Private Credit – Affordable Housing

Deutsche Bank•New York, NY

1d•Hybrid

About The Position

The Affordable Housing team within Deutsche Bank’s US Public Finance & Solutions business is seeking to hire an Analyst or Associate to support the origination, underwriting, structuring, and execution of debt investments secured by affordable housing real estate and related financing structures. The successful candidate will be responsible for independently managing the underwriting and diligence of transactions and making complex decisions with limited supervision. The role requires a highly organized and detail‑oriented individual with excellent written and verbal communication skills. Given the size of the team, this is an extremely interactive role where you will be empowered to work closely with senior professionals while maintaining clearly defined responsibilities and ownership over assigned transactions. This is a compelling opportunity to be involved in an exciting and diverse market and gain exposure to a broad range of financing structures under the guidance of a highly experienced origination and structuring team. More broadly, the US Public Finance & Solutions business operates within the US Rates franchise of the broader Rates/Fixed Income and Currencies (FIC) platform at Deutsche Bank and encompasses origination, structuring, financing, and trading activities across public and private markets.

Requirements

Ability to take ownership for transactions and manage workload with minimal supervision, and demonstrated ability to manage responsibilities across multiple transactions and workflows
Proficiency in mortgage credit analysis and evaluation of borrower and guarantor structures
Product knowledge of affordable housing and related real asset financing structures, including LIHTC where applicable
Proven years of experience in underwriting, credit analysis, or investment roles, with an emphasis on affordable housing, real estate, or infrastructure-related transactions
Excellent critical thinking and decision-making skills, excellent verbal and written communication skills, and strong attention to detail and organizational skills

Responsibilities

Work with a market-leading team to analyze, structure, document, and execute debt financings secured by affordable housing assets
Underwrite senior mortgage loans, subordinated debt, and structured positions, including detailed analysis of property-level cash flows, capital structure, debt service coverage, and structural protections
Build and maintain financial models to evaluate transaction economics, credit risk, and downside scenarios
Draft investment and credit committee memoranda detailing transaction structure, key risks, mitigants, and underwriting conclusions
Project-manage loan transactions from initial screening through closing, coordinating internal approvals and third-party diligence providers (appraisals, engineering reports, environmental reviews, insurance zoning, market studies, etc.) and engaging directly with borrowers, developers, sponsors, counsel, and other counterparties
Conduct desk research and site visits independently across the United States, support post-closing portfolio monitoring and ongoing asset management activities, and assist with the development and mentorship of analysts, interns, and other junior team members