Underwriting Analyst

Why Merus?

Formerly known as Al. Neyer, Merus combines more than 130 years of commercial real estate expertise with an integrated team of company owners. We specialize in the construction, development, ownership, and management of a diverse portfolio of real estate assets across a growing footprint in the eastern U.S.

We’re all owners here. This not only sets us apart but deeply influences our culture and operations. Every team member demonstrates a deeper sense of ownership and accountability — in both their daily tasks and the collective success of the organization. Learn more about our culture at www.merus1894.com.

Summary of Responsibilities

The Underwriting Analyst will play a key role in supporting strategic decision-making and investment evaluation across Merus' commercial real estate platform. This position is responsible for underwriting new development opportunities, analyzing project performance, and providing critical insights that drive investment committee recommendations and long-term financial outcomes.

The Analyst will collaborate closely with Development, Capital, and Asset Management teams to support all phases of the development lifecycle, including deal screening, market research, financial modeling, benchmarking, and investment analysis. The ideal candidate is highly analytical, detail-oriented, and thrives in a fast-paced, entrepreneurial environment with multiple priorities and stakeholders.

Essential Job Functions

• Monitor key market indicators, including vacancy rates, rental trends, and construction activity; collaborate with Market Leaders and brokerage teams to maintain a centralized database of industrial lease comparables.
• Conduct comprehensive market research to inform pipeline development decisions, including site analysis, demographics, competitive landscape, and historical project performance; summarize findings for Investment Committee materials.
• Develop and maintain Excel-based proforma models to evaluate the financial feasibility of prospective projects, reforecast existing developments, and assess actual performance against initial underwriting.
• Support investment analysis by modeling various capital structures and return scenarios, including cash flows, lease-up assumptions, IRR projections, and complex waterfall distributions.
• Serve as a critical underwriting and data resource to the Real Estate Development and Market teams, effectively prioritizing and managing multiple concurrent requests.
• Contribute to the continuous improvement of underwriting models, tools, and processes to enhance accuracy, consistency, and efficiency.

Essential Competencies

• Nimble Learning - Actively learning through experimentation when tackling new problems, using both successes and failures as learning fodder.
• Action Oriented - Taking on new opportunities and tough challenges with a sense of urgency, high energy, and enthusiasm.
• Demonstrates Self-Awareness - Using a combination of feedback and reflection to gain productive insight into personal strengths and weaknesses.
• Self-Development - Actively seeking new ways to grow and be challenged using both formal and informal development channels.
• Instills Trust - Gaining the confidence and trust of others through honesty, integrity, and authenticity.
• Customer Focus - Building strong customer relationships and delivering customer-centric solutions.

Position Requirements

• Strong oral and written communication skills
• Process-oriented; able to develop, initiate, and monitor processes
• Detailed-oriented with demonstrated ability to meet deadlines while managing multiple competing priorities
• Ability to collaborate across multiple internal business functions and with external partners
• Ability to influence and persuade
• Experience working in a fast-paced, entrepreneurial environment

Qualifications and Experience

• Two or more years of experience with commercial real estate underwriting and/or research
• Bachelor’s degree required, finance major or focus preferred
• Strategic, analytical, and financial modeling skills
• Proficient in Microsoft Excel
• Familiarity with real estate databases and GIS tools a plus (CoStar, Yardi, ArcGIS)

Safety Hazard of the Job

Normal safety hazards associated with office work, and with occasional observational visits to construction sites.

Physical Demands

Low physical effort required to sit, stand at files, bend, stoop, lift, and walk. Maximum unassisted lift is 35 lbs. Average lift is less than 10 lbs. Requires ability to use a keyboard and monitor. Also requires the ability to communicate verbally, both in person and on the telephone. May require some travel by car.

Environmental Requirements

Average inside office environment. Average office noise levels. No personal protective equipment is required. Ambient temperature is between 68F and 76F.

This job description is not intended to be all-inclusive. The employee will also perform other reasonably related business duties as assigned by their immediate supervisor and other management as required. This job description is not a contract or offer for employment, and either you or Merus may terminate employment at any time for any reason.