Capital Markets Analyst

Merit Commercial Real Estate; San Antonio (TX); On-site; USD 70,000 - 95,000; Full time

Job summary

Merit Commercial Real Estate is seeking an Analyst to underwrite, analyze, and monitor real estate investment opportunities across Texas and the Southeast. You will work with senior investment staff on acquisitions, financing, asset management, and capital raising, developing broad deal experience.

The role emphasizes strong financial modeling, market analysis, and cross-functional collaboration, with exposure to debt and equity transactions and investor materials.

Qualifications

• Bachelor's degree required in Finance, Real Estate, Economics, Accounting, or related field.
• 2–3 years of experience in real estate acquisitions, investments, development, private equity, investment banking, or capital markets.
• Experience underwriting or supporting underwriting of industrial, office, mixed-use, and/or land investments across various capital structures.

Responsibilities

• Underwrite and analyze real estate investment opportunities across Texas and the Southeast.
• Build and maintain financial models; support diligence and investor presentations.
• Assist in capital markets activities including debt and equity financing.

Skills

Financial modeling

Underwriting

Analytical thinking

Communication skills

Attention to detail

Project management

Team collaboration

Education

Bachelor's degree in Finance/Real Estate/Economics

Tools

Excel

PowerPoint

Job description

Reports To: Senior Vice President, Capital Markets

Position Overview

The Analyst will play a hands-on, support-oriented role in underwriting, analyzing, and monitoring real estate investment opportunities across diverse product types and markets throughout Texas and the Southeast. Working directly with the Senior Vice President and alongside senior investment professionals, the Analyst will support acquisitions, developments, financing activities, asset management initiatives, and capital raising efforts, serving as a key analytical contributor to the investment process. The role offers exposure to a broad range of asset classes and to primary, secondary, and tertiary markets across the region.

This role requires a highly analytical individual with strong financial modeling capabilities, a solid foundation in real estate investment concepts, and the ability to manage multiple workstreams in a fast-paced environment. The Analyst will be responsible for building and maintaining financial models, supporting diligence efforts, and preparing analyses that inform investment decisions, working closely with internal teams and—under the direction of senior staff—with lenders, investors, brokers, and operating partners.

The position offers meaningful exposure to the capital markets process, including supporting the preparation and presentation of debt financing opportunities, assisting in the procurement of construction financing, re‑financings, and other debt solutions for the firm's investment and development pipeline, and contributing to equity capital raising initiatives and investor presentations. The Analyst will gain hands‑on experience across the full capital stack while developing the skills needed to progress toward greater deal ownership over time.

Key Responsibilities

Financial Analysis & Underwriting

• Support financial underwriting for acquisitions, developments, recapitalizations, dispositions, joint ventures, and structured investment opportunities.
• Build, maintain, and update financial models across industrial, office, mixed‑use, and land investments.
• Analyze investment returns, cash flows, sensitivities, capital structures, financing alternatives, IRRs, equity multiples, and risk‑adjusted returns.
• Assist in evaluating investment opportunities across primary, secondary, and tertiary markets throughout Texas and the Southeast.
• Review and help validate underwriting assumptions, market projections, operating forecasts, and development budgets.

Acquisitions & Investment Execution

• Support the sourcing, evaluation, and analysis of new investment opportunities.
• Assist in preparing investment recommendations for review by senior management.
• Support the review of purchase agreements, joint venture structures, and financing terms.
• Help coordinate transaction activities from initial evaluation through closing.
• Help build and maintain relationships with brokers, owners, lenders, and industry participants to support sourcing initiatives.

Due Diligence

• Support quantitative and qualitative due diligence efforts for prospective investments.
• Review leases, operating statements, rent rolls, market studies, third‑party reports, development budgets, and financing documents.
• Assist in coordinating internal and external diligence teams, including legal counsel, consultants, lenders, and operating partners.
• Maintain diligence checklists, virtual data rooms, and transaction documentation.

Capital Markets & Financing

• Support debt placement, equity raising, recapitalization, and refinancing initiatives.
• Assist in maintaining and cultivating relationships with banks, debt funds, life companies, and other capital providers.
• Assist in preparing debt financing packages for acquisition, development, and refinancing opportunities.
• Analyze financing alternatives and help evaluate lender proposals and term sheets.
• Support the development of financing strategies that optimize risk‑adjusted investment returns.
• Track debt market conditions, capital flows, and financing trends impacting investment activity.

Asset Management & Portfolio Performance

• Assist in monitoring asset and portfolio performance against underwriting assumptions, business plans, and return objectives.
• Maintain property‑level forecasts, valuation models, and hold/sell analyses throughout the investment lifecycle.
• Analyze variances between actual results and underwriting projections, including NOI, leasing performance, development budgets, and cash flow metrics.
• Support investor reporting by preparing performance updates, return analyses, and business plan progress summaries.
• Support refinancing, recapitalization, and disposition analyses to maximize asset and portfolio performance.

Market Research & Investment Strategy

• Maintain a working understanding of real estate market fundamentals, capital markets trends, and macroeconomic drivers.
• Conduct market research and competitive analysis across targeted markets and investment sectors.
• Help identify emerging investment themes, opportunities, and potential risks.
• Contribute analytical insights supporting the firm's investment strategy and growth initiatives.

Investor & Investment Committee Materials

• Assist in preparing investment committee memoranda, acquisition summaries, and executive presentations.
• Support the development of investor‑facing materials, including deal books, financing packages, debt presentations, and equity offering materials.
• Support the preparation of materials for institutional investors, family offices, and strategic capital partners.
• Present analyses clearly and concisely to support senior leadership's decision‑making.

Pipeline & Relationship Management

• Maintain the firm's investment pipeline, tracking active opportunities and transaction status.
• Coordinate with brokers, lenders, owners, investors, and industry professionals to support sourcing efforts.
• Maintain lender and capital partner relationship databases.
• Monitor market activity and maintain databases of prospective opportunities and capital relationships.
• Provide regular pipeline reporting and transaction updates to senior leadership.

Qualifications & Experience

• Bachelor's degree in Finance, Real Estate, Economics, Accounting, or a related field.
• 2–3 years of experience in real estate acquisitions, investments, development, private equity, investment banking, or capital markets.
• Experience underwriting or supporting the underwriting of industrial, office, mixed‑use, and/or land investments across a variety of capital structures and business plans.
• Working knowledge of real estate valuation methodologies, capital structures, and financing markets.
• Experience analyzing NOI, cash flow projections, development returns, capital expenditures, debt sizing, IRRs, equity multiples, and waterfall distributions.
• Exposure to asset management initiatives, investor reporting, and/or refinancing or recapitalization transactions.
• Experience supporting transaction execution from sourcing through closing.

Skills & Competencies

• Strong financial modeling and underwriting capabilities.
• Advanced proficiency in Microsoft Excel and PowerPoint.
• Strong analytical, problem‑solving, and critical‑thinking skills.
• Ability to work both independently and collaboratively under the direction of senior team members while managing competing priorities.
• Strong written and verbal communication skills.
• Exceptional attention to detail and organizational skills.
• Ability to synthesize information into clear, well‑supported analyses.
• Collaborative team player with a proactive, ownership‑oriented mindset.
• High degree of professionalism, discretion, and accountability.