Berkadia
Would love to hear people's thoughts on Berkadia for CRE and if this would be a good starting spot / what would be good exit opps.
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very solid reputation (at least in the multifamily space), they go head to head with the major big name brokerages like CBRE, JLL, Newmark, CW in a lot of markets. They seem to have poached people from those names as well (I know some HFF people who went there rather than go to JLL). I would also consider them somewhat similar to Walker and Dunlap. They are legit institutional players and growing.
As for exit ops... pretty much same you would get with any institutional brokerage.
re exit ops: what are the usual exits from any institutional brokerage? Do people go from there to MM M&A?
No
It's common for people to leave institutional brokerage to go work for an institutional buyside client (like often one they directly serviced while in brokerage). That can mean owner/operators, developers, and also equity/debt funds/platforms.
Moving to traditional I-banking (like what I think you imply with MM M&A) is definitely not common, but maybe not impossible (def a big jump, and banks are not easy to get into outside of the more traditional paths).
Great place for multi, not really much business in the other asset classes though. If you want more commercial experience vs multifamily, this to me would be the only drawback. As far as multifamily goes Berkadia is as respected as any of the major shops. However with anything in brokerage its all team focused, some teams will have high deal flow and institutional level deals, others might not be as sexy.
Current analyst at Berkadia here. Think everyone's got some good comments, I'll add my thoughts:
- Berkadia first and foremost is a DUS/agency lender; they lend on deals on behalf of Freddie/Fannie/HUD, which leads to my next point
- extremely active in the multifamily area (due to being a DUS lender); will compete against top shops for deals
- caveat - certain teams have never looked at an agency deal and will solely do debt fund, bank, lifeco business - across all asset types (very team dependent)
- depends on team and location, but deal flow is usually very strong if you have active mortgage bankers in your office
Overall I enjoy my time. They pay better than most at a young age and are constantly poaching other teams to bolster up their production. Can get repetitive with the amount of deal flow (as can most debt positions), but if you take the time to understand what you are doing, you will learn a lot. Exit opps (again, team dependent) are kind of up to you - I've seen it all - acquisitions, asset management, staying at Berkadia to originate (or to a competitor), move to servicing, go to Freddie/Fannie, etc. The exits are there if you put in your time, learn, and can be a part of some solid closings.
What kind of analyst are you?
A good one
Lol I work as a mortgage banking analyst so production
Some thoughts on Barcadia:
•Tables are well spaced, the lighting is dim and flattering, the food Nouvelle Southwestern
•Has gotten much more expensive than even Dorsia
•"I mean I loved Barcadia, the food was outstanding and that mango sorbet, ohmygod I was in heaven. Listen, it's okay that we didn't go to Dorsia. We can always go some other night and I know that you probably tried to get us in but it's just so hot right now. But, oh yeah, I really loved the food at Barcadia. How long has it been open? I think it's been three, four months. I read a great review in New York or maybe it was Gourmet" -girl I took out there
(Although I wouldn't mind having sex with her body, the idea of treating her gently, of being a kind date, of apologizing for this evening, for not being able to get into Dorsia (even though Barcadia is twice as expensive for Christ sakes), rubs me the wrong way. The bitch is probably pissed we don't have a limo.)
Every berkadia model put in front of me has some of the most egregious and indefensible assumptions ive ever seen.
Whenever I underwrite a Berkadia deal, i always feel like they are trying to pull one over my head
Florida, Houston, or Philly office? Gotta be one of them
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