HFF Analyst vs. Berkadia Analyst
I am located in a top 3 market for both of these groups and was wondering how the two differ for a debt analyst in terms of:
1) Culture 2) Deal Flow 3) Compensation (at analyst level and beyond) 4) Product Type/Focus
Any other information is greatly appreciated.
I would go with HFF if you have the option. Unless you want to stick with lending as a career.
Deal flow will definetly be there at HFF, at least from what I see on the east coast. Heard pay is fair, nothing crazy, but you will meet a ton of people in the industry with both.
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Not sure if they are a hybrid or just bankers(I can't remember). I don't think they do much IN NYC, but think they get nationwide business. I knew a guy who worked there then went to IDB, nice guy wore a rolex and an OK suit.
If you want to get into Funds and Repe I would take the HFF, if you want to get into lending and LifeCo's etc then stick with Berkadia.
It is my understanding that Berkadia does not do a lot of balance sheet lending, so they are also essentially an intermediary/broker, they arrange debt on behalf on the GSE's.
Berkadia is growing like wildfire, strongly consider it if you like multifamily. They also pay their brokers salaries + quarterly bonuses (dependent upon production) similar to Eastdil.
Berkadia also dominates lending, their servicing platform enables them to offer significant discounts on spreads. Many firms cannot compete.
Hi! can you elaborate your point on their servicing a little bit please? I am a noob. So, by retaining servicing of the loan and because of the money saved by not paying another special servicer, they have the capability to offer a discounted rate to the borrower? Am I getting that right?
Yes that is exactly it, they pass this savings along to the borrower. Further, the brokers get an extra fee for internal servicing referrals. They are also aggressively trying to build an investment services platform.
HFF
I think HFF is better but that's more due to the diversity. Berkadia to me, feels like it has taken over ARA's place as the Apartment only brokerage.
Which market?
HFF, all day everyday, twice a day.
Was curious about this as well, I have an interview at Berkadia and JLL capital markets IS, but unsure on what I should expect. I've networked hard with JLL, but Berkadia does offer a pretty good salary.
Berkadia MF IS in SD/LA vs. JLL MF IS in Chicago
Both offer good opportunities as the MD in Chicago said they don't have an office in Detroit which is where I'm from and that it would present opportunities for growth for me, while Berkadia IS team in SD/LA only has 3 people working in the office, but I have heard their MF is strong. Berkadia base is $90K+bonus they said typically $20-30k, not sure on JLL, but heard their base for analysis is $60K + quarterly bonuses based on deal flow.
Anybody have any suggestions?
Weird thread to revive, but I'll bite.
JLL multi in Chicago... particularly if you wan to get back to Detroit. JLL is a better brand, and that Chicago office is a good place to sit (lot of corporate exposure). Don't know how involved he still is in the local market, but Matt Lawton is a hitter (wonder if he's changed his HFF1 license plate...). Berkadia in LA/SD is fine, but definitely B-team in terms of institutional listings (my dated opinion). Salary at JLL is based on volume and the analyst get a piece of each deal.
Well Berkadia has like no info on this website in terms of their IS team, and this was my identical question. I do appreciate the insight, and I agree that I’d prefer JLL, though it’s very hard to determine which team would be better as IS is so team dependent. Both are big markets, and I think pay would be fairly similar, but SD has really nice weather. Also thinking from a family perspective where Chicago has slightly cheaper housing, and better REPE opportunities if I so choose to return to that.
Weird thread to revive, but I'll bite.
JLL multi in Chicago... particularly if you wan to get back to Detroit. JLL is a better brand, and that Chicago office is a good place to sit (lot of corporate exposure). Don't know how involved he still is in the local market, but Matt Lawton is a hitter (wonder if he's changed his HFF1 license plate...). Berkadia in LA/SD is fine, but definitely B-team in terms of institutional listings (my dated opinion). Salary at JLL is based on volume and the analyst get a piece of each deal.
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