Director of Asset Management - Distressed Real Estate & Workouts

Director of Asset Management – Distressed Real Estate & Workouts

Location: Flexible; New York City preferred

Bullpen is partnering with a leading national commercial real estate finance and investment firm to hire a Director of Asset Management focused on distressed real estate, complex loan workouts, and special situations across multifamily and healthcare portfolios.

Reporting directly to the CFO, this person will take ownership of challenging assets and investments, determine the best path to recovery, and lead execution through restructuring, recapitalization, operational turnaround, redevelopment, or disposition.

This newly created role works across the firm’s servicing and bridge asset management platforms, with significant executive exposure and the opportunity to assume broader leadership of both asset management teams over time.

What You’ll Do

• Lead resolution strategies for distressed and underperforming real estate assets, from initial assessment through execution.
• Negotiate complex loan workouts, restructurings, recapitalizations, and exits with borrowers, guarantors, lenders, special servicers, investors, and joint venture partners.
• Evaluate property operations, financial performance, valuations, business plans, and capital needs to determine the most effective recovery strategy.
• Drive asset-level improvements through leasing, capital investment, repositioning, redevelopment, and changes in use.
• Structure debt and equity solutions, including preferred equity, joint venture capital, additional funding, and development partnerships.
• Assess when additional investment can create value and when a sale or other exit best protects capital.
• Evaluate new distressed real estate investments and special situations, leading selected opportunities through negotiation and closing.
• Coordinate internal teams and external partners, maintaining accountability for execution, timelines, and results.
• Present asset strategies, investment recommendations, capital requests, and expected outcomes to executive leadership and investment committees.

What We’re Looking For

• Extensive commercial real estate experience, ideally 15+ years, across distressed asset management, loan workouts, special situations investing, restructuring, or related principal-side roles.
• A demonstrated track record of taking ownership of troubled real estate assets and executing successful turnaround or resolution strategies.
• Direct experience leading complex workouts, recapitalizations, transaction structuring, and stakeholder negotiations.
• Strong understanding of property operations, development economics, valuation, and real estate debt and equity capital structures.
• The ability to move from financial analysis and strategy into hands-on asset execution.
• Sound judgment around capital allocation, downside protection, and value creation.
• Strong executive communication skills and the ability to align stakeholders through difficult decisions.
• An entrepreneurial approach with the independence, decisiveness, and accountability to lead complex situations.

Preferred Experience

• Multifamily and/or healthcare real estate.
• Experience spanning lender-side workouts and owner-side asset management.
• Leadership across multiple teams or asset management platforms.