We are a small team of pragmatic dreamers working to shift the existing real estate development paradigm towards community ownership. Building on the research of our founders from the MIT Center for Real Estate, we are creating pocket-communities of 6-20 homes owned collectively via the Frolic Community cooperative housing model - designed to make buying a home within reach for generational renters and first time home buyers. We build our projects in partnership with single family home owners that have greater development potential on their land and who want to age in place, house their communities, and shape the future of their neighborhoods. We have 6 projects in development and over 30 in our pipeline, and are looking for fellow dreamers with acumen to join our team. Learn more about our work here:

Director of Real Estate Finance Job Description

About Frolic

Building on our founders’ research at the MIT Center for Real Estate, we are creating pocket-communities of 6-20 homes owned collectively via the Frolic Community cooperative housing model, which is designed to bring homeownership within reach for generational renters and first-time home buyers. We build our projects in partnership with single-family home owners who have greater development potential on their land and who want to age in place, house their communities, and shape the future of their neighborhoods. We have 6 projects in development and over 30 in our pipeline, and are looking for fellow dreamers with acumen to join our team.

Learn more about our work here: https://www.frolic.community/who-we-are

About the Role 

We are seeking a Director of Real Estate Finance to lead financial modeling and capital structuring across Frolic’s real estate development projects. This role will manage the full capital stack for projects—including pre-development, construction, and permanent financing—and partner with lenders, investors, and funding partners. The Director will play a key leadership role in developing Frolic’s financial systems, serving as our internal expert on project proformas, and supporting the launch of Frolic’s in-house Pre-Development Fund and Subordinated Blanket Mortgage programs.

Working here, you will:

• Manage all project financial models, proformas, and capital stack design across multiple projects.
• Support engagement with lenders, investors, and financing partners for pre-development, construction, and permanent financing.
• Develop and manage standardized systems for project underwriting and financial reporting.
• Coordinate closely with the development team to align financial strategy with project design and timelines.
• Prepare finance packets, loan applications, and supporting documentation for external stakeholders.
• Support the creation of in-house financial vehicles, including the Pre-Development Fund and Subordinated Blanket Mortgage programs.
• Mentor junior team members and help build Frolic’s real estate finance team.

About You 

You are an experienced finance professional with a deep understanding of real estate housing finance and complex capital structuring. You thrive in complex, dynamic environments, and bring both analytical rigor and practical judgment to your work. You enjoy structuring deals, building systems, and collaborating with diverse stakeholders to move projects from concept to close.

Expected qualifications for successful candidates include:

• 7+ years of experience in real estate finance, development finance, and / or project underwriting.
• Strong experience leading financing efforts for housing development projects, including sourcing, structuring, and closing investment and financing partnerships across the project capital stack
• Experience structuring and managing complex capital stacks and financial products for housing projects, such as LIHTC, NMTC, or other comparable financing mechanisms.
• Very strong modeling skills in Excel and familiarity with complex capital stacks (construction, perm, equity, etc.).
• Demonstrated experience working with lenders, investors, and government funding programs.
• Bachelor’s degree in finance, real estate, or related field; MBA or MSRED preferred.
• Excellent written, analytical, and communication skills.
• Ability to manage multiple active projects and deadlines.
• Commitment to housing innovation and community-oriented development.

What We Offer

This position will be full-time and employee must be based in the Seattle metro area.

We will consider applications for candidates based in The Bay Area or Los Angeles who are open to  travel to Seattle at least once a month. 

Base salary commensurate with experience. 80% company contribution to robust medical, dental and vision benefits, up to 3.5% employer match on sponsored 401(k) plan, and options in Frolic to be a co-owner of our company.

Frolic is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.