers and available audited financial statements and property level tax returns. Identify any significant issues in the reading if these financial statements and related footnote disclosures. Discuss resulting variances with the Client.

  • Prepare comparative analysis of (a) historical operating statements, (b) trailing 12, (c) budget, (d) Year 1 of the Seller Argus model, (e) Appraisal Year 1 As Is net cash flow, and (f) underwriting cash flow for the Property, as a (i) percentage and absolute dollar change from the previous year and (ii) percentage of revenue difference from the previous year.

  • Compare the lease abstracts to economic terms in current rent roll and the offering memorandum and/or Argus model rent roll.

  • Recalculate most recent operating expense and tax escalation true-up and compare calculation to (a) terms in tenant lease and Seller source documents (operating statements, tax and insurance invoices), (b) current years’ estimated billings, (c) reconcile CAM pools to reported operating statements to identify non-recoverable expenses and compare findings to underwritten recoveries, and (d) compare previous years’ escalation billings and to actual tenant payments to identify any potential disputes.

  • Summarize property data provided in the rent roll and Offering Memorandum.

  • Create an underwritten cash flow that reflects leases in-place, tenant reimbursements and other assumptions provided by Client and actual real estate tax and any assessment increase(s); and based on the results of comparative income and expense analysis and discussions with Client, assess the reasonableness of Year 1 Cash Flow.

  • Interface with credit rating agencies and institutional investor groups

  • Manage and/or mentor senior and junior underwriters and analysts to expand their skills sets and expertise in commercial real estate, promote cross-training across clients and business lines, and support their career growth

  • Manage personnel resources to ensure balanced deal flow among the team and that adequate client coverage is maintained

  • Solicit and manage CRE advisory projects (non-underwriting assignments) with existing and new clients, which may be in conjunction with other business lines

  • Build and manage client relationships, both existing and new clients, to increase the current volume of business and identify and solicit new business opportunities for the firm within SAS (Advisory, Securitization Platforms) and CRE (SAM, RERC, REVS, etc.)

  • Such other activities as may be assigned by your manager


Qualifications/ Requirements:

  • Bachelor’s degree or equivalent level of education and experience

  • Preferred fields of study include Accounting, Finance, Real Estate, Business

  • Comprehensive understanding of the AUP process

  • Minimum 3 - 5 years’ experience specific to AUP with an overall 8 - 15 years’ combined experience underwriting CMBS or CRE balance sheet loans or in real estate related or financial services industry, such as appraisal, brokerage, or banking primarily focused on commercial properties

  • Management experience required; experience as a “manager of managers" preferred

  • Expertise in commercial real estate, due diligence process, commercial lending policies, and credit and risk management policies

  • Full understanding of property sectors (office, retail, industrial, hotel, multifamily) and their different investment characteristics and an ability to see the "big picture" in commercial real estate and capital markets finance transactions

  • High proficiency in Argus

  • Excellent Excel and cash flow modeling skills

  • Strong business writing skills

  • Working knowledge of CMBS, balance sheet and construction underwriting, Agency underwriting, AUP and the securitization business to identify new opportunities for growth with existing clients and to solicit new business/clients to the firm

  • Understanding of deal pricing and profitability that contributes to the financial success of SAS and the firm

  • Proven ability to lead and manage multiple teams and projects

Note: This job description is not intended to be all inclusive or exclusive. At any time, employees may perform other related duties as required to meet the ongoing needs of the organization and participate in additional trainings.

SitusAMC is an Equal Opportunity Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, national origin, disability, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state, or local laws.

SitusAMC does not accept unsolicited resumes from staffing agencies, search firms or any third parties. Any unsolicited resume submitted to SitusAMC in any manner will be considered SitusAMC property, and SitusAMC will not pay a fee for any placement resulting from the receipt of an unsolicited resume.
Job Location: New York, NY, USA
Country: USA
The annual full time base salary range for this role is ($120,000 - $280,000). Specific compensation is determined through interviews and a review of relevant education, experience, training, skills, geographic location and alignment with market data. Additionally, certain positions may be eligible to receive a discretionary bonus as determined by bonus program guidelines, position eligibility and SitusAMC Senior Management approval. SitusAMC offers PTO and paid holidays, the terms of which are set forth in the program policies.  All full time employees also are eligible to participate in various benefit plans, including medical, dental, vision, life, disability insurance and 401K; in each case in accordance with the terms of the applicable plans.

Our Benefits

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Powerful futures

- Annual compensation reviews
- Retirement benefits
- Education allowance program
- Matching gifts program
- Employee referral bonus programs
- Other region-specific incentives

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Powerful peace of mind

- Competitive vacation policies, holidays & other paid leaves
- Family-friendly leave policies, including maternity, - paternity & other family situations
- Employee wellness platform
- Employee assistance program
- Employee discount program
- Commuter benefits & travel assistance
- Volunteer program

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Powerful health

- Robust medical & other insurance plans
- Personal & family wellness benefits
- Savings programs & discounts for health expenses
- Disability, accident & life insurance

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What it’s like to

Be part of the Commercial Real Estate team

Working alongside top talent in the commercial real estate industry, you’ll help guide leading organizations through the entire commercial real estate lifecycle, from originations and secondary market activity to valuations, loan servicing and asset management.

SitucAMC Team Member Working
Part of a global team

Our US offices

Whether you’re working in one of our Real Estate businesses, or in Technology or a Corporate function, you’ll have plentiful learning opportunities and be greeted by a team who values your contribution. And, when it comes to benefits, you can expect above-and-beyond offerings supporting your emotional, physical and financial wellness.
New York, NY
Director, SAS - Agreed Upon Procedures

“I look forward to team meetings, training, development and coaching opportunities. It gives me the interaction with people that I need and appreciate. The more I learn, the more I feel like I can grow with the company. I enjoy coaching others, sharing knowledge gained and finding ways to make our job more efficient.”

Cindy Buchanan

QC Specialist II

“You must treat each client like they are your only client. We put customer service at the forefront of our service offering.”

John Wadle

Director of Servicing Quality Control

“I’m grateful for my ability to adapt because the industry is very fast-paced and always changing. I get put on special projects all the time, which I really like, because it expands my skillset and range of experience. But you need to be able to roll with the punches and stay light on your feet. I’ve done everything from appraisals to modifications to reverse mortgages, which is great, because I’ve always been able to adapt and learn quickly.”

Jon Addison

Senior Analyst

SitusAMC

Who we are

SitusAMC is a leading independent provider of technology, strategic outsourcing, talent and advisory solutions to the commercial and residential real estate finance industries. We help clients identify and capture opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity.

Working among the best talent in real estate, you’ll be a part of some of the most relevant things happening in the industry and engage in interesting and exciting work. You’ll be embraced by a culture that celebrates innovative thinking and empowers you to get the job done. Come join us in Powering Opportunity for those we proudly serve.

30+
Years of delivering results
5000+
Professionals
600+
Technologists
25+
Global Offices
1500+
Clients
New York, NY
Director, SAS - Agreed Upon Procedures