A comprehensive due diligence program that spanned a 6-month period was conducted
to identify and mitigate a significant portion of the deal risk associated with
Renovation Cost Overrun
- Thorough asset level due diligence including a significant
level of invasive/destructive testing and third-party forensic analysis.
- Completed 90% of entitlement work prior to closing.
- Highly detailed and broad based guaranteed maximum price
contract executed with high quality, national general contractor.
Pro-Forma Operating Projections
- Extensive local market knowledge (Priderock principals own
and operate competitive properties in the immediate market).
- Extensive use of third-party research (Property & Portfolio
Research, REIS, Axiometrics, local and national brokers).
- Detailed market survey (updated periodically during transaction
- Completed 90% of permitting during the due diligence process
(complicated and extensive approval process).
- Required local municipality to execute written agreements
regarding their official position on all major building statutes/actions prior to
- Acquired lien free title to the property by helping the
seller navigate the local foreclosure process (negotiated discount pricing based
on the acquisition of a note, but acquired title).
- Retained premier bankruptcy/foreclosure and land use counsel
for South Florida to conduct an exhaustive review of the title and deal structure.