[Hiring] Senior Associate, Commercial Workout Officer @Santander

Role Description

We are seeking a highly experienced Commercial Real Estate Loan Workout professional to manage and resolve a portfolio of distressed loans secured primarily by rent-regulated multifamily properties in New York City. This is a senior, highly visible role designed for someone who has deep expertise navigating complex CRE restructurings, NYC rent regulation dynamics, and judicial foreclosure processes. The ideal candidate has successfully worked through multifamily workout scenarios in the NYC market and understands the legal, financial, and regulatory nuances unique to this asset class.

If you thrive navigating large portfolios, can negotiate sophisticated restructurings, and understand how to maximize recovery in regulated multifamily environments, this role is for you.

• Manage a portfolio of distressed commercial real estate loans, monitoring collateral performance, borrower financial condition, guarantor support, and covenant compliance.
• Evaluate property operations, rent rolls, financial statements, market conditions, and capital needs to identify risks and opportunities.
• Develop and execute loan resolution strategies, including modifications, restructurings, forbearances, and other workout solutions.
• Perform underwriting, financial modeling, collateral valuation, and risk analysis to support credit recommendations and recovery strategies.
• Prepare credit memoranda, action plans, and presentations for management and credit committee approval.
• Review, interpret, and negotiate commercial loan documentation, including loan agreements, mortgages, guarantees, intercreditor agreements, and workout-related documentation.
• Partner with internal and external legal counsel to ensure documentation accuracy and compliance with applicable policies and regulations.
• Identify legal, structural, and collateral-related issues that may impact loan recovery or enforceability.
• Lead or support negotiations with borrowers, sponsors, investors, legal representatives, and other stakeholders to achieve effective workout outcomes.
• Oversee judicial foreclosure proceedings and coordinate with legal counsel throughout the process.
• Manage REO assets following foreclosure, including stabilization efforts, valuation analysis, asset management, and disposition activities.
• Maintain effective communication with borrowers, internal management, and partners throughout the workout lifecycle.

Qualifications

• Bachelor’s Degree: Finance, Real Estate, Accounting, or a related field – Required.
• Master's Degree: Finance, Real Estate, Accounting, or a related field – Preferred.
• 9+ years of experience in commercial real estate workouts, including special servicing / special assets, or credit risk management within a regulated financial institution.
• Experience in commercial real estate lending, credit underwriting, loan workouts, restructuring, asset management, special assets, or related areas.
• Deep understanding in commercial loan documentation, mezzanine financing and related intercreditor agreements.
• Extensive experience in analyzing property financial statements.
• Strong analytical, negotiation, communication, and relationship management skills.
• Ability to prepare and present credit recommendations and workout strategies to senior stakeholders.
• Proficiency with Word, PowerPoint, and loan servicing or risk management systems.
• Expert level Excel.

Requirements

• Expertise in commercial real estate loan workouts either serving in CMBS Special Servicing or within special assets at a regulated financial institution.
• Knowledge of rent-regulated multifamily housing in New York City.
• Extensive experience in managing judicial foreclosures, Chapter 11 bankruptcies, related 363 sales, and REO assets.

Benefits

Your contribution matters and it’s recognized. You can expect a fair and competitive rewards package that reflects the impact you create and the value you deliver. We know rewards go beyond numbers. Offering more than just a paycheck, our benefits are designed to support you, your family, and your well-being, now and into the future.

Working Conditions

• Frequent minimal physical effort such as sitting, standing, and walking is required for this role.
• Depending on location, occasional moving and lifting light equipment and/or furniture may be required.