TITLE: Associate / Sr. Associate

DEPARTMENT: Homebuilder Solutions

In 2025, Blackstone established Brio Real Estate (“Brio”) as a portfolio company focused on real estate credit.  Brio is a specialized global commercial real estate asset services platform that manages and supports Blackstone’s Real Estate Debt Strategies business (“BREDS”) across the globe.  Today, BREDS has more than $77 billion in investor capital across high yield / opportunistic real estate credit funds, a publicly traded Mortgage REIT, CMBS securities and insurance capital.  Brio is a sophisticated real estate credit solutions provider that enhances value for investors and supports BREDS across key functions, including asset management, transactions, capital markets, surveillance, portfolio management and legal & compliance.  Brio provides critical infrastructure and capabilities for BREDS to allow for effective investments and management of its global portfolio.

Blackstone is the world’s largest alternative asset manager with more than $1 trillion in assets under management. Blackstone’s scale, with roughly 12,700 real estate assets and over 240 portfolio companies, enables them to invest in dynamic sectors positioned for long-term growth. The firm seeks to deliver compelling returns for institutional and individual investors by building strong businesses that deliver lasting value. Blackstone’s global investment strategies focus on real estate, private equity, infrastructure, life sciences, growth equity, credit, secondaries and hedge funds.

JOB SUMMARY

Brio Homebuilder Solutions finances production homebuilders and residential developers nationwide. We specialize in revolving lines of credit and acquisition, development, and construction (ADC) facilities that enable the development, construction, and sale of new homes in major U.S. metropolitan markets. Our clients typically deliver 150 to 200 homes annually or more, ranging from regional builders to multi‑market operators. We also finance master‑planned communities and stand‑alone residential developments.

We are seeking an analytical professional to support the underwriting and structuring of new residential homebuilder and developer lending opportunities. The role will focus on project-level underwriting, transaction modeling, market and feasibility analysis, deal structuring, and preparation of credit analysis supporting new loan approvals.

The individual will evaluate the economics and risks of proposed residential development and construction transactions and translate financial, project and market information into clear underwriting conclusions.

What You’ll Do

·       Transaction Underwriting: Underwrite new homebuilder and residential development lending opportunities, including review of borrower financials, inventory reporting, project information, and other due diligence, and support transactions through the credit-review and closing process.

·       Deal Modeling: Prepare Property Level Review and return models, Sources & Uses, project budgets and pro formas, LTV funding schedules, interest-reserve analyses, and other transaction-level underwriting models.

·       Project Analysis: Evaluate project profitability, development timing, land pipelines, lot take-down schedules, sales activity, repayment assumptions, and expected draw schedules for A&D transactions.

·       Borrower, Project & Market Assessment: Evaluate borrower strength, project characteristics, and market conditions using applicable scoring frameworks and underwriting criteria.

·       Market & Comparable Analysis: Analyze sale comparables, absorption trends, months of supply, pricing, affordability, and product/market fit to support underwriting assumptions.

·       Loan Structuring & Covenants: Support the development of curtailment schedules, financial covenants, funding conditions, and other structural credit protections. Review required financial and inventory reporting, calculate applicable covenant measurements, and assess compliance as part of relevant credit and funding decisions.

·       Funding Analysis: Develop preliminary funding estimates during underwriting and refine funding requirements as project budgets, appraisals, and final closing information become available.

·       Credit Approval: Prepare concise, decision-ready underwriting analysis, project materials, and supporting documentation for Credit review and approval, including applicable back-leverage requirements.

·       Closing & Credit Coordination: Maintain visibility into transactions through closing and coordinate with Credit, Legal, and other stakeholders to ensure material closing terms, funding requirements, and credit conditions remain consistent with approved underwriting.

·       Data & Pipeline Management: Enter and validate transaction and project information and confirm consistency of key terms and assumptions across underwriting models, the Loan Pipeline, Data Tape, Pricing Tape, and related reporting.

·       Relationship Analysis: Evaluate the proposed transaction within the borrower’s broader relationship and summarize key strengths, risks, and mitigants.

What You’ll Bring

• MBA in Finance or bachelor’s degree in finance, Accounting, Economics, Real Estate, Business Administration, or a related field.
• 4-7 years of experience in commercial banking, real estate lending, credit analysis, underwriting, or a related financial-services role.
• Strong understanding of residential land development, A&D lending, homebuilder finance, and real estate credit fundamentals.
• Experience analyzing borrower and guarantor financial statements, project budgets, and transaction structures.
• Understanding of housing-market fundamentals, including absorption, housing starts, lot-development cycles, affordability, and sales velocity.
• Experience preparing credit analyses and supporting underwriting or loan-approval processes.
• Advanced Microsoft Excel proficiency, including financial modeling, sensitivity analysis, and data validation.
• Strong analytical, problem-solving, and written communication skills.
• Ability to manage multiple transactions while maintaining accuracy and attention to detail.
• Ability to work independently and collaborate effectively with underwriting, credit, and relationship-management teams.

Nice to Have

• Experience in underwriting production homebuilders, residential developers, or complex multi-phase projects.
• Experience in reviewing appraisals, development budgets, Sources & Uses, and third-party diligence.
• Knowledge of master-planned community underwriting and horizontal and vertical development.
• Experience in preparing materials for credit committee or similar investment-approval processes.

In this role, you will help structure and evaluate new lending opportunities, strengthen credit decision-making, and support Brio in delivering reliable, scalable capital to leading homebuilders and residential developers.

Job Applicant Privacy Notice

EEO Statement

The Company is an equal opportunity employer. In accordance with applicable law, we prohibit discrimination against any applicant, employee, or other covered person based on any legally recognized basis, including, but not limited to: veteran status, uniformed servicemember status, race, color, caste, immigration status, religion, religious creed (including religious dress and grooming practices), sex, gender, gender expression, gender identity, marital status, sexual orientation, pregnancy (including childbirth, lactation or related medical conditions), age, national origin or ancestry, citizenship, physical or mental disability, genetic information (including testing and characteristics), protected leave status, domestic violence victim status, or any other consideration protected by federal, state or local law. We are committed to providing reasonable accommodations, if you need an accommodation to complete the application process, please email [email protected]