Role Summary
Cigna Investment Management (CIM) manages over $20 billion in assets on behalf of Cigna, a publicly traded global health services company. CIM’s assets are invested in public bonds, private placement securities, commercial mortgages, real estate equity, mezzanine debt, private equity, equity securities, warrants, commercial paper, certificates of deposit, municipal securities, mutual fund shares, United States government securities, options contracts on securities, futures contracts on intangibles, money market funds, derivatives, structured notes, exchange traded funds and hedge funds.
Cigna Realty Investors (CRI) is the real estate investment division of CIM. CRI’s mission is to be a boutique real estate investor focused on delivering superior long-term returns. CRI manages a diverse real estate portfolio ($5B of AUM) consisting of joint venture equity partnerships, third-party managed investments, high yield investments, and commercial mortgages. CRI is a relationship driven company focused on doubling its commitment to its equity and high yield businesses with an emphasis on apartment and industrial opportunities.
The Vice President position, reporting to Acquisitions Managing Director, will be responsible for producing new equity and debt investments in assigned markets and partnering with CRI Asset Management & CRI Portfolio Management in actively monitoring and engaging in capital market transactions for CRI’s existing real estate portfolio.
Responsibilities
Generate new equity and debt investments in assigned territories that meet Portfolio return objectives.
Independently negotiate, with advisement from manager, Mortgage Application, Loan Documents, Purchase & Sale Agreements and Joint Venture Documents to minimize liability to CIM.
Lead the preparation of credit materials and presentation to recommend equity and debt investments. Furthermore, recommend and present investment opportunities through the credit process. Obtain necessary investment committee approvals and close recommended investments. Own and coordinate all aspects of closing with internal and external business partners (accounting, legal, engineering and insurance). Meet deadlines and know the entire process.
Partner with CRI Asset Management team on underwriting of new investments and assist in all aspects of management of existing portfolio including business plans, valuations, sales, refinancing, and recapitalizations.
Price joint venture opportunities (unleveraged IRR). Know spot market pricing. Determine the best relative value in the marketplace. Actively underwrite and quote mortgage business to determine market pricing for different credit risk profiles. To the extent necessary, structure credit enhancements to address lease-up risk, concentrated rollover or extensive property reposition strategy. Ensure pipeline reports are updated.
Demonstrate broad knowledge across real estate industry and take ownership of assigned territories. Know demographic trends, market drivers, fundamentals, construction costs, values, and major owners/developers. Continuously strive to expand real estate knowledge and expand skillset. Travel to assigned territories.
Be consistently prepared for deal discussion meetings, read distributed materials and identify mathematical errors, spellings mistakes, inconsistencies and compliance with Cigna underwriting guidelines, strategy and tactics. Attend all Production Review meetings.
Support manager in the development and maintenance of relationships with key Partners, Borrowers, and Intermediaries.
Actively participate in Enterprise Improvement Initiatives and ad hoc special projects. Initiate enterprise improvements that add value, proactively create solutions that solve problems and take ownership of initiatives through implementation.
Provide training and development opportunities and empower analysts to take ownership. Share responsibility and accountability. Be a team player.
Qualifications
5 years of institutional real estate investment experience
BA/BS in business, economics, finance, or other relevant field
MBA, CFA and/or other advanced business or investment designation is desirable
Experience in generating new equity and debt investments across multiple property types, preferably industrial and apartments, in assigned markets
Broad market knowledge across multiple geographic regions is beneficial
Experience in negotiation and structuring of real estate documents including: operating agreements, purchase and sale contracts, development agreements and loan documents
Ability to solve problems and work in growth environment
Core Competencies and Skills
Acts with a sense of urgency and takes ownership of assigned assets, markets, and relationships
Excellent written communication, verbal and analytical skills
Strong Excel skills; proficient in Microsoft Office applications
Demonstrated apartment and industrial expertise
Ability to work as part of a team
Problem solving and decision making skills
Prioritizes work load and meets deadlines; ability to multi-task between multiple capital markets transactions is desirable
Ability to travel frequently is needed for this position
This position supports Cigna Investments, Inc., an investment adviser registered with the United States Securities and Exchange Commission (“SEC”). The successful candidate will become an Access Person of CII required to comply with the personal trading requirements and restrictions contained in CII’s Code of Ethics. These requirements and restrictions apply to the Access Person and all securities transactions in accounts in which an Access Person has a Beneficial Interest.
If you will be working at home occasionally or permanently, the internet connection must be obtained through a cable broadband or fiber optic internet service provider with speeds of at least 10Mbps download/5Mbps upload.
About The Cigna Group
Doing something meaningful starts with a simple decision, a commitment to changing lives. At The Cigna Group, we’re dedicated to improving the health and vitality of those we serve. Through our divisions Cigna Healthcare and Evernorth Health Services, we are committed to enhancing the lives of our clients, customers and patients. Join us in driving growth and improving lives.
Qualified applicants will be considered without regard to race, color, age, disability, sex, childbirth (including pregnancy) or related medical conditions including but not limited to lactation, sexual orientation, gender identity or expression, veteran or military status, religion, national origin, ancestry, marital or familial status, genetic information, status with regard to public assistance, citizenship status or any other characteristic protected by applicable equal employment opportunity laws.
If you require reasonable accommodation in completing the online application process, please email: SeeYourself@cigna.com for support. Do not email SeeYourself@cigna.com for an update on your application or to provide your resume as you will not receive a response.
The Cigna Group has a tobacco-free policy and reserves the right not to hire tobacco/nicotine users in states where that is legally permissible. Candidates in such states who use tobacco/nicotine will not be considered for employment unless they enter a qualifying smoking cessation program prior to the start of their employment. These states include: Alabama, Alaska, Arizona, Arkansas, Delaware, Florida, Georgia, Hawaii, Idaho, Iowa, Kansas, Maryland, Massachusetts, Michigan, Nebraska, Ohio, Pennsylvania, Texas, Utah, Vermont, and Washington State.
Qualified applicants with criminal histories will be considered for employment in a manner consistent with all federal, state and local ordinances.
