News
CONSTRUCTION CLOSEOUTS; THE DEAL SHEET
August 10, 2009
| Construction projects are taking longer to complete, and some are suffering a lack of urgency on either the developer or contractor side, says IVI International principal Robert Barone, who’ll be a panelist at our Bisnow Breakfast & Schmooze on distressed assets this Thursday (more info below). |
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| With sales and leases dwindling, there is a question what impetus there is to complete the projects with no next job, and lenders have to make sure that proper closeout procedures are followed, as they’re concerned they’ll have to take the property. IVI has also seen an uptick in property condition assessment work for foreclosures and non-performing loans, as well as Phase I work, because banks are fearful of owning properties with environmental issues. |
