REAL ESTATE CREDIT OVERVIEW

KKR Real Estate Credit was formed in January 2015 to invest in real estate credit products and launched the European Real Estate Credit business in 2022. The KKR Real Estate Credit platform complements KKR Real Estate’s private equity platforms and seeks opportunities where we have a sourcing, underwriting or execution advantage by leveraging KKR’s brand, industry knowledge and relationships. KKR Real Estate Credit currently invests through six separately capitalized vehicles across our Direct Lending and Securities portfolios and consists of 50+ dedicated professionals based in New York, San Francisco, Houston, Dallas and London.

KKR has developed a dedicated services platform based in Dallas, Texas, K-Star Asset Management LLC (“K-Star”), to support asset management, loan origination, securities investing, risk management and client experience for its real estate credit franchise as it continues to scale. The K-Star team includes industry specialists overseeing special servicing, stabilized loan asset management, transitional loan asset management, and investment oversight across KKR’s real estate credit portfolio. As the European real estate credit franchise scales, K-Star is looking to set up a European office based in Dublin that will be responsible for asset management of loans across Western Europe.

POSITION OVERVIEW

K-Star is seeking an intelligent, analytical, dynamic and proactive individual to join the Loan Asset Management team as the Head of Credit Asset Management in Europe.

Initially they will be responsible for standing up the platform in Europe, including set up the operating framework (including asset management processes, procedures and goals) for Europe based on existing practices within K-Star. The role will be focused on portfolio and risk management, managing ongoing reporting, communicating to senior leadership and overall client relationship management. The qualified candidate will also be expected to participate in special projects and assignments related to the growth of the platform.

With a goal of process development and execution, this candidate must be an exceptional communicator and have the ability to build strong partnerships across the various KKR businesses, including the Firm’s real estate credit originations, legal, finance, and asset management teams

ROLE AND RESPONSIBILITIES

• Managing and scaling the asset management team as the European real estate credit franchise scales
• Responsible for the oversight and reporting of the European Loan portfolio secured by a combination of stabilized, transitional and construction loans located throughout Europe.
• Responsible for portfolio level trackers and reports; liaise with senior leadership on key updates and risk mitigation as necessary.
• Manage third party servicer / facility agent relationships in Europe.
• While the asset management team is being built and scaled, the individual will also be responsible for loan asset management of the more complex loans within the portfolio to include:
  • Monitor portfolio performance for potential adverse credit issues and trend analyses,
  • Analyze and evaluate draw requests, lease approvals, loan modifications and various other borrower requests and periodic underwriting of collateral,
  • Analyze and utilize monthly and/or quarterly financial statements and rent rolls with comparison against underwriting and budgets,
  • Liaise with third party servicer and facility agent for ongoing covenant compliance and loan interest payments,
  • Managing and updating financing partners (repo/leverage providers and/or senior mortgage lenders)
  • Monitor international, national, regional and local market dynamics to assess tenant credit risks and concentrations,
  • Prepare and present asset performance reports to internal parties and other investors,
  • Collaborate with construction consultants and other members of the project team to monitor schedules, budgets, leasing and business plans in real time,
  • Interpret complex loan documents to confirm and track satisfaction of relevant loan terms and covenants,
  • Work closely with investment team on relationship management with loan sponsor,
  • Partner with internal and external legal counsel when evaluating legal issues and documenting various transactions arising from the asset management of the portfolio,
  • Over time as the team grows to include asset managers of varying experience, assessing skillset of individuals within the team, mentoring them, providing them with on-the-job training and guiding them in career development,
  • Travel on an as needed basis.

QUALIFICATIONS

• Bachelor’s degree or equivalent experience preferably in a related course of study,
• Ten or more years of related work experience in asset management of loans secured by commercial real estate including construction loans
• Fundamental knowledge of commercial real estate, fixed income, and general financial concepts,
• Superior analytical and financial modeling skills,
• Experience in managing portfolios in multiple jurisdictions throughout Europe,
• Excellent organizational, verbal, and communication skills,
• Exceptional attention to detail and thoroughness is required to ensure accuracy in all data and work product,
• High proficiency with Microsoft Excel, Word, PowerPoint and Outlook,
• Loan workout experience is an added advantage
• Fluency in additional European languages is a plus
• Team Player with collaborative and strong relationship building skills with the ability to work independently in a way that reflects the company’s culture and core values,
• Skilled at developing and maintaining personal, social and business relationships representing K-Star and KKR in a professional manner.

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