Cigna Investment Management - Vice President, Real Estate - Acquisitions

Cigna Investment Management (CIM) manages over $35 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 debt and equity investments in assigned markets and partnering with CRI Asset Management in actively monitoring CRI’s existing real estate portfolio.

Responsibilities

• Generate new debt and equity investments in assigned territories that meet Portfolio return objectives.

• Negotiate, with support 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 debt investments and joint ventures.  Furthermore, co-recommend and co-present investment opportunities with manager 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).  

• 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 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. 

Qualifications

• 5 to 7 years of real estate asset management experience. 
• BA/BS in business, economics, finance, or other relevant field
• MBA, CFA and/or other advanced business or investment designation desirable
• Experience in generating new debt and equity investments across multiple property types, preferably apartment and industrial, in assigned markets
• East Coast market knowledge with Southeast region expertise 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
• Position located at our corporate headquarters in Bloomfield, CT (Harford, CT area) with ability to work from home 1-2 days each week.

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.