Project Profile: Beacon Completes Construction Loan Monitoring Project for Pestana Park Avenue Hotel in NYC
In late January of 2020, The Pestana Hotel Group opened its 100th hotel, Pestana Park Avenue. The 27-story, 96-room, 39,964-sf hotel is located on East 39th Street at the corner of Park Avenue in New York City. Pestana is Portugal's largest multi-national hotel chain, with properties located in 16 countries on four continents.
Starting in late 2017, Beacon Consulting Group was retained by a leading international bank to provide construction loan monitoring services related to the project. For more than two years during the hotel's construction, Beacon's team helped the bank to keep a close eye on progress of the hotel's construction. Beacon project engineers visited the construction site on a regular basis, communicated closely with the team managing the project and provided regular "draw-down reports" to the bank. Beacon's reports were used by the bank to help ensure that the requested construction loan draw-down payments were in line with progress on the project.
The hotel received its Certificate of Occupancy in January 2020 and started taking guests in February of this year. Beacon has provided construction loan monitoring services on a number of other high-rise construction projects in New York City in recent years, including a separate Pestana Hotel project on the west side of Manhattan, just two blocks from Beacon's NYC office. To learn more about Beacon's construction loan monitoring services, click here.