REAL ESTATE DEVELOPERS CPA SERVICES

Accounting, Tax & CFO Services for Real Estate Developers

From project-level accounting to entity structuring and construction draws, we handle the numbers behind every development.

Serving Seattle-area real estate developers since 1971 · Licensed WA CPAs

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Accounting Built Around How Developers Actually Operate

Greenwood Ohlund is a real estate development CPA for developers and principals running ground-up and value-add projects across the Seattle area. Every project usually sits inside its own single-purpose entity, and consolidating those entities into one clear picture takes more than combining spreadsheets. Construction draws need to match what lenders expect to see, development costs have to be capitalized correctly during construction, and investor waterfalls have to reflect actual promote structures, not a rough estimate.

 

We also handle the entity structuring, construction draw accounting, and investor and JV reporting that keeps every project and every partner’s numbers accurate, along with the tax planning that keeps more of what you build.

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OUR CLIENTS

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The Challenges Real Estate Developers Face — and How We Help

We consolidate your project entities into one clear financial picture, with intercompany transactions eliminated correctly, so you see how the whole portfolio performs, not just one deal at a time.

We tie your draw requests to your Schedule of Values and lender-approved budget line by line, so documentation gaps don’t hold up a disbursement.

We capitalize development costs, including interest during construction, the way UNICAP requires, so your basis is right from day one instead of getting corrected at sale or refinance.

We calculate distributions against your actual waterfall structure and report each partner’s capital account accurately, so K-1s reflect what the operating agreement really says.

WHAT WE DO

How We Support Real Estate Developers

Tax Services

Entity structuring, cost segregation, and 1031 and Opportunity Zone planning, handled by people who know how to keep more of what you build.

Audit & Assurance

Investor- and lender-ready financials that hold up when capital is on the line.

Accounting & CFO Services

Project accounting, construction draws, and a developer CFO who understands multi-entity deals, not just one project at a time.

What Makes Real Estate Developers Accounting Different

Development costs, including interest during construction, have to be capitalized under UNICAP rather than expensed as incurred, which changes your basis and your timing on every project. Partnership and JV agreements often include special allocations and waterfalls under §704(b), so your K-1s have to reflect what the operating agreement actually says, not a simple pro-rata split. Cost segregation and bonus depreciation can accelerate real savings once a project is placed in service, and 1031 exchanges or Opportunity Zone structures can defer or reduce tax on the back end.

Washington’s real estate excise tax applies to more than direct property sales. A controlling interest transfer, a 50% or more change of ownership in an entity that owns real property, triggers REET too, even when the deed never changes hands. We also handle multi-entity consolidations, intercompany eliminations, and the K-1 and capital account reporting your investors expect.

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We serve businesses like yours

Businesses Like Yours

We work with a wide range of real estate developers, including:

nonprofit accounting services
nonprofit accounting services

Commercial developers

nonprofit accounting services
nonprofit accounting services

Residential and multifamily developers

nonprofit accounting services
nonprofit accounting services

Mixed-use developers

nonprofit accounting services
nonprofit accounting services

Build-to-rent developers

nonprofit accounting services
nonprofit accounting services

Affordable-housing (LIHTC) developers

nonprofit accounting services
nonprofit accounting services

Owner-builder and JV sponsors

Why Real Estate Developers Choose Greenwood Ohlund

We provide the accounting, tax, and CFO support real estate developers need to structure entities, manage construction draws, and report to investors and lenders, without adding unnecessary complexity to how you run your projects.

Decades in construction and real estate accounting

We’ve been doing this since 1971.

Tax, audit, accounting, and CFO expertise, one firm

Most firms our size don’t offer all four under one roof. You get a tax team, an audit team, and a CFO-level advisory team who already talk to each other, instead of coordinating three separate vendors yourself.

Seattle-rooted, with clients across Washington and beyond

We’re based in Seattle and built around the Pacific Northwest, with clients in other states when the relationship calls for it.

A relationship that runs all year, not just tax season

We’re recognized as a Peak Firm and a PSBJ Washington’s Best Workplaces honoree, and that same culture shows up in how we work with clients: regular conversations and actual availability, not a firm you hear from once a year.

EXPERIENCE THE GO DIFFERENCE

Your Real Estate Developers Team

Matt Smith

AUDIT & ASSURANCE

Matt Smith, CPA

Partner

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TAX SERVICES

Paul Jandl

Senior

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TAX SERVICES

Eric Kimpton, CPA

Director

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Riley Stringer

TAX SERVICES

Riley Stringer

Manager

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TAX SERVICES

Michaela Thomassen

Senior

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Jason Mallon, CPA

CFO & ACCOUNTING SERVICES

Jason Mallon, CPA

Partner

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Andrew Van Ness

AUDIT & ASSURANCE

Andrew Van Ness, CPA

Partner

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Brian

CFO & ACCOUNTING SERVICES

Brian Vinciguerra

Partner

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MEET THE TEAM
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FAQ

Real Estate Developers Accounting FAQs

Most developers use a single-purpose entity for each project, isolating liability and simplifying investor accounting for that deal alone. We help structure real estate entities, LLCs, JVs, or partnerships, around your tax and liability goals.

Construction draw accounting ties your loan disbursement requests to your Schedule of Values and lender-approved budget, so funds release without documentation gaps holding up the process. As a real estate development CPA, we manage that process for you.

Direct and indirect production costs, including interest during construction, generally have to be capitalized under UNICAP rather than expensed as incurred. We determine what’s capitalized and what’s deductible on your specific project.

Cost segregation separates a building’s components into shorter depreciation classes, accelerating deductions instead of depreciating everything over 27.5 or 39 years. We run that analysis once your project is placed in service.

Distributions get calculated against the waterfall structure in your operating agreement, not a flat pro-rata split, and each partner’s K-1 has to reflect that. We handle the calculations and the reporting together.

Yes, on most property sales, and also on controlling interest transfers, when 50% or more of an entity that owns real property changes hands. We track which transactions trigger REET before they surprise you at closing.

CONTACT US

Let's Build a Stronger Financial Future for Your Next Project

Entity structuring, construction draw accounting, or investor and JV reporting — we can take it from here. Reach out and we’ll start with a conversation about what your next project needs.

Greenwood Ohlund, PS
4241 21st Ave W, Suite 400, Seattle, WA 98199
(206) 782-1767