I'd like to start off by saying that WSO has been a great resource at school and after, great advice here about pretty much everything, especially interview help and industry information.
I know this question has been asked before, but the last thing I was was from 2016 so I'm not sure if it's still relevant. I'm currently in Big 4 right now and have aspirations for REPE. Big 4 is not for me, but going to a nontarget with a not stellar gpa didn't provide me the opportunities I would have liked. I've received an offer from a lender in the area ($1-2B bs) for their institutional healthcare RE team. I'm supposed to hear back for a portfolio analyst from a private REIT that's a subsidiary of one of the larger REPE firms (Brookfield, Starwood, etc.) sometime this week that would be more a better fit personally but I'm not as hopeful. My midterm goal is to end up in REPE still so my question is what are the sorts of exit ops for debt/lending, and do REPEs look favorably on those sorts of backgrounds?
Any advice would be greatly appreciated, especially from someone who has made the transition. Thanks!
Is the healthcare lender a regional bank / life co? Will you only underwrite loans on stabilized properties or do they do a mix of bridge, construction, mezz etc. Is it seniors housing only or will you also lend on medical office, hospitals, and skilled nursing? Answers to the previous questions could change my opinion, but I believe this job would give Good exit ops to healthcare REPE funds but not necessarily other areas of REPE. I work in senior housing so that’s not just a guess.
I don’t really get why people want portfolio management jobs. I believe that work is further removed from the transactions / property operations than acquisitions and asset management. Less of a “deal” role and more of a data analysis role that will be used in investor presentations. I’m not 100% sure about this, so if someone that’s worked in portfolio management knows more please feel free to correct me.
Property level deal experience will usually be superior to doing data analysis on leasing trends if your goal is REPE
Thanks for the insight. It's more of a regional bank but they do deals nationally, most of their deals for this group are actually not so much in this area. A decent amount of the underwriting is on stabilized properties, but they do a lot of bridge loans, increasingly more in the HUD space also. Skilled nursing is their focus, but they have done senior housing too, not so sure about other asset classes.
You're right on the target with the PM functions, it's more going to be something of that nature, or at least that's what I'm guessing as well.
Don’t think HUD underwriting would be a good transition to REPE because it’s so specialized. Skilled nursing is also more specialized / less transferable than senior housing or medical office. Try to get a feel for who their clients are (Mom and pop developers or institutional names). I know a regional bank and a small life co that do all kinds of deals with institutional healthcare names (Carlyle, AEW, Kayne Anderson) and I think that could be great way to get into REPE. Not sure how similar that is to this company you’re interviewing with. Don’t let all that discourage you though. You’re making a switch from Big4 so this could be a good stepping stone
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