Real Estate Debt
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 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.
Job Purpose/Background:
The successful candidate will evaluate and underwrite commercial real estate debt investments throughout Western Europe. This individual will work closely with BlackRock’s originations, credit, and closing teams to assess the suitability of each deal, supervise the creation of complex financial cash-flow and valuation models, and execute transactions in line with investors’ investment criteria.
The successful candidate will have a sound understanding of commercial real estate (including office, retail, warehouse, and residential assets), a strong credit background, strong analytical experience, good property valuation skills, excellent Excel modeling skills, good banking and property borrower relationships and the credibility to interface with investors. The successful candidate will be a part of a small, focused team and will be involved in nearly all the aspects of transactions.
Key Responsibilities:
- Model cash flows in proprietary Excel models, generate debt coverage tests, valuations, and participating mortgage structures.
- Review loan documents and identify issues with loan structure.
- Assess credit worthiness and capabilities of borrowers and tenants.
- Prepare detailed investment presentations for investment committee consideration.
- Perform site visits and market research.
- Interface with borrowers, investment and commercial banks, and the agent community.
Development Value:
In this role, the underwriter will be a part of nearly every stage of a transaction’s life cycle; the underwriter will participate in the origination, closing, and asset management process and will have an important voice in investment decisions.
The underwriter will also be exposed to other aspects of the group’s activities, including fund raising, portfolio management, and client communications.
Knowledge/Experience:
- Previous experience performing due diligence, documenting and analysing mezzanine or senior loans within a bank, funds, or as a borrower, would be ideal.
- Substantial experience with real estate structured products, across multiple property types and geographies.
- Strong real estate credit, underwriting and deal qualification skills.
- Strong modeling skills.
- Commercially savvy with a focus on risk adjusted profitability.
- Conversant with European markets, in particular Germany, France and the UK, but a working knowledge of other markets, with an understanding of various local real estate markets.
- Ability to speak German or French would be an advantage.
Skills/Qualifications:
- Bachelor degree or higher in a business related field, preferably finance or real estate.
- Four to seven years of experience in commercial real estate fields, especially lending or market research.
- Proficiency in Excel
- Knowledge of market research in various markets
Competencies:
- Command respect and credibility in the real estate investment arena.
- Collegiate attitude, strong commercial acumen, sound investment judgment, and highly motivated.
- Outstanding presentation and communications skills; analytical rigour, ethical integrity, and fiduciary responsibility.
- Ability to transition between working independently and working closely with others in the group.
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