AKT Peerless Environmental Services Logo white
(800) 985-7633
AKT Peerless Environmental Services Logo white

McCormick Place, Chicago, IL

Construction Loan Monitoring for a New Hotel in Illinois

BACKGROUND

McCormick Place, the nation’s largest convention center, brings in nearly 3 million visitors each year. Many of these visitors attend conferences that extend over several days or weeks. To meet the needs of long-term visitors, Hilton, along with First Hospitality Group, proposed a new extended stay hotel development adjacent to the convention center. The proposed hotel development would be tri-branded (Hilton Garden Inn, Hampton Inn by Hilton, and Home2 Suites by Hilton) and would include various hospitality amenities, a rooftop restaurant, and first-floor retail spaces. Additionally, the proposed development would have direct access to the convention center with an attached third-floor pedestrian walkway.

THE PROJECT

The new hotel development was designed as a twenty-three-story structure and was constructed from the ground up over a two-year period.  The project commenced with a deep foundation system and continued with a consecutive sequence of concrete pours for the pre-stressed concrete vertical superstructure. With more than a dozen trades on site each day, project management became an essential aspect to the construction progress.

As one of the primary lenders on the construction loan for the hotel development, CIBC relied heavily on the project’s scheduling commitments. Monthly disbursements of the construction loan necessitate detailed inspections confirming the completion of specific trades and project milestones.

Our Role

AKT Peerless utilized our extensive background in construction and cumulative cost data to perform a preliminary review of the project prior to loan closing. The initial review helped pinpoint any major factors that could potentially impact the original proposed budget or schedule throughout the duration of the project.

AKT Peerless’ presence at monthly pay application review meetings provided regular insight into any design or scheduling changes to the project. The information at the meetings was regularly communicated to CIBC so they can carefully manage any financial risks throughout the various stages of construction.

THE RESULTS

  • Protection from liability exposure during the initial review of the construction documents.
  • Recurring updates on any potential risks or modifications to the construction design throughout the construction.
  • Recommendations for budgetary contingencies to account for unforeseen conditions.
  • Assurance that the monthly disbursements of loan funds were not premature but were consistent with the appropriate project milestones.

Construction Loan Monitoring in Other Projects

Click here to Learn More About our Construction Loan Monitoring

Real Estate Environmental Risk Management Solutions Used in Other Projects

Click Here to Learn More About our Real Estate Environmental Risk Management Services

Add Us to Your Team Today

Contact AKT Peerless

Environmental Services Nationwide

Facebook Twitter Linkedin

The contents of this webpage are Copyright © 2024 AKT Peerless Environmental Services. All Rights Reserved.

AKT Peerless Environmental Services is the leader in environmental consulting and redevelopment. We offer services including Phase 1 environmental site assessment, Phase 1 assessment, Phase 2 environmental site assessment, Environmental remediation, Soil remediation, brownfield development, brownfield consultant, California HOME Act, SB-9 California, environmental services, Environmental consultant, Environmental firm, Soil contamination testing, Environmental contamination, Due diligence environmental, Due diligence Phase 1, Due diligence Phase 2, Landfill services, Gas station testing, Underground storage tank, Vapor intrusion, property condition assessment, construction loan monitoring, and more. We service Atlanta GA, Chicago IL, Columbus OH, Detroit MI, Manistee MI, San Francisco Bay Area, New Haven CT, Cheshire CT, Cleveland OH, Grand Rapids MI, Coopersville MI, Farmington MI, Saginaw MI, Springfield IL, Roswell GA, Alpharetta GA, Marietta GA, Smyrna GA, Gainesville GA, Newnan GA, Mableton GA, Tucker GA, Peachtree City GA, Kennesaw GA, Douglasville GA, and surrounding area

Website & SEO By: MI Digital Solution

Facebook Twitter Linkedin