Every commercial real estate transaction carries risk. The question isn’t whether risk exists — it’s whether you know what it is before you commit capital. That is what due diligence is for, and it is the foundation of everything NAC does.

NAC is an architect-led due diligence firm serving lenders, syndicators, equity investors, and developers on multifamily, affordable housing, and commercial real estate transactions nationwide. Our due diligence practice is built on a straightforward premise: the people who look hardest at buildings are the ones who understand them best. With 21 years of architectural and construction experience behind every engagement, NAC brings a level of technical depth to the due diligence process that generalist inspection firms simply cannot match.

We work under every major lending protocol — HUD, Fannie Mae, Freddie Mac, USDA RD, and State LIHTC QAPs — and we tailor every engagement to the specific requirements of the transaction, the client, and the intended use of the report. Whether you are underwriting a new acquisition, closing a LIHTC rehabilitation, or monitoring construction on a multifamily development, NAC has the experience and the credentials to support your process from beginning to end.

Want to understand what drives our approach? [Read about why we love buildings →]

Our Due Diligence Services

Property Condition Assessments  A thorough, architect-led physical assessment of commercial and multifamily properties under ASTM E2018, HUD, Fannie Mae, Freddie Mac, and USDA RD protocols. Includes reserve studies for condominium and homeowner associations, and coordinated seismic risk assessments through licensed seismic engineers. [Learn more about Property Condition Assessments

Multifamily Condition Assessments Specialized capital needs and condition assessments for affordable housing and LIHTC transactions — including HUD PCNA, RAD RPCA, GPNA, Fannie Mae PNA, Freddie Mac Engineering Studies, and LIHTC CNA e-Tool assessments. UFAS and Fair Housing Act accessibility compliance reviews included. [Learn more about Multifamily Condition Assessments

Architectural Document & Cost Reviews  Pre-closing review of construction documents, contracts, budgets, and schedules for LIHTC new construction and rehabilitation transactions. Evaluates contractor qualifications, construction cost reasonableness, AIA contract terms, bond and insurance adequacy, and schedule feasibility on behalf of lenders and equity investors.

Construction Progress Monitoring Independent construction monitoring for lenders, LIHTC equity investors, developers, and property owners — including draw reviews, monthly site inspections, change order analysis, lien waiver tracking, and owner’s representation services. [Learn more about Construction Progress Monitoring

Property Resilience Assessments Property-level natural hazard risk assessments conducted in accordance with the emerging ASTM PRA standard — evaluating flood, wildfire, wind, extreme temperature, and other hazard exposures for real estate due diligence, LIHTC transactions, and HUD-assisted financing. [Learn more about Property Resilience Assessments

Related Services

Due diligence doesn’t stop at the building envelope. NAC’s Environmental Services include Phase I ESAs and radon testing — frequently ordered alongside PCAs and capital needs assessments as part of a complete transaction due diligence package. For a single point of contact across the full scope, NAC can coordinate both.