|Location:||Various, ON, QC, NB, MB|
XCG was contracted by KEYreit to conduct Property Condition Assessments (PCAs) on 99 casual dining franchise locations within Ontario, Quebec, Manitoba and New Brunswick for purposes of mortgage re-financing. PCAs, in accordance with current industry standards – ASTM E-2018-08 are also commonly referred to as Building Condition Assessments (BCAs).
The purpose of the PCAs was to observe and report on the physical condition of the subject properties. The PCAs provided KEYreit with a screening level assessment of the present condition for the on-site property elements, building systems (including roof, mechanical, structure, fire and life safety systems etc.) and all on-site structures, as well as detailed capital expenditure estimates to be considered in the completion of the financial transaction over the term of the loan (10 years).
XCG’s opinions of probable costs assisted KEYreit in developing a general understanding of the physical condition of the subject property and satisfied its lenders’ requirements for an estimate of capital expenditures and repair items required over the term of the loan agreement.
XCG used 5 experienced staff on this project which was completed at varying prearranged times over the year – usually within a 30 day due diligence period. All PCAs were completed on time and on budget.
As a result of the work completed by XCG, KEYreit obtained the necessary re-financing required for the properties. Full reliance letters were provided to the lender by XCG on behalf of KEYreit.