QuickDraw Fund Control Announces New Multi-Family Construction Project in Koreatown
Construction is now underway on a new multi-family development project in the heart of Koreatown, near Downtown Los Angeles. The property will feature 20 residential condominium units and provides two levels of parking. The project is being spearheaded by JK Development.
QuickDraw Fund Control has been engaged in this ground up construction project, handling the fund control and site inspection services throughout the projected 18 month build cycle.
It took several months for the developers to assemble contiguous lots and obtain the required city permits and entitlements. During the due diligence period, the borrower worked with EverTrust Bank to review the project’s construction budget.
EverTrust is a longtime client of QuickDraw Fund Control. We always appreciate their continued trust and support in selecting us for such a large project.
Initially, Quick Draw provided a detailed cost review analysis of the construction loan budget to assist the lender in determining the sufficiency of the estimated costs.
During the construction process, QuickDraw provides thorough on-site inspections with photography and detailed reports to ensure that the construction improvements on each Draw request are verified and properly documented.
Prior to releasing the first draw request for funds, representatives from QuickDraw met with the Borrower and their General Contractor for a “Kick-Off” meeting. A review the draw procedures, approved construction budget and projected draw schedule were discussed in detail. Ms. Tobi Nieland, Quick Draws Chief Financial Officer stated “We always want to make sure the lender is protected every step of the way while providing superior service to the borrower. These personal and key meetings help everyone understand their role in the process and are always beneficial.”
To achieve parking requirements, the design incorporated “Podium” foundation and “Subterranean Garage”. The below-grade garage is a more complex platform which incorporates an extensive foundation, mechanical and elevator systems, all below street level. Quick Draw spends additional time and effort to pay attention to the construction and associated cost details through the early stages of this critical portion of the project. As we were taught, “once you have a good podium, you will have a good building”.
This new residential development represents another exciting Southern California construction project for QuickDraw Fund Control. We love working with lenders and borrowers to facilitate a fast and consistent disbursement of loan proceeds on every project.
To learn more about QuickDraw Fund Control’s services such as fund control, cost review analyses, and on-site inspection services for construction loans, contact us today!