CMBS vs. PERE vs. Mezz Lending - Next Move in my Career Path???

So I am beginning to look for the next move in my RE career. I started out as a quant analyst in IB and eventually made the shift over to CRE in a sort of hybrid bond/CRE role at first focusing on debt securities and lease securitizations for real property. While I continue to work in this area, my work has shifted into more of a traditional role within the CRE debt brokerage arena as an associate. I definitely enjoy working within the CRE industry, but am desiring a role that is more analytical.

Given my former IB background, I have thought about CMBS either on the origination or buy-side (although I am curious to see how much of the buy-side gets involved with property analysis vs. traditional bond underwriting). I am also curious about getting into a more structured/complex CRE lending role thru mezzanine financing (some have explained that actual CMBS property loan underwriting tends to be for vanilla deals). PERE, to me, is obviously a third, but different way, to get into a more analytical CRE role.

I know all of these are different routes to take within CRE, but it would be great to get feedback from those within/familiar with these areas of real estate especially if they can compare. I have not been able to find a great deal of in-depth information regarding a potential role into CMBS investing (B-piece or other) and would appreciate any intel.

Just trying to prepare for where I want to head next - thanks for sharing your experiences!!

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Perella Weinberg Partners New 98.9%
  • Lazard Freres 01 98.3%
  • Harris Williams & Co. 24 97.7%
  • Goldman Sachs 16 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.9%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 05 97.7%
  • Moelis & Company 01 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.9%
  • Perella Weinberg Partners 18 98.3%
  • Goldman Sachs 16 97.7%
  • Moelis & Company 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (21) $373
  • Associates (91) $259
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (68) $168
  • 1st Year Analyst (206) $159
  • Intern/Summer Analyst (148) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”