Position Summary
Community Desk Chicago ("the Desk") leverages private market expertise and trusted investor relationships to unlock capital for transformative real estate development. Currently based at the Chicago Community Trust ("the Trust"), the Desk was launched in 2019 as the result of a six-month study led by the Boston Consulting Group (BCG). The JP Morgan Chase Foundation (JPMCF) commissioned the study to better understand how to drive more impactful investments in communities of color.
The Desk works with catalytic real estate projects in historically underserved Black and Latinx communities to help close funding gaps based on four key beliefs including 1) strong talent and commercial development opportunities exist in communities, but face challenges accessing the necessary capital and resources, 2) communities deserve holistic development, including commercial projects that create wealth building opportunities and improve quality of life, 3) projects in communities of color should have equitable access to capital without fear of racial bias and 4) our role is to collaborate, not duplicate - partnering with the existing ecosystem to add capacity and fill gaps.
In addition to providing direct project support to community developers, nonprofits and entrepreneurs, the Desk works closing with philanthropy including the Trust and other critical stakeholders in the community development ecosystem to design and launch initiatives that increase capital flow, wealth building and real development capacity in communities. More information about the Desk can be found at www.communitydeskchicago.org.
Under the direction of the Desk’s Director, the Senior Real Estate Advisor will actively manage the capital connection for community-based real estate development projects. Specifically, the advisor will assess project financial feasibility, recommend funding strategies and manage the direct connection to project funders including philanthropy, lenders and investors.
Position Responsibilities
- Meet with community-focused nonprofits, developers and entrepreneurs to understand their development capital needs and outline potential funding strategies.
- Leveraging relevant industry and project-based data, pressure test project assumptions related to revenue, expenses, net operating income and development costs.
- Evaluate project feasibility based on key financial metrics including but not limited to debt coverage ratios, debt to equity ratios, cap rates and other relevant markers.
- Model potential capital stacks and develop recommendations for target investor types and mix, based on expected social impact and financial returns of project
- As necessary, support projects with the creation of operating pro formas, development budgets and related feasibility documentation.
- Monitor a portfolio of projects through their development lifecycle to assist with capital resources.
- Recommend new tools and resources to standardize the review of projects.
- Research investment models and trends to recommend creative funding strategies for projects.
- Support the development of an investor pool to shop investment opportunities and to help attract new capital for projects.
- Coordinate with capital market experts to assist with deal structuring and terms.
- Recommend pitch materials for projects to highlight feasibility, community impact and funding requirements.
- Assist projects with completing grant applications, loan applications and other related funding documentation to secure capital.
- Leverage the resources and network of the Trust, JPMCF, BCG and other partners to support holistic neighborhood development.
- Codify lessons learned for knowledge sharing in the community development ecosystem.
- Other responsibilities as identified to support the launch of new programs and initiatives.
Experience and Skills:
- Master’s degree in finance, business administration, urban planning, real estate or community development is preferred. Bachelor’s degree in a related field of study is required.
- 7-10 years of related work experience.
- Demonstrated understanding and commitment to The Desk’s mission.
- Understanding of real estate development, community development, innovative financing and complex deal flows.
- Direct experience or working knowledge of small business financing including SBA lending
- Ability to work collaboratively and build relationships with a variety of partners across Chicago, including The Trust, JPMCF, BCG, community residents, nonprofits, philanthropic organizations, developers, traditional investors, impact investors, financial institutions, and legal advisers.
- Ability to self-start and approach the role with an entrepreneurial spirit.
- Strong quantitative skill set to apply to project feasibility and capital coordination.
- Experience with business strategy to inform investment case and pitch material preparation.
- Experience in project management, with the ability to assess and resolve implementation issues and to establish best practices.
- Effective listening skills and business acumen to engage with projects and key stakeholders.
- Strong interpersonal skills, written communication, and comfort with cross-cultural communication.
- Ability and desire to work in culturally diverse environments.
- Direct experience underwriting, evaluating or coordinating capital requests including experience with LIHTCs, NMTCS, OZ funding, TIF and other development incentives.