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Development Associate- Senior Living

L5

evergreen real estate groupChicago, IL11 days ago

$80,000.00 - $95,000.00

Occupations

Property, Real Estate, and Community Association ManagersLoan OfficersReal Estate Sales Agents

Industries

Continuing Care Retirement CommunitiesAssisted Living Facilities for the ElderlyNew Housing For-Sale Builders
Development Associate- Senior LivingHybrid • Evergreen Real Estate Group - Chicago, IL 60661 Salary Range $80,000.00 - $95,000.00 Salary Position Type Full Time Education Level 4 Year Degree Category IL Leasing License NOT Required
Position Title: Development Associate- Senior Living
Department: Evergreen Senior Living (ESL)
Reports To: Development Manager (ESL)
Location: Chicago, IL (Hybrid), with periodic travel to Ohio project sitesFLSA Status: Exempt
Salary Range: $80,000-$95,000 + BonusJob Summary
Evergreen Real Estate Group is scaling a pipeline of 4% LIHTC Affordable Assisted Living (AAL) communities across Ohio under the Green Oaks brand. Each deal is a ground-up development financed with tax-exempt bonds, 4% LIHTC equity, and layered gap sources. Evergreen Senior Living (ESL) is seeking a Development Associate to support every phase of these deals — financial modeling, funding applications, due diligence, closing, and construction-period execution. The Development Associate works under the direction of the Development Manager, building deal-level analysis and organization that keeps each project moving, with growing exposure to investors, lenders, and agencies.
Key Responsibilities:
  • Support the development proforma for each deal, updating and maintaining the model under the Development Manager's direction from initial underwriting through application, closing, construction, and conversion
  • Help run sources and uses, sensitivity analysis, and structuring scenarios
  • Assist in preparing 4% LIHTC and tax-exempt bond applications to OHFA and other state housing finance agencies, plus gap funding applications
  • Coordinate third-party reports — market studies, appraisals, environmental, and other diligence — to application and lender timelines
  • Maintain due diligence checklists across lender, investor, and operator workstreams; help review and summarize key documents (loan documents, LPA, PSA, operating agreements) so the team can act on them
  • Support the closing process: help coordinate counsel, lender, syndicator, and operator; keep the model current; assemble closing packages
  • Help prepare equity and debt packages and assist in responding to investor and lender underwriting questions
  • Support construction-period reporting to investors, lenders, and agencies, including draw support and conversion deliverables
  • Help prepare internal analysis and reporting — pipeline updates, deal memos, and investment committee materials
  • Support market research, demand analysis, site due diligence, and zoning and entitlement work, including meetings with local governments
  • Keep deal files organized and current on shared systems so anyone on the team can find what they need
Education & Experience:
  • Bachelor's degree in real estate, finance, urban planning, business, or a related field 2-3 years of experience in real estate development, real estate finance, or a related analytical role; exposure to LIHTC or ground-up development a plus
  • Exposure to state HFA applications, tax-exempt bond executions, or LIHTC equity closings a plus but not required; senior housing exposure also a plus
  • Technical & Physical SkillsStrong Excel modeling skills; able to update and maintain a development and operating proforma with guidance from senior team members
  • Able to read, question, and summarize deal documents
Other Requirements:
  • Periodic travel to Ohio project sites for site visits, agency meetings, closings, and community openings
  • SkillsStrong written communication for investor, lender, and agency audiences
  • Organized and reliable across many parallel workstreams
  • Work Environment & Physical Demands
This role is based at Evergreen's corporate office in Chicago on a hybrid schedule, with periodic travel to Ohio for site visits, agency meetings, closings, and community openings. Evergreen Real Estate Group provides reasonable accommodations to enable qualified individuals with disabilities to perform the essential functions of this role.
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Level

SeniorL5

Salary

$80,000.00 - $95,000.00

Location

Chicago, IL

Occupation

Property, Real Estate, and Community Association Managers

Industry

Continuing Care Retirement Communities

Posted

11 days ago

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