Fractional Controller

Armitage Street LLC; Chicago (IL); Hybrid; USD 120,000 - 180,000; Full time

Job summary

Armitage Street LLC, a Chicago-based private real estate credit fund, seeks a Controller to own the books for the fund and its REIT subsidiary end to end. You will manage monthly close, investor capital accounts, loan participation waterfalls, borrower cash accounting, and the annual audit, with the founder approving policy and payments.

The role is hands-on, with about 30 hours per month initially, more during the audit and first months of transition.

Qualifications

• Five or more years of accounting experience, including fund or investment-vehicle accounting (private credit, debt fund, or real estate fund).
• Have owned a month-end close and an audit relationship without a supervisor above you.
• Strong Excel; comfortable with participation and waterfall calculations.
• Experience with QuickBooks, The Mortgage Office, InvestNext, or comparable tools; REIT compliance exposure is a plus.
• Chicagoland preferred; remote considered for the right candidate.

Responsibilities

• Own the monthly close for both entities in the general ledger: bank and servicing reconciliations, accruals, intercompany, and the three-way tie-out between the loan servicing system, capital accounts, and general ledger.
• Draft close by business day 5, final by business day 8, with variance notes for founder review.
• Maintain investor capital accounts and NAV; process contributions, redemptions, and distributions.
• Build out periodic investor reporting as the fund grows.
• Reconcile participant balances and prepare participant statements.
• Tie interest, fees, escrows, draws, and payoffs between the loan servicing system and the general ledger.
• Support the Loan Servicing Specialist on billing questions and past-due accounting.
• Own the annual audit: prepare the PBC list, supporting schedules, and responses. Prepare the tax package for the outside firm.
• Run quarterly REIT tests and prepare the lender covenant package.
• Draft accounting policies and control changes for founder approval; maintain the accounting SOPs.
• Code, schedule, and record vendor invoices approved by department owners; the founder releases payment.
• Weekly check-in with the founder; month-end and cash numbers due before the Wednesday leadership meeting; join that meeting when an accounting item is on the agenda.
• Recommend and implement process improvements, including current tools and AI where they tighten the close.

Skills

Month-end close ownership

Audit relationship management

Advanced Excel

Waterfall calculations

Education

CPA Preferred

Tools

QuickBooks

The Mortgage Office

InvestNext

Job description

Armitage Street LLC (\"Armitage\") is a Chicago-based private real estate credit fund specializing in bridge and construction financing for residential and small-balance commercial real estate. Evergreen fund, approximately $50M in assets and roughly 50 loans outstanding. Nine-year track record with zero realized losses, audited annually since 2020. Six-person team, founder-led.

Job Summary

The Controller owns the books for the fund and its REIT subsidiary end to end: monthly close, investor capital accounts, loan participation waterfalls, borrower cash accounting, and the annual audit. The role has a task list by function. You will write the procedures as you take each task over from our long-time controller, who stays on in a review role. The founder approves policy and releases payments. You run everything else.

Roughly 30 hours in a typical month, concentrated in the first ten business days, and more during the annual audit. Expect more in the first few months while you take over.

Accountabilities

General Ledger & Close

• Own the monthly close for both entities in the general ledger: bank and servicing reconciliations, accruals, intercompany, and the three-way tie-out between the loan servicing system, capital accounts, and general ledger.
• Draft close by business day 5, final by business day 8, with variance notes for founder review.
• Maintain investor capital accounts and NAV; process contributions, redemptions, and distributions.
• Build out periodic investor reporting as the fund grows.

Participations Accounting

• Maintain the loan participation waterfall model (preferred returns, pro-rata splits) and run it monthly from deal terms set by the founder and Operations.
• Reconcile participant balances and prepare participant statements.

Borrower Accounting

• Tie interest, fees, escrows, draws, and payoffs between the loan servicing system and the general ledger.
• Support the Loan Servicing Specialist on billing questions and past-due accounting.

External Reporting

• Own the annual audit: prepare the PBC list, supporting schedules, and responses. Prepare the tax package for the outside firm.
• Run quarterly REIT tests and prepare the lender covenant package.

Accounting Policy & Controls

• Draft accounting policies and control changes for founder approval; maintain the accounting SOPs.

Accounts Payable

• Code, schedule, and record vendor invoices approved by department owners; the founder releases payment.

General

• Weekly check-in with the founder. Month-end and cash numbers due before the Wednesday leadership meeting; join that meeting when an accounting item is on the agenda.
• Recommend and implement process improvements, including current tools and AI where they tighten the close.

Qualifications, Requirements, and Skills

• Five or more years of accounting experience, including fund or investment-vehicle accounting (private credit, debt fund, or real estate fund). CPA preferred.
• Have owned a month-end close and an audit relationship without a supervisor above you.
• Strong Excel; comfortable with participation and waterfall calculations.
• Our current systems are QuickBooks, The Mortgage Office, and InvestNext. Experience with these or comparable tools; we are open to switching if you make the case. REIT compliance exposure is a plus.
• Comfortable as the only accountant in a small firm: self-directed, documents as you go, escalates the right questions.
• Chicagoland preferred; remote considered for the right candidate.

Compensation

• Fixed monthly retainer for the defined scope, agreed at offer.
• Audit fieldwork and special projects billed hourly.

Culture

Armitage is an entrepreneurial company passionate about borrower satisfaction and simplifying the industry. We highly value relationships and have built a strong reputation for committing to and closing loans faster than any other lender, as reflected by our five-star reviews over nine years in the industry. We are a team that trusts each other and communicates openly, honestly, and effectively. We are committed to helping team members and our borrowers grow personally and professionally by coaching, training, and supporting each other.

Armitage Street LLC is an Equal Opportunity Employer and does not discriminate based on race, color, religion, national origin, age, disability, sex, marital status, veteran status, sexual orientation, or any other characteristic protected by law. We are committed to providing reasonable accommodations for individuals with disabilities.