Property Condition Assessments
CBC performs equity-level Property Condition Assessments for lenders and real estate investors who are stakeholders with equity in the investment. CBC’s commercial building assessors document the condition of the major building systems and opine on the probable cost to correct any immediate repair needs or life safety issues. CBC follows Standard and Poor’s ASTM E2018:15 Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process.
Our assessors will not only provide a detailed Property Condition Report with an Immediate Repair Need Cost Estimation Table, but they will also consult with the Owner or investors to gain a better understanding of their future intended use for the property. Our team works iteratively with investors to ensure the report is tailored to their needs.
Life Safety Assessment
CBC evaluates the current life safety conditions and delineates any defects, deficiencies, or code violations that are recognized or observed. For any life safety condition that could negatively affect the building or its occupants, an estimated cost to repair is provided. Life safety assessments include an evaluation of general engineering safety, such as stairs, sidewalks, trip hazards, etc.; an assessment of fire panels and FACP closets; assessment of the backflow preventers; and evaluation of a random sampling of units for smoke detector compliance, adequate fire extinguishers presence, and appropriately illuminated EXIT signage.
Construction Loan Monitoring
Bank draw inspections are performed for lenders of construction loans. The purpose of the bank draw inspection is to verify that the work being claimed to be completed for the loan disbursement request is consistent with the actual work in place for the project. Our team offers experience from both the construction and development sectors of the industry which allows us to provide unique perspectives and calculate accurate figures for completion percentages for various types of projects.
CBC performs Project Oversight for ground-up, renovation, and site improvement constructions. Unlike bank draw inspections, which are primarily performed for banks and lending agencies, Project Oversight is performed for developers or project owners. Oversight services include a review of all construction documents, including pre-construction budget, schedule, and scope and monitoring of the quality of work being performed, manpower levels, and conformance to the original schedule and budget.
Building and Property Forensic Investigations focus on identifying and locating root causes for deficiencies with major building systems. CBC investigation methods go beyond the traditional construction defect inspection. Our team begins by interviewing clientele to get a full understanding of the extent and duration of the defect. After gaining some insights, we set forth a plan to identify the origin of the defect and recommend repair and correction methods that would be appropriate for each particular building system.
Similar to Construction Loan Monitoring, Owner’s Representation involves oversight of the construction progress in-place. Where does Owner’s Representation differ? CBC is the eyes and ears of the project for the owner. Owner’s Representation often involves pre-construction activities through project completion. Our Project Manager will be the liaison between the Owner and the contractor, subcontractors, and other stakeholders. Our PM monitors project schedule, budget, scope, quality assurance and control, compliance to safety regulations, and will encourage continuous communication between all parties.
Cost to Complete
Cost to Complete Estimating is utilized to provide a complete cost analysis of partially completed or stalled construction and development projects. CBC offers a third-party perspective of the financial consequences involved with stall construction projects, i.e. deteriorated building materials, land use code changes, and permit expiration. After delivering the Cost to Complete Analysis, CBC offers Owner’s Representation or Oversight services to see through the completion of the project.
Plan & Cost Review
Plan and Cost Reviews are ordered by building and property owners who want to ensure their construction plans and specifications are sufficiently detailed enough for qualified, licensed sub-contractors to complete the work as planned. A Plan and Cost Review also determines how realistic the estimated costs to complete the project are in regard to scope, design, timeline, and material selection. Our assessors utilize RSMeans national costing averages, relative to geography and regional factors to determine probable costs for the project
Pre-Lease Assessments are imperative for both building owners and prospective tenants. For building owners, Pre-Lease Assessments are vital for understanding the condition in which their space is in before leasing out to a tenant. For prospective tenants, the space you’re renting will be the home of your business, so it is very important that you understand all the deficiencies of the building you’re moving into. A Pre-Lease Assessment is similar to a Move-in Inspection for apartment spaces.
Essentially, the scope of work for a Post-Lease Assessment is identical to a Pre-Lease Assessment. Although these assessments can be ordered by the exiting tenant, they are most often performed by building and property owners when the tenant’s lease has expired. Whether the tenant decides to renew their lease or leave, Post-Lease Assessment provides a benchmark for the condition of the building systems as the tenant has used the space over the life of the lease agreement. A Post-Lease Assessment is most effective when performed with a previous Pre-Lease Assessment, allowing our assessors to compare the state of the facility prior to the lease and the conditions after its expiration. Both Pre- and Post-Lease Assessments are performed for single, double, and triple net lease clients.
Phase I Environmental Assessment
Phase I Environmental Site Assessments (ESA) are utilized to help prospective building owners and investors understand the current and historical uses of their property. The report delineates the history of the property uses and how they’ve impacted the soils and groundwater beneath the property and identify what threats may be posed to the environment and human health. ESA’s consist of a site visit to observe the current and past conditions of the property and surrounding properties, a review of regulatory databases and historical records including aerial views, and interviews with the prospective owner, current owner, or past owners of the property.
Capital Reserve Study
Capital Reserve Studies are performed by CBC for Home Owner’s Associations (HOA), Condo Associations, and Community Development Districts (CDD), so they may make fiscally responsible decisions for their communities going forward. Reserve Studies are aimed at identifying all common area building systems, including property amenities, Clubhouses, and pavement. Reserve studies are mandated by law to be in place for all HOAs and CDDs, so having an accurate, reliable Reserve Study can provide the client with a sense of their financial future over a specified term.