Portfolio Controller

Job Description

About Penwood Real Estate Investment Management, LLC

Penwood is a Registered Investment Adviser formed in 2003 and based in West Hartford, CT.  Penwood is an entrepreneurial real estate investment advisory group focused on the institutional investor market.  Penwood provides a national real estate perspective, disciplined management process and experienced investment management.  Penwood is currently focused on value-added development, redevelopment/rehabilitation and income-producing industrial investments in major seaport markets. Penwood is an Equal Opportunity/Affirmative Action Employer and is committed to diversity in its workforce.

We are currently seeking a Portfolio Controller to join our West Hartford, CT headquarters location to manage fund level accounting and the fund’s accounting/financial operations.

Characteristics of the Candidate:

The candidate should be self-motivated, organized, analytical, curious, pre-emptive, versatile, and thrive in a fast-paced and dynamic environment. 

Responsibilities:

The Portfolio Controller will work with the CFO, the company’s real estate investment professionals, and the company’s principals. The Portfolio Controller is responsible for understanding GAAP fair value real estate investment accounting principles, implementing accounting policies and procedures, and maintaining an efficient, comprehensive, and systematic accounting and reporting system for real estate investments and their respective portfolios.  The primary responsibilities include: 

• Complete and review monthly, quarterly, and annual financial reporting, GAAP fair value financial statements, footnotes, and supporting schedules.
• Perform the day-to-day accounting, record journal entries, and record and reconcile daily activity for the portfolios.
• Respond to audit requests and coordinate the team’s efforts to complete the annual audits.
• Prepare timely and accurate real estate accounting data to facilitate the real estate investment analysis and decision process.
• Create and maintain cash flow spreadsheets to calculate rates of return, fees, and complex partnership liquidations and incentive waterfall calculations.
• Oversee the accounting for property investments including ground-up construction projects with joint venture partners and monthly draw requests.
• Oversee portfolio cash management and treasury functions and manage cash fundings for transaction closings. 
• Calculate portfolio cash reserves, debt levels, liquidity and net worth tests, and future funding requirements.
• Issue investor capital calls and distributions, and capital account reports, and respond to investor accounting requests.
• Participate in the compliance program including the annual compliance review.
• Work independently to meet deadlines, and complete accounting projects.
• Help improve the accuracy, quality, efficiency, and effectiveness of the accounting and reporting systems and processes. 

Required Skills:

• Bachelors Degree with focus in accounting.
• 10 years of relevant real estate investment accounting experience.
• Very strong organizational, analytical problem-solving skills.
• Advanced Microsoft Excel skills.
• Experience with a CPA firm is a plus.
• Excellent written and verbal communication skills.
• Ability to work seamlessly on multiple projects and tasks.
• Team oriented and willingness to perform tasks outside his or her job description.
• The ability to meet deadlines.
• Self-motivated and energetic.