Beacon News

Throughout 2017, Beacon has been providing construction consulting and construction loan monitoring services to a leading international bank, to help the bank track progress on a luxury residential construction project taking place in the Chelsea neighborhood of New York City. Among the services Beacon has provided on the project ar

• Project Pan & Cost Review. Starting in 2016, Beacon provided "Plan & Cost Review" services which provided the lender with a high-level, independent review of the developer's construction plans and schedule;
  
  
• Construction Loan Monitoring. Beacon's ongoing Construction Loan Monitoring services include providing monthly reports to help the bank to track the construction progress and ensure that the bank's scheduled loan payments to the developer are tracking with progress on the project.

Beacon's NYC area VP John Yeung is the lead consultant on the project, which includes periodic site visits and monthly project tracking reports. The project is an 11-story residential condominium (which includes some commercial space as well). The project is being built on West 19th Street, near the "High Line" (now one of New York City's most popular attractions). The site was previously occupied by a single-story warehouse, which the developer reportedly purchased for more than $22 million. The project includes a total of 10 planned luxury residences and more than 27,000 square feet of total space. The architect on the project is Paik Architecture.

Over the past decade, Beacon has provided Construction Consulting, project monitoring and funds control services to financial institutions, insurance industry clients and project funding partners across a wide range of residential, commercial, public and public/private projects.

For more information about Beacon's services for Financial Institutions
and other Real Estate Project Investors, Contact Beacon Consulting Group, Inc.