Analyst - Real Estate Investment

Northwestern Mutual; San Francisco (CA); On-site; USD 85,000 - 120,000; Full time

Job summary

Northwestern Mutual Real Estate Investments, LLC seeks an Analyst, Commercial Real Estate Investments to join the San Francisco team. You will build financial models, underwrite opportunities, and assist in all investment stages from screening to closing across Northern California and the Pacific Northwest.

The role offers exposure to debt and equity investments, interaction with cross-functional teams, and opportunities to grow a long-term career in institutional CRE investing.

Qualifications

• Bachelor’s degree with a strong academic record.
• Strong analytical, quantitative, and problem-solving skills.
• Proficiency with Microsoft Excel and an interest in financial modeling and investment analysis.
• Strong written and verbal communication skills.
• Intellectual curiosity, initiative, attention to detail, and a genuine interest in commercial real estate investing.
• Ability to take ownership of work, manage multiple priorities, and contribute effectively in a collaborative team environment.
• Employer immigration sponsorship is not available for this role.

Responsibilities

• Build and maintain financial models to evaluate prospective debt and equity investments, including property cash flows, investment returns, sensitivities, and capital structures.
• Underwrite new investment opportunities by analyzing property fundamentals, market conditions, sponsorship, business plans, financing structures, and investment risks.
• Participate in the evaluation and execution of investment opportunities from initial screening through underwriting, due diligence, investment approval, and closing.
• Prepare investment memoranda and presentations supporting investment recommendations and approval decisions.
• Assist with property-level due diligence, including the review of operating information, leases, market data, third-party reports, financing materials, and other transaction information.
• Collaborate with investment professionals, asset managers, legal counsel, borrowers, operating partners, brokers, consultants, and other transaction counterparties.
• Support loan ratings, equity valuations and appraisals, portfolio analysis, and other special projects.
• Develop knowledge of commercial real estate markets throughout Northern California and the Pacific Northwest.
• Travel periodically throughout the region for property inspections, market visits, and meetings with investment partners.

Skills

Financial modeling

Investment analysis

Quantitative analysis

Communication skills

Team collaboration

Education

Bachelor’s degree

Tools

Excel

Argus Enterprise

Job description

Who We Are:

Northwestern Mutual Real Estate Investments, LLC (NMRE) is responsible for managing the real estate investments of Northwestern Mutual Life Insurance Company. Northwestern Mutual is one of the largest investors in commercial real estate in the U.S., with a diversified portfolio of commercial mortgage loans and equity investments across major markets and property types. The Analyst, Commercial Real Estate Investments will join our San Francisco investment team and play an active role in evaluating and executing commercial real estate debt and equity investments throughout Northern California and the Pacific Northwest. The role provides exposure to the full investment process, including sourcing, underwriting, due diligence, investment approval, and closing. The Analyst will work across a variety of property types and investment strategies, including stabilized assets and new development, providing an opportunity to build a broad foundation in institutional commercial real estate investing. We are interested in candidates ranging from outstanding recent college graduates to professionals with several years of relevant experience.

What You’ll Do

• Build and maintain financial models to evaluate prospective debt and equity investments, including property cash flows, investment returns, sensitivities, and capital structures.
• Underwrite new investment opportunities by analyzing property fundamentals, market conditions, sponsorship, business plans, financing structures, and investment risks.
• Participate in the evaluation and execution of investment opportunities from initial screening through underwriting, due diligence, investment approval, and closing.
• Prepare investment memoranda and presentations supporting investment recommendations and approval decisions.
• Assist with property-level due diligence, including the review of operating information, leases, market data, third-party reports, financing materials, and other transaction information.
• Collaborate with investment professionals, asset managers, legal counsel, borrowers, operating partners, brokers, consultants, and other transaction counterparties.
• Support loan ratings, equity valuations and appraisals, portfolio analysis, and other special projects.
• Develop knowledge of commercial real estate markets throughout Northern California and the Pacific Northwest.
• Travel periodically throughout the region for property inspections, market visits, and meetings with investment partners.

What Experience You’ll Bring

• Bachelor’s degree with a strong academic record.
• Strong analytical, quantitative, and problem‑solving skills.
• Proficiency with Microsoft Excel and an interest in financial modeling and investment analysis.
• Strong written and verbal communication skills.
• Intellectual curiosity, initiative, attention to detail, and a genuine interest in commercial real estate investing.
• Ability to take ownership of work, manage multiple priorities, and contribute effectively in a collaborative team environment.
• Employer immigration sponsorship is not available for this role.

Preferred Experience and Skills

• Previous experience or internships in commercial real estate, private equity, investment banking, lending, asset management, valuation, development, brokerage, or another relevant field.
• Coursework or experience in real estate, finance, accounting, economics, or related quantitative disciplines.
• Familiarity with commercial real estate valuation, accounting, capital markets, and investment analysis.
• Experience with Argus Enterprise or other real estate valuation or DCF modeling software.

Why This Role

This role offers the opportunity to work alongside experienced real estate investors on live transactions and gain exposure to both debt and equity investing across property types, investment strategies, and markets. As part of a regional investment team, the Analyst will gain hands‑on experience in financial modeling, property and market analysis, due diligence, investment decision‑making, and transaction execution. The breadth of the role provides an opportunity to develop both technical skills and investment judgment while building a strong foundation for a long‑term career in institutional commercial real estate investing.

Compensation Range

We believe in fairness and transparency. It’s why we share the salary range for most of our roles. However, final salaries are based on a number of factors, including the skills and experience of the candidate; the current market; location of the candidate; and other factors uncovered in the hiring process. The standard pay structure is listed. Grow your career with a best‑in‑class company that puts our clients' interests at the center of all we do.

Northwestern Mutual is an equal opportunity employer that welcomes talented individuals of all backgrounds. We are committed to creating and maintaining an environment in which each employee can contribute creative ideas, seek challenges, assume leadership and continue to focus on meeting and exceeding business and personal objectives.

At Northwestern Mutual, we believe relationships are built on trust. That our lives and our work matter. These beliefs launched our company over 160 years ago. Today, they’re just a few of the reasons why people choose to build careers at Northwestern Mutual. What started in Milwaukee, WI has grown into 7,000+ home office professionals split across 3 campuses: New York City, Franklin and downtown Milwaukee (HQ) - each one bringing with it its own unique talent and culture. In a company with such a long and storied history, this may be the most exciting and important time to be a part of Northwestern Mutual as we are growing our digital and tech capabilities and are always on the lookout for bright, tech‑savvy candidates.

Northwestern Mutual is an equal opportunity employer that welcomes talented individuals of all backgrounds. We are committed to creating and maintaining an environment in which each employee can contribute creative ideas, seek challenges, assume leadership and continue to focus on meeting and exceeding business and personal objectives.