What would you do? SA Offer
I’m deciding between a summer role at a mortgage REIT that is directly affiliated with a large REPE investment manager (BX, STWD, Ares, KKR, TPG) versus a BB CRE role (DB, Citi, GS, WF) with exposure across CMBS, balance sheet lending, and syndications.
My long-term goal is to work at a real estate megafund post-graduation, across either debt or equity. The downside of the mortgage REIT is that full-time analysts typically go through a rotational program that includes time on desks I’m less interested in (e.g., special servicing), and summer compensation is meaningfully lower. The downside of the bank role is the risk of being boxed into CMBS execution without developing a true investing mindset around risk and capital allocation. In either case, I’d likely be re-recruiting for full-time roles.
From a recruiting and career optionality perspective, which summer role would better position me for future opportunities?
Go where you will get a return offer. FT market is dead for RE, so don't bank on that. Either role is good, but don't expect to find any luck in FT due to the market.
This is a good point. Are you in a similar process? I'd be curious to hear what else you're seeing in the market for new opportunities.
I work at a mortgage REIT and the knowledge I have gotten transfers over a lot of roles in PERE which is what i was in before this. Personally I think this a better role because a lot more general knowledge that can be carried over into asset management and acquisition roles.
Rotational programs are not just at REITs, Wells for example as a 2 yr program. You can look for any role and chose not to do the rotational program.
I think it matters what you what to do in the long term "real estate megafund" can mean a lot of things so you mind breaking it down? Do you want to be on the debt side long term?
Appreciate the insight here — it’s constructive. Long term, I want to be at a large platform on the debt or equity side where I’m underwriting risk, deploying discretionary capital, and directly accountable for outcomes.
Given your experience at another mortgage REIT, I’d value your perspective on how this platform is viewed in the market. Can I send you a private message?
Yea shot me a message
Assuming this is Starwood Property Trust vs. Wells? I'd echo what the other person mentioned and aim for the role that has the best FT outcome.
For Wells, if it's in the RECM group, my assumption is you'll be working in originations FT? If so you'll be directly starting out with deals, vs with Starwood, you'd be moved to Surveillance / Servicing for your first rotations
I appreciate the advice. It's not Wells, but your point still stands for what FT would look like initially. It's DB, which has historically been really strong, with many legacy players placing well and leading alternative platforms today. Do you think that changes things? I'm trying to go to the strongest brand and work with the sharpest people, my goal is to learn as much as possible for the summer.
I feel like it’s a wash. Go with whichever has the best chance of FT. Even if you don’t want to return, it’s easier to recruit for a job when you have a job. DB has a good reputation, but not on par with Wells or JPM. I did have a friend who interned there and joined a $20B fund for acquisitions FT fwiw. I would check LinkedIn profiles of all the analysts/associates at each firm and see if you can find which rotations they went through as well as megafund analysts/associates to see what their backgrounds are. Chances are, it’ll be tough to transition from the mortgage REIT to their equity platform if that’s your goal.
Personally, I'd turn down any offer for SA
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