CASE STUDY
MAC Street Industrial Confirms Latent Damage, Client Receives $982,511 Settlement
Client
Shanahan Ridge
Multi-Family HOA
Property Details
Shanahan Ridge
Date of Loss: June 28, 2018
Hail Size: 1.75’’
Roof Type: Asphalt Shingles
Value Added: $982,511
Situation
The roofing system of the apartment complex was extremely old and in need of complete replacement. Since the current system was comprised of three layers of roofing material, the Board of Directors was facing much larger than expected costs for demolition and restoration.
Ongoing repairs plagued them by eroding the reserve balance they had built for eventual roof replacement.
Outcome
Utilizing our team of experts, MAC Street Industrial completed numerous forensic studies and determined that the roof had latent hail damage.
These studies supported the necessary scope of work and enabled us to upgrade their roofing system.
Summary
THE CHALLENGE
For years the Shanahan Ridge community & board of directors knew that the roofing system keeping them dry was past the point of a necessary replacement, so they began to collect funds to accomplish this goal.
During the reserve study, they were notified that three roofing systems currently existed on the buildings, which left them facing larger than expected costs for demolition and restoration.
Facing this overwhelming project cost while keeping the tenants protected proved to be a daunting task for the Board of Directors, as necessary repairs kept arising- which eroded the reserve balance they had built for an eventual replacement.
The property manager was aware of the difficult situation and reached out to MAC Street Industrial to see how we could help create a solution for this large cost they were facing.
Our restoration team began working to solve the problem by:
Researching storm impact dates
Utilizing moisture detection analysis
Completing roof damage assessments
And conducting various other forensic studies in conjunction with third parties to discover if these applicable storms may have adversely shortened the life of the building envelope.
After deployment of the insurance restoration team by MAC Street Industrial, our first goal was getting the claim approved and obtaining a fair settlement to cover the cost of the necessary restoration. We then began undertaking the restoration project, while keeping the tenants safe during the removal of the three roofing systems that existed on the various buildings within the complex.
THE SOLUTION
MAC Street Industrial spent several months analyzing, measuring, preparing estimates, meeting with the HOA to discuss various options, and drafting the final plan. MAC Street Industrial worked diligently with the insurance adjuster and the building consultants to get the claim approved, while also arriving at a fair and complete claim settlement that covered all of the damage, including the much-needed code upgrades.
Finally, with all the details worked out, MAC Street Industrial began the restoration process. While many challenges presented themselves during the course of this project, all of them were successfully resolved for the benefit of the Shanahan Ridge community.
It was a very rewarding experience to enable our client to avoid the seven-figure project cost they were originally faced with.
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