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Position: Director, Development Finance – Full Time/Exempt

Department: Arizona Cardinals Football Club/Rawhide Development

Location: Phoenix/Scottsdale Area (Cardinals Facility/Rawhide Development)

Format: In-person

Note: Applicants must be authorized to work for any employer in the U.S. We are unable to sponsor or take over sponsorship of a student or employment Visas (including, but not limited to F-1, M-1, J-1, H-1B, OPT and/or CPT programs, etc.).

Summary:

The Arizona Cardinals Football Club is seeking a Director, Development Finance to lead financial analysis, development underwriting, and capital structuring for the Rawhide Project, a multi-phase, master-planned mixed-use development encompassing land development and horizontal infrastructure, retail, office, multifamily, hospitality, and structured parking.

This is a high-visibility, high-trust role supporting and working directly with the fast-moving, newly formed organization of Rawhide Development Company, created to develop a 217 acre mixed use development in the north Phoenix area. The Director will serve as the analytical lead for the Rawhide Project, working closely with the CFO of the Cardinals and the CEO of Rawhide Development Company on the master pro forma, the development underwriting, the capital stack, and the materials that carry the project to ownership, lenders, joint venture partners, and public agencies.

This is a highly hands-on individual contributor role. The successful candidate will be comfortable operating with independence and functioning as the dedicated development finance resource for Rawhide, personally building and maintaining the analyses and models that support key decisions rather than relying on a team of analysts. The role will collaborate extensively across Enterprise Finance, Accounting, Legal, Project Management and other internal and external partners.

This role requires the highest level of confidentiality and discretion. The Director, Development Finance will regularly be exposed to sensitive financial, transactional, and strategic information — including land transactions, partner and lender economics, ownership discussions, and organizational planning — and must handle all such information with absolute discretion, both inside and outside the organization.

The Director, Development Finance, will have the daily responsibilities including, without limitation, to the following:

• Pro Forma Modeling & Development Underwriting
  • Build and own the master development pro forma, a fully integrated, multi-phase model consolidating horizontal land development with vertical product across retail, office, multifamily, hospitality, and structured parking, with parcel- and project-level roll-ups
  • Underwrite individual components: rents, absorption, hard and soft costs, escalation, lease-up, operating expenses, reserves, exit cap rates, and residual value
  • Produce land residual analyses and test alternative land-use programs, densities, and phasing sequences
  • Calculate and stress project and partner level returns (IRR, equity multiple, yield-on-cost, development spread) through sensitivity and downside analysis, and maintain rigorous model governance and documentation
• Market Research & Feasibility
  • Own market research across the Phoenix/Scottsdale MSA - comparables, absorption, vacancy, pipeline, tenant demand, and demographics, and translate it into underwriting assumptions defensible to internal and external stakeholders
  • Conduct highest-and-best-use and product-positioning analysis by parcel, and support tenant-mix strategy for the retail component
  • Manage and analyze third-party consultants (market studies, appraisals, feasibility and fiscal impact analyses) rather than accept deliverables that cannot be reproduced internally
• Joint Venture Structuring & Waterfall Modeling
  • Model joint venture equity waterfalls, including preferred returns, hurdles, promote tiers, catch-ups, clawbacks, and capital-account tracking
  • Read and translate LLC and JV operating agreements into working models, flagging where drafted economics diverge from intended under downside scenarios
  • Support partner and investor negotiations with quantitative back-up, and maintain partner-level cash flow reporting, capital calls, and distributions
• Capital Markets, Financing & Public Finance
  • Model the capital stacks as required, construction debt, mezzanine, preferred and common equity, bridge and permanent financing, and refinance/recapitalization options
  • Analyze and compare alternative financing mechanisms (bonds, credit tenant lease, etc.) as required
  • Prepare lender and equity packages, manage diligence, and reconcile third-party reports against the underwriting
  • Model potential public finance and incentive and their effect on tenants, landowners, and development returns.
• Budgeting, Reporting & Presentations
  • Build and maintain the project development budget, cash flow forecast, and equity draw projections, reconciled to the development pro forma on a regular basis
  • Collaborate with internal accounting and project management teams to ensure the tracking of actual-versus-budget performance, change orders, and cost-to-complete, and review recurring ownership reporting packages
  • Build ownership and investment committee presentations that are analytically airtight and visually disciplined, translating complex modeling into a clear recommendation
  • Support entitlement and public-approval processes with economic and fiscal impact analysis
• Transaction Support & Cross-Team Coordination
  • Support land acquisition and parcel disposition, and model build-to-suit, ground lease, and pad sale structures for individual parcels and users
  • Underwrite leases as negotiated (percentage rent, TI/LC, net effective rent) and confirm terms clear the underwriting before signature
  • Build working relationships across departments (Legal, Finance, People, Project Management) and with outside counsel, tax advisors, and consultants to keep information and approvals moving
• Other duties as assigned.

• Education: Bachelor's degree in Real Estate, Finance, Economics, Accounting, Business, or a related field required; advanced degree or CFA, CCIM, or CAIA preferred
• Experience: At least seven (7) or more years of progressively responsible experience in commercial real estate development, acquisitions, real estate private equity, or real estate investment banking or a related real estate investment/finance role. Principal/sponsor-side experience strongly preferred.
• Ability and desire to operate as a hands-on individual contributor and independently own the analytical work
• Meaningful involvement across multiple stages of the development lifecycle. Experience spanning feasibility, capitalization, construction and/or stabilization strongly preferred
• Demonstrated ownership of ground-up development underwriting
• Experience in leveraging AI tools to achieve increased production and quality
• Advanced Excel skills and demonstrated ability to build complex dynamic, multi-phase development models from scratch; modeling ability will be evaluated as part of the process
• Hands‑on experience building and analyzing joint venture equity waterfalls with the ability to understand and translate governing economic terms into financial models
• Experience closing or directly supporting debt and/or equity financings
• Experience with ground-up development across multiple real estate product types; experience with large-scale mixed-use or master-planned development strongly preferred
• Demonstrated track record of handling confidential and sensitive information with absolute discretion
• Flexibility to work evenings, weekends, and holidays; hours may vary depending on business needs.
• Must successfully complete pre-employment screening, including a background check.

Rawhide Development has developed a comprehensive benefits package that provides economic and inclusive benefits to full-time employees. The Rawhide Development benefits offer care, protection, and support for employees and their loved ones. The Rawhide Development organization encourages an environment that is conducive to living a healthy, productive, and flexible lifestyle.

Benefits and Perks include, but are not limited to:

• Health, Dental, and Vision Insurance options; effective the first day of hire
• 401 (k) retirement option with employer match contribution
• Paid Time Off Accruals (including sick time accruals)
• Paid Time Off for most Federal holidays
• Time off for Maternity, Paternity, Military, and Bereavement
• MDLIVE: 24/7 medical support
• Flexible Spending Accounts (FSA) & Health Care Saving Account options
• Discounts on Cardinals gear & paraphernalia
• Tuition reimbursement & Professional Growth opportunities
• Daily free lunch

The Arizona Cardinals Football Club and Rawhide Development is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, sex, sexual orientation, age, disability, gender identity, marital or veteran status, or any other protected class.

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