Real Estate Analyst

NOOR COMPANIES
Real Estate Development · General Contracting
POSITION ANNOUNCEMENT
Real Estate Development Analyst
Full-Time | Remote | Reporting to the Chief Executive Officer
REPORTS TO Chief Executive Officer
EMPLOYMENT Full-time, 40 hours per week. Exclusive — the successful candidate may not hold other employment or clients.
SCHEDULE 8:00 AM – 5:00 PM US Central Time, Monday through Friday
Equivalent to 9:00 PM – 6:00 AM Manila. Night-shift availability is mandatory.
COMPENSATION Commensurate with experience
Performance review at 90 days · 13th month pay · Paid Philippine holidays
LOCATION Fully remote

THE ORGANIZATION

Noor Companies is a real estate development and general contracting firm headquartered in Minneapolis, Minnesota. We develop and build affordable housing, civic institutions, healthcare facilities, libraries, and mixed-use projects, and we are among the largest woman-owned firms of our kind in the country, with more than $500 million in completed work.
Our pipeline spans market-rate and affordable housing, public and civic solicitations, and mixed-use redevelopment, financed through conventional debt and equity as well as housing tax credits, tax increment financing, and public agency programs.
POSITION SUMMARY

The Real Estate Development Analyst supports the Chief Executive Officer across the full development lifecycle — from identifying and screening potential development sites, through underwriting and financing, entitlement, design coordination, and construction close-out.
The Analyst is responsible for the financial models that determine whether a project proceeds, the budget tracking that governs every dollar spent once it does, and the coordination and follow-up that keeps architects, engineers, consultants, lenders, and municipalities moving on schedule. This is a research-, analysis-, and follow-through-intensive position requiring precision with numbers and persistence in pursuit of information.
This position requires a technical foundation. Candidates must have education or working experience in architecture, engineering, construction, or real estate, and must be able to read and interpret architectural and civil drawings. Applications without this background will not be considered.

