CMBS and Commercial Mortgage Loan Credit Analyst, Associate

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. 

KEY 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.

QUALIFICATIONS:

 
· 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.

For New York, NY Only the salary range for this position is USD$0.00 - USD$0.00 . Additionally, employees are eligible for an annual discretionary bonus, and benefits including healthcare, leave benefits, and retirement benefits. BlackRock operates a pay-for-performance compensation philosophy and your total compensation may vary based on role, location, and firm, department and individual performance.

Our benefits
To help you stay energized, engaged and inspired, we offer a wide range of benefits including a strong retirement plan, tuition reimbursement, comprehensive healthcare, support for working parents and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about.

Our hybrid work model

BlackRock’s hybrid work model is designed to enable a culture of collaboration and apprenticeship that enriches the experience of our employees, while supporting flexibility for all. Employees are currently required to work at least 4 days in the office per week, with the flexibility to work from home 1 day a week. Some business groups may require more time in the office due to their roles and responsibilities. We remain focused on increasing the impactful moments that arise when we work together in person – aligned with our commitment to performance and innovation. As a new joiner, you can count on this hybrid model to accelerate your learning and onboarding experience here at BlackRock.

About BlackRock

At BlackRock, we are all connected by one mission: to help more and more people experience financial well-being.  Our clients, and the people they serve, are saving for retirement, paying for their children’s educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.

This mission would not be possible without our smartest investment – the one we make in our employees. It’s why we’re dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.

For additional information on BlackRock, please visit @blackrock | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

BlackRock is proud to be an equal opportunity workplace. We are committed to equal employment opportunity to all applicants and existing employees, and we evaluate qualified applicants without regard to race, creed, color, national origin, sex (including pregnancy and gender identity/expression), sexual orientation, age, ancestry, physical or mental disability, marital status, political affiliation, religion, citizenship status, genetic information, veteran status, or any other basis protected under applicable federal, state, or local law. View the EEOC’s Know Your Rights poster and its supplement and the pay transparency statement.

 

BlackRock is committed to full inclusion of all qualified individuals and to providing reasonable accommodations or job modifications for individuals with disabilities. If reasonable accommodation/adjustments are needed throughout the employment process, please email [email protected]. All requests are treated in line with our privacy policy.

BlackRock will consider for employment qualified applicants with arrest or conviction records in a manner consistent with the requirements of the law, including any applicable fair chance law.