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February 28, 2018

The Benefit of Property Condition Assessment Segregated Cost Analysis Tables for Equity Transactions

By Marc Bourdages

BREAKING DOWN COST ALLOCATION BASED ON SPECIFIC STAKEHOLDER NEEDS AND BUSINESS GOALS CAN HELP ENSURE A SUCCESSFUL TRANSACTION.

When is a dollar not just a dollar?

Have you ever engaged a Property Condition Assessment (PCA) consultant to evaluate a core or core-plus property under contract, then shuddered when you received a comprehensive report which provided a lengthy list of capital, deferred maintenance and property defects seemingly above your pro forma assumptions? Or perhaps worse, placed a value-add property under contract, but then engaged a PCA consultant whose resulting report suggested they might have had blinders on during their evaluation of the property?

An equity PCA is a flexible document that is prepared by a knowledgeable due diligence professional for the sole purpose of providing the necessary insight to the client regarding the physical condition of the property, so that the appropriate risk-adjusted returns can be determined. In reality however, the property condition report is often used as a reference document for several other direct or indirect stakeholders that may be involved in a given transaction, and PCA providers are often requested to provide reliance to other entities after submission of their report to the client.

Continue reading the GlobeSt blog here.

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Marc Bourdages

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