Developing property to last
Marathon is committed to providing turn-key development services to Owners. These steps include:
- Assisted Living Consultant.
- Independent Living Consultant.
- Memory Care Consultant.
- Senior Citizen Housing Consultant.
- Capital Improvement Plan.
- Financial Feasibility studies.
- Due Diligence studies for acquisitions, refurbishments, or new development.
- Assistance in creating the project vision.
- Create the project pro forma and project estimates.
- Identifies pre-construction, construction and permanent funding.
- Procurement of all third-party professionals including the geo-technical, phase I, traffic, architect, structural engineer, civil engineer, landscape architect, general contractor, interior designer and other necessary project team members .
- Selection of project delivery method i.e., "Design - Bid - Build", "General Contractor — Construction Manager" (GC-CM also known as CM-GC) or "team build".
- Project team coordination, design oversight, permit coordination, project schedule and state licensing assistance.
- During the construction phase Marathon provides active project oversight with site inspection confirming the project design and specification are met by the general contractor.
- Construction draw compilation and overall project budget accounting.
- Lender loan compliance.
- At project close out Marathon's scope includes managing punch list items, monitor commissioning of new systems and equipment, coordination and completion of the as-built documents and delivery of the Owners Equipment Manuals.
- A coordinated hand-off of the completed project ready for occupancy to the selected management firm who has been a project team member from the initiation of the project.
In short, Marathon provides "turn-key" development services that facilitate the development of the project from the vision to occupancy of the completed project and hand-off to the selected management firm. Marathon earns a development fee that is a lender allowed project cost. The development fee is financed and disbursed from the loan in the same manner as the architect or general contractor would be paid.
Lenders generally prefer to have a skilled developer involved in the process as senior housing development is complicated. It makes the entire development experience better as project schedule; budget and overall project coordination are managed professionally. Marathon's development fee will not increase the project costs but be paid with overall project saving derived from Marathon's professional project management through design/value engineering, project schedule and financing options.