Senior Associate, CMBS Debt

Senior Associate, CMBS Debt

Bellwether is a global advisory firm that helps businesses solve their most complex challenges and enhance enterprise value. We specialize in formulating and executing dynamic growth strategies through true partnership with our clients. Merging deep industry expertise, advanced analytical capabilities and best-in-class talent, we create value across the business lifecycle, from transaction management to operational transformation. Bellwether specializes in the management, analysis, and reporting of over $40 billion of AUM across a wide range of real estate related assets and corporate platforms in North America, Europe and Asia. Bellwether is privately held and has offices in Los Angeles, Newport Beach, Salt Lake City, London and Dallas.

Overview

We are looking for a Senior Associate, CMBS Debt to join the rapidly growing Debt Team at Bellwether, with a focus on CMBS and CRE-structured products (SASB, CRE CLO, Conduit, etc.). The ideal candidate is a savvy problem solver who thrives in a fast-paced, challenging environment and consistently exceeds expectations. We are seeking an agile team player who enjoys working cross-functionally with different parts of the organization.

An ideal candidate will have experience with fixed income products, commercial real estate asset management, and servicer/special servicer oversight.

Key Responsibilities

• Own the proactive monitoring and management of a portfolio of Conduit / CLO SASB investments;
• Monitor credit performance at the portfolio, deal, loan, property, tenant, and bond levels, identifying material changes in cash flow, occupancy, tenant rollover, debt service coverage, valuation, refinance risk, watchlist migration, and default probability;
• Lead periodic re-underwriting and reforecasting of collateral and bond cash flows, incorporating updated property performance, market assumptions, refinancing scenarios, appraisal changes, and structural features;
• Develop and communicate actionable investment recommendations including hold, add, reduce, or sell decisions based on collateral fundamentals, bond structure, expected loss, relative value, liquidity, and total return considerations;
• Maintain portfolio watchlists and risk stratification frameworks, highlighting near-term maturity risk, trigger exposure, concentration risk, specially serviced assets, and other positions requiring heightened surveillance;
• Liaise with special servicers, master servicers and trustees to ensure appropriate actions are taken on behalf of Bellwether's clients;
• Analyze and interpret remittance reports, servicer commentary, rating agency actions, trustee reporting, legal documents, and market news to assess credit developments and escalation needs;
• Leverage Intex, Trepp, Bloomberg, CoStar, Vichara, Axiometrics, and other internal/external data sources to improve surveillance efficiency, data integrity, and investment decision-making;
• Build, enhance, and maintain scalable surveillance tools, reports, and dashboards that support portfolio monitoring, exception reporting, and management visibility across a large position count;
• Prepare investment memoranda, surveillance summaries, and portfolio updates for senior management, investment committees, and clients, clearly articulating key risks, mitigants, and recommended actions;
• Mentor junior team members and help manage workflow, including review of analyses, prioritization of assignments, and development of best practices for underwriting and surveillance; and
• Support ad hoc client requests.

Professional Experience

• 58+ years of relevant experience in CMBS, structured products, commercial real estate credit, or a related institutional investment role. Work experience with CMBS asset management, credit surveillance, CMBS originations, and/or rating agencies is preferred.
• Fixed income experience, including portfolio management of CMBS positions, familiarity with fixed income analysis tools, and price/yield analytics.
• Familiarity with large relational data structure across the deal, loan, property, and tenant levels.
• Familiarity with SQL, Python, VBA, Power BI, Tableau, or similar tools to automate surveillance and reporting is strongly preferred.
• Working knowledge of CMBS and CRE CLO deal mechanics, including waterfalls, triggers, advancing, appraisal reduction amounts, losses, control rights, and special servicing dynamics.
• Advanced proficiency in Microsoft Excel, PowerPoint and Intex. Strong working knowledge of Trepp, Bloomberg, CoStar, and similar surveillance platforms.
• Experience with property underwriting and advanced financial modeling.
• Prior experience reviewing or mentoring junior analysts/associates and helping coordinate team workflows is preferred.
• Experience presenting and leading meetings with clients and senior level team members.

Education/Certification

• Bachelor's degree in economics, Finance, Mathematics, Engineering, Computer Science, or related field.

Essential Skills & Competencies

Bellwether seeks to hire entrepreneurial individuals who are highly motivated, mature and intelligent, with demonstrated excellence in prior endeavors. The successful candidate should have:

• Job Knowledge & Technical Ability: Strong attention to detail, organizational skills, and ability to multitask. Ability to read and analyze investment, lease, loan and management agreements. Property underwriting and advanced financial modeling skills. Proficiency with Excel and CRE loan servicing software. Fluency with CMBS and broader structured products. Experience with or understanding of basic capital market principles including interest rate calculations and basic bond math.
• Initiative & Dependability: Ability to perform responsibilities independently and proactively, solve problems, and improve processes and/or services. Self-directed, takes initiative and responsibility, ensures completion of tasks.
• Communication: Excellent verbal and written communication skills; strong listening and interpersonal skills. Highly effective at preparing and presenting information.
• Professionalism & Teamwork: Acts with honesty and integrity and maintains confidentiality, adheres to company policies. Promotes a collaborative and productive work environment. Demonstrates team building, support and respect.

Travel Requirements

• Travel is not anticipated but may be needed from time to time.

Position Details

• Classification: Exempt
• Position Status: Regular, Full Time
• Reports To: Vice President, Senior Vice President or Managing Director, Debt
• Direct Reports: Yes

Physical and Mental Demands

• While performing the duties of this job, the employee is regularly required to stand, sit, and walk. Must be able to sit at an office workstation for an extended period of time. May need to reach, stoop, or kneel to access items.
• Must be able to talk, hear and use wrists, hands and/or fingers frequently and repetitively to operate a computer, telephone and other office productivity machinery.
• Must frequently prepare or inspect documents, and convey details or important instructions or ideas accurately, loudly, or quickly.
• Ability to work independently, and prioritize duties to ensure timely completion. The ability to collaborate is also imperative.
• Requires active listening, critical thinking, making decisions, time management, as well as administration skills.
• Ability to interact in a courteous professional manner at all times.
• Regular, predictable attendance is required.
• The physical and mental demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the functions.

Work Environment

• No hazardous or significantly unpleasant conditions (such as in a typical office).
• Moderate noise (i.e., business office with computers, phones, printers and light traffic)
• Indoor business office environment with windows; light foot traffic within work areas
• The work environment characteristics described here are representative of those a teammate encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Benefits

• We offer a comprehensive benefits package that includes:
• Employer-paid Medical, Dental & Vision, with buy-up options available
• Flexible Spending Account, Health Savings Account
• Carrot Fertility Benefit - $10,000 lifetime benefit
• 401k company match 4%, immediately vested