Finance Director for Commercial Real Estate
(Oversight of all financial reporting)
Ashcroft Capital is a national multifamily investment firm with over $700,000,000 of assets under management. Ashcroft is focused on major metropolitan statistical areas which demonstrate consistent rent growth, low vacancy and a growing Real GDP. To date the firm has acquired over 8,000 units since its formation in 2015.
Ashcroft Capital is seeking a fulltime Finance Controller to maintain current financial packages by working with its third-party property management company. Specifically, the responsibilities will include correcting and revising the monthly financial packages of each asset, overseeing the construction loan draw process, investor distributions, liquidity analysis of operating accounts, budget reconciliation and other ad hoc financial projects.
Responsibilities of the Position
- Monthly Financial Reports
- Review monthly packages for all properties.
- Highlight concerns, errors, issues, reclassifications via email and sends to third party PM company for each asset.
- Follow up with PM company to ensure all corrections and reclassifications are completed.
- Analyze and compare actuals to budget and summarize variances
- Analysis of cash vs accrual and preparation of monthly distribution report to LP’s
- Track distributions for each account
- Ensure wires are submitted on time and are accurate
- Capital Expenditures
- Own and manage the master capex tracker on a micro level for exterior rehab and a macro level for interior costs.
- Pull reports from leasing software program (Resman) to ensure vendor invoices are being loaded into the system in a timely manner and are on the outstanding payables reports.
- Tracks paid invoices to ensure accurate payments (Identify mistakes and any double payments for the same invoice)
- Loan Draw Requests
- Review and approve draw requests before sending to lender. Run DSCR tests in advance of lender to identify any potential issues passing each test.
- Bank Accounts
- Oversee, track and manage cashflow on each property.
- Onboard each newly acquired asset with property management company – Bank accounts, oversee PM company initial setup of the balance sheet and financial reports.
- Review budgets and reconcile to prior year for reasonableness of assumptions
- Other Misc Accounting/Finance Projects
- Current CPA License (OR Equivalent work experience)
- Strong knowledge of AND experience in commercial real estate finance
- Highly proficient Excel skills (comfortable with H/Vlookup, averageif, irr, pmt, and several other financial modeling excel functions)
- Moderate/Good Power Point skills
- Extremely detail oriented
- Local NYC hire
- The ideal candidate has 5 years+ experience in real estate, particularly as a financial analyst or CPA.
- 4 year college degree.
- Ability to work well with others.
- Strong preference will be given to candidates who are adept with leasing/accounting software such as OneSite, Resman and Yardi.
- Accounting / Control
- Financial Analysis
2+ to 5 years
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