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This will be a senior commercial mortgage-backed securities (CMBS) research role within the Securitized Products group at PGIM Fixed Income. The successful candidate will underwrite and analyze the creditworthiness of CMBS collateral and related commercial real estate loans. This role involves detailed financial analysis, market research, and risk assessment to support the investment decisions of the portfolio management team.
What You Can Expect
- Perform re-underwriting of transaction collateral by evaluating property cash flows, market trends, property location, tenant credit quality and other relevant factors
- Develop and maintain complex financial models to project cash flows and assess the impact of various scenarios on CMBS portfolios.
- Conduct stress testing and scenario analysis to evaluate the impact of adverse market conditions on CMBS portfolios
- Review of transaction documentation packages (credit memos, appraisals, environmental reports etc.)
- Prepare detailed credit presentations and reports for senior research analysts and portfolio managers
- Present buy or sell recommendations to portfolio management team based on credit analysis
- Ongoing monitoring and analysis of portfolio positions to assess credit risk, ratings stability, and cash flow volatility
- Maintain views of dynamics within various property-type sectors, major geographical markets, and CMBS primary and secondary markets
- Mentor and trains junior members of the CMBS team in fundamental credit analysis
- This is a hybrid role based in Newark, NJ with a requirement to be in the office from Tuesday to Thursday
What You Will Bring
- Minimum of 8 years’ experience in commercial real estate credit analysis & underwriting.
- Underwriting experience should include a majority of property sectors. Workout experience is a plus
- Keen interest in capital markets and the securitization of CRE debt instruments
- Strong analytical and financial modeling skills
- Excellent communication and presentation skills
- Understanding of fixed income and bond valuation concepts
- Works well as part of a team and enjoys a fast paced, high intensity environment
- Possesses strong attention to detail and ability to manage tasks and deadlines effectively
- BA/BS degree required (MBA, MS and/or CFA are pluses)
Source: PGIM Real Estate Career Page
