Real Estate Capital Markets Analyst

Morning Calm Management – Real Estate Capital Markets Analyst

Morning Calm Management is looking for an Analyst to join our rapidly growing Capital Markets team. We are seeking bright, ambitious candidates who are ready to take the next step and accelerate their careers. In this role, you will be involved all aspects of equity and credit underwriting for direct real estate investments, joint venture investments and real estate M&A, assisting the team in evaluating, pursuing and executing on investments across property sectors (industrial, office, multifamily, retail, hospitality, etc.)

and up and down the capital stack (equity, preferred equity, mezzanine and senior debt). You will sit in Morning Calm’s DC office, located in the Dupont Circle neighborhood of Washington, DC, along with the majority of the firm’s investment professionals and its founder and CEO, Mukang Cho. A new Analyst can expect to step into a fast paced and demanding environment and should be high-energy, self-motivated and able to adapt in a dynamic workplace.

Morning Calm is real estate investment and management firm with a focus on special situation investing and commercial real estate credit. The firm’s current equity portfolio consists of 13 million square feet of commercial real estate and 9 multifamily assets, and its current loan book consists of senior financing and subordinated debt / preferred equity across numerous products, including condominium development, flex, hospitality, industrial, office and retail.

Since 2014, Morning Calm has executed transactions for real estate comprising 28 million square feet with aggregate value of approximately $4.8 billion. Notable recent executions include:

• Elliott, Morning Calm Complete $1B City Office REIT Buy (January 2026)
• JP Morgan, Sculptor and Morning Calm Lend $686 million for Luxury Las Vegas Condos (November 2025)
• BTG Pactual, Morning Calm Execute $275 million SASB Refinancing (September 2025)
• Morning Calm acquires Charlotte Plaza for $70 million (August 2025)
• Morning Calm Exits West Palm Beach Office Building for More Than Triple Its Original Purchase Price (May 2025)
• Morning Calm acquires 701 Brickell Avenue for $443 million (October 2024)
• Morning Calm, PRP acquire Market Square for $323 million (March 2024)

• Perform asset and market-level research and diligence to evaluate transaction opportunities
• Develop and input assumptions in ARGUS to generate property cash flow projections
• Integrate ARGUS outputs into Microsoft Excel models
• Model various capital structures to finance each transaction in Excel
• Generate and analyze return estimates for new and existing deal opportunities
• Synthesize presentations and memos that summarize each opportunity for internal committee review
• Quarterback live deal processes, including coordination of and participation in review and analysis of due diligence materials
• Other duties as assigned

The ideal candidate is a driven, disciplined professional with ambitions to build a career in the fast-paced world of institutional commercial real estate investments. To be considered, all applicants must provide (a) a brief cover letter outlining their background and relevant experiences, as well as their interest in Morning Calm, the Analyst role and commercial real estate investing and (b) a current resume.

We request that candidates refrain from using generative AI or similar tools when composing cover letters – we look forward to hearing your story in your words.

In addition, all candidates should meet the following requirements:

• Bachelor’s degree
• 1-3 years of professional experience in real estate or finance-related fields (ideally, current analysts who feel they are ready to take the next step)
• Excel and ARGUS expertise (will be required for the effective execution of most job functions)
• Writing and communication skills (Analyst must be capable of presenting his or her work in a cogent, thoughtful manner to senior staff)
• Mathematical, analytical and critical thinking skills

We offer a competitive benefits package for all eligible employees. Total compensation to be commensurate with experience and background. Extensive background check required.