AVP or VP - Affordable Development

About Us:

Cypress Equity Investments is a real estate investment company that executes ground-up real estate projects, with a focus on affordable multifamily development throughout the United States. https://www.cypressequity.com/

Description:

We are seeking an AVP or VP to join our Development team and play a key role in managing projects within our affordable multifamily portfolio. Reporting to senior management, this role will oversee multiple projects in all phases of the development process, underwriting, due diligence, design, entitlement approvals, and project management. This position will provide the candidate with significant professional growth and exposure to all aspects of affordable housing development. This position will be based in Sacramento, California.

Responsibilities:

• Support Chief Development Officer and Managing Director on LIHTC affordable housing ground up developments, primarily in California and future growth nationally.
• Oversee all stages of affordable housing development, including due diligence, assisting with financing, navigating entitlements and government approvals, coordinating consultants, engaging with community stakeholders, overseeing design, marketing, leasing, and construction activities.
• Lead architects, engineers, and city officials to advance projects through entitlement processes and plan review.
• Responsible for coordinating loan draws, forecasting project budgets and cash flows, and managing project deliverables.
• Manage multiple projects at a time, ensuring deadlines and budgets are consistently met.
• Assist in preparing business plans, memorandums, annual operating plans, financial forecasts and strategic plans.
• Compile and submit comprehensive financing applications for municipal and state funding programs, including low-income housing tax credits and tax-exempt bond allocations.
• Support CEI capital markets team with project debt and equity sourcing and process
• Assist with the closing process for real estate transactions including acquisition, construction loan closing and conversion.
• Identify potential risks to projects and contribute to strategies that mitigate exposure.
• Communicate project updates and critical information effectively to senior leadership.
• Participate in external meetings and site visits as required. Travel may be required on an as needed basis.

 Qualifications:

The ideal candidate will have experience overseeing a multi-family project, with affordable experience preferred. They will have extensive understanding of commercial real estate, development, and investment, with exceptional analytic ability, strong communication skills and attention to detail. Requirements include:

• Experience in affordable housing is preferred.
• Multiple projects of experience through the entire development process
• 7-10 years of experience with some of the responsibilities listed above
• Bachelor's degree
• Experience underwriting real estate assets
• Expertise with Microsoft Excel and Microsoft Project
• Outstanding organizational skills and attention to detail
• Ability to work on multiple tasks, prioritize, and meet deadlines
• Ability to balance self-managed, long-term projects alongside time-constrained, ad-hoc work
• Must be a team player, but also a self-starter that can perform with limited direction
• Passion for real estate and an interest in building a career in the industry

Compensation and Benefits

• The salary range for this position is $150,000 to $230,000 pending experience level with potential for discretionary end-of-year bonus
• Comprehensive medical, dental, and vision coverage options
• 401(k) plan with company match
• Paid holidays and paid time off