by Pro Commercial | Aug 5, 2026 | Construction
Opening Day Is Not the Finish Line Every pro forma has a moment where the model assumes the asset is finished. The ribbon is cut, the flag is up, and the property starts generating revenue. But opening is not stabilizing. Between the first guest and the NOI figure...
by Pro Commercial | Aug 3, 2026 | Construction
The Assumption You Cannot ControlYou can control the buyout schedule. You can control the general contractor’s discipline on change orders. You can even control which subcontractors show up with real crews instead of placeholder labor. What you cannot control is...
by Pro Commercial | Jul 31, 2026 | Construction
Cheaper Equity or Expensive Debt Mezzanine financing gets pitched as a bridge. In practice it behaves like expensive debt with equity-like risk. It sits below your senior lender and above your equity, and it charges a rate that reflects that position, typically in the...
by Pro Commercial | Jul 29, 2026 | Construction
Where Your Dollars Actually Sit Every hotel deal is described in terms of cap rate, NOI, and exit multiple. But before any of that matters, the money behind the project is stacked in a specific order, and that order determines who gets paid first, who gets paid last,...
by Pro Commercial | Jul 27, 2026 | Construction
The Delay Hiding in the Loading Dock Most schedule risk conversations start with steel, concrete, and permitting. Few start with case goods, casegood veneers, or the guest room HVAC package. Yet a surprising share of hotel opening delays trace back to a purchase order...
by Pro Commercial | Jul 24, 2026 | Construction
Draws Are a Trust Mechanism, Not Paperwork Every draw request tells your lender a story. It says the work matches the budget, the budget matches the schedule, and the schedule matches reality. When that story holds together month after month, construction draw...
