Advisory for developers, landowners and investors making capital-intensive decisions with long horizons. Development finance, acquisition strategy, land economics, feasibility and asset strategy across every major asset class in Canada and the United States.
Real estate decisions commit capital for years and are made on the basis of assumptions that are rarely tested as rigorously as the amounts involved would justify.
We build that analysis for organisations without it in-house, and for those that have it but want an independent check. That means development pro formas built to institutional standard and tested month by month rather than summarised on a single page. Land economics and residual value work that holds when the density assumption changes. Feasibility analysis that answers whether a project should proceed rather than confirming a decision already taken. Partner and waterfall structures modelled before they are papered. Capital structure analysis that establishes what is financeable before a lender conversation begins.
The practice covers residential, purpose-built rental, mixed-use, commercial, industrial, hospitality and seniors housing. Continuing care and assisted living sit within it as an asset class, with the operating layer that distinguishes them modelled explicitly — entrance-fee structures, pre-sale and collection waterfalls, and covenant and liquidity testing alongside the development economics.
Devan McLaren leads the practice with Vinny Jawanda, who over his career has supported the underwriting and advisory of over $6.4 billion CAD in Canadian development.
Institutional-standard development pro formas with construction-period cash flow tested month by month, equity draw sequencing, and the pre-construction spend that is reimbursed rather than funded.
Whether a project should proceed, in what form, and at what density — tested across scenarios rather than presented as a single answer.
Residual land value, density scenario testing and ground lease analysis for owners deciding whether to sell, develop, partner or hold.
Offer structuring, deal sequencing and negotiation analysis built on the counter-party's own economics, so a position is taken with a view of the other side's alternatives.
Analysis of what the capital stack should look like and what is realistically financeable, with lender and investor materials prepared to support the process. We advise on structure; we do not lend or place debt.
Joint venture economics, promote structures and distribution waterfalls modelled across scenarios and tested against a real distribution before terms are agreed.
Hold, sell, refinance or reposition analysis at the asset and portfolio level, with the decision framed in returns rather than in preference.
Entrance-fee and rental continuing care models spanning independent living, assisted living and memory care, with covenant, DSCR and liquidity testing.
Independent review of existing models — formula integrity, logic verification and automated check frameworks — where a decision is about to be taken on numbers nobody has stress-tested.
A selection of engagement highlights, not an exhaustive list. Client names, project names and property addresses have been removed and regions generalised, consistent with our confidentiality agreements. Unit counts and dollar figures are order-of-magnitude, drawn from underlying models on file.
Devan founded Triple Beam Advisors and leads every practice the firm runs. Over his career he has underwritten and advised on transactions with an aggregate value exceeding $1 billion, spanning debt and equity across real estate, operating companies and specialised sectors, and has worked in US cannabis finance since 2018. Prior to founding the firm he was a Senior Analyst with the Fiore Group, covering private equity and venture capital investments across real estate, entertainment, energy, technology and retail. He is based in Los Angeles.
Vinny specialises in real estate and Indigenous advisory. Over his career he has supported the underwriting and advisory of over $6.4 billion CAD in development projects across Canada, working with some of the country's largest developers across multifamily, commercial, mixed-use and master-planned developments. His work with First Nations communities and institutional landowners spans economic development strategy, acquisition, capital planning and development delivery. He began his career in construction materials and insurance M&A. He is based in Calgary.
The first conversation is exploratory and confidential. We will tell you how we would approach it, and whether it needs us at all.