Case studies and sample deliverables
These are anonymised samples of Lumenalis engagements across the development lifecycle — feasibility and pro forma, construction budgeting and management, acquisition screening, and portfolio finance. Each is downloadable as a flattened PDF, and several include the working Excel model.
Client identities, addresses, and personal information are removed under the Personal Information Protection and Electronic Documents Act (S.C. 2000, c.5); all monetary figures are retained from the underlying engagements.
Concrete Multi-Residential Conversion — 21 to 23 Units
A multi-residential concrete conversion in central Ottawa, led by our principal as project manager. The engagement carried the building from 21 to 23 units and combined municipal Site Plan Approval, a unit-mix redesign, and a re-engineering of the electrical service — the front-loaded decisions that determine whether a conversion performs or merely completes.
Key figures — Project value $8.4M · Construction value $2.8M · 21 → 23 units · unit-mix redesign added ≥ $1M in value · electrical service re-engineered from 800A to 600A, about six months saved
Construction Project Management — Selected Track Record
Nineteen construction projects led by our principal across six years (2021–2027) — owner-developer builds and conversions, institutional and commercial fit-ups, insurer-directed restoration, and private residential renovation. The summary is anonymised: addresses are reduced to an area and clients to an organisation type, while recorded figures are retained. It records work led by our principal, not engagements contracted to Lumenalis.
Key figures — 19 projects · about $30.5M aggregate project value · about $17.3M construction value managed · roles: 16 project manager, 2 co-project manager, 1 assistant project manager · 2021–2027
Portfolio Uses and Sources Reconciliation — Multi-Entity Cash Deficit
A reconciliation across four numbered corporations to locate and size a cash shortfall on three active infill projects. The work consolidated every source and use into one portfolio statement and proposed a financing remedy.
Key figures — Sources $12.40M · Uses $14.25M · Net deficit ($1.61M) · Recommended two-tranche facility $4.05M · 21-month window
Two-Building Mixed-Use Infill — Budget, Income, and MLI Select
Two adjacent low-rise buildings converted to ten residential suites and a ground-floor retail tenancy, financed under CMHC MLI Select. Reported mid-construction, with roughly two-thirds of the budget committed.
Key figures — Total project cost $4,198,145 · Stabilised NOI $223,692 · Takeout debt $3,835,488 · Blended DSCR 1.19x
Small-Scale Infill Development — Pro Forma and CMHC Financing
Two detached triplexes — six purpose-built rental dwellings — on a severed corner lot whose variances the Ontario Land Tribunal allowed on appeal. The model carries cost-to-build alongside CMHC MLI Select underwriting.
Key figures — Total project cost $3,999,347 · Stabilised NOI $211,134 at a 5.0% cap · CMHC value $4,222,688 · First mortgage $3.32M at 3.95% over 40 years · DSCR 1.28x
Heritage assembly: severance and disposition
A four-unit assembly across two heritage-designated buildings in an established inner-urban Ottawa district, carried as a cash-flow-negative rental holding. We re-underwrote a stalled renovate-and-hold programme into a disciplined exit: severing the parcel into separate freehold lots through the Committee of Adjustment, installing the independent water and sanitary connections the severance made mandatory under the Ontario Building Code, and selling. Lumenalis led the feasibility and option analysis, the planning-approvals coordination, and the servicing and renovation scope.
Verified figures, selected plan (sever into four lots, lighter renovation, sell, over six months): gross sale value $2,030,000; renovation $447,000; new water and sanitary connections $65,000; existing debt retired $1,150,000; net proceeds to equity $153,873. The earlier renovate-and-hold construction budget was $599,330. All figures are actual; identifying particulars removed under PIPEDA.
Custom Single-Detached Residence — Construction Budget and CM Proposal
A bottom-up construction budget and a construction-management proposal for an owner-occupied custom home, priced from a stamped permit set to an AACE Class 3 standard. The management fee is a transparent percentage of construction complete.
Key figures — Base hard construction $1,437,590 · CM fee $230,014 (16%) · Gross building area 4,635 sq ft · Schedule 12–14 months
Single-Family Renovation and Resale — Pro Forma
A detached suburban Ottawa dwelling acquired, renovated, and resold within a twelve-month hold. The pro forma itemises the renovation budget and traces capital from purchase through net proceeds to the equity return.
Key figures — All-in cost $804,319 · Net profit to equity $86,848 · Return on equity 32.5% · Levered IRR 50.3%
Multifamily Acquisition Screening — Fourteen-Candidate Pipeline
Fourteen Ottawa infill and value-add candidates tested against one deliberately conservative underwrite, each carried from list price to a return on cost. The screen is frank: most candidates do not clear the bar.
Key figures — 14 candidates · 13 negative return on cost at base case · sole positive +2.26% · none clears the 20% priority threshold
Inner-Urban Acquisition Candidate Screen — Twelve Sites
Twelve core-Ottawa intensification candidates across the Centretown, Chinatown, and Hintonburg corridors, ranked on qualitative viability and development headroom. A screening-stage read, not a completed underwrite.
Key figures — 12 candidates · 4 High / 7 Medium / 1 Low · list prices $880,000 to $4,250,000
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