Senior Real Estate Analyst

Buckingham Companies•St. Louis, MO

About The Position

The Senior Real Estate Analyst supports the acquisition, underwriting, and execution of ground-up development and redevelopment projects, from initial feasibility through construction and stabilization. The role offers hands-on exposure to project execution while developing investment judgment and capital structuring expertise. The analyst partners with senior development and investment professionals to evaluate opportunities, manage risk, and support the delivery of approved projects. The position is based in Indianapolis, Indiana, with a relocation incentive available for qualified candidates.

Requirements

At least 2 years of experience in real estate development, investments, or a related role, with direct exposure to development underwriting and execution.
Demonstrated experience building and maintaining development financial models, including sensitivity and scenario analysis.
Working knowledge of zoning, entitlements, and the development process from site acquisition through construction.
Experience supporting financing and transaction execution, including exposure to capital stacks, joint ventures, and return waterfalls.
Experience with public incentive processes, such as tax increment financing, abatements, or other development-related incentive programs.
Strong understanding of deal negotiation and how negotiated terms translate into underwriting assumptions and investment outcomes.
Bachelor's degree in Real Estate, Finance, Economics, Engineering, or a related field.
Strong written and verbal communication skills, including the ability to explain assumptions, risks, and conclusions clearly.

Nice To Haves

Ground-up development experience in multifamily, mixed-use, or other complex real estate projects.
Deeper experience with joint venture structuring, promote mechanics, and return waterfall analysis.
Exposure to land acquisition negotiations and development-related legal documentation.
Experience preparing investment memoranda or materials for internal approvals, lenders, or equity partners.
Familiarity with working across development, construction, asset management, and capital markets teams.
Demonstrated ability to oversee or review work prepared by junior team members.

Responsibilities

Underwrite ground-up development and redevelopment opportunities from initial feasibility through investment approval.
Build and maintain development financial models incorporating budgets, schedules, operating assumptions, and exit scenarios.
Synthesize zoning, entitlement, design, construction, market, and negotiated deal inputs into feasibility conclusions.
Identify development risks and evaluate their effects on project cost, schedule, and returns.
Coordinate due diligence, including zoning and entitlement reviews, environmental and geotechnical reports, surveys, and market studies.
Work with municipalities, consultants, and third-party advisors to advance entitlement, permitting, and incentive-related efforts.
Translate due diligence findings into underwriting adjustments and development strategy recommendations.
Support transaction execution for land acquisitions, joint venture formations, and financing processes.
Analyze sources and uses, capital stacks, and return waterfalls across financing and joint venture structures.
Evaluate how leverage, pricing, timing, lender terms, and public incentives affect project returns.
Prepare lender and equity partner materials and coordinate with legal counsel through closing and capitalization milestones.
Track approved budgets, schedules, and entitlement milestones during development execution.
Coordinate with architects, engineers, general contractors, and other consultants to keep execution aligned with approved business plans.
Assist with project closeout and transition to asset and property management.
Prepare investment memoranda and supporting analyses for internal approvals.
Present underwriting, development updates, and risk- and return-informed recommendations to senior leadership and the Investment Committee.
Assist with ongoing project and investor reporting.
Track market data and trends in Buckingham's target markets, including rents, absorption, construction costs, capital markets, and policy or regulatory changes.
Incorporate market insights into underwriting assumptions, feasibility analyses, and investment recommendations.
Oversee and review work prepared by Investment Analysts supporting assigned projects.
Delegate underwriting, modeling, and research tasks while maintaining accountability for analytical quality and conclusions.
Coach analysts on how development decisions affect risk, returns, and capital outcomes.