Development Finance Analyst
University of Toronto
Toronto, ON
The remarkable growth of Toronto has placed an acute focus on the University of Toronto’s real estate holdings across all three campuses. Most recently, the University has developed its “Four Corners” real estate strategy that sets forth the double bottom line goal of activating its real estate assets to address a critical need for on-campus housing, office space, innovation space, retail, and other amenities, while also generating a sustainable source of revenue moving forward. The University’s Real Estate division is responsible for executing such strategy, including evaluating the development of properties on its own in addition to partnership opportunities presented by developers and landowners.

The Development Finance Analyst will be integral to realizing the Four Corners strategy. Reporting to the Director of Real Estate, the Development Finance Analyst will prepare sophisticated financial models and underwrite all real estate transaction activities on behalf of the University, including acquisition, development, (re)financing, and disposition of mixed-use projects involving office, retail, residential, and/or industrial space. The Development Finance Analyst will participate in meetings with prospective investors and joint-venture business partners, as well as prepare presentation materials for the University’s Governing Council, various boards/subcommittees, and Real Estate Advisory Committee, which is comprised of high-profile industry leaders in Toronto.

The Real Estate team is lean but ambitious, requiring the Development Finance Analyst to perform complex financial analysis within minimal supervision and manage multiple projects simultaneously. The Development Finance Analyst must also possess strong communication skills to contribute and effectively participate in key decision-making by senior management.

Major Activities:
Create, maintain, and present sophisticated real estate pro forma models for each development project, as well as a portfolio-level models that roll up cash flow and advise on the redeployment of capital over time
Independently liaise with multiple divisions within the University and review leases, appraisals, brokers’ opinions, construction cost estimates, and other documentation to ensure inputs and assumptions are accurate and up-to-date in each model
Model and sensitize project and investor-level returns throughout acquisition, predevelopment, construction, stabilization, refinancing, and/or disposition assuming various waterfall scenarios, and assist in buy/hold/sell analysis
Prepare financial and non-financial reports and presentations for internal and external stakeholders, including marketing materials aimed at prospective investors and/or partners
Keep well-informed of industry trends in real estate finance, development, construction, and property management
Assist with various portfolio management activities, including valuing the University’s existing real estate holdings, using actuals to monitor property and portfolio-level performance, participating in meetings with joint venture partners and potential investors, and analyzing proposed budgets, property management plans, leasing plans, and capital plans to create and enhance value

Minimum qualifications

Bachelor’s degree in business administration, accounting, finance, and/or real estate economics or a related field or equivalent combination of education and experience. Master’s degree an asset.

Minimum five (5) years’ experience independently underwriting real estate transactions
Minimum of one (1) year experience working within institutional environment
Experience with creating and analyzing financial models and schedules
Experience with tracking market data
Experience in financial forecasting
Experience in report writing including the ability to research, analyze quantitative and qualitative data

Advanced skills in Microsoft Excel for financial analysis
Advanced skills in MS Office: Word, PowerPoint and Outlook
Intermediate skills with Argus Enterprise or Argus Developer
Strong financial analysis skills
Strong communication and interpersonal skills
Strong organizational and time management skills to prioritize and multitask projects with competing deadlines
Strong report writing and presentation skills

Strong understanding of real estate finance and market fundamentals
Ability to manage multiple priorities with tight deadlines
Demonstrated ability to manage multiple projects effectively
Ability to work independently and with team of professionals
Ability to develop and maintain positive business partnerships with brokers, stakeholders, committees, real estate leaders
Strong ability to work under pressure and independently with minimal supervision

Travel: None