Established in 2012 at the express mandate of Deutsche Bank Commercial Real Estate (“DB CRE”), Hanover Street Capital, LLC (“Hanover”) was formed to exclusively support the end-to-end functions of DB CRE’s substantial commercial and multifamily real estate financing business in the United States. These functions include loan origination, underwriting, due diligence and closing; securitization transaction management and capital markets structuring; loan servicing and administration; and portfolio and asset management.
About the Role:
We are looking for an experienced Associate Underwriter to join our CRE Credit Analytics team in New York City, operating primarily out of Deutsche Bank’s Columbus Circle headquarters. In this role you will support the management of DB CRE’s $23 billion dynamic U.S. commercial real estate loan portfolio. You will be responsible for providing detailed underwriting of selected portfolio assets, including mixed-use, office, multifamily, hotel, retail, and industrial properties across the United States with a specific focus on distressed and underperforming properties.
You will evaluate large, highly-structured bridge loans secured by transitional assets with a typical deal size of over $100 million, as well as significantly larger multi-lender syndicated transactions of over $1 billion in total financing. These loans will generally include large capital improvement plans and repositioning strategies for value-add existing assets as well as newly-built properties in initial lease- or ramp-up. Loan collateral will generally be located in Tier 1 markets and CBD locations with institutional quality sponsorship and trophy or high-quality assets. You will be working closely with Asset Managers, Credit Risk Management and Originations teams to evaluate, monitor, and forecast asset performance and provide detailed analyses to senior managers at DB CRE.
- Gather CRE market data including rent, occupancy, absorption, sales trends, and formulate balanced viewpoints on market trajectories to inform underwriting analyses
- Spread and analyze detailed property financial information, review third-party reports and loan documents, and analyze borrower business plans and related property budgets
- Prepare and update property cash flow projection models, as well as perform ad hoc financial analyses of CRE assets
- Prepare presentation decks and in-depth credit memoranda detailing underwriting, related due diligence, and conclusions to aid in borrower negotiations related to modifications and restructurings
- Assist in presenting findings to DB CRE’s Global Head of Asset Management, Senior Credit Officers and other senior members of the Asset Management and Originations teams
Required Education & Work Experience:
- Bachelor’s degree from an accredited institution, preferably with a concentration in Economics, Finance, Accounting or Commercial Real Estate
- 4 or more years’ experience with commercial real estate debt and/or equity underwriting
- Experience across all or most traditional asset types, including office, hospitality, retail, multifamily, industrial, and mixed-use properties
- Advanced financial modeling skills with experience modeling CRE assets and capital structures
- Experience with Argus highly preferred, but not required
- Excellent oral and written communication skills combined with a meticulous approach towards CRE credit analysis
- Ability to manage multiple priorities and meet multiple deadlines within a lean and focused team
- Balanced viewpoint and determination to assess asset/loan performance and understand the challenges and risks associated with dynamic and complicated bridge loans
Note: This job description is not intended to be all inclusive or exclusive. At any time, employee may perform other related duties as required to meet the ongoing needs of the organization and participate in additional trainings. Qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
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