CRE Credit Analyst

Waterfall Asset Management, LLC is an SEC-registered alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and private equity. Waterfall was founded in 2005 by Tom Capasse and Jack Ross, early leaders of the ABS industry. Waterfall seeks to provide its clients a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is headquartered in New York, with additional offices in London, and Dublin. As of December 31, 2023, Waterfall approximately $12.6 billion in assets under management.

Job Description 

CRE Credit Analyst will gain hands-on experience across a broad set of transaction types (loan acquisitions, senior/mezz/pref direct originations) and asset classes working for the CRE Credit desk. Waterfall’s CRE Credit Desk is a high yield commercial real estate debt strategy with opportunities ranging from loan pool acquisitions, construction financing, bridge and acquisition lending, and direct debt originations (senior, mezzanine, and preferred equity investments). The Desk manages their investments directly, working alongside Borrowers, Servicers, and other third parties.

Analyst will gain experience in the following areas: speaking with Brokers and Borrowers, underwriting, presenting opportunities directly to senior management at Waterfall, in asset management functions, and dialoguing directly with financing counterparties. Ideal candidates have strong proficiency in excel, abilities to multi-task and work independently, as well as an entrepreneurial mindset with strong attention to detail and desire to work in a fast-paced environment.

Specific job responsibilities include:

• Supporting team members in evaluating potential investment opportunities across various property types and markets
• Managing credit underwriting and financial analysis of new investment opportunities
• Creating and maintaining financial models and sensitivity analyses
• Assisting with creating initial screening memos and final investment memos which will be presented before the Investment Committee
• Collaborating with other WAM teams including; CMBS & Real Estate Teams, Contract Finance, PMG, Valuations, etc.) and externally with borrowers and third-party service providers before, during, and after closing
• Maintaining the CRE Debt Team’s internal transaction pipeline
• Assisting with the asset management process and other assignments as they arise (pricing, valuations, stats etc.)

Qualifications and Education Requirements

• Bachelor's Degree
• One to Three years’ experience in commercial real estate (debt and/or equity)
• Strong communication / writing skills
• Experience with CRE Research/Modeling tools: Argus, CoStar, Real Capital Analytics, etc.