CMBS vs. PERE vs. Mezz Lending - Next Move in my Career Path???

So I am beginning to look for the next move in my RE career. I started out as a quant analyst in IB and eventually made the shift over to CRE in a sort of hybrid bond/CRE role at first focusing on debt securities and lease securitizations for real property. While I continue to work in this area, my work has shifted into more of a traditional role within the CRE debt brokerage arena as an associate. I definitely enjoy working within the CRE industry, but am desiring a role that is more analytical.

Given my former IB background, I have thought about CMBS either on the origination or buy-side (although I am curious to see how much of the buy-side gets involved with property analysis vs. traditional bond underwriting). I am also curious about getting into a more structured/complex CRE lending role thru mezzanine financing (some have explained that actual CMBS property loan underwriting tends to be for vanilla deals). PERE, to me, is obviously a third, but different way, to get into a more analytical CRE role.

I know all of these are different routes to take within CRE, but it would be great to get feedback from those within/familiar with these areas of real estate especially if they can compare. I have not been able to find a great deal of in-depth information regarding a potential role into CMBS investing (B-piece or other) and would appreciate any intel.

Just trying to prepare for where I want to head next - thanks for sharing your experiences!!

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