Capital Markets Associate

Align Capital Solutions; Baltimore (MD); On-site; USD 120,000 - 140,000; Full time

Benefits offered by this job

Health/dental/vision benefits

401k retirement plan

Paid time off

Job summary

Align Capital Solutions in Baltimore, MD, seeks a Capital Markets Associate to help shape capital structures for multifamily developments and affordable housing projects. You will model complex pro formas and advise on debt, equity, and subsidy strategies for public, private, and nonprofit clients.

The role emphasizes collaboration with developers, PHAs, lenders, and government agencies, plus presenting analyses to investment committees and drafting investment memoranda.

Qualifications

• Bachelor’s degree in real estate, finance, economics, or business required; MBA/master of real estate preferred.
• 5-7 years of relevant work experience in multifamily development or finance with closing experience.
• Strong understanding of real estate fundamentals and ability to build financial models.

Responsibilities

• Capital Stack Optimization: structure capital stacks from diverse sources, including private equity, taxable and tax-exempt debt, soft debt, and grants.
• Strategic Underwriting: lead due diligence for apartment and mixed-use investments considering AMI restrictions and PILOTs.
• Sophisticated Financial Modeling: develop multi-tiered models including blended cost of capital and waterfall distributions.
• Public-Private Partnership Liaison: coordinate with PHAs and state agencies to validate pro formas and regulatory requirements.
• External Stakeholder Management: work with tax-exempt bond issuers, underwriters, HUD/FHA lenders, and banks.
• Contract & Documentation Oversight: review project contracts for regulatory and financing viability.
• Investment Memoranda & Strategy: prepare memos linking macro trends to affordable housing drivers.
• Proposal Development: respond to RFps/RFQs for mixed-income development opportunities.

Skills

Financial modeling

Underwriting

Stakeholder communication

Team collaboration

Independent work

Presentation to committees

Education

Bachelor’s degree in real estate, finance, economics, or business

MBA / Master of Real Estate

Tools

Excel

PowerPoint

Word

Job description

At Align Capital Solutions, we bring private sector financial expertise to some of the most challenging housing markets in the U.S. As a dedicated real estate advisory firm, we work as financial consultants to institutional, public, and non-profit owners and developers of multifamily rental housing. Through original research and technical expertise, we specialize in exploring, identifying, and executing innovative financial structures that deliver superior outcomes. By connecting our clients with key debt and equity providers, and leveraging legal and tax insights, we enable the creation of impactful multifamily housing assets that meet specific risk and return objectives. Our expertise bridges the gap between project vision and financial reality, ensuring better outcomes for both our clients and the communities they serve.

As a Capital Markets Associate, you will gain firsthand knowledge of how the capital markets influence financial decision-making for both public, private, and public-private-partnership investments in housing. With the increased emphasis on delivering more housing within our communities, Align is poised for considerable growth and will be a real estate advisory leader in the marketplace with. As a startup, Align will afford you the opportunity scale a business that has unlimited reach as we work to deliver assets that are integral to our everyday lives.

Responsibilities

• Capital Stack Optimization: Consult with clients on project and portfolio-level capital needs, with a primary focus on structuring capital stacks that integrating a wide variety of sources, including: private equity, taxable debt, tax-exempt debt, subordinate "soft" debt, and grant programs. Experience structuring Low-Income Housing Tax Credits (LIHTC) is not required.
• Strategic Underwriting: Lead the due diligence for apartment and mixed-use investments. Evaluate assets through the lens of Area Median Income (AMI) restrictions, real estate market fundamentals, and state/local tax abatements (e.g., PILOT agreements).
• Sophisticated Financial Modeling: Develop and maintain complex, multi-tiered financial models for development and preservation deals. Models must accurately simulate the blended cost of capital, waterfall distributions, and the impact of long-term affordability covenants on project exit values.
• Public-Private Partnership Liaison: Partner with private developers and public housing authorities (PHAs) or state agencies to validate operating proformas, ensuring compliance with both market-rate expectations and restricted-rent regulatory requirements.
• External Stakeholder Management: Coordinate with third-party partners to secure optimal financing, including tax-exempt bond issuers, conduit issuers, underwriters, HUD/FHA lenders, commercial banks, CDFIs.
• Contract & Documentation Oversight: Assist in the review and management of all relevant Project contracts and documents related to finance requirements. Review project level contracts with a specific eye toward regulatory agreements that ensure long-term financing viability.
• Investment Memoranda & Strategy: Author comprehensive investment memos that synthesize macroeconomic trends with the specific drivers of affordable housing.
• Proposal Development: Lead the creation of responses to RFPs/RFQs for solicited and unsolicited mixed-income development opportunities, showcasing the firm’s ability to solve "funding gaps."
• Stakeholder Presentation: Regularly present technical modeling outputs and feasibility analyses to investment committees, non-profit boards, and government agencies.

Qualifications

• Bachelor’s degree in real estate, finance, economics, or business required – MBA/master of real estate preferred
• 5-7 years of relevant work experience in multifamily development or finance, including a demonstrated track record of closing (or assisting with the closing) of transactions.
• Strong understanding of real estate fundamentals including the ability to navigate operating pro formas, analyze market dynamics, and build financial models.
• Working knowledge of various capital structures and sources used to finance real estate projects, such as construction debt, private equity, tax-exempt financing, LIHTC, Fannie/Freddie programs, among others.
• Experience in a highly collaborative, team-based setting
• Demonstrated ability to work independently; taking initiative and meeting deadlines
• Excel skills including financial and real estate cash flow modeling, including knowledge of key financial and real estate concepts and metrics
• Proficient in Microsoft Word, Excel, and PowerPoint.

Clark offers a total compensation package that includes base salary, bonus potential, and a comprehensive benefits package including health/dental/vision benefits, paid time off, retirement/401k, and Company Contribution plan. Additional benefits include life insurance, commuter benefit, short & long term disability, fitness reimbursement, FSA, tuition reimbursement, back-up daycare, tutoring & family support benefits, EAP/Work-Life assistance, and a holiday contribution program. For this role the base salary range is $120,000 - $140,000. Compensation may vary outside of this range depending on a number of factors, including a candidate’s education, experience, skills, and geographic location. Base pay is one part of the Total Compensation Package that is provided to compensate and recognize employees for their work.

https://www.clarkconstruction.com/careers/clark-experience