Analyst​/Associate, Debt Strategies

Company Description

Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 27 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With nearly $12 billion in assets under management, Lightstone’s portfolio currently includes over 15 million square feet of industrial, logistics, life sciences, and commercial properties, over 25,000 residential units, and over 5,100 hotel keys.

Lightstone Capital ("LSC") is an alternative commercial real estate lender primarily focused on direct origination of first mortgage bridge loans on transitional commercial real estate assets inclusive of all real estate sectors and domestic U.S. geographies. LSC is a fully integrated lender managing the origination, underwriting/execution, asset management, and loan servicing processes in house. LSC’s corporate headquarters is located in NYC with satellite offices in Los Angeles, Miami, and Austin.

Though the primary focus of LSC is first mortgage bridge loans, LSC has also been active in mezzanine, note‑on‑note, and preferred equity investments and continually seeks unique investment opportunities to produce outsized returns. The Debt Strategies Analyst/Associate will work in the NYC Corporate HQ supporting the origination and deal execution teams on the screening, underwriting, and closing process for new investments and will remain involved in the deals through their life cycle.

The ideal candidate is a motivated self‑starter with a strong work ethic and desire to work in a fast‑paced, team oriented and entrepreneurial environment. Candidates must have significant underwriting and/or direct real estate debt investment experience. The successful candidate will learn quickly, incorporate feedback graciously, take ownership over their work product, and conduct themselves with poise and integrity to support key business goals for the debt team.

This position is available for immediate hire and will report to the Vice President, Real Estate Debt Strategies, based in New York City.

• Support the debt strategies team in underwriting and executing investments for a wide range of commercial real estate transactions. Investments include senior bridge loans, mezzanine loans, and preferred equity backed by virtually all property types throughout the US.
• Organize and manage due diligence and offering materials during the marketing and closing processes; interface with lenders, developers, investors, attorneys, and other third parties.
• Prepare financial and textual analysis on a wide array of real estate debt transactions (as above) including Excel models, committee memoranda, and other packages for the evaluation of CRE loan originations and investments. Evaluate investment merits and risks, market dynamics, projected investment returns and assist in structuring of credit investments.
• Create, review, analyze, and present cash flow projections, multi‑tier IRR waterfall models, sources and uses, project budgets, rent rolls, historical operating statements, rent comps, sales comps, lease expiration schedules, stacking plans, amortization schedules, etc.
• Assist in asset management efforts including business plan and asset valuation updates, as well as property inspections.
• Assist in developing and maintaining the firm’s relationships with real estate brokers, key mortgage bankers, commercial banks, real estate brokers, developers and investors, and other sources of third‑party commercial mortgage loan origination opportunities.

• Minimum of 1‑3 years of relevant commercial real estate debt investment or investment brokerage experience that directly requires valuation of real estate.
• Experience with CRE debt investment including senior bridge loans, mezzanine loans, and preferred equity is preferred.
• Self‑starter who has the initiative and ability to thrive in an…