Fractional Controller for Private Real Estate Fund - Remote

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, 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.