Unlocking Efficiency: How SJC Ventures Transformed Draw Packaging and Budget Management

About SJC Ventures

SJC Ventures is an Atlanta-based developer of premier institutional quality mixed-use, grocery-anchored and multifamily assets throughout the eastern United States. 

Challenges

Before implementing Rabbet, SJC Ventures relied entirely on Excel workbooks for draw preparation and project budget management. The draw packaging process was fragmented—each draw summary in Excel lacked a direct link to associated invoices. As a result, team members had to manually search the accounting system or sift through paper copies to locate invoice references.

Budget management posed similar difficulties. Any changes to budget allocations or fund reassignments had to be manually updated in Excel spreadsheets. ECAC (Estimated Cost at Completion) was tracked using a dedicated pivot table, but it wasn’t integrated with contract data or committed costs. This disconnect occasionally resulted in end-of-project surprises when contracts were not properly accounted for in the spreadsheets.

Managing committed costs and budget adjustments was cumbersome and error-prone.

“Everything was in Excel—cells got hardcoded, formulas were deleted, and we constantly had to ensure the ending balance from the prior month matched the beginning balance of the current one. It was an absolute time-consuming nightmare from my perspective,” explained Thomas Rowe, CFO.

The lack of system integration also hampered collaboration. Internally, invoice approvals involved circulating physical folders, causing delays whenever key approvers were unavailable.

Externally, communicating with lenders was no less complex and time-consuming. The draw package included an Excel workbook and large scanned PDF files, which often exceeded email size limits—forcing the team to split and send them across multiple emails.

Solution

SJC Ventures transformed their approach to development finance with Rabbet by replacing manual spreadsheets and disjointed workflows with an integrated, cloud-based platform. This shift gave the team portfolio-wide visibility into financial performance, streamlined their draw packaging process, and empowered project managers to manage budgets more proactively and accurately.

With Rabbet, draw preparation became dramatically more efficient. What once took 3 to 5 hours now takes just 5 to 10 minutes to complete after approvals. All invoices, contracts, and supporting documents are organized within the system.

“The draw package is much cleaner now. It clearly breaks down each category line item, making it much easier to read. The summary cover page is straightforward and has definitely helped the review process and getting funded a lot quicker,” explained Jan-Pierre Crespo, Controller.

Project managers now have the tools they need to manage budgets in real time.

“Having the true forecasted ECAC at our fingertips, Rabbet allows us to make better and more timely decisions across all facets of a project. Whether it's understanding the tenant allowance package available for a retailer, making aesthetic or design choices, or evaluating Value Engineering decisions, knowing where we have available funds in each of the cost categories is critical in this decision process.” explained Heather Hill Dowling, Development Manager. 

In addition, linking contracts and change orders directly to invoices allows them to respond confidently to vendor budget requests and monitor spending throughout the life of each project.

Rabbet has also enhanced visibility at the portfolio level for Thomas Rowe, the CFO. With a centralized source of truth, it’s easy to view the draw schedule history across all projects, analyze funding sources, and quickly answer questions from internal stakeholders or equity partners. Budget adjustments can be made with proper context, and historical notes provide clarity for decision-making and audit purposes.

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