CMBS / CRE Research - Associate (NY)

KBRA•New York, NY

3h•Hybrid

About The Position

Kroll Bond Rating Agency (KBRA)’s CMBS group is seeking a highly motivated CMBS / CRE Research Associate to support the firm’s commercial real estate (CRE) and CMBS platform. The CMBS group assigns and maintains credit ratings and conducts thought-leadership research across Conduit, SASB, Agency, CRE CLO, SFR, Data Center, and other CRE transactions. This role will work closely with the Senior Researcher, as well as modeling, new issue and surveillance teams, to produce high-quality research, data analysis, and publications that inform market participants and support KBRA’s ratings process. This role is ideal for candidates with strong analytical and technical skills, an interest in CRE and structured finance, the ability to translate complex data into clear actionable insights, and strong writing and communication abilities.

Requirements

Bachelor’s degree is required, preferably in Finance, Real Estate, Economics, Data Science, or a related field
Two to five years of experience in CMBS, CRE analytics, structured finance or data-driven research roles
Technical Skills: Advanced proficiency in Excel, including financial modeling, large dataset manipulation, and automation using VBA and AI. Strong working knowledge of SQL for querying, extracting, and managing data (expected to be used regularly)
Solid understanding of commercial real estate fundamentals and capital markets.
Exceptional attention to detail; strong verbal, written and presentation skills; ability to multitask and manage deadlines.
Ability to take initiative and work independently and work closely with fellow team members in a collaborative environment.

Nice To Haves

Familiarity with CMBS structures, loan-level analysis, and surveillance concepts preferred
Experience working with CRE data platforms (especially, Trepp database) and CREFC Investor Reporting Package is desired.
Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus

Responsibilities

Support the development of CMBS and CRE research publications including market commentary, thematic reports, default studies, and sector analyses
Analyze large proprietary and third-party datasets related to loan and ratings performance, property-level metrics, and broader CRE market trends. Extract, clean, and manipulate data using SQL, Excel, and VBA to support research
Formulate data-centered opinions to support internal and external research
Prepare, draft and edit CRE and CMBS research pieces within company publishing guidelines. Produce monthly research reports for CMBS market participants
Assist with various ad hoc data management tasks or projects to ensure an efficient and effective group workflow
Stay abreast of CRE and CMBS markets and trends as well as general economic and capital market conditions by attending online or in-person seminars and conferences and reading industry literature