Development Associate- Senior Living

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 sites

FLSA Status: Exempt

Salary Range: $80,000-$95,000 + Bonus

Job 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

Financial Modeling & Underwriting

• 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

Funding Applications & Public Finance

• 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

Due Diligence & Closing

• 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

Investor & Lender Communication

• 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

Predevelopment & Project Support

• 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 Skills

• Strong 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

Skills

• Strong 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.