Construction Monitoring and Capital Project Risk Advisory

Dominic Keene

Senior Managing Director

Matt Lindsay

Senior Managing Director

Julia Humpidge

Managing Director

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VERTEX’s Construction Debt & Equity (CDE) Services Group provides independent construction monitoring and advisory services to lenders, equity partners, developers, and owners throughout the full lifecycle of a construction project. From pre-closing plan and cost review through monthly draw inspections, mid-construction evaluations, and final project closeout, our team delivers the objective, expert analysis that financial stakeholders require to protect their investments and make informed decisions. With experience spanning ground-up developments, adaptive reuse, healthcare, multifamily, mixed-use, affordable housing, industrial and commercial projects nationwide, VERTEX serves as a trusted, independent set of eyes – identifying risks early, validating progress, and ensuring that budgets, schedules, and quality standards are upheld from the first draw to the last.

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Expert-Led, Experienced Assistance

Our Solutions

Plan and Cost Review

Performed before loan closing, equity investment, or commencement of construction, VERTEX performs a comprehensive review of project documentation, including construction contracts, geotechnical reports, municipal approvals, drawing completeness, construction budgets, and project schedules. Our unbiased analysis highlights areas of risk and concern, enabling lenders and equity partners to make informed funding and underwriting decisions before capital is deployed.

Construction Draw Review

VERTEX’s construction draw review services provide lenders and equity partners with independent verification of each draw request throughout the construction process in order to make informed disbursement decisions. Our scope includes a thorough review of pay applications, contractor invoices, change orders, lien waivers, permits, and supporting documentation, combined with periodic on-site observations to confirm construction progress, assess workmanship quality, and validate budget adequacy and schedule adherence.

Mid-Construction Review

For projects requiring an assessment after construction is underway, VERTEX provides mid-construction review services that include an initial site visit, review of project plans, contracts, permits, and change orders, and an analysis of progress against schedule and budget. Our team provides a detailed narrative report that documents current construction status and identifies any cost or schedule risks requiring attention.

Project Rehabilitation Review

When a project requires repositioning, adaptive reuse or recapitalization, VERTEX provides comprehensive rehabilitation review services. We assess the current project status through on-site observation and stakeholder discussions, review rehabilitation scope and budget, analyze soft costs, and prepare capital expenditure assessments to support lender and equity decision-making on the path forward.

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Project Closeout Review

At project substantial completion or near closeout, VERTEX reviews final status, outstanding punch list items, documentation, and readiness for turnover. This helps clients confirm completion, understand residual risk, and document unresolved items that may affect final funding, holdbacks, or asset stabilization.

Warranty Review

VERTEX’s warranty reviews provide an independent post-completion assessment of observed construction conditions, deferred maintenance, and workmanship concerns relative to the design intent and construction documents. These reviews can help owners, lenders, and capital partners identify latent issues before warranty periods expire.

Client Benefits

Independent, unbiased oversight that protects lender, equity, and owner interests from pre-closing through final draw.
Deep expertise in ground-up development, adaptive reuse, multifamily, mixed-use, affordable housing, and commercial construction across all asset classes.
Timely, clearly written draw review reports and site observation summaries that support credit decisions and investor reporting.
Early identification of budget shortfalls, schedule delays, contractor performance issues, and documentation deficiencies – before they become costly problems.
A national team of experienced construction professionals with local market knowledge and the depth to handle projects of any scale or complexity.
Seamless coordination with borrowers, developers, general contractors, and architects, ensuring all parties remain aligned throughout the project lifecycle.
Access to VERTEX’s broader multidisciplinary platform when projects require claims, delay, cost, environmental, QA/QC, or distressed-project support.

Relevant Project Experience

Real-world examples of how we identify risk, protect capital, and keep projects on track.

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North America One River North Construction Monitoring Construction Management / Construction Inspection

One River North, a 16-story luxury residence in Denver, Colorado, features biophilic design inspired by Colorado’s terrain. VERTEX provided lender’s construction monitoring, ensuring quality, budget, and schedule adherence.

TX Surfside at Sapphire Bay Construction Management / Construction Inspection

VERTEX provided construction monitoring for Surfside at Sapphire Bay, a 315-unit multifamily development in Texas, ensuring cost control and project alignment.

