Location Designation: Hybrid - 1 day per month
With over 100 years in business, New York Life Real Estate Investors (“NYL REI”) is the real estate debt and equity investment arm of NYL Investors LLC, which is a wholly owned subsidiary of New York Life Insurance Company (“New York Life”). NYL Investors currently has more than $305 billion in assets under management of which NYL REI currently has $68 billion of real estate assets under management.
NYL REI is a leading capital provider in the real estate industry and is recognized as a top-tier commercial mortgage lender staffed by a team of highly experienced real estate professionals. The primary focus of the Real Estate Debt Team is the origination and management of commercial real estate related debt products, including mortgage loans (fixed and floating rate) and structured debt investments (including construction and bridge loans), which are typically secured by industrial, multi-family, retail, office, and hotel properties.
REAL ESTATE LOAN CLOSING ASSOCIATE
New York Life Real Estate Investors is seeking an associate to join its Commercial Real Estate Loan Closing team. This role is Hybrid and required to be in the New York office 1 day per quarter. 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 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:
- review settlement statements;
- direct allocation of funds due to the Company (e.g. escrowed deposits, holdbacks, and fee income) and 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
- Participation in various departmental and divisional special projects.
QUALIFICATIONS
- Bachelor’s Degree in Finance, Real Estate, or related field.
- experience in commercial real estate financing along with an understanding of the loan closing process and the legal issues that arise, and 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.
- Experience as a paralegal strongly preferred
Pay Transparency
Salary Range: $85,000 -$110,000
Overtime eligible: Exempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
Actual base salary will be determined based on several factors but not limited to individual’s experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.
Our Benefits
We provide a full package of benefits for employees – and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work.Click hereto discover more about our comprehensive benefit options or visit our NYL Benefits Site.
Our Diversity Promise
We believe in a diverse workforce because it is our mission to advocate for the financial security and success of people in every community. This is why diversity, equity, and inclusion (DEI) are guiding principles that are embedded in our brand and our culture. Click here to learn more about how we have been recognized for our leadership.
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 the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. To learn more about career opportunities at New York Life, please visit the Careers page of www.NewYorkLife.com.
Job Requisition ID: 90769
