CRE / CMBS Senior Underwriter

Company Description

KeyBank is a full-service commercial, corporate, and investment bank with a strong focus on serving middle-market clients within targeted industry sectors. The company stands apart by offering comprehensive industry expertise, unique insights, and robust capital markets solutions. KeyBank also provides services in commercial mortgage finance, equipment finance, public finance, and commercial payments. Banking products and services are offered by KeyBank National Association, which is a Member FDIC. For more information about KeyBank's capabilities and financial solutions, visit Real Estate Capital | Key.

Role Description

The CRE / CMBS Senior Underwriter is a full-time, on-site role based in Chicago, IL within KeyBank's Commercial Mortgage Group. Key responsibilities include underwriting and analyzing complex Commercial Real Estate (CRE) loans for Commercial Mortgage-Backed Securities (CMBS) transactions and off-balance sheet executions. The role requires evaluating creditworthiness, assessing risk, collaborating with internal teams, structuring transactions, preparing approval documents, and ensuring compliance with underwriting policies. The Senior Underwriter will work closely with the Chief Underwriter, originators, closers, legal, credit and securitization teams to aid in the closing and securitization of loans. Other duties include interacting with various rating agencies and b‑piece investors through the securitization process.

Qualifications

• 5-8 years of experience underwriting commercial real estate loans.
• Strong skills in underwriting, credit analysis, and risk assessment.
• Proficiency in financial modeling, cash flow analysis, and property evaluation.
• Excellent verbal and written communication, analytical, and problem‑solving skills.
• Familiarity with CMBS underwriting, loan structures, and commercial real estate markets.
• Experience using financial tools, systems, or software relevant to underwriting.
• Ability to collaborate with internal teams and manage multiple priorities effectively.
• Bachelor’s degree in finance, real estate, or a related field; advanced degree or professional certifications are a plus.
• Prior experience in commercial mortgage underwriting, appraisal / property valuation, or a related field is highly desirable.

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Compensation and Benefits

KeyBank is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.

FOR CHICAGO : Expected base pay rates for the role will be between $150,000 and $180,000. Actual salaries will be determined on an individualized basis and may vary based on factors including but not limited to education, training, experience, past performance, and other job‑related factors. Base pay is one part of Key's total compensation package, which, depending on the position, may also include discretionary bonuses and other benefits sponsored by KeyBank.

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