Commercial Real Estate Debt - Associate / VP
We are PIMCO, a leading global asset management firm. We manage investments and develop solutions across the full spectrum of asset classes, strategies and vehicles: fixed income, equities, commodities, asset allocation, ETFs, hedge funds and private equity. PIMCO is one of the largest investment managers, actively managing more than $1.92 trillion in assets for clients around the world. PIMCO has over 2,800 employees in 17 offices globally. PIMCO is recognized as an innovator, industry thought leader and trusted advisor to our clients.
PIMCO is one of the world's premier fixed income investment managers with thousands of professionals around the world united in a single purpose: creating opportunities for our clients in every environment. Since 1971, we have brought innovation and expertise to our partnership with the institutions, financial advisors and millions of individual investors who entrust us with their assets. We aspire to cultivate performance and leadership through empowering our people, diversity of thought, and a commitment to an inclusive culture that engages in our global communities. Position Description: Commercial Real Estate ("CRE") Debt Overview
PIMCO currently invests in real estate debt opportunities through the flagship PIMCO Commercial Real Estate Debt Fund ("PCRED I"), a closed-end fund with +$1 Bn in equity commitments, focused on traditional bridge lending throughout the U.S. In addition to PCRED I, the CRE debt team also invests in real estate debt opportunities through several other existing credit strategies with capital flexibility up and down the CRE debt risk spectrum.
The firm's U.S. real estate debt team sources, underwrites, and invests along the entire debt capital stack including senior mortgages, mezzanine financing, CMBS, and preferred equity. The team benefits from a flexible pool of capital with the ability to invest across asset types, geographies, and the capital structure. CRE Debt Associates/VP's work closely with senior members of the team to assist in originating, underwriting, and executing CRE debt transactions. RESPONSIBILITIES
- Develop Excel models projecting project level cash flows, borrower returns, lender returns, and fund level returns.
- Draft and negotiate term sheets and loan documentation
- Prepare detailed Investment Committee memos and presentations
- Lead and/or manage due diligence of new investments, including, but not limited to market research, broker calls, third-party reports, financial statement audits, lease reviews
- Lead and/or manage closing execution of new investments, including but not limited to coordinating with internal and external stakeholders, consultants, and investors
- Capital Markets execution and coordination
- Develop and work with financing sources to procure leverage for fund investments (e.g. loan-on-loan, senior/mezzanine, A/B)
- Support asset management of fund investments, including developing and executing business plans, and managing relationships with sponsors, financing sources, and third-party service providers
- 4-8 years of relevant real estate investment banking or private equity experience . Asset-level underwriting experience required.
- Exceptional Excel modeling skills and proficiency in Argus
- Outstanding academic credentials and demonstrated leadership capabilities
- Strong work ethic and integrity, candidate should be a teammate that is proactive and self-motivated
- Strong analytical, interpersonal communication, and writing skills
- Ability to work effectively on multiple projects simultaneously
- Desire to join an entrepreneurial team and grow along with the platform
- Positive attitude and eagerness to learn
- Frequent travel as needed
PIMCO is committed to offering a comprehensive portfolio of employee benefits designed to support the health and well-being of you and your family. Benefits vary by location but may include:
- Medical, dental, and vision coverage
- Life insurance and travel coverage
- 401(k) (defined contribution) retirement savings, retirement plan, pension contribution from your first day of employment
- Work/life programs such as flexible work arrangements, parental leave and support, employee assistance plan, commuter benefits, health club discounts, and educational/CFA certification reimbursement programs
- Community involvement opportunities with The PIMCO Foundation in each PIMCO office