CMBS Issuance - Associate​/Associate Director; Chicago

CMBS New Issuance - Associate / Associate Director (Chicago)

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Position Title: CMBS New Issuance - Associate / Associate Director (Chicago)
Entity: Kroll Bond Rating Agency, LLC
Employment Type: Full-time
Location: Chicago, IL

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 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.

• 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
  • Conducting property site inspections throughout the U.S. and related management meetings

• Bachelor’s degree in a relevant field of study. Advanced degree and successful progression toward 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.

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.

• 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

KBRA is a full‑service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. KBRA is also recognized as a designated rating organization by the Ontario Securities Commission and as a Credit Rating Provider by the National Association of Insurance Commissioners.

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, veteran status or any other basis prohibited by federal, state or local law.