Beacon Project Profile: Construction Loan Monitoring & Consulting for Luxury Residential Renovation in NYC's SoHo Neighborhood
Project Overview: Beacon was retained by a national real estate investment fund to provide Construction Consulting services related to a large construction loan being made to a NY-based developer. The financing was being used by the developer to help fund the renovation of two adjacent apartment buildings in the exclusive SoHo area of New York City. The buildings were being completely renovated to create luxury condominiums.
Beacon's team has extensive experience providing project evaluation and construction loan consulting / monitoring services to banks and other stakeholders involved in construction project financing.
Beacon's role on this project included:
- Reviewing & evaluating the developer's construction plans and documents, including cost and schedule review
- Providing ongoing Project / Construction Loan Monitoring services during the renovation process
- Helping the lender to minimize financial risk, by tracking ongoing progress compared to the planned schedule
Construction Project / Renovation Details. The construction project undertaken by the developer consisted of the renovation of two adjacent apartment buildings and conversion into luxury condominiums in the SoHo neighborhood of Manhattan. The project included the complete gut / rehab of a 5-story apartment building and renovation of a 3-story building next door. The property also has separate retail condominium space on the ground floor. The renovation of the 5-story building included redesign of the common lobby staircase, elevator replacement and gut renovation / rebuild of living spaces on floors 2 through 5. The project also included a new staircase design, elevator, roof deck design and the addition of a penthouse to the adjoining 3-story building.
The facade of the building was not changed, with the exception of some brick work and new windows. Also included in the interior renovation were all new electrical, plumbing, fire protection and HVAC upgrades. In terms of interior finish work, the project included the addition of new, high-end finishes throughout the buildings, including but not limited to cabinets, flooring, lighting, appliances and electronics.
The luxury condominiums have been completed, listed and sold by the developer. According to recent online listings for the property, asking prices for residences in the buildings range as high as $17 million (the published price for the Penthouse Unit in one of the properies, which is a 5-bedroom, 6-bath, 3-floor penthouse with 4,580 square feet of interior living space and 2600 square feet of outdoor / rooftop terrace space).
Contact Beacon Consulting Group, Inc. to learn more about our capabilities and services or to request a project consultation.
