Blackstone Real Estate Debt Strategies: phone interview experiences?

Hey guys, has anyone had any experience interviewing with this group? I have a phone interview tomorrow & can post questions right after- just struggling to prepare other then researching stuff related to the group.

 

^^^This. It won't be as technical as you think. Why Blackstone? Why RE? They will ask technical questions related to what exactly you look for in a RE transaction. Since this is the debt strategies team, also know about legal documents and how different laws can impact a 1st lien mortgage. For example, NYC has some crazy multifamily laws, but an apartment in the middle of nowhere Tennessee may not have much regulation. Also look at how to observe and value different property types such as multifamily, hotel, office, etc.

Array
 
Vermont_Pride:
Whoa LeBron, you want to work in New Jersey? The Nets? Why? You don't need to go to college to know that the Nets suck.

I think a lot of people would be interested in speaking to Blackstone about employment...

lmao, agreed. lebron, you think recruiting for Blackstone real estate is that informal, simply because it's their real estate dept? it's still insnaely competitive.

to the OP... from what i've heard, the hours are just as bad, but the pay is just as good, both at the junior and senior levels.

 
Best Response
prospie:
Vermont_Pride:
Whoa LeBron, you want to work in New Jersey? The Nets? Why? You don't need to go to college to know that the Nets suck.

I think a lot of people would be interested in speaking to Blackstone about employment...

lmao, agreed. lebron, you think recruiting for Blackstone real estate is that informal, simply because it's their real estate dept? it's still insnaely competitive. .

Yeah you're right...I should just drop my resume off through their website and hope for the best. I agree with you that trying to network does no good whatsoever. Getting to know people won't open doors. The process is too formal and you're only shot is dropping the resume, not asking if anyone out there works in Florham Park....

oh, and thanks for telling me it is insanely competitive - I had no idea people would want to work at blackstone...

anyways - my purpose wasn't to get an interview initially, it was just to get to know someone who works there, etc...

 
Dirrty:
LBJ, I don't think you realize the absurdity of your post. Say someone does have a contact there and gives it to you:

"Hi Mr. Blackstone Employee, I got your number from this guy on an internet forum..."

i see what you mean - then i guess i want to know what the Blackstone office in florham park is like, who works there, (which departments), etc.

 
CashCow:
Does anyone have info on them? How does working there compare to corp pe?

obviously there are a ton of wharton alums working at Blackstone. your best bet is to contact them cold, someone WILL help you out. internet chat rooms arent the best place for any reliable info. except for my advice, of course....

--- man made the money, money never made the man
 

From what I gathered they operate like a typical corp pe team because they are usually buying companies and not single assets (i.e. Hilton, EOP, Trizec etc).

They have a lot of dry powder and are actively searching for deals, mostly in the debt space. Although there was some press about them teaming up with Simon Properties to buy GGR, but there is competition for it.

The London team is fairly lean and I think they only recruit one or two analysts a year.

I have a friend who used to work there and he left because of quality of life and he wanted to get more hands on real estate development experience.

 

The technical stuff compared to corp PE is quite different but the nature of the work for juniors is quite similar. You spend the majority of your time modelling and putting together presentations which inform the decisions that your bosses make. RE generally has a reputation for being less rigid but 1. this probably doesn't apply to a place like BS which is dominated by the same pedigrees/personalities as Corp LBO and 2. even if it is true (that personalities are different) it would have no meaningful impact on the life of a junior. No matter what at a place like BS it's probably viciously competitve and there is little-to-no margin for or tolerance of errors.

Question - what is in Florham Park? Is BS's RE group not on Park Ave?

 

What's your RE background? Were you in CDO structuring/LBO or more on the valuation side?

Blackstone's interviews are notoriously technical, and demonstrating modelling skill will be essential but not corp LBO modelling. You should be able to build a leveraged investment model a portfolio of properties...i.e. forecast operating performance of the property, build a debt waterfall and price the residule CF's to equity less any other costs. Be prepared for model lease cash flows as opposed to more RE theory approach.

Besides this, know your brainteasers, technical analysis, and most importantly, RELAX.....you'll do fine.

What are your motivations for this position?

Haters gonna hate
 

Hi people. Could anyone shed some light on their BREDS interview with me please? I'm interviewing with BREPS and would massively appreciate some input. Have any of you sat their numerical test yet? Apologies for an overly onerous question set from a new user.

 

From an old thread:

"Blackstone's interviews are notoriously technical, and demonstrating modelling skill will be essential but not corp LBO modelling. You should be able to build a leveraged investment model a portfolio of properties...i.e. forecast operating performance of the property, build a debt waterfall and price the residule CF's to equity less any other costs. Be prepared for model lease cash flows as opposed to more RE theory approach"

Fill the unforgiving minute with 60 seconds of run. - Kipling
 

I had an interview for the real estate Asset Management group. We had to do build out a basic cash flow model with exit cap rates and debt yield.. nothing too complicated. Other than that, no technicals... I think it depends which group. For tech, M&A, and PE expect lots of technicals. Less for real estate.

 

Solid team in Hong Kong. They've made a number of strong buys in China lately (in my opinion) across multiple asset classes including retail, office and residential. This stuff can be found easily online, and I recommend you search out their recent deals and learn what you can. Other than that, I've not interviewed with them in HK so don't know what it'll be like.

Question- what is your background? HK/mainland native educated in US/UK and native bilangual?

 

still waiting...! I know (from past experience...) that Blackstone tends to just not email you if they are not interested. if any of us gets an invitation to interview, shall we agree to post here so that the others at least know they are out of the running?

 

Breps? So real estate private equity? Ahh okey, I've had with Real estate debt strategies previously, where I have a final round upcoming as it seems. For RE private equity, I just had a first round this week with 2 analyst, both very much focused on technicals, many questions about LBO, IRR calculations and brain teasers.

 

The breds team were all amazing, really enjoyed talked to all of them. Less actual technicals and more logical/scenario questions to check your understanding of RE. Focused on your cv, what you've done, and testing you on that. I've done ibd so questions about that and valuation for example, but only on the surface/conceptual rather than in-depth details

 

Romanissta I have messaged you asking regarding it! I hope you are able to reply!

I saw that you have done the interview with Blackstone Real Estate Debt Strategies Summer Analyst? I have a first round coming up.

I have only ever done more market-related stuff so no RE experience. Could you guide me as to what questions were asked of you? Anything technical? How many rounds do they have?

Thanks, I'll be really grateful if you could help me!

 

Aut exercitationem sunt nam. Voluptas dolore excepturi id dolorem asperiores velit et aperiam. Beatae quasi odio pariatur est natus.

 

Ut architecto dolores praesentium possimus adipisci id ducimus. Dolorem provident ut quidem eius nobis accusamus ut. Ipsum similique odio est. Quia qui exercitationem commodi impedit. Et ullam nam adipisci in dolores.

Eaque quia sed eius consequuntur veritatis mollitia. Qui veritatis dolore tempore sed.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $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

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
kanon's picture
kanon
98.9
10
Jamoldo's picture
Jamoldo
98.8
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...”