Associate, Structured Credit - CRE / CMBS
Location: New York, NY
Compensation: $200K-$300K+ Total Compensation
The Opportunity
A leading alternative investment manager is looking to add an Associate to its Structured Credit team, with a primary focus on commercial real estate and CMBS.
The role will sit within a broad structured credit platform investing across both public and private markets. The strategy has been actively raising capital and provides exposure to a diverse and complex opportunity set.
This is a highly analytical investing seat suited for someone who can move quickly across a high volume of properties while also going deep on more complicated or distressed situations, particularly across office, hotel and multifamily assets.
Responsibilities
- Underwrite and analyze commercial real estate properties and CMBS investment opportunities.
- Evaluate property-level cash flows, market dynamics, location, tenant credit quality, lease structures and valuation.
- Build financial models and conduct stress tests and scenario analyses to evaluate downside risk.
- Analyze more complex and distressed CRE situations where deeper property-level underwriting is required.
- Review loan documents, appraisals and other financial and property-level diligence materials.
- Prepare detailed investment and credit memoranda with recommendations for senior members of the team.
- Monitor existing CMBS investments and conduct ongoing credit surveillance.
- Work closely with investment, risk and legal teams throughout the diligence and investment process.
- Stay current on developments across CRE, CMBS and the broader structured credit markets.
Qualifications
- 3-6 years of relevant experience, ideally within CMBS, CRE credit, structured credit or commercial real estate investing.
- Experience at an investment bank, alternative asset manager, credit fund, B-piece investor or similar platform.
- Strong understanding of CRE fundamentals, including property-level underwriting, lease structures, valuation and credit analysis.
- Advanced financial modeling and analytical capabilities.
- Ability to handle a high volume of underwriting while maintaining the ability to conduct deeper analysis on complicated situations.
- Experience with Argus, CoStar, RCA or other CRE/CMBS analytical platforms is a plus.
- Strong written and verbal communication skills.
- Bachelor's degree in finance, economics, real estate, statistics, computer science or a related discipline.
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