Construction Loan Monitoring Project Profile: Beacon Team Attends Ground Breaking Ceremony For NJ Project
Beacon Consulting Group has long provided construction loan monitoring services to leading banks and other financial institutions. Earlier this year, Beacon started work on a construction loan monitoring project for a leading privately-held bank based in New York City. The project is a large mixed-use (residential / commercial) development project located in Parsippany, NJ. Beacon's team was retained to provide construction loan monitoring during Phase 1 site development work related to the PARQ project in NJ.
On June 15th, the developer held a ground breaking ceremony. Beacon's project team members, John Yeung (Vice President) and Andrew Lem (Surety Consultant & Project Engineer), attended the event (see photos below). Ultimately, the PARQ development project will consist of multiple phases. The first construction phase will include a building with 275 residences, retail space, indoor/outdoor amenity space, and parking. Phase 1 of the development will also include 75 contemporary, farmhouse-style townhouses, as well as a dedicated clubhouse and outdoor pool. Other planned features include an athletic field, a concession building, restrooms, and a playground.
Beacon plays an important role during construction loan monitoring projects. Construction loans are often structured to have scheduled bank loan draws tied to specific progress or completion milestones. Acting as the bank's consultant, Beacon's team members periodically visit construction sites to verify progress, review project documentation, and communicate with construction managers and/or contractors throughout the loan draw-down / construction process. In this way, Beacon helps the bank to reduce its risk related to projects which might be having any kind of issues or delays.
*Click on photos below to see larger view of each photo.