{"id":332,"date":"2015-10-19T16:46:52","date_gmt":"2015-10-19T16:46:52","guid":{"rendered":"http:\/\/www.developco.com\/development\/?p=332"},"modified":"2015-10-19T17:01:27","modified_gmt":"2015-10-19T17:01:27","slug":"concordia","status":"publish","type":"post","link":"https:\/\/www.developco.com\/development\/concordia\/","title":{"rendered":"Concordia"},"content":{"rendered":"<p>The Client, McBroom Company, needed its interests represented in a large $24 million multi-family development project with multiple partners including the land owner and general contractor. Time and inflation had virtually destroyed the ability to obtain financing\/construct the project. Development Advisors stepped in to revitalize the project and meet a\u00a0strict timeline, so as not to forfeit developer\u2019s 3-year investment of sweat equity and due diligence\/design\/pricing costs.<\/p>\n<h3>Assignment Highlights<\/h3>\n<ul>\n<li><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-334\" src=\"http:\/\/www.developco.com\/development\/wp-content\/uploads\/2015\/10\/concordia-01-300x105.jpeg\" alt=\"concordia-01\" width=\"300\" height=\"105\" srcset=\"https:\/\/www.developco.com\/development\/wp-content\/uploads\/2015\/10\/concordia-01-300x105.jpeg 300w, https:\/\/www.developco.com\/development\/wp-content\/uploads\/2015\/10\/concordia-01.jpeg 380w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Worked with developer and contractor to reduce project costs thereby allowing the partners to close on a HUD construction\/permanent loan.<\/li>\n<li>Assisted developer to obtain HUD construction loan and begin construction.<\/li>\n<li>Renegotiated arrangements with architect, general contractor, and sub-contractors because of value engineering needed to get the project financed and under construction.<\/li>\n<li>Negotiated a change in the delivery schedule of buildings\/units in order to meet market demand without increasing the general conditions and total projects costs.<\/li>\n<li>Worked with general contractor, sub-contractors and architect daily to work out field issues and to determine the final design.<\/li>\n<li>Reworked delivery schedule to allow for changes in soil report, leasing requirements and timing in current real estate market.<\/li>\n<\/ul>\n<h3>Results<\/h3>\n<ul>\n<li>Worked with developer and partners to successfully finance the project and build it per the budget and schedule agreed upon.<\/li>\n<li>Successfully negotiated a change in the delivery of building\/units to meet market conditions without a change order.<\/li>\n<li>Due to unforeseen soils issues, numerous changes in building inspectors, and making changes to floor plans to meet market conditions, the project faced 9% in total change orders. The project closed with change orders held to 3% thereby saving $1.2 million.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Client, McBroom Company, needed its interests represented in a large $24 million multi-family development project with multiple partners including the land owner and general contractor. Time and inflation had virtually destroyed the ability to obtain financing\/construct the project. Development Advisors stepped in to revitalize the project and meet a strict timeline, so as not to forfeit developer\u2019s 3-year investment of sweat equity and due diligence\/design\/pricing costs.<a class=\"more-link\" href=\"https:\/\/www.developco.com\/development\/concordia\/\">&nbsp;Read More.<\/a><\/p>\n","protected":false},"author":1,"featured_media":339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-332","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-projects","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Concordia - Development Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.developco.com\/development\/concordia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Concordia - Development Advisors\" \/>\n<meta property=\"og:description\" content=\"The Client, McBroom Company, needed its interests represented in a large $24 million multi-family development project with multiple partners including the land owner and general contractor. 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