Fractional Controller

Armitage Street LLC is seeking a fractional Controller to take full ownership of accounting across the fund and its REIT subsidiary. The role centres on monthly close, general ledger reconciliations, investor capital accounts, NAV calculations, and loan participation waterfall management. The engagement runs approximately 30 hours in a typical month, concentrated in the first ten business days, with additional time required during the annual audit period and during the initial handover from the outgoing controller.

The incoming Controller will document procedures as each function is transitioned, draft and maintain accounting policies and SOPs, produce quarterly REIT compliance tests and lender covenant packages, and recommend process improvements. The founder approves policy and releases payments. The current systems are QuickBooks, The Mortgage Office, and InvestNext, though the team is open to alternatives. This is an independent contractor engagement.

• Own the monthly close for both entities, including bank and servicing reconciliations, accruals, intercompany entries, and the three-way tie-out between the loan servicing system, capital accounts, and general ledger.
• Maintain investor capital accounts and NAV, and process contributions, redemptions, and distributions.
• Run the loan participation waterfall model monthly and reconcile participant balances and statements.
• Reconcile interest, fees, escrows, draws, and payoffs between the loan servicing system and the general ledger.
• Manage the annual audit including the PBC list, supporting schedules, and audit responses, and prepare the tax package for the outside firm.
• Draft accounting policies and control changes for founder approval and maintain all accounting SOPs.

• Five or more years of accounting experience, including fund or investment-vehicle accounting such as private credit, debt fund, or real estate fund. CPA preferred.
• Demonstrated ownership of a month-end close and an audit relationship without supervisory oversight.
• Strong Excel skills with comfort in participation and waterfall calculations.
• Familiarity with QuickBooks, The Mortgage Office, or InvestNext, or comparable fund accounting systems.
• REIT compliance exposure is an advantage.
• Self-directed, able to operate as the sole accountant in a small firm, and comfortable documenting processes and escalating appropriately.

Armitage Street LLC is a Chicago-based private real estate credit fund specialising in bridge and construction financing for residential and small-balance commercial real estate. The fund is founder-led with a six-person team, holds approximately $50M in assets across roughly 50 loans, and has maintained a nine-year track record with zero realised losses. Annual audits have been conducted since 2020.