IndustriesReal estate
Real estate
Investment cases and financial models for real estate
We help developers, investors and owners test the numbers behind land, development and income-producing assets before capital is committed.
Talk to us about a pro forma, a raise or a valuation.
Who we work with
From land to stabilized asset
Real estate decisions are made years before the returns arrive, on assumptions about costs, absorption, rents and rates that will move. We help you test those assumptions while there is still time to act on them.
Developers
Land acquisition and rezoning decisions, development pro formas, construction financing and the capital stack for each phase.
Investors and owners
Acquisition models for income-producing assets, hold-or-sell analysis, refinancing and portfolio returns.
Lenders, partners and family offices
An independent review of a sponsor’s numbers, joint venture terms and distribution waterfalls, and valuation ahead of a financing or exit.
Decisions we support
The decisions real estate teams bring to us
Each one links to the practice that handles it, so you can go from the question in front of you to how we answer it.
A development pro forma partners and lenders trust
Costs, timing, absorption and financing in one model, with the sensitivities your partners and lenders will ask about.
Financing a large or phased project
Debt sizing, drawdown schedules and coverage tests for projects that are built and financed in stages.
Raising equity for a project or fund
The investment case, projected returns and investor materials behind a raise, and terms that work for both sides.
Valuing land, a building or an interest
Valuations for acquisitions, financings, partner buyouts and shareholder matters, built on the asset’s cash flows.
Buying or selling an asset or portfolio
Screening opportunities, testing price against the numbers, and supporting diligence and negotiation through to close.
Managing interest rate exposure
Understanding how rate moves affect a project or portfolio, and the options for managing that risk before it bites.
Our perspective
A pro forma is a set of assumptions about costs, absorption, rents and rates, and every one of them will move.
We put costs, timing, absorption and financing into one model with the sensitivities partners and lenders ask about, so you can see which assumptions matter most before capital is committed.
Insights
Related insights
Business Valuation409A vs. Canadian Fair Market Value: What Founders With Cross-Border Cap Tables Need to KnowSeptember 16, 2026
Business ValuationBusiness Valuation for Shareholder Disputes and Divorce in CanadaSeptember 16, 2026
Corporate FinanceBusiness Loan: How Banks Lend Using EBITDA and DSCRJune 10, 2025Selected work
See how our engagements come together
From development models and valuations to capital raises and transactions, our selected work shows the range of companies we serve and the decisions we help them make.
The firm
An independent firm, built around the work
Engagements are principal-led and staffed to the work, drawing on our network of legal, tax and audit partners where a scope requires it.
Many of our relationships continue well beyond the first mandate, as fractional controller or CFO, as research partner, or as adviser on the next raise or transaction.
Principal-ledSenior attention from scoping through delivery.
Hands-onInvolved from the first model through to execution.
For the long termOngoing roles as controller, CFO and research partner.
Questions
Questions real estate teams ask us
Do you build development pro formas or review existing ones?
Both. We can build a model around your project, or review and rebuild an existing one so it holds up to a lender’s or partner’s questions and your team can keep using it.
Can you model a joint venture waterfall?
Yes. We model preferred returns, promotes and catch-ups over the life of a project, so each partner can see how cash reaches them under different outcomes.
Do you only work on projects in British Columbia?
No. We are based in Vancouver and work on projects across Canada and internationally.
What does an engagement cost?
It depends on the scope. After a first conversation we send a written proposal with deliverables, timing and fees, so you know the cost before any work begins.
Capabilities
Related capabilities
Real estate modeling
Project finance modeling
Capital raising
Business valuation
Mergers and acquisitions
Hedging and risk managementAlso for real estate teams: Real estate financial modeling in Vancouver
