Construction Progress Monitoring

Construction is where deals are won or lost. A project that looks solid on paper can unravel quickly in the field — through scope creep, billing disputes, schedule slippage, subcontractor failures, or simply work that doesn’t match the plans. The clients who fare best are the ones who have a qualified, independent set of eyes on the project throughout the construction process, not just at the beginning and end.

NAC provides Construction Progress Monitoring services for lenders, LIHTC equity investors, developers, and property owners on commercial and multifamily construction and rehabilitation projects nationwide. Our monitoring engagements are led by experienced field professionals under the oversight of a licensed architect — giving clients a technically credible, independent assessment of project status at every stage of construction.

We work on projects tied to construction loans, and we work on projects that aren’t. LIHTC equity investors in particular have an independent interest in confirming that construction is proceeding as underwritten — separate from whatever monitoring the construction lender may be performing. NAC serves both roles, often simultaneously on the same project.

Construction Loan Monitoring

For lenders disbursing construction loan proceeds, NAC’s monitoring services provide the independent oversight needed to confirm that draw requests are supported by actual work in place, that the project is tracking to schedule and budget, and that issues are identified and reported before they become expensive problems.

NAC’s construction loan monitoring engagements include an initial Document and Cost Review at project inception, followed by regular site inspections and monthly reporting throughout the construction period, through to a final closeout report at project completion. Every draw request is reviewed against actual construction progress before disbursement is recommended. Change orders are reviewed for scope justification and cost reasonableness. Lien waivers are tracked and confirmed. Schedule variances are flagged and explained.

The goal is simple: the lender’s capital should move in step with the construction — no faster, no slower. NAC’s monitoring gives lenders the confidence to disburse funds knowing the work is there to support it.

LIHTC Equity Investor Monitoring

Tax credit equity investors have a direct financial stake in the construction proceeding as underwritten. If the project doesn’t deliver the units, the amenities, and the accessibility features required by the LIHTC program and the partnership agreement, the credits are at risk. That risk doesn’t belong to the construction lender — it belongs to the investor.

NAC performs independent construction monitoring for LIHTC equity investors, tracking progress against the approved plans and specifications, monitoring compliance with LIHTC-specific scope requirements, and reporting directly to the investor throughout the construction period. Our monitoring is conducted independently of any lender monitoring on the same project — giving investors their own line of sight into project status rather than relying on reporting prepared for a different party with different interests.