ESSENTIAL RESPONSIBILITIES

Site Identification & Market Research
• Search brokerage and listing platforms — LoopNet, Crexi, CoStar, Catylist, brokerage websites, and auction platforms — daily for land and redevelopment opportunities matching the firm’s criteria
• Screen candidate sites against acquisition criteria including zoning, parcel size, utility availability, access, topography, floodplain, and known environmental conditions
• Research parcel ownership, assessed value, tax status, sale history, and legal description through county assessor, recorder, and GIS systems
• Identify off-market opportunities including surplus public land, tax-forfeited parcels, obsolete or underutilized properties, and expiring-use affordable properties
• Compile land sale comparables, rent comparables, sale comparables, absorption data, and demographic and employment data for each submarket under consideration
• Prepare one-page site screening summaries with photographs, aerials, parcel maps, zoning summary, preliminary program, and order-of-magnitude economics
• Maintain the acquisition pipeline tracker recording every site reviewed, its status, owner and broker contacts, pricing, and the reason for pursuit or rejection
Financial Modeling & Proforma Analysis
• Build and maintain development proformas from scratch in Excel, including sources and uses, hard and soft cost budgets, development schedule, absorption and lease-up assumptions, stabilized operating proforma, and monthly cash flow
• Calculate and report the return metrics governing investment decisions — untrended and trended yield on cost, internal rate of return, equity multiple, cash-on-cash return, debt service coverage ratio, and loan sizing against loan-to-cost and loan-to-value constraints
• Model the full capital stack including senior construction debt, permanent debt, tax credit equity, tax increment financing, deferred developer fee, soft and gap loans, grants, and sponsor equity
• Run sensitivity and scenario analyses across construction cost, interest rate, rent, exit capitalization rate, absorption pace, and subsidy assumptions
• Update proformas as design, cost estimates, financing terms, and program change; maintain disciplined version control and document every assumption and its source
• Reconcile proforma assumptions against contractor estimates, consultant fee proposals, and lender term sheets
• Prepare summary financial exhibits for the CEO, lenders, investors, and public agency partners
Development Budget & Expenditure Tracking
• Maintain the master development budget for every active project, tracking each line item from original budget through committed, invoiced, paid, and remaining balance
• Track every dollar of spend across all projects and reconcile against the general ledger with the accounting team
• Monitor consultant and contractor contract balances, invoice against contracted fee, and flag any invoice exceeding contracted scope
• Prepare, assemble, and track predevelopment and construction draw requests to lenders and public funders, including supporting documentation, lien waivers, and inspector approvals
• Track change orders, budget amendments, contingency usage, and cost-to-complete; report variances promptly and identify the cause
• Produce monthly budget-versus-actual variance reports for each project and a consolidated report for the CEO
• Maintain the funding draw calendar and monitor sources and uses balance throughout construction
Architect, Engineer & Consultant Coordination
• Maintain the consultant roster for each project — architect, civil, structural, mechanical, electrical, landscape, geotechnical, environmental, survey, traffic, and specialty consultants — with scope, fee, contact, and contract status
• Track consultant contracts, scopes of work, fee schedules, insurance certificates, and deliverable due dates
• Maintain the design deliverables calendar across schematic design, design development, construction documents, and permit set milestones, and monitor progress against it
• Follow up persistently with architects and engineers on outstanding deliverables, drawing revisions, and responses; escalate delays to the CEO before they affect the schedule
• Log and track requests for information, submittals, design decisions, and outstanding items requiring resolution
• Organize and version-control drawing sets, specifications, reports, and studies in the project document library
• Prepare agendas for design and coordination meetings, record minutes, and distribute and track action items to closure
Entitlements & Municipal Opportunity Development
• Research zoning ordinances, comprehensive plans, overlay districts, density and height limits, parking requirements, and design standards for candidate sites
• Identify municipalities, counties, housing authorities, and economic development agencies with active development priorities, surplus land, redevelopment districts, or announced solicitations
• Set up meetings between the CEO and city planning, economic development, housing, and public works staff to identify development opportunities; prepare briefing materials in advance and track follow-up commitments after each meeting
• Monitor city council, planning commission, HRA and EDA agendas and packets for relevant items, land dispositions, and emerging opportunities
• Track entitlement milestones for each project — pre-application conference, site plan review, rezoning, variance, conditional use permit, plat approval, and public hearings
• Maintain a master calendar of submission deadlines, hearing dates, and approval expiration dates
• Research and summarize impact fees, utility connection charges, park dedication requirements, and other municipal exactions affecting project economics
Public Financing & Funding Applications
• Track application cycles and deadlines for Minnesota Housing programs including the Multifamily Consolidated Request for Proposals, 9% and 4% Housing Tax Credits, and the State Housing Tax Credit, as well as city and county funding sources
• Assemble funding application materials, exhibits, narratives, and supporting documentation, and verify completeness against agency checklists
• Analyze projects against Qualified Allocation Plan scoring criteria and identify actions that improve competitive position
• Research and summarize available incentives including tax increment financing, tax abatement, brownfield and cleanup grants, historic tax credits, New Markets Tax Credits, and energy incentives
• Maintain a consolidated funding calendar covering every source, cycle, and deadline relevant to the pipeline
• Track awarded funding through commitment, closing, and compliance milestones
Due Diligence, Reporting & Project Administration
• Maintain due diligence checklists and trackers covering title commitment and exceptions, survey, Phase I and Phase II environmental assessments, geotechnical investigation, wetland delineation, utility availability letters, and zoning verification
• Track all critical dates including purchase agreement contingency periods, option and extension deadlines, earnest money conditions, and closing dates, and provide advance notice of each
• Prepare weekly and monthly pipeline reports and project status dashboards for the CEO
• Assemble lender, investor, partner, and public agency reporting packages
• Maintain organized project files, contact directories, and the central document library across all active projects
• Document standard operating procedures and templates for recurring analytical and tracking work
REQUIRED QUALIFICATIONS

• Minimum two (2) years of professional experience in real estate development, architecture, civil or structural engineering, construction, property development, or commercial real estate analysis.
• Educational background in architecture, engineering, real estate, construction management, finance, or a closely related discipline.
• Ability to read and interpret architectural and engineering drawings — site plans, floor plans, elevations, and civil and utility drawings — and familiarity with the schematic design, design development, and construction document phases.
• Advanced Microsoft Excel proficiency. Must be able to construct a development proforma and cash flow model from a blank worksheet without templates or add-ins, using formulas, lookups, and logical functions accurately.
• Working command of real estate finance fundamentals — net operating income, capitalization rate, yield on cost, internal rate of return, equity multiple, debt service coverage ratio, loan-to-cost and loan-to-value, amortization, and sources and uses.
• Demonstrated research capability using brokerage and listing platforms, public property records, GIS systems, and municipal planning documents, with the ability to locate information that is not readily indexed.
• Exceptional attention to detail with numerical information. Errors in a proforma or a budget carry direct financial consequence.
• Persistent, professional follow-up. A substantial portion of this position consists of pursuing consultants, brokers, and agency staff until a response is obtained.
• Superior written English sufficient to prepare summaries, memoranda, and application narratives issued to lenders, investors, and public agencies.
• Fluent, clearly articulate spoken English for participation in calls with US architects, engineers, brokers, lenders, and municipal staff.
• Reliable home office — computer with a minimum of 8GB RAM, internet service of 25 Mbps or greater, a secondary internet source, a headset, and a quiet, professional work environment.
PREFERRED QUALIFICATIONS

