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Position Title: CMBS / CRE Research - Associate (NY)
Entity: Kroll Bond Rating Agency, LLC
Employment Type: Full-time
Location: New York, New York
Summary/Overview:
Kroll Bond Rating Agency (KBRA)’s CMBS group is seeking a highly motivated CMBS / CRE Research Associate to support the firm’s commercial real estate (CRE) and CMBS platform. The CMBS group assigns and maintains credit ratings and conducts thought-leadership research across Conduit, SASB, Agency, CRE CLO, SFR, Data Center, and other CRE transactions.
This role will work closely with the Senior Researcher, as well as modeling, new issue and surveillance teams, to produce high-quality research, data analysis, and publications that inform market participants and support KBRA’s ratings process. This role is ideal for candidates with strong analytical and technical skills, an interest in CRE and structured finance, the ability to translate complex data into clear actionable insights, and strong writing and communication abilities.
Job Responsibilities:
- Support the development of CMBS and CRE research publications including market commentary, thematic reports, default studies, and sector analyses
- Analyze large proprietary and third-party datasets related to loan and ratings performance, property-level metrics, and broader CRE market trends. Extract, clean, and manipulate data using SQL, Excel, and VBA to support research
- Formulate data-centered opinions to support internal and external research
- Prepare, draft and edit CRE and CMBS research pieces within company publishing guidelines. Produce monthly research reports for CMBS market participants
- Assist with various ad hoc data management tasks or projects to ensure an efficient and effective group workflow
- Stay abreast of CRE and CMBS markets and trends as well as general economic and capital market conditions by attending online or in-person seminars and conferences and reading industry literature
You will be successful in this role if you have:
- Bachelor’s degree is required, preferably in Finance, Real Estate, Economics, Data Science, or a related field
- Two to five years of experience in CMBS, CRE analytics, structured finance or data-driven research roles
- Technical Skills: Advanced proficiency in Excel, including financial modeling, large dataset manipulation, and automation using VBA and AI. Strong working knowledge of SQL for querying, extracting, and managing data (expected to be used regularly)
- Solid understanding of commercial real estate fundamentals and capital markets. Familiarity with CMBS structures, loan-level analysis, and surveillance concepts preferred
- Experience working with CRE data platforms (especially, Trepp database) and CREFC Investor Reporting Package is desired.
- Exceptional attention to detail; strong verbal, written and presentation skills; ability to multitask and manage deadlines.
- Ability to take initiative and work independently and work closely with fellow team members in a collaborative environment.
- Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus
Salary Range:
The anticipated annual base salary range for this full-time position is $90,000 to $120,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.
Benefits:
- A hybrid work schedule (Tuesday, Wednesday, Thursday in the office)
- Competitive benefits and paid time off
- Paid family and disability leave
- 401(k) plan, including employer match (100% vested)
- Educational and professional development financial assistance
- Employee referral bonus program
About Us:
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
More Info:
KBRA encourages applications from all qualified individuals without regard to race, color, religion, gender, sexual orientation, gender identity or expression, age, national origin, marital status, citizenship, disability, and veteran status or any other basis prohibited by federal, state or local law.
#LI-DG1
#LI-HYBRID
Ready to apply?
Apply to KBRA
Position Title: CMBS / CRE Research - Associate (PA)
Entity: Kroll Bond Rating Agency, LLC
Employment Type: Full-time
Location: Dresher, Pennsylvania
Summary/Overview:
Kroll Bond Rating Agency (KBRA)’s CMBS group is seeking a highly motivated CMBS / CRE Research Associate to support the firm’s commercial real estate (CRE) and CMBS platform. The CMBS group assigns and maintains credit ratings and conducts thought-leadership research across Conduit, SASB, Agency, CRE CLO, SFR, Data Center, and other CRE transactions.
This role will work closely with the Senior Researcher, as well as modeling, new issue and surveillance teams, to produce high-quality research, data analysis, and publications that inform market participants and support KBRA’s ratings process. This role is ideal for candidates with strong analytical and technical skills, an interest in CRE and structured finance, the ability to translate complex data into clear actionable insights, and strong writing and communication abilities.
