Commercial Lending to PERE? Or REIT?

I currently have 4 years under my belt as a commercial lender focused on real estate in Boston and have met or exceeded production goals each year. Im pretty good at networking / managing my current borrowers / finding new borrowers / developing repeat business which has taken years. Prior to that was a commercial credit analyst for 3 years. I'm well versed in asset based lending, construction / development for retail, apartment, single fams, mixed use etc.

I'm at a regional bank making 110 base + ~20% bonus and have the itch to join PERE. Going to talk with a recruiter soon that placed a friend. I'm starting down the barrel of 30 more years of community style senior debt lending competing with a ton of other guys just like me with products just like mine. Banks are super slow, regulated, behind tech, conservative, etc

Top 20 finance undergrad; just ok MBA ; 690 gmat self study one attempt if that matters

Thoughts on what position to Target within PERE? Salary? Background being compatible? Should I consider a REIT?

Also... Is it a bad time to get into PERE (maybe late in the cycle??)

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