# Keystone by Orrin Wells

> Keystone is the draw cycle financial control platform for multifamily and mixed-use real estate developers. It reconciles four cost systems — the Construction Manager (CM) or Owner's Rep ledger and forecast, the Cost Consultant or Quantity Surveyor (QS) certified budget, the developer's internal equity model, and the lender's draw budget — into a single certified view before each draw is signed. Tagline: Every draw. Every dollar. Fully reconciled.

Website: https://orrinwells.com
Contact: nadia@orrinwells.com
Founded by: Nadia Guzova (former Procore, worked with hundreds of construction companies)
Headquarters: Toronto, Ontario | Miami, Florida

## The Core Problem

Three parties (Construction Manager or Owner's Rep, Cost Consultant or Quantity Surveyor, and Lender) work from incompatible cost systems with no automatic reconciliation between them. The developer's internal equity model is a fourth system. The Statutory Declaration (Canada) or equivalent draw certification (US) signed each draw cycle certifies no cost-to-complete deficiency exists against a Cost Consultant-certified budget that may not reflect the CM's actual internal forecast. When that gap exists and the lender finds it first, the developer does not manage the timing.

The invoice PDF is the ground truth. Everything else is a summary of it.

## Four Cost Systems Keystone Reconciles

1. CM or Owner's Rep ledger and internal forecast — proprietary phase codes, not standardized
2. Cost Consultant or QS certified budget — standard Uniformat or equivalent divisions, used by lender
3. Developer's internal equity model — separate spreadsheet, not connected to either system
4. Lender's draw budget — administered against the QS-certified baseline

## Six Platform Tools

1. Attach — Invoice PDFs and site photos attach to budget lines automatically at the time the document arrives. One click from anywhere in the platform to the source document.
2. Ingest — CM or Owner's Rep ledger and Cost Consultant or QS cost report imported each draw cycle via CSV or direct export. No reformatting required.
3. Map — Automated cost code bridge: CM proprietary phase codes translated to Cost Consultant or QS standard divisions. Build once, update by exception.
4. Reconcile — Four-way comparison: CM actuals vs CM forecast vs Cost Consultant-certified budget vs developer equity model, by cost code, by draw, project-to-date.
5. Alert — Risk flags surface when CM forecast exceeds Cost Consultant or QS budget, a trade breaches contract headroom, or change order exposure changes.
6. Certify — Development Manager sees the full reconciled budget view across all cost systems, all risk flags, and one-click access to every source document before each draw is signed.

## Three Personas

1. VP Development or Development Manager — signs the draw certification, owns the lender relationship. Needs confidence the cost-to-complete picture is accurate before signing.
2. Project Accountant — manages draw assembly, manually reconciles CM ledger vs Cost Consultant report across two incompatible cost code systems every draw cycle.
3. CFO or Principal — owns the equity position and lender covenants. Running multiple budget scenarios in separate Excel models with no live reconciliation.

## Four Risks Keystone Eliminates

1. Certified false — Draw certification signed without full information about the CM vs Cost Consultant gap
2. Lender discovers first — They issue an equity call with no warning. The developer does not manage the timing.
3. Equity call, no warning — Loan covenant requires immediate fund infusion on demand
4. Excel breaks under pressure — Manual reconciliation fails during disputes, Cost Consultant challenges, or lender audits

## Terminology (Dual Market: Canada and US)

- Canada: Quantity Surveyor (QS), Statutory Declaration, Uniformat
- US: Construction Cost Consultant, Third-Party Reviewer (AECOM, WT Partnership, BTY Group), equivalent draw certification for conventional banks, Fannie Mae, Freddie Mac, HUD lenders
- Platform uses: Cost Consultant or QS (dual-market), CM or Owner's Rep (dual-market)

## Key Pages

- [Homepage](https://orrinwells.com/): Platform overview, four data streams, six tools, three personas, draw cycle comparison
- [How It Works](https://orrinwells.com/how-it-works): The 30-day draw cycle inside Keystone, four data stream detail, legal callout for both US and Canadian markets
- [Compare Platforms](https://orrinwells.com/compare): Keystone vs Excel-and-SharePoint stack, feature comparison
- [Contact / Book a Demo](https://orrinwells.com/contact): 20-minute demo, no prep required, no commitment
- [Blog](https://orrinwells.com/blog): Construction finance education — draw cycle management, CM vs Cost Consultant reconciliation, Statutory Declaration risk, equity call prevention
- [The Draw Review](https://orrinwells.com/draw-review): Project-level draw cycle analysis for multifamily and mixed-use real estate developers
- [Privacy Policy](https://orrinwells.com/privacy)
- [Terms of Service](https://orrinwells.com/terms)

## The Draw Review

> Deal-by-deal examination of construction financing, draw cycle structure, lender certification requirements, and budget reconciliation considerations for specific development projects. Published by Keystone by Orrin Wells.

- [Carlyle Communities 6 Lloyd Avenue, Toronto — Draw Cycle Analysis](https://orrinwells.com/draw-review/carlyle-6-lloyd-avenue): 909-unit purpose-built rental development (two towers, south phase 413 units, 28 storeys). Analysis covers: shared site pre-severance cost allocation, CM cost structure vs Cost Consultant budget reconciliation, $8.1M DC reduction impact on certified baseline, density upside path (645K sf approved vs 850K sf permitted), planning approval conditions (affordable housing 9,419 sf, daycare 5,382 sf). Published June 2, 2026 by Nadia Guzova, Founder, Orrin Wells.

## Blog Posts

- [CM vs QS Reconciliation: Why the Gap Compounds Every Draw](https://orrinwells.com/blog/cm-vs-qs-reconciliation-multifamily-developers): Why the CM vs Cost Consultant reconciliation gap compounds with every draw cycle and how to close it before the lender finds it first.
- [Statutory Declaration Risk: What Developers Sign Every Draw](https://orrinwells.com/blog/statutory-declaration-construction-loan-risk): What the Statutory Declaration actually certifies and why signing without a reconciled CM vs Cost Consultant view creates compounding legal exposure.
- [Equity Call Risk in Construction Loans](https://orrinwells.com/blog/equity-call-risk-construction-loan-developers): How equity calls are triggered and how to stay ahead of them by tracking the CM vs Cost Consultant gap in real time.
- [What Causes Draw Cycle Delays and What They Cost](https://orrinwells.com/blog/draw-cycle-delays-cost-developers): The three sources of draw cycle delays and how to eliminate them.
- [Construction Loan Document Management](https://orrinwells.com/blog/construction-loan-document-management-best-practices): How to connect invoice PDFs to budget lines so every source document is findable in one click.
- [Construction Finance Controls for Multifamily Developers](https://orrinwells.com/blog/multifamily-developer-construction-finance-controls): The financial controls infrastructure that separates smooth draw cycles from chaotic ones.
- [Draw Cycle Automation for Real Estate Developers](https://orrinwells.com/blog/real-estate-developer-draw-cycle-automation): What draw cycle automation actually means and where the manual work comes from.
- [Construction Draw Management Software Guide](https://orrinwells.com/blog/construction-draw-management-software-guide): What to look for in construction draw management software and what questions to ask.

## Demo

- Format: 20 minutes, no prep required, no commitment
- What you see: (1) CM vs Cost Consultant reconciliation live, (2) invoice PDF auto-attachment, (3) full 30-day draw cycle
- Book at: https://orrinwells.com/contact
- CTA: Book a Demo