Job Responsibilities:
- Support the development of CMBS and CRE research publications including market commentary, thematic reports, default studies, and sector analyses
- Analyze large proprietary and third-party datasets related to loan and ratings performance, property-level metrics, and broader CRE market trends. Extract, clean, and manipulate data using SQL, Excel, and VBA to support research
- Formulate data-centered opinions to support internal and external research
- Prepare, draft and edit CRE and CMBS research pieces within company publishing guidelines. Produce monthly research reports for CMBS market participants
- Assist with various ad hoc data management tasks or projects to ensure an efficient and effective group workflow
- Stay abreast of CRE and CMBS markets and trends as well as general economic and capital market conditions by attending online or in-person seminars and conferences and reading industry literature
You will be successful in this role if you have:
- Bachelor’s degree is required, preferably in Finance, Real Estate, Economics, Data Science, or a related field
- Two to five years of experience in CMBS, CRE analytics, structured finance or data-driven research roles
- Technical Skills: Advanced proficiency in Excel, including financial modeling, large dataset manipulation, and automation using VBA and AI. Strong working knowledge of SQL for querying, extracting, and managing data (expected to be used regularly)
- Solid understanding of commercial real estate fundamentals and capital markets. Familiarity with CMBS structures, loan-level analysis, and surveillance concepts preferred
- Experience working with CRE data platforms (especially, Trepp database) and CREFC Investor Reporting Package is desired.
- Exceptional attention to detail; strong verbal, written and presentation skills; ability to multitask and manage deadlines.
- Ability to take initiative and work independently and work closely with fellow team members in a collaborative environment.
- Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus
Salary Range:
The anticipated annual base salary range for this full-time position is $90,000 to $110,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.
Benefits:
- A hybrid work schedule (Tuesday, Wednesday, Thursday in the office)
- Competitive benefits and paid time off
- Paid family and disability leave
- 401(k) plan, including employer match (100% vested)
- Educational and professional development financial assistance
- Employee referral bonus program
About Us:
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
More Info:
KBRA encourages applications from all qualified individuals without regard to race, color, religion, gender, sexual orientation, gender identity or expression, age, national origin, marital status, citizenship, disability, and veteran status or any other basis prohibited by federal, state or local law.
#LI-DG1
#LI-HYBRID
Ready to apply?
Apply to KBRA
CMBS New Issuance – Associate / Associate Director (NY / Chicago)
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Position Title: CMBS New Issuance - Associate / Associate Director (NY/ Chicago)
Entity: Kroll Bond Rating Agency, LLC
Employment Type: Full-time
Location: New York, NY or Chicago, Illinois
Summary/Overview:
Kroll Bond Rating Agency (KBRA) is seeking an experienced Commercial Real Estate (CRE) credit analyst to join its industry-leading commercial mortgage-backed securities (CMBS) New Issuance ratings group in its New York or Chicago office. Analysts in the group are responsible for transaction execution, including conducting credit analysis, authoring published reports, and presenting analysis for the assignment of credit ratings to conduit, single-borrower, CRE CLO, single-family rental, and other types of CMBS transactions.
About the Job:
- Conduct commercial real estate (CRE) property cash flow and valuation, and loan credit analysis in accordance with KBRA’s methodologies across all CRE property types.
- Lead end-to-end execution of transactions, including:
- Conducting property, loan and transaction level credit analysis
- Presenting and defending the analysis internally to senior managers and in credit/ratings committees, and externally to banks
- Leading preparation of externally published comprehensive transaction reports
- Managing the process that involves multiple internal and external parties and work-streams
- Conduct property site inspections throughout the U.S. and related management meetings
You will be successful in this role if you have:
- Bachelor’s degree in a relevant field of study. Advanced degree and successful progression towards the CFA designation are pluses
- Three (3) + years of relevant CRE debt underwriting or CMBS securitization experience for Associate level required
- Five (5) + years of relevant CRE debt underwriting or CMBS securitization experience for Associate Director required
- Credit / underwriting experience across multiple CRE property types
- Proficient in conducting extensive analysis in Excel
- Possess strong oral and written communications skills
- Exceptional attention to detail, with a strong commitment to quality
- Ability to multi-task and manage through multiple compressed timelines. Be able to work both independently and in a highly collaborative inter-dependent team environment
- Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus
Salary Range:
The anticipated annual base salary range for this full-time position is $100,000 to $150,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.
