Real Estate Financial Analyst in Burlington, Illinois at Adi Developments

ADI Development Group is a vertically integrated Canadian real estate developer and investment manager based in the Greater Toronto Area. With an established track record across Canadian markets, ADI develops, builds, and manages institutional-quality multi-unit residential communities, with a current focus on affordable rental development at scale. The platform brings development, construction, and property management capabilities together under one roof.

We are seeking a Real Estate Financial Analyst to lead all models and underwriting for the investments team. Reporting to the VP of Investments, you will be the analytical backbone of our acquisitions, development underwriting, and asset management decisions. The position is intended for a candidate who assumes full ownership of the modeling and analytical workstream, and who brings rigor, intellectual curiosity, and disciplined judgment to every transaction.

• Build and maintain institutional-grade financial models for acquisitions, ground-up development, and value-add multifamily across Canadian and US markets
• Lead underwriting on new opportunities — sources & uses, development budgets, lease-up assumptions, debt sizing, waterfall structures, and LP/GP returns
• Screen inbound opportunities, maintain the deal pipeline, and produce preliminary investment screens to filter opportunities before full underwriting
• Coordinate and synthesize third-party due diligence and project reporting — including appraisals, cost consultant reports, first draw reports, and market studies — and manage diligence workstreams through to closing and into construction
• Model joint venture waterfalls, promote structures, and partner economics across co-investment and syndication scenarios
• Own monthly cost-to-date (CTD) and cost-to-complete (CTC) model updates across the active development portfolio, partnering with construction and project management teams to validate actuals, reforecast remaining spend, and flag variances to budget
• Support capital raising and LP fundraising — produce model outputs, return scenarios, track records, and analytical content for PPMs, teasers, IC decks, and DDQ responses
• Support debt raising and financing workstreams — construction loan sizing, refinancing analysis, lender models, covenant testing, and term sheet comparisons across senior, mezzanine, and CMHC-insured structures
• Run sensitivity and scenario analyses to stress-test investment theses
• Prepare Investment Committee memos and contribute to LP reporting, fundraising materials, and ODD responses
• Conduct market research and comparable analysis across our active jurisdictions
• Partner with development, construction, and property management teams to validate inputs and ground-truth assumptions

• 2–5 years of experience in real estate private equity, real estate investment banking, or institutional development
• Development underwriting and modeling experience is required; multifamily experience strongly preferred
• Hands-on experience with CTD/CTC reforecasting and development cost tracking is a strong asset
• Advanced Excel and financial modeling skills — you can build a model from a blank sheet, not just plug into a template
• MBA required
• CAIA and/or CFA designation preferred
• Bachelor's degree in finance, real estate, economics, or related field
• Demonstrated ability to leverage AI tools and embed AI into modeling and analytical workflows to drive productivity is required
• A genuine self-starter who identifies issues independently, drives them to resolution, and does not require direction to move work forward
• A track record of forming and defending a point of view — we expect the analyst to bring recommendations to the table, not just outputs, and to back them with sound analysis
• Demonstrated ownership mentality — treats the underwriting function as their own and consistently goes beyond the brief to pressure-test assumptions and improve the work product
• Comfortable operating with limited oversight in a team environment, working cross-functionally across departments, and proactive in flagging risks, gaps, and opportunities to senior leadership
• Strong written communication — IC memos and LP reporting are part of the job

You'll work directly with senior leadership on a platform pursuing one of the most important investment theses in North America: affordable rental housing at scale. The role offers genuine ownership, exposure to institutional capital partners, and a path to broader investment responsibility.

• Learning & Development Reimbursement: Adi encourages team members to never stop learning. We provide tuition and education reimbursements to support your professional development.
• Competitive Paid Time Off: Vacation days, Wellness Days, and Sick Days annually.
• Competitive Salaries: Regular compensation market reviews ensure our total package stays competitive.
• Employee Home Ownership Program: Live in the communities we create—eligible team members receive a discount off the purchase price of an Adi home.
• Comprehensive Benefits Plan: Full benefits coverage for dental, prescriptions, vision, paramedical practitioners, life insurance, and more for all full-time team members and dependents.
• Flexible Health & Wellness Spending Account: Annual spending accounts for fitness, wellness, family & pet needs, and additional health benefits.