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Hotel Clermont, Atlanta, GA

Construction Loan Monitoring for hotel renovation in Georgia

The project

The Clermont Motor Hotel was built in 1924 and had become vacant in recent years. Over a two-year period, the Project consisted of selective demolition and renovation of the historic hotel, to be known as Hotel Clermont, and the surrounding site. The new design of the existing structure accommodated 94 hotel rooms, an upgraded lobby, a new restaurant, and a rooftop terrace. In addition, the hotel included a new rooftop deck with a cocktail bar and a chef-driven restaurant within the structure. Parking was provided by hydraulic lifts. With more than a dozen trades on site each day, project management became an essential aspect to the construction progress.

As the primary lender on the construction loan for the hotel development, Fundrise relied heavily on the project’s scheduling commitments. Monthly disbursements of the construction loan necessitate detailed inspections confirming the completion of specific trades and project milestones.

 

Our Role

AKT Peerless utilized our extensive background in construction and cumulative cost data to perform a preliminary review of the project prior to loan closing. The initial review helped pinpoint any major factors that could potentially impact the original proposed budget or schedule throughout the duration of the project.

AKT Peerless’ presence at monthly pay application review meetings provided regular insight into any design or scheduling changes to the project. The information at the meetings was regularly communicated to Fundrise so they could carefully manage any financial risks throughout the various stages of construction.

 

 

 

 

 

The results

AKT Peerless’ comprehensive monitoring services provided Fundrise: Protection from liability exposure during the initial review of the construction documents. Recommendations for budgetary contingencies to account for unforeseen conditions. Recurring updates on any potential risks or modifications to the construction design throughout the construction. Assurance that the monthly disbursements of loan funds were not premature but were consistent with the appropriate project milestones.

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AKT Peerless Environmental Services is the leader in environmental consulting and redevelopment. We offer services including Phase 1 environmental site assessment, Phase 1 assessment, Phase 2 environmental site assessment, Environmental remediation, Soil remediation, brownfield development, brownfield consultant, California HOME Act, SB-9 California, environmental services, Environmental consultant, Environmental firm, Soil contamination testing, Environmental contamination, Due diligence environmental, Due diligence Phase 1, Due diligence Phase 2, Landfill services, Gas station testing, Underground storage tank, Vapor intrusion, property condition assessment, construction loan monitoring, and more. We service Atlanta GA, Marietta GA, Chicago IL, Springfield IL, Los Angeles CA, Riverside CA, San Jose CA, San Bernadino CA, Palo Alto CA, Columbus OH, Detroit MI, Manistee MI, San Francisco Bay Area, New Haven CT, Cheshire CT, Cleveland OH, Grand Rapids MI, Coopersville MI, Farmington MI, Saginaw MI, Springfield IL, Roswell GA, Alpharetta GA, Marietta GA, Smyrna GA, Gainesville GA, Newnan GA, Mableton GA, Tucker GA, Peachtree City GA, Kennesaw GA, Douglasville GA, and surrounding area

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