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Expert
Bachelor's
Indianapolis, IN, USA
HybridIn-office Tuesday–Thursday; flexible Monday and Friday.
Real EstateReal Estate Development
About the job
Requirements
- A bachelor's degree in Real Estate, Finance, Accounting, Economics, Business, or a related field is required.
- At least eight years of applicable experience in multifamily real estate, affordable housing, LIHTC syndication, commercial real estate lending, or real estate investment analysis is required, including independent transaction underwriting and presenting recommendations to senior decision-makers.
- Demonstrated ability to underwrite LIHTC or other complex multifamily real estate transactions with increasing independence is required.
- Strong understanding of affordable housing finance, LIHTC regulations, multifamily development, construction lending, permanent financing, and partnership structures is required.
- Advanced proficiency in Microsoft Excel and financial modeling, and proficiency in the Microsoft Office Suite, are required.
- Strong written and verbal communication skills are required, including the ability to explain complex analysis, facilitate consensus, and present recommendations to senior leadership and investment committees.
- Strong organizational and time-management skills are required to manage a transaction portfolio, competing priorities, resources, and deadlines simultaneously.
- The candidate must be proactive, self-directed, and willing to accept new responsibilities as the business grows.
- Strong analytical, relationship-management, problem-solving, critical-thinking, and decision-making abilities are required.
- Approximately 10% travel, including occasional overnight travel, is required.
- Core competencies include LIHTC underwriting, multifamily real estate, investment analysis, financial modeling, review of audits, financial statements and tax returns, credit evaluation, background research, risk assessment, developer and guarantor analysis, market and real estate portfolio analysis, business judgment, decision-making, communication, transaction and portfolio management, relationship management, collaboration, consensus building, influence without direct authority, technical mentorship, knowledge sharing, initiative, attention to detail, organization, research skills, high ethics, and effectiveness with minimal supervision in a dynamic, fast-paced environment.
Responsibilities
- Lead underwriting for assigned LIHTC investment opportunities from initial screening through closing and funding.
- Independently manage an active transaction portfolio, balancing priorities and deadlines while ensuring timely underwriting, approvals, closings, and funding.
- Evaluate financial models, development budgets, operating pro formas, historical performance, market conditions and studies, third-party reports, and financing structures.
- Conduct detailed financial analysis, including debt sizing, break-even analysis, cash-flow projections, sensitivity testing, and risk assessment.
- Recommend rent and expense levels for proposed investments based on research and analysis.
- Evaluate transaction feasibility, real estate conditions, development-team experience, guarantor strength, developer and guarantor financial statements, real estate portfolios, and overall creditworthiness.
- Conduct credit and background checks on entities and individuals, escalate findings, and support their resolution.
- Identify material investment risks and recommend mitigation strategies consistent with investment guidelines.
- Review proposed financing, key loan documents, financing terms, partnership structures, and legal documentation.
- Prepare underwriting memoranda, presentation materials, and investment recommendations for Screening, Placement, Capital, and Investment Committees; present findings and address questions about assumptions, risks, and recommendations.
- Collaborate with originators, Acquisitions, Syndications, Asset Management, attorneys, lenders, developers, consultants, investors, and other stakeholders to facilitate transaction execution.
- Develop and maintain productive working relationships with developers, lenders, attorneys, consultants, investors, and other transaction participants.
- Facilitate consensus among stakeholders and influence transaction outcomes through sound analysis, effective communication, and professional judgment.
- Support transaction closings and validate that final deal terms remain consistent with approved underwriting assumptions.
- Support development, maintenance, and refinement of underwriting standards, IT tools, financial models, databases, and department best practices.
- Provide technical guidance, training, mentorship, and knowledge sharing to Analysts, Associate Underwriters, and other junior team members.
- Participate in site visits, developer meetings, and due-diligence reviews to evaluate conditions and risks.
- Assist with market research and evaluation of emerging affordable housing financing programs and structures.
- Support special projects and strategic initiatives within the Credit & Underwriting department.
- Cross-train across affordable housing investment products and financing structures.
- Participate in departmental process-improvement efforts focused on efficiency, risk management, underwriting quality, and sound transaction execution.
About the company
CREA, LLC provides equity financing for affordable housing by syndicating Low-Income Housing Tax Credits (LIHTC) and linking real estate developers with institutional investors. It bundles LIHTC equity into investment funds, raises capital from banks and corporations, and deploys it into a nationwide portfolio of affordable housing projects; investors receive tax credits and CRA-compliant returns while developers gain essential equity. The firm handles the full LIHTC lifecycle—underwriting, fundraising, asset management, and fund administration. With a track record of over $12.6 billion raised and properties in 48 states plus DC and a territory, CREA aims to expand affordable housing by reliably delivering LIHTC equity and helping investors achieve meaningful community impact.
Company Size
51-200
Company Stage
N/A
Total Funding
N/A
Headquarters
Indianapolis, Indiana
Founded
2001
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Simplify's Take
What believers are saying
- The July 2025 LIHTC expansion permanently boosts 9% allocations and 4% bond financing.
- CREA raised $1.955 billion in 2025, its strongest equity year on record.
- Fund 117 supports 3,484 homes across 16 states, proving durable investor appetite.
What critics are saying
- CREA depends on LIHTC policy; Congress still controls future credit rules after 2026.
- 2025-2026 demand concentration invites competition from larger syndicators chasing expanded LIHTC allocations.
- Any investor pullback would choke equity raising and threaten CREA’s fund-formation pipeline quickly.
What makes CREA, LLC unique
- CREA closed Fund 117 at $403.2 million, its largest multi-investor fund ever.
- Tony Bertoldi became CEO January 1, 2025, preserving Jeffrey Whiting’s affordable-housing expertise.
- CREA spans 49 states and territories, giving investors nationwide LIHTC sourcing reach.
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Benefits
- Remote Work Options
- Flexible Work Hours