Senior Associate, Debt Asset Management

In 2025, Blackstone established Brio Real Estate (“Brio”) as a portfolio company focused on real estate credit. Brio is a specialized global commercial real estate asset services platform that manages and supports Blackstone’s Real Estate Debt Strategies business (“BREDS”) across the globe. Today, BREDS has more than $77 billion in investor capital across high yield / opportunistic real estate credit funds, a publicly traded Mortgage REIT, CMBS securities and insurance capital. Brio is a sophisticated real estate credit solutions provider that enhances value for investors and supports BREDS across key functions, including asset management, transactions, capital markets, surveillance, portfolio management and legal & compliance. Brio provides critical infrastructure and capabilities for BREDS to allow for effective investments and management of its global portfolio.

Blackstone is the world’s largest alternative asset manager with more than $1 trillion in assets under management. Blackstone’s scale, with roughly 12,700 real estate assets and over 240 portfolio companies, enables them to invest in dynamic sectors positioned for long-term growth. The firm seeks to deliver compelling returns for institutional and individual investors by building strong businesses that deliver lasting value. Blackstone’s global investment strategies focus on real estate, private equity, infrastructure, life sciences, growth equity, credit, secondaries and hedge funds.

Job Summary
The Senior Associate in Asset Management will play a pivotal role in delivering exceptional, detail-focused service alongside team members. This role involves generating timely and precise analytical information to bolster the Asset Management platform, covering an array of capital structures (including debt and equity) and property types (such as office, retail, industrial, multifamily, condos, student housing, and hospitality). Interaction with borrowers, equity partners, and client representatives is a key part of the job, requiring excellent interpersonal skills and a professional, urgent approach to communication. The successful candidate will not only flourish in a team setting but also demonstrate the independence and initiative necessary for solo achievements, including the confidence to seek clarity on complex issues or tasks.

Essential Job Functions

What you will do:
• Developing and updating sophisticated models for cash flow projections and valuations on a quarterly and annual basis.
• Assessing proposed distributions to ensure they align with equity capital structures and waterfall agreements.
• Managing the coordination and thorough review of both debt and equity funding requests promptly, and liaising with project monitors, borrowers and lenders with regard to drawdowns and calculating lender splits, if required.
• Performing detailed quantitative analysis, including comparisons of budgeted, actual, and forecasted cash flows.
• Responding to ad hoc financial analysis, borrower requests and internal workstreams efficiently, promptly and diligently.
• Tracking and evaluating the advancement of business strategies and capital expenditure plans, as well as the monitoring / tracking of underlying performance trends.
• Monitor facility agreements and other contractual arrangements including compliance with financial covenants and delivery of asset management milestones.
• Coordinating with lenders, borrowers and their respective lawyers in respect to loan redemptions, restructuring, amendments, waivers and other ad hoc requests.
•Provide competent analysis of a portfolio of loans and underlying security on a quarterly basis; including re-underwriting every quarter for internal presentation;
• Managing the collection and evaluation of annual operating and capital budgets.
• Mentor and supporting fellow team members in managing their workloads, ensuring efficient task distribution and support for their professional development.
• Oversee and ensure adherence to quality standards and procedures, identifying and addressing any discrepancies to maintain the highest level of product or service excellence.
• Foster a collaborative and supportive team environment, promoting knowledge sharing and continuous improvement.
• Stay updated with industry trends and advancements to continuously enhance team performance and service delivery.

Qualifications

What you should have:
• This role requires a minimum of 4 years' experience in commercial real estate debt at a bank, credit fund, asset manager, or PE firm. This is a non-negotiable requirement and candidates without this experience will not be progressed.

• Bachelor's degree (2:1 or above) in real estate, finance, accounting, or a related field required
• Capital Markets exposure advantageous. 
• Knowledgeable about commercial real estate lending, including loan structures, facility agreements, and credit underwriting.
• Familiar with commercial real estate valuation methods as they relate to loan collateral assessment and quarterly re-underwriting
• Understands different real estate property types and their corresponding lease agreements.
• Strong financial modelling and quantitative analysis skills, with advanced Excel proficiency.
• Strong communicator, comfortable liaising directly with borrowers, lenders and legal counsel.