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 at scale. The 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 workstreams — 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 workstreams, 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 record of forming and defending a point of view — we expect the Associate to bring recommendations to the table, not just outputs, and to back them with sound analysis * Demonstrated ownership mentality — treats the underwriting function as their own and consistently goes beyond the brief to pressure-test assumptions and improve the work product * Comfortable operating with limited oversight in a team environment, working cross-functionally across departments, and proactive in flagging risks, gaps, and opportunities to senior leadership * Strong written and verbal communication — IC memos, LP communications, and lender presentations are central to the role WHY ADI? You'll work directly with senior leadership on a platform pursuing one of the most important investment theses in North America: affordable rental housing at scale. The role offers genuine deal ownership, direct exposure to institutional capital partners and lenders, and a defined development path for a candidate who performs. * Learning & Development Reimbursement: Adi encourages team members to never stop learning and continuously improve. * Competitive Paid Time Off: Team members are provided with substantial paid vacation, wellness, and sick days annually. * Competitive Salaries: Adi regularly conducts compensation market reviews to ensure our total compensation package remains competitive. * Employee Home Ownership Program: Adians have the opportunity to live in the beautiful communities we create through our Employee Home Ownership Program. Eligible team members will receive a % discount off the total purchase price. * Comprehensive Benefits Plan: Adi provides all full-time team members and dependents with benefits coverage for dental, prescriptions, vision care, paramedical practitioners, life insurance and more * Flexible Health, Lifestyle & Wellness Personal Spending Account: Annual health, lifestyle & wellness spending accounts that can be used for fitness classes, gym memberships, family & pet needs, additional health benefits and more! Adi Development Group is committed to fostering an inclusive, accessible environment where all employees and customers feel valued, respected and supported. We build teams that reflect the diversity of the communities we serve, and we hire based on merit and the principle of equity in employment. We welcome applications from all qualified individuals. Upon request, accommodation will be provided during the recruitment process to ensure equal access for applicants with disabilities. If you are selected for an interview and require accommodation, please inform Human Resources.