Commercial Real Estate Business Analyst (Underwriting & Asset Management)
$70k - $75k per yearTaylor Ryan Executive Search Partners
Our client is seeking a sharp, highly quantitative Commercial Real Estate Business Analyst to support both their investment/development underwriting pipelines and their commercial mortgage asset management portfolio. This dual-focus role requires an individual who can flawlessly model ground-up developments and value-add acquisitions using complex pro formas, audit and analyze multi-tenant commercial rent rolls, and spearhead the annual review process for their existing commercial mortgage portfolio. The ideal candidate is an advanced Excel modeler who understands how operational property data impacts credit risk and investment returns.
Key Responsibilities
1. Development & Acquisition Pro Forma Modeling
Financial Modeling: Build, maintain, and stress-test comprehensive, dynamic pro forma models in MS Excel for ground-up commercial developments [e.g., retail, industrial, office, multi-family] and value-add acquisitions.
Sensitivity Analysis: Conduct rigorous scenario testing on key variables, including construction cost overruns, lease-up absorption schedules, interest rate fluctuations, and exit cap rate variances.
Investment Summaries: Translate pro forma outputs into institutional-quality investment committee memos, detailing projected IRR, Equity Multiples, and Yield on Cost.
2. Rent Roll Analysis & Underwriting
Lease Auditing: Analyze and abstract complex commercial lease agreements to verify rent rolls, tracking base rent, escalations, percentage rent, and expense recovery structures (Triple Net/NNN, Gross, Modified Gross).
Rollover Risk Assessment: Evaluate tenant rollover profiles and lease expiration schedules to identify future vacancy risks, factoring in Tenant Improvements (TIs) and Leasing Commissions (LCs).
Credit Analysis: Assess the financial health and creditworthiness of anchor and credit tenants within multi-tenant properties to determine income stability.
3. Commercial Mortgage Annual Reviews & Asset Management
Portfolio Surveillance: Lead the annual review process for an assigned portfolio of commercial mortgages to ensure ongoing compliance with loan covenants.
Financial Statement Analysis: Collect and analyze property-level historical financial statements (Year-End and Year-to-Date Balance Sheets and P&Ls) to calculate key credit risk metrics:
Property Inspections & Market Tracking: Review physical property inspection reports and track local market vacancy/absorption rates to identify properties showing signs of financial distress or market deterioration.
Risk Rating Adjustments: Prepare detailed annual review credit memos, recommending risk-rating maintenance or adjustments to senior credit risk committees.
Qualifications & Technical Skills
Experience: 2–4 years of experience as a Commercial Real Estate Analyst, Commercial Mortgage Underwriter, or Asset Management Analyst at a CRE private equity firm, REIT, brokerage, or commercial bank.
Education: Bachelor’s degree in Finance, Real Estate, Economics, or a related quantitative field.
Advanced Excel Capabilities: Expert-level mastery of MS Excel is mandatory. Must be highly proficient in building financial models from scratch, utilizing advanced formulas (INDEX/MATCH, XLOOKUP), data tables for sensitivity matrixes, and dynamic cash flow scheduling.
Industry Frameworks: Deep understanding of commercial mortgage loan documents, debt structures (fixed, floating, bridge, construction), and landlord-tenant law.
Key Performance Indicators (KPIs) for the Role
Accuracy: Error-free calculation of complex cash flows, DSCR, and investment returns in financial models.
Efficiency: Timely completion of annual credit reviews before loan anniversary deadlines to maintain compliance.
Insight: Ability to look past raw rent roll numbers to identify underlying property-level operational risks before they become non-performing loans.
Compensation:
This position offers a once-in-a-lifetime opportunity to join a highly established and well-recognized real estate company. You will receive annual compensation with a base salary ranging from $70,000 to $75,000, plus 20% bonus, $750 monthly car allowance, and benefits.
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