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Project Management Oversight


Atlantis
Atlantis, Paradise Island,
Bahamas

At IVI we are dedicated to protecting the interests of our clients. Whether you are a mortgagee, investor, or owner, IVI strives to keep you knowledgeably informed of the construction progress and to reduce your risks associated with: non-compliance of the work with the contract documents, costs, and schedule.

Construction & Permanent Loan Monitoring

Since 1973, IVI has provided Project Management Oversight (PMO) services on behalf of construction, mezzanine, and permanent lenders. We offer our clients more than 40 years of diversified, "hands-on" construction experience. We have successfully monitored the largest construction loans ever issued in the US. While many assignments have had direct cost budgets in excess of $1 Billion USD, such as Wynn Las Vegas and the AOL/Time Warner Center at Columbus Circle in Manhattan, many of our community service and small loan assignments have direct cost budgets under $2 Million.

Our services are typically provided in three phases and are tailored to our client's risk position, budget, borrower relationship, and other constraints. Our typical service package, which can be customized, consists of:

Pre-construction Phase

  • Review of drawings and specifications
  • Review of regulatory and entitlement documents
  • Analysis of direct cost budget for line item appropriateness
  • Analysis of contingency budget
  • Review of agreements: design, construction, and building loan
  • Review of construction and disbursement schedules
  • Opining on bonding or Sub-guard insurance requirements
  • Preparation of a Construction
  • Feasibility/Project Analysis Report

Construction Phase

  • Periodic site visits to monitor compliance with the contract documents
  • Tracking of construction and disbursement schedules
  • Ongoing review of buyout status and letting of subcontracts
  • Change order analysis
  • Tracking percentage of work-in-place and funds available to complete the project
  • Review of contractor's payment requisition
  • Review of partial waivers-of-liens
  • Review of testing reports
  • Photographic documentation of progress
  • Preparation of site visit reports

Closeout Phase Reviews

  • Designers' Certificates-of-Compliance
  • Final payment waivers
  • Contractors' Certificates-of-Completion
  • Temporary and permanent Certificates of Occupancy

15 Central Park West
Fifteen Central Park West,
New York, NY

Equity Investor Services

Principals of the firm have hands-on experience with entitlement procurement, design, construction buy-out, project management, and project closeout. We know the process from all sides: the developer, designer, and the JV equity investor/partner.

IVI's services are geared to protect your interests and to keep you knowledgeably informed during the construction delivery process. Although services are typically provided in three phases, they can be tailored to your specific requirements.

Such services basically consist of:
Pre-construction

  • Oversight/Management of Entitlement process
  • Review of regulatory and entitlement documents
  • Solicitation and qualification of designers
  • Review of drawings and specifications
  • Analysis of the direct and indirect cost budgets
  • Analysis of contingency budget adequacy
  • Solicitation, exploratory interviews, and reference check of GC or CM
  • Review of Agreements: Partnership, Design, and Construction
  • Review of construction and disbursement schedules
  • Opining on bonding or Sub-guard insurance requirements
  • Value engineering
  • Contractor and subcontractor bid analyses

Construction Phase

  • Site visits to monitor compliance with the contract documents
  • Tracking of construction and disbursement schedules
  • Change order review
  • Review of waivers-of-lien
  • Review of anticipated job cost reports
  • Review of designer's and contractor's payment requisitions
  • Review of testing reports
  • Preparation of Project Status Reports

Closeout Phase

  • Collating of contractor and vendor warrantees and guarantees
  • Designers' Certificates-of-Compliance
  • Contractors' Certificates-of-Completion
  • Final payment waivers
  • Punch list review
  • As-built drawings
  • Attic stock schedules and verifications
  • Temporary and permanent Certificates of Occupancy

Time Warner
Time Warner Center,
New York, NY

Construction Loan Administration Services

Whether you are a foreign correspondent bank, a local S&L, or a potential construction lender without the need or desire to have the construction loan administration (CLA) overhead, IVI has the hands-on experience to cost effectively meet your requirements. Our professionals know the complexities of the real estate development and construction lending business and are thus able to advise you to make logical and prudent funding decisions. Foremost, we are keenly aware that the borrower is your client. We timely provide you with the required reporting and information so that you can focus on origination without the need to staff with administrative overhead and make business decisions with confidence.

Our lender CLA services consist of:

  • Monitoring and reporting monthly on the borrower and/or the borrower related-entity general contractor's compliance with the lender's building loan agreement (BLA) draw procedures.
  • Reporting monthly on the adequacy of the BLA's indirect and direct cost funds available to complete the project.
  • Reviewing the borrower's submitted indirect cost invoices, analyzing construction progress against the budget line items, reviewing third party construction consultant's project status reports and construction draw recommendations, and making a recommendation for funding.
  • In accordance with the BLA, re-allocate funds and budget line items to reflect the project's buyout status and the use of direct and indirect contingency funds.
  • Release funds for stored materials in accordance with the BLA's documentation requirements.
  • Submit a monthly report tracking all indirect and direct cost line items.
  • Verify issuance of contractor and sub-contractor payment and performance bonds as required by lender.
  • Verify payment of property taxes by borrower at each due date.
  • Verify receipt of all partial waivers of lien.
  • Note whether the loan is out-of-balance or heading out-of-balance.

The IVI Gaming Group

No other firm has as much experience with the development, costs, and project management oversight of gaming facilities: casinos, hotel/casino resorts, and race tracks as IVI's Gaming Group. We lead the PMO industry in this sector. Monitoring complex projects with construction costs exceeding $2,000,000,000 requires expertise not found in other firms. While the majority of IVI's assignments have been provided on behalf of the construction lender or equity investor, IVI's Gaming Group is available to consult other interested parties on such topics as construction and start-up costs, scheduling, assessment of the development team, special effects and amenities, security, and FF&E.

Representative assignments within our experience include:

  • Wynn Las Vegas
  • Commerce Hotel and Casino Commerce, California
  • Colonial Downs Race Track New Kent County, Virginia
  • Mt. Airy Resort and Casino Monroe County, Pennsylvania
  • Planet Hollywood Las Vegas, Nevada
  • Buffalo Thunder Hotel, Resort and Casino Santa Fe, New Mexico
  • Cosmopolitan Resort and Casino Las Vegas, Nevada