Construction Risk Management
Hillmann Consulting, LLC has been providing Construction Risk Management services to our clients for well over two decades. Our team of Engineers, Architects, and Construction Managers provide an array of Construction Risk Management services to major national financial institutions, real estate owners and managers, and property developers. These services include Construction Loan Monitoring, Plan and Cost Review, Property Condition Assessments, Zoning Reports, and Construction Consulting for Distressed Projects/Workout Situations. Last year alone we worked on projects in 35 states as well as the US Virgin Islands and Saipan, monitoring nearly 93,000 units in more than 1,200 buildings.
Construction Risk Management Services:
- Construction Loan Monitoring
- Plan and Cost Reviews
- Property Condition Assessments (PCAs)
- Zoning Reports
- Construction Consulting for Distressed Projects/Workout Situations
- Owner’s Representation Services
Representative List of Clients
Bank of America Merril Lynch
Bank of New York Mellon
Boston Community Capital
Burke and Herbert Bank
Community Preservation Corporation
Enterprise Community Development
First Niagara Bank
First Sterling Financial
Housing Preservation and Development
Hudson Housing Capital
Jones Lang LaSalle
JP Morgan Chase Bank, N.A.
Low Income Investment Fund (LIIF)
National Equity Fund
Ocean First Bank
Raymond James Tax Credit Funds
Red Stone Equity Partners
The Reinvestment Fund
WNC and Associates, Inc.
Construction Loan Monitoring
Hillmann is an industry leader in providing Construction and Loan Monitoring services for commercial lenders and investors. Our client list includes essentially all of the nation’s largest banks and real estate investors. Our Construction Risk Management team will conduct ongoing progress inspections for lenders and investors in order to ensure compliance with applicable plans and specifications, observe the work in place each period for payment release, and monitoring of the project schedule and budgets.
Plan and Cost Reviews
Hillmann has a dedicated team of professionals who are highly skilled and experienced in a myriad of construction-related disciplines as well as conducting pre-construction due diligence analysis.
Our Plan and Cost Review services assist in the proper underwriting of construction loans and/or monitoring of construction activities. Our review will include a thorough review of the project drawings, specifications, schedules, budgets, and contracts to ensure that each are complete and adequate for the contemplated project. We analyze the feasibility, cost, and duration of proposed construction projects which are the subject of construction loan financing or equity participation. Our customized reports provide our clients with the information needed to evaluate proposed construction projects and related budgets.
Property Condition Assessments
A Property Condition Assessment (PCA) is used to determine the physical condition of the improvements at a property. Hillmann will inspect major property components and systems to evaluate their condition, adequacy, and remaining useful life. Our final report will note our professional recommendations regarding any corrective work and the approximate costs associated with the work. Our report also includes recommendations as to the replacement and repair reserve budgets.
Property Condition Assessments are generally associated with commercial real estate and are performed in both equity and debt markets. These reports are detailed and cover major components, including the building site, envelope, structural elements, interiors, roofing, mechanical systems, plumbing, electrical, elevators, and any notable environmental conditions visible to the naked eye.
A Zoning Report is an important part of Real Estate Due Diligence and Construction Risk Management. It outlines whether or not a property is in compliance with municipality zoning code. A Zoning Report is typically required by lenders in order to secure financing for a project. Zoning is a key factor in the future development of a property. Our report provides a concise project summary followed by specific zoning requirements for the respective municipality and a professional summary.
Construction Consulting for Distressed Projects/Workout Situations
Hillmann has the experience and capability to provide Construction Consulting services for Distressed Projects/Workout Situations. These services may be required for projects which are partially completed due to foreclosure or non-performance of the contractor. In the event of a scenario such as this, Hillmann will determine the status, condition, and quality of construction completed to date, verify the status of applicable permits and approvals, while providing a road map of the actions necessary to preserve the project approvals and establish approximate cost to complete the project.
Owner's Representation Services
If requested, our Construction Services Division we can provide Owner’s Representation Services for the lender to complement our Construction Risk Management services until the project is complete.