Benefits:
- A hybrid work schedule (Tuesday, Wednesday, Thursday in the office)
- Competitive benefits and paid time off
- Paid family and disability leave
- 401(k) plan, including employer match (100% vested)
- Educational and professional development financial assistance
- Employee referral bonus program
About Us:
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
More Info:
KBRA encourages applications from all qualified individuals without regard to race, color, religion, gender, sexual orientation, gender identity or expression, age, national origin, marital status, citizenship, disability, and veteran status or any other basis prohibited by federal, state or local law.
#LI-DG1
#LI-HYBRID
Ready to apply?
Apply to KBRA
CMBS New Issuance – Director / Senior Director (NY / Chicago)
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Position Title: CMBS New Issuance – Director/Senior Director (NY/ Chicago)
Entity: Kroll Bond Rating Agency, LLC
Employment Type: Full-time
Location: New York, NY or Chicago, Illinois
Summary/Overview:
Kroll Bond Rating Agency (KBRA) is seeking an experienced Commercial Real Estate (CRE) credit analyst to join its industry-leading commercial mortgage-backed securities (CMBS) New Issuance ratings group in its New York or Chicago office. Analysts in the group are responsible for transaction execution, including conducting credit analysis, authoring published reports, and presenting analysis for the assignment of credit ratings to conduit, single-borrower, CRE CLO, single-family rental, and other types of CMBS transactions.
About the Job:
- Conduct commercial real estate (CRE) property cash flow and valuation, and loan credit analysis in accordance with KBRA’s methodologies across all CRE property types.
- Lead end-to-end execution of transactions, including:
- conducting property, loan and transaction level credit analysis
- presenting and defending the analysis internally to senior managers and in credit/ratings committees, and externally to banks
- leading preparation of externally published comprehensive transaction reports
- managing the process that involves multiple internal and external parties and work-streams
- Conduct property site inspections throughout the U.S. and related management meetings.
- Manage and/or mentor junior members of the team. Review cash flow analyses, asset summaries, and presale reports.
- Exhibit thought leadership by representing KBRA in conferences, issuer and investor meetings, and industry panels, as well as by publishing relevant research
- Lead or participate in development of frameworks and methodologies for emerging and esoteric asset classes/transaction types.
You will be successful in this role if you have:
- Bachelor’s degree in a relevant field of study. Advanced degree and successful progression towards the CFA designation are pluses.
- 10+ years of relevant CRE debt underwriting or CMBS securitization experience for a Director level consideration
- 15+ years of relevant CRE debt underwriting or CMBS securitization experience for Senior Director level consideration
- Credit / underwriting experience across multiple CRE property types
- Proficient in conducting extensive analysis in Excel
- Possess strong oral and written communications skills
- Exceptional attention to detail, with a strong commitment to quality.
- Ability to multi-task and manage through multiple compressed timelines. Be able to work both independently and in a highly collaborative inter-dependent team environment.
- Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus.
Salary Range:
The anticipated annual base salary range for this full-time position is $160,000 to $220,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.
Benefits:
- A hybrid work schedule (Tuesday, Wednesday, Thursday in the office)
- Competitive benefits and paid time off
- Paid family and disability leave
- 401(k) plan, including employer match (100% vested)
- Educational and professional development financial assistance
- Employee referral bonus program
About Us:
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
More Info:
KBRA encourages applications from all qualified individuals without regard to race, color, religion, gender, sexual orientation, gender identity or expression, age, national origin, marital status, citizenship, disability, and veteran status or any other basis prohibited by federal, state or local law.
#LI-DG1
#LI-HYBRID
Ready to apply?
Apply to KBRA