CRE Debt Investment Associate/Sr. Associate
A leading real estate investment manager is seeking an Associate to join its Real Estate Debt team in New York. The firm takes an opportunistic approach to commercial real estate credit, investing across the capital structure through senior bridge loans, mezzanine debt, preferred equity, and other structured real estate investments.
The platform focuses on complex and transitional situations where strong underwriting, structuring, and real estate fundamentals are critical to investment decisions. Transactions can span a variety of property types and situations, including acquisitions, value-add business plans, construction, lease-up, recapitalizations, and other special situations.
This is a highly transactional role offering exposure to large and complex investments, with average transaction sizes of $200MM+, and the opportunity to work directly alongside senior members of the investment team throughout the full lifecycle of a transaction.
Key Responsibilities
- Evaluate and underwrite new commercial real estate debt and structured investment opportunities across senior loans, bridge loans, mezzanine debt, and preferred equity
- Build and maintain detailed financial models analyzing property-level cash flows, debt sizing, leverage, returns, downside scenarios, and exit strategies
- Assess investment opportunities across a variety of property types and risk profiles
- Perform detailed due diligence on prospective investments, including analysis of sponsorship, business plans, market fundamentals, property performance, capital structures, and third-party reports
- Evaluate transactions across different points of the capital stack and determine appropriate investment structures based on risk and return
- Prepare investment committee memoranda and presentations outlining the investment thesis, key risks, mitigants, structure, and expected returns
- Work closely with senior investment professionals throughout origination, underwriting, structuring, diligence, negotiation, and closing
- Interface with borrowers, sponsors, brokers, capital markets advisors, attorneys, consultants, and other transaction counterparties
- Support the sourcing and evaluation of new investment opportunities while maintaining relationships across the broader commercial real estate market
Qualifications
- 2-5 years of relevant commercial real estate experience, ideally within real estate debt, private credit, real estate investments, investment banking, or capital markets advisory
- Strong experience underwriting institutional-quality commercial real estate transactions
- Exposure to bridge/transitional lending, senior mortgages, mezzanine debt, preferred equity, construction lending, or structured real estate credit strongly preferred
- Advanced financial modeling and analytical skills
- Strong understanding of commercial real estate valuation, capital structures, debt sizing, and investment returns
- Ability to evaluate complex or transitional business plans rather than solely stabilized assets
- Excellent written and verbal communication skills with the ability to clearly articulate an investment thesis
- Bachelor's degree required
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