The Client, Sonlight Curriculum, needed to build a new headquarters building since they had outgrown their leased office-warehouse space. Church Facility Solutions provided outside expertise to manage the entire development process from start to finish and to procure flexible financing alternatives with minimal debt to accommodate their cyclical capital needs.
Assignment Highlights
- Identified, interviewed, selected and managed the entire project team on Client’s behalf, which included the architect, contractor, engineers, consultants, and lender.
- Lead the entitlement, design, construction, relocation and financing process.
- Secured an SBA loan to start the first phase of construction but was then restructured after construction to eliminate fees, pre-payment penalties, etc. Given the financing market during the second phase, a 4% interest rate loan was locked in while at the same time allowing the Client to increase/decrease the loan like a line of credit to account for their cyclical business needs.
Results
- Phase I and Phase II were built on time and on budget.
- Obtained flexible financing alternatives for both phases of the project that saved the Client thousands of dollars while meeting their specific financing needs.
- Negotiated a storm detention system that allowed the site an additional 20% of building square footage that was then built as part of Phase II.
- The initial phase of construction was hard bid to several qualified general contractors. In addition to selecting the low bid, the contract was crafted to provide the owner with 100% of any savings which amounted to $20,000.