Asset and Portfolio Management Associate

Alcova Capital is a NYC-based investment manager with a focus on privately originated commercial real estate investments across major U.S. markets. Since inception in 2016, the firm has deployed over $1.25 billion across first mortgage loans, preferred equity, joint venture equity and Opportunity Zone equity investments. Alcova’s lean team provides a collaborative environment where individual contributions have a direct and visible impact on firm performance. Role Summary Alcova Capital is seeking a detail-oriented and analytically driven Asset Management / Portfolio Management Associate to join its investment team. This is a hands-on role centered on the active asset management of existing portfolio investments across all phases of development, including pre-development, re-development, ground-up development, lease-up and stabilized properties alongside broader responsibilities in portfolio analytics and investor relations. You will serve as a day-to-day point of contact with borrowers, developers, general contractors, property managers, and other third-party counterparties across the firm’s portfolio. The ideal candidate is someone who can review a construction draw package in the morning, follow up with a borrower on reporting requirements in the afternoon, and draft a project status update for investors before end of day. This role offers broad exposure to the full lifecycle of real estate investments within a growing firm, with meaningful visibility into investment-level decision-making from day one. A meaningful portion of the portfolio consists of ground-up development projects, and comfort with construction-phase oversight—including draw management, budget tracking, and contractor coordination—is a significant advantage for this role. Key Responsibilities Asset Management of Existing Investments Actively monitor and manage a portfolio of existing investments spanning first mortgage loans, preferred equity, joint venture equity, and Opportunity Zone projects across multiple property types and U.S. markets Review and analyze construction draw requests, lien waivers, inspection reports, and contractor documentation to support funding decisions and track development project progress including construction milestones, budget-to-actual variances, and timeline adherence Analyze monthly and quarterly property-level financials—including income statements, rent rolls, occupancy trends, and operating budgets—for both stabilized assets and lease-up properties Serve as a primary day-to-day contact for external counterparties including borrowers, developers, sponsors, general contractors, property managers, construction consultants, and loan servicers Coordinate with property managers on stabilized and lease-up assets, tracking leasing velocity, collections performance, and operating variances against budget Monitor borrower and sponsor reporting requirements, following up on deliverables and maintaining organized records of all correspondence and documentation Coordinate with third-party professionals including appraisers, environmental consultants, engineers, and insurance brokers as needed to support ongoing asset oversight Maintain and update asset-level tracking tools covering project status, key dates, watch list items, insurance compliance, and critical documents Complete hold/sell analyses, refinancing evaluations, and disposition strategies Monitor borrower and sponsor compliance with loan covenants, guaranty obligations, operating agreement requirements, and reporting deliverables Develop and maintain portfolio-level performance dashboards, variance analysis, and trend reporting across the existing investments Perform fund-level analytics, benchmarking, and ad hoc data analysis to support portfolio monitoring and investment decision-making Track asset-level performance against original underwriting assumptions and prepare materials summarizing status, risks, and recommended actions Support investment valuations, NAV calculations, and fair value assessments across fund vehicles Coordinate with the CFO, external fund administrator and compliance on an as-needed basis to support quarter-end closings and firm-wide reporting deliverables Investor Relations & Communications Support preparation of investor communications including management updates, project performance reports, construction progress summaries, and quarterly letters Assist with development and maintenance of marketing materials used in limited partner fundraising and investor relations Coordinate responses to ad hoc investor inquiries and due diligence requests Process Improvement & Operational Excellence Identify opportunities to streamline asset management workflows and reporting processes across the portfolio Contribute to building scalable tracking systems, templates, and workflows that support the firm’s continued growth and portfolio complexity Assist with audit requests and regulatory compliance deliverables as needed Qualifications & Experience Bachelor’s degree in Finance, Real Estate, Accounting, or a related field 2–4 years of relevant experience in real estate asset management, real estate lending, and/or real estate portfolio management Strong financial modeling and analytical skills with advanced proficiency in Microsoft Excel Familiarity with commercial real estate capital structures including first mortgage debt, preferred equity, mezzanine debt, and joint venture equity; familiarity with real estate legal documentation is a plus Experience with investment valuations, NAV calculations, and waterfall modeling Direct experience with real estate development or construction project monitoring—including draw management, budget tracking, and sponsor/borrower oversight is strongly preferred Exposure to investor reporting, fund-level analytics, and LP communications is a plus Desired Characteristics Results-oriented professional with a high degree of ownership, initiative, and attention to detail Strong analytical and problem-solving abilities with a proactive approach to identifying risks and flagging concerns before they escalate Comfortable operating across both detail-oriented operational tasks and higher-level portfolio strategy Highly organized and able to manage multiple competing priorities, projects, and time-sensitive deadlines across a diverse portfolio Comfortable engaging directly with sponsors, contractors, and third-party professionals in a fast-paced, sometimes high-pressure environment Self-motivated and intellectually curious with a genuine interest in real estate Collaborative team player who thrives in a small, entrepreneurial environment An effective communicator with a high level of personal integrity and professionalism Compensation & Benefits Base salary: $100,000–$130,000, commensurate with experience Performance-based annual bonus Alcova Capital is an equal opportunity employer. This role offers an exciting opportunity to gain meaningful exposure to active real estate asset management, construction project oversight, and the investment operations of a growing platform with a direct path to professional development. #J-18808-Ljbffr