|location_on Wilton, CT — Spartan Consultants|
|web Peter Millar's (pjmillar) Blog|
Licensed Professional Engineer with more than 10 years of Commerical Real Estate Inspection and Valuation experience. We offer Construction Loan Monitoring Services, Acquisition related inspections, Refinancing related inpsections, and both Immediate Cost and Replacement Reserve Analysis services. We have evaluated or inspected more than 5000 individual pieces of Commerical Real Estate. We offer our services in ME, NH, VT, MA, RI, CT, NY, NJ, PA, and DE.
Whether the client is a potential mortgagee, investor, or owner, Spartan provides Property Condition Assessment (PCA) services in accordance with the client's risk tolerance level, budget, and transaction time constraints. Such services may range from conducting an ASTM baseline, walk-through survey to an enhanced due diligence approach encompassing a team of technical specialty consultants.
Since 1997, Spartan Consultants, Inc. has provided a full array of integrated construction and property consulting services on behalf of real estate owners, investors, and lending institutions. Although the extent of due diligence exercised is a business decision, Spartan is keenly aware that the risk tolerance level for physical deficiencies differs from the mortgagee client to that of an equity investor/potential owner. Our PCA services for equity investors and owners provide the client with the opportunity to enhance the due diligence process beyond the ASTM's baseline standard. We discuss such enhancement options with the client, and our proposals identify such additional due diligence services as optional alternates. Our reports are well documented with photographs and Opinions of Probable Costs to remedy the physical deficiencies observed. This document is an important negotiation tool for the transaction and serves as a preliminary improvement budget and guide after the closing.
Consrtrction Loan Monitoring:
Pre-construction PhaseReview of drawings and specifications Analysis of direct cost budget for line item appropriateness Analysis of contingency budget Review of agreements: design, construction, and building loan Review of construction and disbursement schedules
Construction PhasePeriodic site visits to monitor compliance with the contract documents Tracking of construction and disbursement schedules Ongoing review of buyout status and letting of subcontracts Change order analysis Tracking percentage of work-in-place and funds available to complete the project Review of contractor's payment requisition Review of partial waivers-of-liens Review of testing reports Photographic documentation of progress Preparation of site visit reports
Replacement reserves are a way of identifying, quantifying, and budgeting needed monies to fund future major building repairs and replacements. As properties age, expenditures for replacements and improvements are imperative to maintaining the asset and its competitive position in the market. Insufficient funding of replacement reserves may result in significant physical deterioration, functional obsolescence, more costly future expenditures, and will impact value, use, and aesthetics.
Lending institutions, mortgage originators, and rating agencies routinely require Modified Replacement Reserve Studies for underwriting CMBS transactions or for loans held on the books. Such studies typically identify major salient systems that, if not replaced, could jeopardize habitability or building performance. These studies are prepared at a nominal cost commensurate with the mortgagee's risk position and the asset's typical due diligence closing costs.
2911 Dixwell Avenue, Suite 104 Hamden, CT 06514