North America Cipriani Residences Construction Support Services

VERTEX provided lender advisory services for Cipriani Residences, a $900M luxury high-rise in Miami, delivering plan review, cost analysis, and construction oversight.

North America Project Advisory Consulting on Eight-Story High-Rise in Queens, NY Owners Project Management

VERTEX provided project advisory consulting for a 534-unit, eight-story waterfront development in Queens, NY, supporting planning and execution.

North America Project 63 Las Vegas – Former Harmon Tower Project Due Diligence Consulting

VERTEX provided construction risk assessment and loan monitoring for Project 63 in Las Vegas, supporting a 130,000 SF retail development.

Why VERTEX

VERTEX provides independent construction monitoring and capital project risk advisory to help stakeholders identify risks early, validate progress, and ensure alignment with budget, schedule, and quality—supporting informed investment decisions.

Connect With Our Experts

Protect your capital and manage construction risk with expert oversight across every stage of your project.

Douglas Russell

Senior Managing Director

Gurtej Singh

Managing Director

Andrew Lyons

Managing Director

Deborah Morton

Managing Director

What You Need to Know – FAQs for Lenders, Developers & Owners

Construction monitoring and draw reviews play a critical role in managing project risk—VERTEX delivers the independent insight and reporting lenders, developers, and owners rely on to make informed decisions.

Construction Draw Reviews: What & Why

What is a construction draw review, and why do lenders require it?

A construction draw review is an independent assessment of a borrower’s periodic request for loan funds during a construction project. Lenders require independent draw review to verify that construction progress justifies the requested disbursement, that documentation (invoices, change orders, lien waivers) is complete and accurate, and that the project remains on track with the approved budget and schedule. VERTEX acts as the lender’s independent eyes on the project, providing objective reporting to support each funding decision.

Plan & Cost Reviews: Scope & Timing

What does a plan and cost review include, and when should it be ordered?

A plan and cost review is typically ordered prior to loan closing or equity investment and involves a detailed analysis of the project’s construction documents, contracts, budget, schedule, and third-party reports (geotechnical, environmental, zoning). VERTEX provides an unbiased opinion on the completeness and reasonableness of the plans and costs, highlighting any gaps or risks so that capital providers can make well-informed decisions before funds are committed.

Who VERTEX Represents

Who does VERTEX typically represent in a construction monitoring engagement?

VERTEX serves as an independent advisor to lenders (including construction lenders and permanent lenders), equity partners, developers, and project owners. In all cases, VERTEX operates independently of the contractor and design team to provide an objective assessment of project progress, cost, and risk.

Project Types We Monitor

What types of projects does VERTEX monitor?

VERTEX monitors a wide range of project types, including ground-up multifamily and mixed-use developments, affordable housing (LIHTC and other programs), luxury residential, commercial office, retail, hospitality, and adaptive reuse projects. Our team has experience with projects of all scales, from smaller community developments to large, complex high-rise and mixed-use towers.

Draw Review Report Turnaround

How quickly can VERTEX deliver a draw review report?

VERTEX understands that timely reporting is critical to the draw disbursement cycle. Our standard turnaround for draw review reports following site observation is typically within 5–7 business days, though we work with each client to accommodate their specific reporting timelines and loan administration requirements.

Construction Monitoring vs. Owner’s Representation

What is the difference between construction monitoring and owner’s representation?

Construction monitoring provides independent project oversight and reporting to inform funding, risk, and asset decisions, typically for lenders, investors, and stakeholders who need objective visibility rather than day-to-day project management. Owner’s representation is more directly embedded in project execution and decision-making on behalf of the owner. Click the link to learn more about our Owner’s Representation Services.

Related Services

Additional capabilities and resources to support your project and investment strategy.

Construction Monitoring and Capital Project Risk Advisory

Find an Expert

Expert-Led, Experienced Assistance

Plan and Cost Review

Construction Draw Review

Mid-Construction Review

Project Rehabilitation Review

Project Closeout Review

Warranty Review

Client Benefits

Why VERTEX

Connect With Our Experts

What You Need to Know – FAQs for Lenders, Developers & Owners

What is a construction draw review, and why do lenders require it?

What does a plan and cost review include, and when should it be ordered?

Who does VERTEX typically represent in a construction monitoring engagement?

What types of projects does VERTEX monitor?

How quickly can VERTEX deliver a draw review report?

What is the difference between construction monitoring and owner’s representation?

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