Development Manager

Evergreen Real Estate Group; Chicago (IL); On-site; USD 100,000 - 130,000; Full time

Job summary

Evergreen Real Estate Group is scaling a pipeline of 4% LIHTC Affordable Assisted Living communities across Ohio under the Green Oaks brand. The Development Manager will handle financial modeling, funding applications, due diligence, closing, and construction-period execution, acting as the primary contact for investors, lenders, and agencies.

The role requires 5+ years in LIHTC or ground-up development, with strong Excel modeling and experience with state HFAs and LIHTC closings preferred.

Qualifications

• Bachelor’s degree in a real estate, finance, urban planning, business, or related field.
• 5+ years of LIHTC development or ground-up real estate development experience.
• Experience with state HFAs, 4% LIHTC, tax-exempt bonds, or LIHTC closings preferred.

Responsibilities

• Own the development proforma for each deal, from underwriting through closing and construction.
• Lead preparation of 4% LIHTC and tax-exempt bond applications to OHFA and other agencies.
• Coordinate third-party reports and diligence to application and lender timelines.
• Own due diligence checklists across lender, investor, and operator workstreams.
• Drive the closing process: coordinate counsel, lender, syndicator, and operator.
• Prepare equity and debt packages and respond to investor and lender questions.
• Manage construction-period reporting to investors, lenders, and agencies.
• Support market research, demand analysis, site due diligence, and entitlements.

Skills

Written communication

Organizational skills

Stakeholder communication

Education

Bachelor’s degree in real estate, finance, urban planning, business, or a related field

Tools

Excel

Job description

Job DetailsJob Location: Evergreen Real Estate Group - Chicago, IL 60661Position Type: Full TimeEducation Level: 4 Year DegreeSalary Range: $100,000.00 - $130,000.00 SalaryJob Category: IL Leasing License NOT Required

Position Title: Development Manager- Senior Living

Department: Evergreen Senior Living (ESL)

Reports To: VP of Development (ESL)

Location: Chicago (Hybrid), with periodic travel to Ohio project sites

FLSA Status: Exempt

Salary Range: $100,000-$130,000 + 10% bonus potential

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 Manager to work on every phase of these deals — financial modeling, funding applications, due diligence, closing, and construction-period execution. The Development Manager carries the analysis and the deal understanding that moves each project forward, and is a point of contact for investors, lenders, and agencies.

Key Responsibilities

Financial Modeling & Underwriting

• Own the development proforma for each deal, maintaining the model from initial underwriting through application, closing, construction, and conversion
• Run sources and uses, sensitivity analysis, and structuring scenarios

Funding Applications & Public Finance

• Lead preparation of 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

• Own due diligence checklists across lender, investor, and operator workstreams; review and summarize key documents (loan documents, LPA, PSA, operating agreements) so the team can act on them
• Drive the closing process: coordinate counsel, lender, syndicator, and operator; keep the model current; assemble closing packages

Investor & Lender Communication

• Prepare equity and debt packages and respond directly to investor and lender underwriting questions
• Manage construction-period reporting to investors, lenders, and agencies, including draw support and conversion deliverables
• Write 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
• 5+ years of experience in LIHTC development or ground-up real estate development, with deals taken from underwriting or application through closing
• Direct experience with state HFA applications, tax-exempt bond executions, or LIHTC equity closings strongly preferred; senior housing exposure a plus, not required

Technical & Physical Skills

• Advanced Excel modeling skills; able to build and maintain a full development and operating proforma independently
• 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. Specific physical demands were not further detailed in the source job description. Evergreen Real Estate Group provides reasonable accommodations to enable qualified individuals with disabilities to perform the essential functions of this role.