Joseph Michels
Smithtown, NY *1787
adye89@r.postjobfree.com
PROFESSIONAL EXPERIENCE
PRINCIPAL, PENJEM ADVISORS LLC, New York, NY
April 2022 – Present
Solutions for complex commercial real estate matters, including bankruptcy, risk rating analysis, NPL review and the enforcement of lender rights in participation and joint venture agreements.
SENIOR VICE PRESIDENT/ MANAGER OF LOAN RESOLUTION & ASSET RECOVERY, People’s United Bank, Hauppauge, NY
September 2009 - April 2022
Managed the distressed portfolio of commercial real estate from the acquisition of the Bank of Smithtown.
Oversaw the disposition of $500MM+ in non-performing assets and recovered approximately $20MM from collection efforts.
Directly managed all Northeast environmental matters including new approvals as well as existing properties.
Recovered in excess of $1MM based on errors and omission policies.
Turned a cost center into a profit center with aggressive management that was recognized by the industry.
SENIOR EXECUTIVE REAL ESTATE CONSULTANT
September 2008 - September 2009
Seasoned professional consultant with: Clayton Group, Tampa, FL., Gateway Asset Management (various locations); Keefe, Bruyette & Woods, NY, NY, Crown Northcorp and Waterstone Capital Advisors, NY, NY.
Provide underwriting, due diligence and quality control services for pools of commercial loans and mortgages on behalf of loan sale advisors and private equity groups.
Responsible for asset valuation for both real estate and C & I loans and recommendations for potential exit strategies.
VICE PRESIDENT, Lehman Brothers, New York, NY
November 2006 – July 2008
Originated commercial real estate mortgages nation wide.
Recognized for outstanding achievement with respect to loans
in excess of $100MM through cross-sell efforts with the firm’s private client division.
Directly supervised a staff of loan analysts and underwriters.
Significant transactions included a $132MM portfolio secured by 12 properties located in the Midwest and a $54MM portfolio secured by four hotels in the Northeast.
VICE PRESIDENT, JP Morgan, New York, NY
April, 2004 - November 2006
Responsible for origination, underwriting, structuring, negotiations and closing of medium and large commercial real estate conduit mortgage loans.
Developed lending relationships with major developers, owners, REITs, pension fund advisors and brokerage firms resulting in average annual mortgage production in excess of $850MM.
Loan production and profitability were the highest in the firm.
Significant transactions included the financing of the Price Legacy REIT ($460MM), Crocker Realty Trust ($818MM), and Five Penn Plaza, NY, NY ($160MM).
VICE PRESIDENT, M & T Bank, New York, NY
December 2002 - April 2004
Successfully developed the Bank’s goal to leverage its strong real estate base to other businesses including cash management, lines of credit and trust accounts.
Loans originated included: permanent, construction and structured bridge finance transactions.
Supervised all aspects of the underwriting process inclusive of valuation.
Annual mortgage production was in excess of $200 million.
SENIOR PORTFOLIO MANAGER, METLIFE, New York, NY
November 1996 - December 2002
Responsible for the origination, underwriting, structuring, valuation and closing of commercial real estate loans.
Developed lending relationships with major developers/ owners, REIT’s, pension fund advisors and brokerage firms, resulting in average annual mortgage production in excess of $250MM.
Managed a 2.2 billion portfolio including periodic workouts and asset dispositions.
VICE PRESIDENT, NORTH FORK BANK, Melville, NY
December 1995 - October 1996
Credit Officer responsible for the administration of all commercial real estate credit, including the direct approval of mortgage loans in excess of $1 million and the determination of credit terms and conditions.
Assisted in the development of credit policy and underwriting standards.
Reviewed and approved loan documentation and transaction related reports.
VICE PRESIDENT, CROSSLAND FEDERAL SAVINGS BANK, Brooklyn, NY
October 1993 - December 1995
Loan Officer for the Special Assets Division. Directly resolved approximately $500 million in non-performing assets including negotiation of note sales, bankruptcy reorganizations, and loan restructures.
Total workouts were in excess of 50% of the Bank’s entire reduction in non-performing assets and significantly impacted its return to financial stability.
VICE PRESIDENT, THE GREATER NEW YORK SAVINGS BANK, Mineola, NY
April 1992 - September 1993
Loan Officer for the Commercial Real Estate Division. Underwrote and administered construction and permanent loans and negotiated the restructure of substandard loans.
Managed a $50 million joint venture investment portfolio in six development projects.
Formulated the net realizable value of each investment and developed alternative strategies to maximize the potential rate of return.
Prepared and presented credit analyses directly to the Bank’s Board of Directors.
VICE PRESIDENT, ASSET GUARANTY, INC. (f/k/a IDBI Managers Inc.) New York, NY
February 1990 -March 1992
Originated real estate-based transactions for an industrial development revenue bond insurance program.
Increased deal flow from regional investment banks, financial advisors, and owners/developers.
Implemented deals from origination through closing, including preparation of rating agency presentations.
Transactions included all property types on a national basis with a focus on multi-family housing.
SENIOR FINANCIAL ANALYST, MARINE MIDLAND BANK (IDBI Managers Inc.) New York, NY
October 1987 – January 1990
Analyzed commercial real estate portfolios for securitization, inclusive of the feasibility of a portfolio sale based on projected gain or loss on sale inclusive of the implicit cost of capital tax implications and the present value or loss of excess servicing.
Served as lead analyst for a $91 million Industrial Development Bond securitization with respect to First Bank System.
Completed the Banks’s credit training program and participated in an intensive developmental rotation within the Institutional Banking Division.
EDUCATION
St. John’s University, Jamaica, NY
College of Business Administration
Bachelor of Science Finance
May 1987
Major Index: 3.9
Cumulative Index: 3.7
HONORS
Magna Cum Laude
Dean’s List 1983-1987
Dean’s Award for Academic Achievement in Finance
Beta Gamma Sigma Honor Society
Omicron Delta Epsilon Economic Honor Society
Executive in Residence Program