Real Estate Underwriting Analyst

Job Description

Real Estate Underwriting Analyst | Obra Real Estate

The Tone:
This is a full-time role at Obra Real Estate, located in Chicago, IL. Obra Real Estate (ORE) operates as a commercial real estate lending platform, specializing in bridge and special-situations financing for middle-market transitional assets, with transactions typically ranging from $5 million to $75 million. As a subsidiary of Obra Capital, ORE aims to build a premier, institutional-quality lending platform. This role is critical for evaluating new investment opportunities, driving transactions from initial underwriting to closing, and supporting the firm’s growth.

The TL;DR
• Role: Early Career
• Type: Full-time
• Location: In-person, Chicago, IL
• Pay: $70000–$100000 yearly
• Team: Supports originations and investment teams, collaborates with executive management.
• Mission: Owns the financial underwriting, due diligence, and risk assessment of new commercial real estate investment opportunities to drive transactions through closing.
• Tech Stack: Microsoft Excel, PowerPoint, Word

What You’ll Actually Do
• Underwrite: Underwrite and produce valuations for commercial real estate assets, with a primary focus on multifamily, industrial, retail, and office properties.
• Model: Build and maintain detailed financial models, including cash flow analysis, sensitivity analyses, and return metrics.
• Diligence: Conduct and coordinate due diligence to validate underwriting assumptions, reviewing third-party reports, leases, operating statements, and borrower materials.
• Research: Perform market research and analysis to assess local supply/demand dynamics, rents, vacancies, and comparable transactions.
• Present: Prepare clear, comprehensive investment memoranda and present transaction analyses to internal stakeholders for investment committee approval.

The Must-Haves
• Background: Bachelor’s degree from a top-50 university in real estate, finance, economics, or a related field.
• Experience: Minimum of 2 years of relevant experience in commercial real estate, real estate lending, investment banking, private credit, or finance.
• Skills: Strong financial modeling and analytical skills, proficiency in Microsoft Excel, PowerPoint, and Word, strong written and verbal communication skills, high level of attention to detail, organization, and accountability.
• Bonus: Entrepreneurial mindset with a strong desire to help build and grow a platform, candidates local to Chicago strongly preferred, and occasional travel for site visits and industry conferences.