AWM | Private Bank | Commercial Real Estate Underwriting | Dallas
Goldman Sachs Group, Inc.
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Job summary
Goldman Sachs is seeking a CRE Underwriter Associate in Dallas to evaluate, structure, and execute CRE-backed credit facilities for ultra-high-net-worth clients and family offices. You will perform property- and borrower-level analysis, develop underwriting models, and prepare high-quality credit materials for senior committees.
As part of a dynamic Private Bank/Credit team, you will coordinate with underwriters, bankers, risk, and legal teams to advance transactions from diligence through
Qualifications
- 3–6 years of CRE underwriting or real estate credit analysis experience.
- Strong CRE financial modeling and analysis of rent rolls, NOI, DSCR.
- Experience with ultra-high-net-worth clients or family office structures is preferred.
Responsibilities
- Analyze CRE credit facilities, including cap rates and cash flow.
- Prepare credit memoranda and presentations for credit committees.
- Coordinate with underwriting, risk, legal, and operations to close transactions.
- Monitor portfolio risk and covenant compliance.
- Lead or support multiple transactions in a fast-paced environment.
Skills
Education
Job description
Our Impact
Wealth Management
Across Wealth Management, Goldman Sachs helps empower clients and customers around the world to reach their financial goals. Our advisor-led wealth management businesses provide financial planning, investment management, banking and comprehensive advice to a wide range of clients, including ultra-high net worth and high net worth individuals, as well as family offices, foundations and endowments, and corporations and their employees. Our consumer business provides digital solutions for customers to better spend, borrow, invest, and save. Across Wealth Management, our growth is driven by a relentless focus on our people, our clients and customers, and leading-edge technology, data and design.
Goldman Sachs Private Bank provides competitive borrowing and cash management solutions from Goldman Sachs Bank USA that are strategically integrated with our client’s wealth management goals. Our experienced team partners with PWAs to advise clients on new loans, refinancing and restructuring of existing loans along with overall liability management. Our lenders and mortgage specialists provide a wide range of creative borrowing solutions against asset classes ranging from marketable securities and alternative investments, residential and commercial real estate to more tailored solutions against private assets such as aviation, fine art or vineyards. All team members are employees of Goldman Sachs Bank, USA.
As a member of the Private Bank Commercial Real Estate Underwriting team, you will play an integral role in evaluating, structuring, and executing CRE-secured credit facilities for ultra-high-net-worth individuals, families, family offices, and private investment entities. You will conduct property- and borrower-level analysis, assess key risks and mitigants, prepare credit recommendations, and partner across the Private Bank to deliver thoughtful lending solutions while maintaining a disciplined approach to credit risk.
Depending on experience and level, you will support or lead the end-to-end underwriting and execution of transactions across multiple property types and lending structures. More experienced professionals will independently manage complex transactions, lead client and credit committee discussions, provide subject-matter expertise, mentor junior team members, and contribute to underwriting standards and process improvements.
CRE Credit Analysis, Underwriting and Structuring
- Support or lead the underwriting and structuring of CRE credit facilities, including bridge loans, term loans, acquisition financing, construction and development facilities, and entity-level credit backed by diverse real estate holdings.
- Analyze property-level financial performance, including rent rolls, operating statements, historical performance, capital plans, construction budgets, leases, and third-party reports.
- Develop and review underwriting models incorporating net operating income, discounted cash flow, cap-rate sensitivity, debt service coverage, loan-to-value, loan-to-cost, and stress scenarios.
- Evaluate borrower, sponsor, and guarantor financial strength, including liquidity, leverage, cash flow, global exposure, and contingent liabilities.
- Assess property fundamentals and market conditions, including supply and demand, comparable transactions, tenant performance, geographic concentration, valuation trends, and interest-rate sensitivity.
- Structure or support the development of credit terms, covenants, reserves, recourse and guaranty frameworks, collateral packages, and monitoring requirements.
- Prepare high-quality credit memoranda, approval materials, risk assessments, and recommendations for senior credit committees.
Transaction Execution and Partnership
- Partner with Underwriters, Bankers, Capital Advisors, Investors, Structured Lending, Risk, Legal, and Operations to facilitate timely credit approval and execution.
- Coordinate transaction diligence, including appraisals, environmental reports, construction budgets, leases, market studies, and other third-party reviews.
- Support or lead discussions with clients and their advisors regarding underwriting requirements, structuring considerations, outstanding diligence, and transaction timelines.
- Coordinate documentation, internal approvals, closing requirements, onboarding activities, and resolution of outstanding transaction items.
- Manage multiple transactions and priorities in a fast-paced environment while maintaining accuracy, accountability, and strong attention to detail.
Portfolio and Risk Management
- Monitor ongoing property performance, borrower liquidity, covenant compliance, collateral sufficiency, risk ratings, and overall credit health.
- Prepare or oversee annual reviews, interim analyses, exposure summaries, covenant testing, and portfolio surveillance.
- Identify emerging risks, including property-type volatility, geographic concentration, tenant rollover, interest-rate dynamics, and construction execution risk.
- Escalate credit concerns and recommend appropriate risk-mitigation strategies.
