Construction Loan Monitoring for the transformation of a school building into a commercial office space in Ohio
The proposed project involved the adaptive reuse of an existing 60,000-square-foot school building into a commercial office, training center, and tech start-up facility for the non-profit organization Manufacturing Advocacy and Growth Network (MAGNET). The vacant two-story building with a partial basement underwent selective interior renovations and structural modifications, including the removal of walls and windows, roof membrane replacement, and the installation of new structural steel to support revised floor layouts. Interior upgrades also included new mechanical, electrical, and plumbing systems to serve the redesigned spaces. Vertical circulation between floors was facilitated by a central elevator and three stairwells, located on either side and in the center of the building.
AKT Peerless was retained by PNC Bank as their construction monitoring representative, providing preliminary construction analysis and routine monitoring throughout the renovation and construction of the new MAGNET Cleveland headquarters building. AKT Peerless reviewed monthly pay applications and assessed the level of quality control by examining project documents, permits, and third-party testing reports. During inspections, AKT Peerless evaluated the security of stored materials and identified any construction concerns that deviated from the plans and specifications.
AKT Peerless’ comprehensive monitoring services provided PNC Bank with crucial protections and insights throughout the construction process. This included safeguarding against liability exposure during the initial review of construction documents and offering recommendations for budgetary contingencies to address unforeseen conditions. Additionally, AKT Peerless ensured that PNC Bank received recurring updates on any potential risks or modifications to the construction design as the project progressed. Furthermore, our services provided assurance that the monthly disbursements of loan funds were not premature and were aligned with the appropriate project milestones, enhancing the overall financial management of the project.
