M id A tlantic Real Estate Journal — Owners, Developers & Managers — October 2023 — 11C M id A tlAntic Real Estate Journal — Owners, Developers & Managers — July 22 - August 18, 2022 — 5C
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By Michael Doyle, AIA, ECS Mid-Atlantic, LLC Know the difference between a PCA and an FCA
I f you are in the business of managing properties, it is crucial to understand the
hands. Lenders may request one before issuing a loan, or an investor/buyer may request an assessment before purchase. By getting a PCA, all parties involved can have greater cer- tainty about the condition of the property in question. A Facility Condition Assess- ment, or FCA, while like a PCA, caters to a different user. FCAs are typically completed for asset and facility manag- ers who oversee a group of facilities – like school systems, colleges, universities and hos- pitals. FCAs provide an objec- tive assessment of a facility’s
a lengthier process that what is needed for a PCA. The biggest differentiator between a PCA and an FCA is the focus of the assessment. A PCA will characterize the asset at a particular point in time and an FCA will as- sist with long-term planning needs and projections of capi- tal expenditures of a multi- property portfolio. PCAs and FCAs are both reports that can provide information on the condition of a property but knowing the difference between the two services will make give confidence to your
decision making. A PCA or FCA should be conducted by a professional services firm with extensive experience, so your report is up to date with current standards and provides the level of detail needed to make smart financial decisions. An experienced professional at ECS can help you determine which assessment best suits your needs and then assist you in executing the process. Michael Doyle serves as a principal architect in the Chantilly, VA office of ECS Mid-Atlantic, LLC. MAREJ
overall physical condition, helping to inform decisions about capital investment, bud- geting and reserve planning and maintenance planning. Sometimes FCAs can include energy audits which explore how to improve sustainability measures when it comes to electricity and water usage within the existing properties. Overall, the FCA process as- sesses the condition of build- ing systems, such as the roof, exterior walls, windows, doors, HVAC and interior finishes. Detailing the material compo- nents of each of the systems is
condition of the buildings in your port- folio. That is where a pro- fessional ser- vices compa- ny can help, by providing reports that
Michael Doyle
give insight into the condition of a property. Two reports that are often confused are the Property Condition Assess- ment (PCA) and the Facility Condition Assessment (FCA). It is important to know the difference between these two reports so that you can choose the right one for your needs. A Property Condition As- sessment, or PCA, is a compre- hensive report on the condition of a commercial property. It evaluates all aspects of the property, from the build- ing itself to the systems and components within it. Typi- cally, these are focused on a single-building and the scope is defined by the ASTM E2018 standard. PCAs are often or- dered as part of due diligence when a property changes New Jersey’s Headquarters Plaza engages JLL for property mgmt. services MORRISTOWN, NJ — JLL has been selected to provide property manage- ment services to Headquarters Plaza, a 760,000 s/f, premier office property located in Mor - ristown. Houlihan-Parnes Props. arranges $2.25M in financing for apartment bldg. MANHATTAN, NY — Da- vid Lulgjuraj and Michael Cuniberti of Houlihan- Parnes Properties have arranged 1st mortgage fi- nancing in the amount of $2,250,000 and a line of credit for a 6-story eleva - tor cooperative apartment building containing 49 apart - ments in the Inwood section of Manhattan. JLL’s property manage- ment efforts will be delivered by a 10-person management team, led by industry vet- erans, Christina Honthy and Scott Granat . Together, Honthy and Granat will drive efforts to elevate building services, improve customer relations and overall tenant engagement. Located on Speedwell Av - enue just off the Morristown Green, Headquarters Plaza offers access to NJ Transit with direct service to NYC and Hoboken. The class A complex consists of three commercial office buildings, a retail con - course, a newly renovated 256- room Hyatt Regency Hotel and conference facilities. MAREJ The property is located at the corner of Seaman Ave. and W 218th St. The loan was placed for a 10-year interest only term at a sub 6% interest rate. Houlihan-Parnes Proper - ties is a full-service real estate company providing property/asset management, construction management, sales and mortgage broker - age, back-office operations, and real estate consulting. We specialize in the manage ment of co-ops/ condos, resi - dential, retail, and mixed-use properties. MAREJ
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SOME OF THE MANY WAYS WE SERVE OUR CLIENTS. STRUCTURAL FORENSICS
EVERY STEP OF THE WAY. From start to finish, our facilities consultants are experienced in due diligence, design, construction and operations to help you protect and maximize your investment.
BUILDING ENVELOPE CONSULTING THIRD PARTY INSPECTION PROGRAM PROPERTY CONDITION ASSESSMENTS
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