- Ensure adherence to internal credit policies, regulatory expectations, collateral evaluation standards, and portfolio guidelines.
Market and Asset Expertise
- Build and maintain knowledge across CRE asset classes, including multifamily, office, industrial, retail, mixed-use, hospitality, and specialty properties.
- Evaluate market trends, valuation shifts, regulatory developments, and macroeconomic factors affecting CRE performance.
- Develop materials and insights on market conditions, portfolio trends, transaction precedents, structuring norms, and key risk drivers.
- Communicate complex CRE analyses clearly to credit specialists and non-specialist stakeholders.
Leadership and Platform Development
- Contribute to a collaborative, high-performing culture grounded in credit excellence, sound judgment, and client-focused execution.
- Identify opportunities to strengthen underwriting practices, product playbooks, workflows, controls, and credit standards.
- At the Vice President level, mentor Analysts and Associates on CRE underwriting, financial modeling, transaction structuring, and credit judgment.
- At the Vice President level, lead cross-functional workstreams and represent CRE Underwriting in credit committees, pipeline discussions, policy reviews, and product working groups.
- At the Vice President level, serve as a subject-matter expert on CRE structures, market benchmarks, underwriting requirements, and risk considerations.
- 3 to 6 years of relevant experience in commercial real estate underwriting, real estate finance, credit analysis, commercial mortgage lending, structured lending, or a related field.
- Strong analytical skills and proficiency in CRE financial modeling, including NOI, DSCR, LTC, LTV, and sensitivity analysis.
- Solid understanding of CRE financial statements, rent rolls, leases, valuation methods, and property operating fundamentals.
- Demonstrated ability to synthesize information and prepare clear, thorough written credit materials.
- Ability to manage multiple transactions in a fast-paced environment with strong attention to detail.
- Experience supporting ultra-high-net-worth clients, private investors, or family office structures is preferred.
- 7 or more years of relevant experience in CRE underwriting, commercial mortgage lending, real estate finance, structured lending, or a related credit discipline.
- Demonstrated experience independently underwriting and structuring complex CRE credit facilities.
- Advanced knowledge of CRE financial analysis, including rent rolls, operating statements, capital plans, valuation methods, market comparables, and NOI or DCF modeling.
- Demonstrated ability to negotiate credit terms and structure appropriate covenants, reserves, recourse frameworks, and monitoring requirements.
- Ability to clearly articulate complex credit considerations and recommendations to clients, senior stakeholders, and credit committees.
- Demonstrated leadership through transaction ownership, mentorship, cross-functional influence, or underwriting process improvement.
- Experience with ultra-high-net-worth clients, family offices, private investment entities, or complex real estate partnerships is preferred.
At Goldman Sachs, we commit our people, capital and ideas to help our clients, shareholders and the communities we serve to grow. Founded in 1869, we are a leading global investment banking, securities and investment management firm. Headquartered in New York, we maintain offices around the world.
We believe who you are makes you better at what you do. We're committed to fostering and advancing diversity and inclusion in our own workplace and beyond by ensuring every individual within our firm has a number of opportunities to grow professionally and personally, from our training and development opportunities and firmwide networks to benefits, wellness and personal finance offerings and mindfulness programs. Learn more about our culture, benefits, and people at GS.com/careers.
We're committed to finding reasonable accommodations for candidates with special needs or disabilities during our recruiting process. Learn more: https://www.goldmansachs.com/careers/footer/disability-statement.html
© The Goldman Sachs Group, Inc., 2026. All rights reserved.
Goldman Sachs is an equal-possible employer and does not discriminate on the basis of race, color, religion, sex, national origin, age, veterans status, disability, or any other characteristic protected by applicable law.
- Job Identification 135625
- Job Category Associate
- Posting Date 10/05/2026, 02:49 PM
- Locations Dallas, TX, United States
We believe who you are makes you better at what you do. We're committed to fostering and advancing diversity and inclusion in our own workplace and beyond by ensuring every individual within our firm has a number of opportunities to grow professionally and personally
We offer competitive vacation policies based on employee level and office location. We promote time off from work to recharge by providing generous vacation entitlements and a minimum of three weeks expected vacation usage each year.
We assist employees in saving and planning for retirement, offer financial support for higher education, and provide a number of benefits to help employees prepare for the unexpected. We offer live financial education and content on a variety of topics to address the spectrum of employees’ priorities.
We assist employees in saving and planning for retirement, offer financial support for higher education, and provide a number of benefits to help employees prepare for the unexpected. We offer live financial education and content on a variety of topics to address the spectrum of employees’ priorities.
To encourage employees to live a healthy and active lifestyle, some of our offices feature on-site fitness centers. For eligible employees we typically reimburse fees paid for a fitness club membership or activity (up to a pre-approved amount).
We offer on-site child care centers that provide full-time and emergency back-up care, as well as mother and baby rooms and homework rooms. In every office, we provide advice and counseling services, expectant parent resources and transitional programs for parents returning from parental leave. Adoption, surrogacy, egg donation and egg retrieval stipends are also available.
Read more about the full suite of class-leading benefits our firm has to offer..
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