AWM | Private Bank | Underwriter | Dallas

Our Impact

Wealth Management

Across Wealth Management, Goldman Sachs helps empower clients and customers around the world to reach their financial goals. Our advisor-led wealth management businesses provide financial planning, investment management, banking and comprehensive advice to a wide range of clients, including ultra-high net worth and high net worth individuals, as well as family offices, foundations and endowments, and corporations and their employees. Our consumer business provides digital solutions for customers to better spend, borrow, invest, and save. Across Wealth Management, our growth is driven by a relentless focus on our people, our clients and customers, and leading-edge technology, data and design.

Goldman Sachs Private Bank

Goldman Sachs Private Bank provides competitive borrowing and cash management solutions from Goldman Sachs Bank USA that are strategically integrated with our client's wealth management goals. Our experienced team partners with PWAs to advise clients on new loans, refinancing and restructuring of existing loans along with overall liability management. Our lenders and mortgage specialists provide a wide range of creative borrowing solutions against asset classes ranging from marketable securities and alternative investments, residential and commercial real estate to more tailored solutions against private assets such as aviation, fine art or vineyards. All team members are employees of Goldman Sachs Bank, USA.

Your Impact

The Commercial Real Estate (CRE) Underwriting Associate plays a key role in evaluating, structuring, and executing CREsecured credit facilities for ultrahighnetworth individuals, families, and private investment entities. Working closely with CRE Underwriters, Bankers, Capital Advisors, and Risk, the Associate performs detailed propertylevel and borrowerlevel analysis, prepares credit materials, and helps drive transaction execution.

This role provides exposure to multiple CRE asset classes and supports both new originations and ongoing portfolio monitoring. It is a strong development path toward senior underwriting responsibility.

Key Responsibilities

CRE Credit Analysis & Underwriting Support

• Analyze propertylevel financials including rent rolls, operating statements, and historical performance.
• Prepare underwriting models including NOI analysis, cap rate sensitivity, DSCR/LTV calculations, and stress scenarios.
• Review borrower/guarantor financials to assess liquidity, leverage, cash flow, and global exposure.
• Draft significant portions of credit memoranda-property summaries, market analyses, borrower overviews, and risk assessments.

Deal Structuring & Execution

• Support Underwriters in structuring CRE facilities including terms, covenants, reserves, guaranty frameworks, and collateral packages.
• Coordinate diligence: appraisals, environmental reports, construction budgets, leases, and thirdparty reviews.
• Partner with Legal and Operations on documentation, closing requirements, and onboarding activities.
• Track workflow, documentation status, and data accuracy across internal systems.

Portfolio Monitoring & Risk Management

• Assist with ongoing monitoring including covenant calculations, financial updates, rental performance, and borrower liquidity reviews.
• Prepare annual reviews, interim analyses, and exposure summaries for existing CRE loans.
• Identify potential risk issues and escalate to senior underwriters as appropriate.
• Maintain compliance with internal credit policies and regulatory guidelines.

Market & Asset Expertise

• Conduct market research on supply/demand trends, cap rates, tenant performance, and comparable transactions.
• Build familiarity with key CRE asset classes: multifamily, office, industrial, retail, mixeduse, hospitality, and specialty properties.
• Support creation of internal materials on market conditions, portfolio insights, and deal precedents.

CrossFunctional Collaboration

• Partner with Lenders, Capital Advisors, Legal, and Risk teams to support smooth deal execution.
• Participate in underwriting meetings, pipeline discussions, and client calls as needed.
• Contribute to process improvement initiatives, playbook updates, and underwriting standards.

Qualifications

Required

• 3-6 years of experience in commercial real estate underwriting, real estate finance, credit analysis, or related fields.
• Strong analytical skills and proficiency in CRE financial modeling (NOI, DSCR, LTC, LTV, sensitivity analysis).
• Solid understanding of CRE financial statements, rent rolls, leases, and property operating fundamentals.
• Excellent written communication and attention to detail.
• Ability to manage multiple transactions in a fastpaced environment.

Preferred

• Experience with UHNW clients, private investors, or family office structures.
• Familiarity with construction lending, development analysis, or entitylevel borrowing structures.
• Advanced coursework or certifications in real estate or finance (e.g., ARGUS, CFA Level I, credit training).

Success Factors

• Strong analytical rigor and ownership mindset.
• Ability to synthesize information and prepare clear, thorough credit materials.
• High level of collaboration and professionalism with crossfunctional partners.
• Desire to build deep CRE underwriting expertise and grow into higherlevel responsibilities.

ABOUT GOLDMAN SACHS

At Goldman Sachs, we commit our people, capital and ideas to help our clients, shareholders and the communities we serve to grow. Founded in 1869, we are a leading global investment banking, securities and investment management firm. Headquartered in New York, we maintain offices around the world.

We believe who you are makes you better at what you do. We're committed to fostering and advancing diversity and inclusion in our own workplace and beyond by ensuring every individual within our firm has a number of opportunities to grow professionally and personally, from our training and development opportunities and firmwide networks to benefits, wellness and personal finance offerings and mindfulness programs. Learn more about our culture, benefits, and people at GS.com/careers.

We're committed to finding reasonable accommodations for candidates with special needs or disabilities during our recruiting process. Learn more: https://www.goldmansachs.com/careers/footer/disability-statement.html

The Goldman Sachs Group, Inc., 2026. All rights reserved.

Goldman Sachs is an equal opportunity employer and does not discriminate on the basis of race, color, religion, sex, national origin, age, veterans status, disability, or any other characteristic protected by applicable law.