CMBS and Commercial Mortgage Loan Credit Analyst, Associate

BlackRock • New York, NY

21d • Hybrid

About The Position

About this role BlackRock is one of the world’s preeminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary, and individual investors around the world. BlackRock’s mission is to create a better financial future for our clients. We have a responsibility to be the voice of the investor, and we represent each client fairly and equally. Constant communication with a diverse team of partners strengthens us and delivers better results for our clients. Continuous innovation helps us bring the best of BlackRock to our clients. BlackRock offers a range of solutions — from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world’s capital markets. Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs. The Global Fixed Income Group (GFI) at BlackRock handles more than $1.2 trillion in fixed income assets across index, active, and liability driven strategies. The platform offers fixed income investors one of the industry's broadest arrays of investment choices across index, model-based and fundamental investment styles. Within GFI, the global Securitized Assets team is composed of over 40 seasoned investment professionals investing more than $169bn in AUM across the spectrum of Commercial Mortgage-Backed Securities (CMBS), Commercial Mortgage Loans (CMLs), Non-Agency Residential Mortgage-Backed Securities (RMBS), Asset Backed Securities (ABS), and Collateralized Loan Obligations (CLOs). The CMBS/CML team within Securitized Assets currently manages over $56bn in CMBS AUM and over $4bn in CML AUM and is seeking an individual at the Associate level with an expertise playing a key role in the acquisition and closing of commercial mortgage loans.

Requirements

• Must have a minimum of 2-5+ years’ experience in structuring, syndicating, asset managing and/or originating commercial mortgage loans.
• Ability to evaluate credit on all major commercial real estate categories (residential, industrial, office, data centers, hospitality, retail, self-storage, etc.). Familiarity with array of sub-property types, including senior housing, student housing, medical office, malls, etc. is a plus.
• Knowledge of strengths and weaknesses of major CRE markets across the United States. Familiarity with European markets a plus.
• Comfortable working in a highly collaborative team environment and ability to lead independently investment processes.
• Strong communication, interpersonal and time-management skills with an emphasis on being detail-oriented and responsive to market partners and cycles.
• Ability to successfully perform under pressure and meet deadlines in a fast-paced work environment while managing multiple projects independently and directing internal and external partners.
• Proficiency in Bloomberg, Argus, PowerPoint, Word and Excel. Flexibility to learn other programs including BlackRock’s Aladdin, CoStar, RealInsight, fixed income-specific tools, and technical ability to leverage AI tools to increase efficiency in managing the loan investment processes and large CML portfolio.

Responsibilities

• Work with portfolio management (PM) team to assist in all stages of the investment process, including evaluating loan investment opportunities, underwriting, closing execution, and asset management, for a growing multi-billion-dollar portfolio of primarily U.S. syndicated and directly originated senior and subordinate commercial mortgage loans. Over time, expectations will be for expanded responsibilities to negotiate and structure direct loan opportunities. Role will also include involvement in private Single Asset Single Borrower (SASB) opportunities, horizontal risk retention (HRR) investments, as well as European CMLs.
• Responsible for assisting the PM team in deal screening and preliminary underwriting / due diligence to identify, size and structure the most compelling loan investment opportunities. Ability to understand relative value and screen for attractive investment opportunities across various investment mandates with different risk/return profile. Provide investment recommendations and short screening memos for internal and external PMs/clients. Typical investments are light transitional loans with institutional Sponsors.
• Effectively present detailed investment considerations, including key risks and mitigants to CML portfolio management, investment committees, investors, and various other stakeholders (product strategy / client teams / valuations / reporting / audit / operations). Ability to perform detailed / deep market and idiosyncratic research, synthesize significant information and produce well-written and thorough investment memos.
• Review and scrutinize key legal documents including term sheets, loan agreements, guaranty documents, co-lender / intercreditor agreements, servicing and potentially warehouse agreements.
• Candidate will work closely and maintain relationships with banks, debt funds, brokers and borrowers. Candidate will work closely with existing relationships and will work to expand industry contact breadth. Must be able to work with various counterparts from loan sourcing through loan closing and ongoing monitoring. Internal and external relationship management is highly valued.
• Must be capable of understanding investment criteria and work on investment allocations across a diverse set of client capital including dedicated CML separate accounts, insurance mandates, unconstrained mutual funds, hedge fund/private vehicles and other investors.
• Candidate must also play a key role in monitoring and surveilling portfolio loans. Experience overseeing and getting ahead of loan modifications (credit enhancing, repositioning for successful lease-up/payoff) is a plus. Engage with various counterparts to maintain and present key investment updates.
• Remain informed of market conditions including leverage levels and pricing across competitive landscape and relative value to public securities and other fixed income assets.
• Build and enhance various models for underwriting, pricing and portfolio management. Explore integrating AI into investment framework.
• Provide periodic portfolio and investment updates and reporting to PM team, investment committee and investors. Assist in producing marketing materials for potential new investment mandates.

Benefits

• employees are eligible for an annual discretionary bonus, and benefits including healthcare, leave benefits, and retirement benefits
• strong retirement plan
• tuition reimbursement
• comprehensive healthcare
• support for working parents
• Flexible Time Off (FTO)

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed