Director, Real Estate Investment Operations

Job Description and Responsibilities


Prudential Mortgage Capital Company (PMCC) is a diversified
commercial mortgage lender engaged in the origination,
securitization, and servicing and asset management of commercial
mortgage loans. PMCC manages mortgage portfolios for multiple
investors including the Prudential General Account, Fannie Mae, FHA,
CMBS bondholders, and insurance company separate accounts. As of
12/31/05, the company serviced about $46 billion of commercial
mortgages and had asset management responsibility for about
approximately $25 billion.


The open position is designed to support investment professionals in
two Atlanta-based units: Special Servicing and PREFII.


Responsibilities of the Position:


The Director, Portfolio Management will report in a matrix fashion to
the Principal, Special Servicing and the Principal, PREFII Portfolio
Management. Both are located in the PMCC Atlanta office.


Special Servicing is a dedicated group within PMCC charged with the
management of sub-performing and non-performing loans. Asset
management activities include borrower, property & market analysis,
loan modification, foreclosures, and the management and sale of
foreclosed properties. Special Servicing manages assets for all of
the PMCC capital sources although the scope of services is
client-specific.


Prudential Real Estate Fixed Income Investors (PREFII) is an
operating unit within PMCC dedicated to the management of funds for
institutional investors (primarily pension funds). The Atlanta
office has management responsibility for three ERISA accounts and two
co-investment accounts (collectively about $525 million) which are
invested primarily in fixed-rate commercial mortgages. One of the
funds is positioned for significant growth.


The Director, Portfolio Management position will require equal time
commitments to Special Servicing and PREFII. The individual time
allocations for each role are indicated below.


Special Servicing: The Director is responsible for 1) managing the
servicing function for all loans assigned to Special Servicing (50%),
2) generating the Quarterly Watch List Review and annual rating
agency review materials (25%) and 3) providing technical support to
the Special Servicing (and possibly Quality Re-Rating) team (25%).
The Director will work with an Analyst and administrative personnel.
The Director will be called upon to interact with PAR, Audit,
Finance, Appraisal and other groups in support of the Special
Servicing process.


PREFII: The Director will have four primary responsibilities: (i)
periodic portfolio reporting and related portfolio analytics (40%),
(ii) asset management and related servicing coordination (10%), (iii)
cash flow and duration tracking (10%), and (iv) ad hoc tasks (40%).
Time commitment will be the greatest in the 45 days immediately
following the end of the calendar quarter.


Comprehensive quarterly reports are prepared for each fund and
include return performance, portfolio activity, and portfolio
composition. Monthly reports include (i) an itemized "Holdings
Report" to the credit facility provider, and (ii) comprehensive
valuation reports to specific investors. Data must be consolidated
from multiple sources and systems.


All funds are marked-to-market. Proactive and opportunistic asset
management is a significant element in fund performance. PREFII is
also the single point of PMCC contact for the fund investors.
Understanding and addressing client requirements is essential.


Cash flow must be actively managed for two of the funds and to ensure
cash availability and reduce cash drag in the portfolio. Similarly,
portfolio duration must be projected and managed versus fund
benchmarks.


Ad hoc tasks include administrative support, data gathering to
support marketing initiatives, research and other targeted analytics,
and operations improvements including systems integration. The
PREFII fund management reporting is mostly manual and must be
transitioned to systems-supported.


Job Requirements


For the position of Director, Portfolio Management we seek a minimum
of 4 years of relevant real estate finance experience. Qualified
candidates will have had experience with asset management, loan
servicing and analytical support for a major bank, life company,
credit company or equivalent entity investing and managing commercial
mortgages. Experience with primary commercial property types is
preferred.


-Strong interpersonal and coordination skills

-Demonstrated capability to manage, mentor and develop team members

-Demonstrable customer service and communication skills and
sensitivity

-Diligence, accuracy, and timeliness

-Strong analytical skills, EXCEL spreadsheet competency, and ACCESS
database understanding.


Limited travel (10%) is required. A minimum of a BS/BA degree in
real estate, finance or a related discipline, or equivalent relevant
experience is required.

Prudential is an Equal Opportunity/Affirmative Action Employer
committed to Diversity in its Workforce
REQUIREMENTS
Real Estate Finance Experience