• Licensure or licensure eligibility as an architect or civil engineer
• Experience with affordable housing finance, Low-Income Housing Tax Credits, or publicly subsidized development
• Prior work supporting United States real estate projects or United States based clients
• Familiarity with CoStar, LoopNet, Crexi, or comparable commercial listing platforms
• Working knowledge of AutoCAD, Revit, SketchUp, Bluebeam Revu, ArcGIS or QGIS, Procore, or Argus
• Experience preparing responses to requests for proposal or public solicitations
• Competence in PowerPoint and Canva for the preparation of presentation and marketing materials
CORE COMPETENCIES

• Analytical Rigor. Works accurately with numbers, checks results, and understands what a model is actually saying rather than merely producing one.
• Persistence and Follow-Through. Pursues outstanding items to resolution. Does not accept silence from a consultant or agency as an outcome.
• Sense of Urgency. Understands that entitlement calendars, funding deadlines, and closing dates do not move, and works accordingly.
• Attention to Detail. Identifies errors in budgets, drawings, applications, and dates before they are transmitted or relied upon.
• Continuous Communication. Reports progress, obstacles, and changes in status throughout the workday without being asked.
• Ownership and Accountability. Assumes responsibility for assigned projects through completion and raises problems early.
• Sound Judgment. Distinguishes material issues from immaterial ones and knows when to escalate.
• Discretion. Safeguards confidential financial, ownership, and transaction information absolutely.
• Aptitude for Learning. Acquires unfamiliar markets, programs, regulations, and systems quickly and independently.
APPLICATION INSTRUCTIONS

Applicants must complete all four steps below. Adherence to instructions is evaluated as part of this application, as precision is a core requirement of the position. Incomplete submissions will not be reviewed.
Step 1 — Subject Line
Use the following subject line exactly as written:
DEV ANALYST — Cedar Bluff

Step 2 — Written Responses
Answer each of the following in the body of your message. Number your responses.
1. Describe your education and professional background in architecture, engineering, construction, or real estate, including your employer, your title, and your tenure.
2. Describe the most complex financial model or proforma you have built. What did it analyze, what were the principal assumptions, and did you build it from scratch or modify an existing template?
3. Explain, in your own words, the difference between yield on cost and internal rate of return, and why a developer examines both.
4. Describe your experience reading architectural or engineering drawings. What drawing types have you worked with, and in what capacity?
5. Describe a time you were responsible for obtaining information or a deliverable from someone who was slow to respond. What did you do?
6. Describe any experience you have with development budgets, invoice tracking, draw requests, or construction cost reporting.
7. What research platforms, property databases, or GIS systems have you used?
8. Confirm your availability from 8:00 AM to 5:00 PM US Central Time, Monday through Friday, on a long-term basis.
9. Confirm that this position would be your sole employment and that you hold no other clients.
10. State your internet speed and your backup connection.
11. State your expected monthly compensation in USD.
Step 3 — Video Introduction
Record a video of two to three minutes and provide a link (Loom or Google Drive). Do not attach a video file. Appear on camera and address the following:
1. Introduce yourself and summarize your technical background in architecture, engineering, construction, or real estate.
2. Walk through one project or analysis you worked on, explaining what you were responsible for.
3. Describe how you would begin researching whether a vacant parcel is a viable development site.
Step 4 — Work Samples
Attach two samples of your work from the categories below. Remove or replace all confidential information.
• A financial model, proforma, feasibility study, or cost analysis you constructed in Excel
• A market study, site analysis, or research summary you prepared
• A project budget, cost report, or tracking spreadsheet you maintained
• A drawing, rendering, site plan, or design study you produced or contributed to
SELECTION PROCESS

1. Application review. Complete submissions are reviewed on a rolling basis.
2. Technical assessment. A paid exercise requiring construction of a simple development proforma in Excel and a brief written site analysis.
3. Interview with the Chief Executive Officer. Forty-five minutes by video, including discussion of the technical assessment.
4. Reference verification. Contact with at least one prior employer or supervising professional.
5. Offer and introductory period. A thirty-day paid introductory period.

Qualified applicants will be contacted within one week of submission.

Candidates should not apply if any of the following apply:
You hold other employment or clients · You are unable to work the specified night-shift hours on a long-term basis · You have no education or working experience in architecture, engineering, construction, or real estate · You are unable to build a financial model in Excel without a template · You are seeking part-time, project-based, or short-term work.