PROPERTY CONDITION ASSESSMENTS FOR COMMERCIAL REAL ESTATE LENDING

By: Metropolitan Environmental Services  09/30/2014
Keywords: Property Assessment, Property Condition, Property Condition Assessment

METROPOLITAN is the industry leader in Property Condition Assessment (PCA) services for engineering due diligence projects associated with commercial real estate transactions. We designed our PCA to determine the present physical condition of the project and its improvements. We provide our decision intelligence regarding future anticipated issues, which may result in a financial risk or liability. A METROPOLITAN Property Condition Assessment process includes: • A visual walk-through to observe the existing conditions. • Interviewing persons with knowledge of the property and its maintenance; • Review of the available construction documentation, maintenance records, drawings, public records and current budgets. • Deciphering the information gathered and presenting it with intelligence for repair or further detailed review if the issues cannot be determined through visual observation alone. ASTM E2018-08, the Property Condition Assessment process ASTM E2018-08 is the Standard Guide for Property Condition Assessments and sets the foundation for the Property Condition Assessment process. It is the initial assessments that baselines the quality and property structure. Our practices to uphold the ASTM E2018-08 Standards include: • Defining high-quality practices for the PCA of real estate improvements • Facilitating consistent and pertinent content in Property Condition Reports • Developing practical intelligence for site observations • Performing document reviews and research associated with conducting PCAs and preparing Property Condition Reports A property condition report from METROPOLITAN contains a property description (site, buildings, history, code compliance and maintenance) and a review of the following building components: • Site Improvements (Access, Parking, Paving/Drainage, Walks/Curbs, Utilities, Lighting, Landscaping/Irrigation, Fences/Walls, Signage and Disabled Accessibility/ADA); • Building Improvements (Foundation, Structure, Floor Construction, Exterior Wall Construction, Roof and Canopy Construction, Windows, Doors, Balconies/Terraces, Stairs, Interior Floors & Walls and Appliances/ Cabinets, Disabled Accessibility/ ADA); • Building Mechanical, Plumbing & Electrical Systems (HVAC, Plumbing, Electrical, Vertical Transportation, Fire Protection/Life Safety Systems); • Tenant Spaces (Interior Finishes, Kitchen Appliances, HVAC, Plumbing/Fixtures, Electrical, Fire Protection/Life Safety Systems); • Other Issues (e.g., Fixtures, Furnishings and Equipment (FF&E) for hotels, more detailed mechanical studies, more detailed ADA surveys, etc.) - these issues can be included in a property condition report, but must be discussed prior to being proposed.

Keywords: Environmental Assessments, Property Assessment, Property Condition, Property Condition Assessment

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