Project Profile 1: Four Seasons Hotel and Residences, Denver, Colorado. A 43 storey signature five star hotel and residential tower in downtown Denver comprising; A 215 room Five Star Four Seasons Hotel. 102 Four Seasons branded residential condominiums. Spa, Health Club, Restaurant, Bar and Banquet /Conference facilities. Budget: Over US$300 Million Services Provided: Pre-closing due diligence services to the lender which encompassed; Development budget and cash-flow assessment. Critique of project resources. Preliminary assessment of building design and construction risks. Overview of construction procurement method and contractor selection process. Analysis and stress testing project financial model. Overview of sales and marketing program. Project monitoring services to the lending group during the loan term; Development monitoring and compliance review Budget, Cash flow/financial model review and analysis Review sales and marketing activity Review, approve and certify borrower’s monthly funding request Monitoring and assessment of construction and development risks. Ensuring compliance of conditions precedent to funding and loan draw requests. Monthly site review and report on design and construction progress |
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Project Profile 2: ‘The Vue’ Condominium Residences, Charlotte, North Carolina.Client: UK/US Banking Group A 51 storey signature residential tower in uptown Charlotte comprising; 409 residential units. Seven stories of parking. Amenities including outdoor swimming pool, sun deck, yoga studio and health club. Budget: Over US$200 Million Services Provided: Lender representation services to the financing group during the construction period. Development monitoring and compliance review Budget, Cash flow/financial model review and analysis Review of marketing and sales activity Analysis, approval and certification of borrower’s monthly funding request Monitoring and assessment of construction and development risks. Ensuring compliance of conditions precedent to funding and loan draw requests. Monthly site review and report on design and construction progress. |
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Project Profile 3: Five-Star Resort, Bahamas.Client: UK based Institutional Lender. A 460 acre master planned beachfront exclusive resort comprising: A 219 Room branded 5-star Hotel. Freestanding beachfront Villas and presidential Suite. Spa and Casino 18 hole Greg Norman Signature Golf Course. Complete site infrastructure and utility plant. Single family serviced lots Full service ‘Megayacht’ marina (170 berths). Budget: Over US$300 Million Services Provided: As project monitor the principals of DevCap actively assessed the planning, development, construction, commissioning and performance of the project on behalf of the senior lending group from commencement of construction through to completion. Our role included: Monthly inspection of construction progress on site and certification of developer draw request under the credit facility. Certification of payment on the construction contract between contractor and developer. Monthly written report outlining progress/timing, cost status, cash flow, quality issues and project risks. Ensuring the Developer’s monthly compliance with conditions precedent to funding. Development budget analysis including cost overrun assessment. Detailed review of project financial model and cash-flow projection. Assessment and analysis of real estate sales activity, monitoring actual Net Operating Income and projected revenues. Review and commentary on critical development and construction schedules Identification of project risks affecting the development which could be detrimental to the lender’s position. |
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Project Profile 4: Five-Star Resort Hotel and Residences, St LuciaClient: Roebuck International. (Resort Developer) A five-star resort, in pre-development on a 600 acre site in the southwest of St Lucia. The project is being developed in 6 phases over 8 years. Phase 1 comprises: A 300 key Five Star branded hotel. 32 penthouse condominium residences and 6 freestanding beachfront villas. 15 serviced residential Golf Course Villa Lots Signature branded Spa, Health Club, Restaurants, Bars, Banquet and sports facilities. Master planned resort infrastructure and utilities Signature 18-hole Arnold Palmer designed Golf Course and Clubhouse. Budget: Over US$250 Million Services Provided: DevCap International is providing development planning and financial advisory services to the developer. This advisory role includes; Creation of detailed master financial model for Phase 1 of the project. Modelling and analysis of various investment and financing options. Interface with investors and lenders Introduction to sources of construction financing. Provisions of development risk mitigation advice and business plan refinement. |
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Project Profile 5: Expansion of operating Five-Star Resort, Grand Cayman, BWIClient: UK based Institutional Lending Group The first phase of the resort was completed and opened in 2005. Comprising a five-star hotel, branded condominium residences, spa, tennis centre and serviced residential development land around a Greg Norman designed 9-hole golf course. The next phase expands the resort onto the adjacent 220 acres to create an expanded master planned resort that includes: New 18 hole Greg Norman course. Residential communities Boutique hotel Marina Marina village with ancillary retail and commercial. The existing canals and lagoons on the site will be retained and expanded to create an integrated waterway system that connects new development with the existing waterways on the hotel resort site. Budget: Land development and servicing only in excess of US$100 Million Services Provided: Or the resort expansion, DevCap completed due diligence and subsequently provided project monitoring services to the lending group acting as lender representative for the full project duration. Consulting services included; Full development monitoring and compliance review Cash flow/financial model review and analysis Development budget review and analysis Reviewing residential sales activity Review and approval of borrower’s funding request Monitoring and analysis of construction and development schedules. Ensuring compliance of conditions precedent to funding and loan draw requests.
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