Major Brokerage Capital Markets Interview & Skills Assessment test
Interviewing with a CBRE/JLL/C&W capital markets single tenant& net lease team. Graduating college in Dec and am not a business/econ major. Internship experience includes a family office with ~500m AUM and major brokerage (CBRE,JLL,C&W) in secondary market internship. Learned decent excel skills at family office but mostly for retail assets. Learned Argus at brokerage internship which probably got me this interview. Never touched excel at brokerage internship and am fairly dogshit at it, can put together waterfalls but not very confident. Interview includes 1.5 hr skills assessment. Does anyone know what this skills assessment will look like and how boned I am?
Your ability to read and decipher company financials will far outweigh ARGUS (you're not going to use it). STNL is more bond investing than traditional CRE... A huge % of STNL transactions are retail, so that experience should be pretty decent for you.
Not a lot of experience analyzing credit of tenants....any direction you can point me in?
Just get a general understanding of credit worthiness, S&P/Moody's is typical, and how cap rates reflect those. Those not rated by the agencies are shadow rated - Moody's has a cut sheet on how they arrive at their ratings, I'm sure if you google it will come up. From there you'll be able to get a grasp on how much weight each item is (margins, profile, revenue, etc).
Whatever company you're interviewing with, I'd look at their NL research and just get familiar with their terminology and what they deem important. That should get you through an entry level interview, I doubt they'll expect you to know different product types and what's in favor. The team will likely have a niche within STNL if they're good, something like pharmacies or fast-casual or auto. Good luck.
Thank you! This was a huge help.
Interested to hear what kind of skills test a STNL team would have you do
The interview will probably be 100% behavioral. Understand treasury rates, investment grade bond rates, and junk bond rates. What is the cut-off rating for investment grade credit at the ratings agencies? How do bond ratings affect cap-rates? Why would an investor by STNL over a bond (inflation hedge through tangible ownership of property plus rent escalations)? What is going on in the retail world? How has ecommerce affected retail and industrial? Why do traffic counts matter? Why do 1/3/5 mile demographics matter? What type of debt is available for STNL acquisitions? What is a CMBS loan?
Read this - https://www.cbre.us/research-and-reports/US-Net-Lease-Investment-Report…
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