We are currently partnered with a multi-billion dollar real estate debt investment platform that is looking to grow their CMBS business by bringing on a VP of CMBS investments to report directly into head of the firm.
The Vice President (VP) of CMBS Investments to focus on B-Piece investments within the structured credit platform. This role will be responsible for sourcing, analyzing, and managing subordinate tranches of CMBS transactions, ensuring rigorous underwriting and risk management. The ideal candidate will have a strong background in CMBS underwriting, loan analysis, and structured credit, with specific expertise in B-Piece investments, due diligence, and portfolio management.
This is a high-impact role with direct involvement in investment decision-making, portfolio construction, and loan selection for CMBS transactions.
Key Responsibilities :
Investment Analysis & Execution
- Lead the underwriting and due diligence process for CMBS B-Piece investments, including detailed loan-level credit analysis and collateral assessment.
- Evaluate loan structures, property-level fundamentals, and borrower creditworthiness to determine investment viability.
- Conduct stress testing, scenario analysis, and cash flow modeling to assess potential performance under different market conditions.
- Perform bond structuring analysis, reviewing tranche subordination, default probabilities, and prepayment risk.
- Work with investment committees to present findings and provide risk-adjusted return recommendations.
Portfolio & Risk Management
Monitor CMBS B-Piece positions, tracking loan performance, prepayment activity, and servicing outcomes.Actively engage with special servicers to oversee workouts, modifications, and resolutions of distressed assets within the B-Piece portfolio.Maintain oversight of market trends, regulatory developments, and macroeconomic factors affecting CMBS investments.Optimize portfolio construction by balancing yield targets with risk-adjusted return objectives.Sourcing & Deal Structuring
Develop and maintain relationships with CMBS issuers, brokers, originators, and special servicers to source new investment opportunities.Negotiate pricing, structure, and terms for B-Piece acquisitions, ensuring alignment with firm investment strategy.Utilize "kick-out rights" to remove undesirable loans from CMBS pools, improving portfolio credit quality.Coordinate with internal and external stakeholders, including investment banks, legal teams, and rating agencies, to ensure seamless deal execution.Market Intelligence & Strategy
Stay ahead of CMBS market trends, including property sector performance, delinquency rates, and regulatory shifts affecting structured credit.Identify relative value opportunities within secondary B-Piece markets and distressed CMBS assets.Provide thought leadership and market insights to the broader investment team.Requirements :
Bachelor’s degree in Finance, Economics, Real Estate, Mathematics, or a related field (Master’s degree preferred).CFA, CAIA, or equivalent certification is a plus.7-12 years of experience in CMBS investments, structured credit, or real estate debt.Proven track record in B-Piece investing, CMBS underwriting, or special servicing.Strong technical skills in financial modeling, cash flow analysis, and credit risk assessment for structured products.Extensive knowledge of CMBS structures, bond waterfall mechanics, and subordinate tranche investing.Experience in negotiating B-Piece acquisitions and working with special servicers on loan resolutions.
