Special Assets Officer II - CRE Underwriting

First Citizens Bank • New York, NY

21h • Hybrid

About The Position

This position supports senior team members in managing distressed and stressed commercial real estate (CRE) loans and other real estate owned (OREO) assets. The role focuses on financial analysis, underwriting, and credit assessment of distressed CRE transactions, including evaluation of collateral performance, borrower creditworthiness, repayment capacity, and possible resolution strategies. The ideal candidate has a strong foundation in CRE credit underwriting and financial analysis and can independently assess complex loan situations, identify emerging credit risks, and develop well-supported recommendations. Experience in loan workouts is preferred but not required for candidates with strong CRE underwriting experience.

This is a hybrid role, with an expectation to work three days per week in the office at 11 West 42nd Street, New York, NY 10036.

Requirements

• Bachelor's degree and 4 years of experience, or high school diploma/GED/equivalent and 8 years of experience in commercial real estate lending, credit underwriting, portfolio management, or related CRE finance.
• Strong foundational knowledge of CRE credit analysis, including property cash flow underwriting, DSCR, LTV, debt yield, capitalization rates, and collateral valuation.
• Ability to analyze financial statements, rent rolls, leases, borrower financials, and property operating performance.
• Experience building or reviewing financial models and performing sensitivity and downside scenario analyses.
• Strong written and verbal communication skills, including ability to articulate credit risks and support recommendations with quantitative analysis.
• Proficiency in Microsoft Excel and PowerPoint.
• Familiarity with loan documents.
• CoStar experience.
• Strong attention to detail and organizational skills, with the ability to manage multiple assignments in a deadline-driven environment.
• Risk mitigation skills.
• Critical thinking skills.
• Credit portfolio monitoring skills.
• Financial analysis skills.
• Negotiating skills.

Nice To Haves

• Experience with distressed CRE credits or loan workouts.

Responsibilities

• Perform detailed underwriting of distressed and underperforming CRE loans, including analysis of property operating statements, rent rolls, lease expirations, tenant credit, net operating income, DSCR, LTV, debt yield, and repayment capacity.
• Assess collateral quality, market fundamentals, leasing assumptions, capital expenditure requirements, property valuations, and projected cash flows to determine current and prospective recovery values.
• Identify and evaluate deteriorating credit trends, borrower and guarantor financial capacity, covenant breaches, maturity risks, and other factors affecting loan performance and recovery.
• Evaluate resolution alternatives, including loan modifications, extensions, restructurings, discounted payoffs, note sales, foreclosure, and OREO disposition.
• Build and maintain financial models evaluating downside scenarios, projected recoveries, collateral liquidation timelines, and the relative economics of alternative resolution strategies.
• Prepare detailed credit analyses, approval memoranda, portfolio updates, and recommendations for senior management and credit committees.
• Monitor assigned loans and identify changes in property performance, market conditions, borrower behavior, and credit risk that may warrant changes in strategy or escalation.
• Support execution of approved workout strategies by coordinating with borrowers, legal counsel, brokers, asset managers, and other internal and external stakeholders.
• Review loan documents, financial reporting, appraisals, broker opinions of value, environmental reports, and other diligence materials to inform credit decisions and resolution strategies.

Benefits

• The company describes its benefits program as competitive, thoughtfully designed, and intended to meet associates' needs; further details are available on the company benefits page.
• The position may include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level