Construction Plan Review and Loan Monitoring for a new industrial warehouse in North Carolina
The development consisted of a newly constructed 325,000 square foot distribution facility and represented a new investment of approximately $14 million for site preparation activities, site development and vertical construction.
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’ review of the monthly pay application and site inspections provided regular insight into any design or scheduling changes to the project. The information at the meetings was regularly communicated to CIBC so they could manage any financial risks throughout the various stages of construction.
AKT Peerless’ comprehensive monitoring services provides CIBC Bank: 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.
