Distressed Development Services

Construction dilemmas.
Due to the extended duration of construction projects, many lenders today are faced with borrowers and developers who are unable to complete projects. Many new projects are entering markets with greatly reduced rent and income opportunities. As a result, equity is eliminated and construction completion is at risk.

Constructive solutions.
While the markets are deteriorating, the underlying security should not. With deep project management and development expertise, the professionals at Verity can assist a lender or investor in ensuring that their project is completed in a manner that will protect value and enhance marketability. For most property types, we bring the development expertise necessary to get a distressed project back on track.
Service Highlights

Project Assessment. This will determine current status of mechanics’ liens, contractor position, and sub-contractor viability; as well as assess current market conditions and availability of remaining funds versus cost to complete.

Consulting Partnerships. We engage expert consultants as needed for specialty areas that might be required related to pricing, value engineering or forensic accounting.

Budget Revisions. This includes preparing and fine-tuning a new budget and project schedule based on the current project status.

Development Management. This focuses on providing supervision of the general contractor and professionals of record, including attending weekly job meetings, reviewing draws, and managing project close-out and compliancerelated issues pertaining to leases or jurisdictional deadlines.