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EMPLOYEE SPOTLIGHT: BRANDON CONWAY
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about your role and working on these trouble assets? Each property that is transitioned to Special Assets is in fact “special” and each bring their own unique set of challenges that set them apart. I have learned there isn’t a specific road map to resolution that can be mimicked or duplicated from one deal to the other. We instinctively try to think “outside the box” to arrive at a solution that benefits all partners. Additionally, we must be nimble and have the ability to pivot since, in many cases, the dynamic of each issue changes frequently. What is a typical day like in the Special Assets department? I realize “typical” and “special assets” is a bit of a oxymoron! My days are usually predicated on which property is in need, or is approaching a specific delivery deadline. As properties proceed down the path of their work out plan, there are various benchmarks that are critical which typically need to occur in a timely manner, whether it be an equity disbursement, payment of sub-contractors, investor consent, loan refinance, bond redemption, etc. These action items typically take precedence in my day. However, when not working on specific benchmark deliverables, I’m constantly following up via email and phone with partners related to open items. I’m also in regular contact with CREA management to provide updates and discuss work out plans
related to the special assets portfolio. How do you manage the transitions between your department and the Asset Management department to ensure a seamless transition, both internally with colleagues, and externally with clients? Internally, Asset Management and Special Assets created a transition template which is utilized to outline property specifics, location of pertinent documents, and contacts. Once a deal is transitioned to Special Assets and the template is completed, there is typically an internal call to discuss points of emphasis. After speaking internally with the asset manager and understanding the issues at hand, I will reach out externally to the GP, and relative parties, introducing and inserting myself into the transaction. My goal is to build a relationship, emphasize the ability to work together, and set expectations. With Wayne Nelis’ retirement, we all miss his expertise, knowledge, and of course humor. What are you going to miss the most about working with Wayne? I worked for Wayne for 10+ years and thoroughly enjoyed working with him. We shared many business and personal stories, as well as achieved many accomplishments along the way. He always emphasized to have a good work ethic, never shy away from a challenge, and not to be afraid to get your hands dirty or have a difficult conversation. I will miss the
You’ve been with CREA for about 11 years, first in Asset Management group before focusing on Special Assets for the last several years. Tell us more about your group and how it is different than the Asset Management department. The Special Assets department consists of myself and Jen Marks, who was recently hired due to Wayne Nelis’ retirement. The Special Assets department is assigned properties that may have an issue or issues that result in a significant amount of time needed to resolve. We are here to alleviate that work load from Asset Management so the asset managers can work more efficiently with their assigned portfolios. Special Assets typically balances anywhere from 20-30 properties at a time with challenges ranging from partner disputes, significant construction delays, cost overrun and out of balance budgets, or chronic low occupancy and debt coverage ratios. Unlike asset management, which differentiates pre-stabilized and stabilized portfolios, Special Assets tackles all properties transitioned over, regardless of status. We collaborate with business partners to resolve all issues and stabilize the property before transitioning it back to asset management. Special Assets is an Asset Management function, but can be quite complex and challenging. What is the most difficult thing
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