Senior Analyst - Real Estate Credit and Portfolio Management

Senior Analyst

Bluecrest Residential ("Bluecrest") is a vertically integrated multifamily operator with over 60 years of combined multifamily investment experience throughout market cycles focusing on niche strategies and superior relative value. Since 2004, the principals have acquired approximately 20,000 units and have invested in the development of over 6,000 units.

Since 2018, Bluecrest principals have been investing preferred equity in multifamily assets on behalf of large institutional investors. In 2022, Bluecrest principals were the largest seller of multifamily in the US and has consistently delivered exceptional results, with deal level IRRs exceeding 30% annually since inception. Going forward, Bluecrest is looking to acquire high-quality multifamily assets across the Sunbelt and continue to invest preferred equity in multifamily development projects.

Bluecrest Residential is seeking a Senior Analyst to support underwriting and active portfolio management for the stretch senior and preferred equity platforms. This person will run asset level and portfolio level analysis, track loan covenants, evaluate construction progress and delays, review draw requests, and produce clear recommendations to leadership. The Senior Analyst sits at the center of credit, asset management, construction risk, and capital markets.

Responsibilities

• Underwrite new loans and preferred equity investments including sponsor diligence, market analysis, budget and schedule reviews, and base case and downside scenarios DSCR, debt yield, LTV, exit metrics.
• Build and maintain cash flow and waterfall models for A note and B note structures and for preferred equity with full return waterfalls and sensitivity tables.
• Prepare investment memos with clear thesis, risks, mitigants, and covenant packages.
• Lead post closing monitoring for assigned assets monthly operating reviews, DSCR and debt yield tests, construction progress and contingency burn, schedule variance, change order logs, and cost to complete.
• Manage construction draw reviews, pay app tie outs, lien waivers, retainage, and reconciliation to budget and schedule.
• Track and enforce covenants and triggers coverage tests, net worth and liquidity tests, completion tests, and reporting deliverables.
• Partner with bank counterparties on whole loan structures intercreditor administration for A note and B note, consents, waivers, and remedies.
• Coordinate third party reports and diligence appraisals, cost reviews, environmental, surveys, PCAs, and insurance compliance.
• Maintain high quality data rooms and portfolio dashboards update monthly KPIs, covenant calendars, and risk ratings.
• Support amendments, extensions, and restructurings including term sheets, scenario analysis, and negotiation materials.
• Contribute to quarterly investor reporting and portfolio reviews concise commentary on performance, risk, and outlook.