RE Dev Capital Markets Internship

Hello all,I figured this was the best place to ask since I don't know much about RE. Im a junior at a midwestern non target currently recruiting for summer internships. Ive actively been recruiting for IB but unfortunately struck out for 2022.

As a back up plan i applied to a few regional/local places and came across this Capital Markets Internship at a smaller RE development shop that specializes in multi family homes (per their description).

I had my in person interview with the VP and it was primarily behavioral but he stated that I would be assisting the capital markets team with research and analysis related to capitalizing RE projects with debt/equity partners, build pitch decks, etc.

To my understanding its similar to JLL only smaller scale. Again I'm not very knowledgeable on this industry so looking for some info and advice.

My question is, what are some of the exits, comp structure, career trajectory like and what can i expect from a day to day as an analyst in comparison to someone in IB. I know IB comp structure and promotions are fairly rigid and im wondering if RE is similar (analyst to associate to vp to md)

Lastly, if my goal is LMM/MM IB/PE, is this a career i could potentially use to lateral in?

Thanks

Comments (5)

Most Helpful
Dec 1, 2021 - 12:33pm

You are asking a lot of questions, so not really going to attempt to hit all of them (you can probably find a lot of WSO threads on all of this, worth mining them for sure).

Biggest thing to note is that you are describing a "buyside" role/internship with a developer (albeit not on a development team, but the cap markets team). So you, should research those type roles to understand this one. You reference "similar to JLL only smaller scale"... this would not be true if this is a development shop. JLL usually refers to the "sellside" broker/service arm (LaSalle is JLL's investment mngt platform), so while the titles are similar, this is "buyside" vs. "sellside" (i.e. this firm could literally engage JLL as a service provider).  

I'll let you search around for exits and comp stuff... but just will note this is an internship..... so you can still do whatever you want (presuming they want you) afterwards, this will not be career defining or limiting. Personally, sounds like a great internship (given what is knowable from the post), and be great if they or someone similar kept you on. I think I-banking is boring as hell and the must pay people what they pay them because it is so god awful  (enjoy formatting those power points at 2am!! lol). But you ask in a real estate forum, so you get what you get. Ask in the IB or PE forums, and they will probably tell you this is trash. In reality, YMMV. 

Dec 1, 2021 - 12:50pm

Thanks for your reply I appreciate it.

And yeah like I said, I just applied as an after thought bwith no real RE knowledge before hand. Still digging around WSO for any previous threads related. Also thanks for clearing up the differences between JLL and this (buy vs sell). I really had no idea and just assumed it was similar based on title.

Dec 1, 2021 - 1:44pm

Yeah, I figured the JLL confusion came from similar titles in roles/departments. That actually leads to good point, as you are trying to learn/understand real estate, just realize this industry is wayyyy "looser" than traditional I-banking and finance world. Firm size, or "rankings", are really not great determinates on how good a firm is to work for or even their reputation. Smaller, regional firms can be just as good for a career as big ones in a lot of cases. Titles seem to mean less too, part of why some of us find this world more fun (and why others hate it tbh). 

Dec 1, 2021 - 1:50pm

That's pretty much what Im looking for to be honest. I dont care much about working at an elite boutique or top BB in NYC. Honestly just want to work in deals and would be very happy in a low to middle cost of living city like chicago or nashville (maybe somewhere in texas?), what I absolutely do not want to do is follow the traditional finance path and work in FP&A or accounting. Do you mind if I DM you to talk more specifically about this shop and the internship, didnt want to put the name in my post to avoid any issues with recruiting 

Dec 1, 2021 - 2:34pm

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