2026 Rotational Analyst Program (Affordable Housing)

Are you seeking an opportunity to grow your skills and build your career while shaping the future of the Commercial Real Estate (CRE) industry? If so, join Berkadia’s Affordable Rotational Analyst Program (RAP) and gain hands-on experience across three core groups within our Affordable Housing platform: Underwriting, Mortgage Banking, and Tax Credit Syndication. Be the Next Big Thing. Be Berkadia.

We are committed to growing your career, so in this role you will:

Berkadia’s Rotational Analyst Program is changing the way the industry trains and develops CRE analysts around the many facets of the production business. As a Rotational Analyst, you’ll engage in a comprehensive onboarding experience where analysts will be introduced to:

• Berkadia’s culture;
• Client-facing business segments;
• Supporting groups and technologies;
• Berkadia employees, ranging from analysts through members of executive leadership

Once onboarding is complete, you will return to your local offices and begin a series of three, 6-month rotations. You’ll play a critical role in executing and supporting business for our multi-billion-dollar capital markets platforms. Along the way, you’ll receive mentorship and coaching from a program manager, rotation manager, and peer mentor.

We are seeking one Rotational Analyst from the 2026 cohort, who will be located in Philadelphia or DC.

The Program Rotations

While supporting Underwriting you can expect to

• Support the underwriting process for affordable housing loans
• Analyze financial statements, rent rolls, market data, and loan sizing
• Prepare loan packages and assist with due diligence, including third-party reports and compliance reviews
• Participate in site inspections and collaborate with originators and underwriters

While supporting Mortgage Banking you can expect to

• Assist originators in analyzing commercial mortgage deals and preparing loan submissions
• Conduct market research and maintain databases
• Facilitate communication with borrowers and third parties throughout the loan process
• Support marketing efforts and help identify new business opportunities

While Supporting Tax Credit Syndication you can expect to

• Conduct financial modeling
• Support senior staff in initial review of transactions
• Assist in preparation of offer letters for potential investments
• Prepare deal summaries for presentation to investors and investment committee
• Coordinate with internal and external professionals on project specific analysis and reviews, including, but not limited to multifamily real estate development and operating proformas, tax credit applications, financial statements, construction, environmental reports, and market studies
• Interact with Acquisitions, Developer, Asset Management, Fund Management, and Investor Relations groups as needed to ensure timely, efficient, and thorough delivery of necessary materials in a timely manner

Upon completing the 18-month rotational period, you will partner with program leadership to identify permanent placement into Affordable Housing as determined by career interest, performance, and office needs. 

Recruitment Process

• Interview process includes 3 phases: recruiter phone screen, verbal case study and local team assessment. 
• Applicants will only be eligible to final interview for one office location.
• Applicants are expected to travel to the Philadelphia or DC local office for their final interview. 
• Program commences July 2026 for hired candidates. 

Sponsorship 

Berkadia is not offering visa sponsorship for this position. 

We are passionate about your growth, so to achieve success in this role you should have: 

• Spring 2026 Bachelor’s or Master's degree graduate
• Proficiency in Microsoft Office including Outlook, Word, and PowerPoint
• Intermediate or stronger ability in Microsoft Excel;
• Strong organizational skills and ability to multitask in a fast-paced environment with competing priorities;
• Outstanding attention to detai