INV Ref – PRXSTRT

552 S 59TH STREET

Updated Progress

11/06/25

The city inspector completed the review of the fire blocking corrections but unfortunately denied the previous work because the required fire block was not installed. The issue has since been identified and corrected, and the neighboring unit was inspected two weeks ago. The building and plumbing permits are already approved, and the electrical permit is currently being processed. Once that is cleared, construction will resume immediately, with the goal to finish the entire project by the end of November. The only corrections requested were related to fire blocking and electrical work, and the borrower confirmed they will send new progress photos once the rehab continues.

The borrower confirmed that the permit has been submitted with the draw request and is currently pending final approval. The city inspector has requested that some walls be opened for fire blocking, which the team plans to address early next week. Once that inspection is complete, work is expected to begin next week, with an estimated timeline of about three weeks to complete the project. The borrower noted that if the inspector requires additional fire blocking adjustments, it may add a few extra days or up to a week to the overall schedule. All contractors are prepared to start as soon as the permit is fully cleared.

The borrower mentioned that the permit is still pending. It has already been submitted, and they are currently awaiting approval from the city. We’ll keep you informed once the permit has been released and the next steps are underway.

The permits were submitted two weeks ago, and they are currently working on finalizing a contract with an architect. The borrower has also requested the first draw to keep the project. He added that Plumbing and electrical work have already been completed. He will be sending us photos. We’ll continue to monitor the rehab closely and provide updates as work moves forward.

They’re currently working on securing permits and are in the process of pulling the architectural drawings needed for the city permit. This specific permit will allow them to submit draws and move forward with completing the remaining permits.
The borrower mentioned he’ll be sending over progress photos or a walkthrough video soon, so we’ll have a better visual update that will be uploaded on Portal.

07/08/25

SUPPORTING DOCUMENTS

DEAL ANALYSIS CALCULATOR

RECORDED MEMORANDUM

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SIGNED PRELIM TERM SHEET

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SIGNED PRELIM TERM SHEET

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SIGNED PROMISSORY NOTE

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SIGNED PERSONAL GUARANTEE

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SIGNED OPERATING AGREEMENT

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SIGNED JV AGREEMENT

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SIGNED JV & HHA

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SIGNED APPROVED LOAN TERMS

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RENOVATION ARV

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SIGNED JV HH OA PN PG

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