Associate, Investments

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  platform brings development, construction, and property management capabilities together under one roof.

We are seeking an Associate to join the Investments team, with end-to-end responsibility for underwriting, structuring, and execution across the firm’s acquisition and development activities. Reporting to the VP of Investments, the Associate will lead financial modeling and diligence on new opportunities, contribute to investment decisions through Investment Committee, and partner with senior leadership on capital formation and lender relationships. The position is intended for a candidate who assumes full ownership of the underwriting function and brings rigor, intellectual curiosity, and disciplined commercial judgment to every transaction.

What You’ll Do

Lead financial modeling and underwriting for acquisitions, ground‑up development, and value‑add multifamily across the GTA

Lead underwriting on new opportunities – sources & uses, development budgets, lease‑up assumptions, debt sizing, waterfall structures, and LP/GP returns – and present recommendations to the Investment Committee

Manage the deal pipeline and lead preliminary investment screens to filter opportunities before full underwriting

Lead third‑party due diligence and project reporting work streams – including appraisals, cost consultant reports, first draw reports, and market studies – through closing and into construction

Structure and model joint venture waterfalls, promote structures, and partner economics, working alongside legal counsel on key deal documents

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

Partner with senior leadership on capital raising and LP fundraising, producing model outputs, return scenarios, track records, and analytical content for PPMs, teasers, IC decks, and DDQ responses; participate in LP meetings as required

Lead debt raising and financing work streams, including construction loan sizing, refinancing analysis, lender models, covenant testing, and term sheet negotiation support across senior, mezzanine, and CMHC‑insured structures

Run sensitivity and scenario analyses to stress‑test investment theses

Author Investment Committee memos and present transactions to IC; 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

Contribute to the development of the firm’s underwriting standards and templates

What We’re Looking For

3–6 years of experience in real estate private equity, real estate development, or real estate investment banking, with direct exposure to ground‑up development underwriting

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 from a recognized program 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

Demonstrated ability to lead transactions independently and present to senior leadership and external stakeholders, including LPs, lenders, and JV partners

A genuine self‑starter who identifies issues independently, drives them to resolution, and does not require direction to move work forward

A track…