Condo Media - August 2016 - 34
INDUSTRY PERSPECTIVE
Eric Churchill, President,
Schernecker Property
Services, Inc.
SPS has made full-envelope
replacement projects
a company specialty, and Churchill
has made educating board members
and managers a focal point. From his
perspective, long-term loans to finance
comprehensive building envelope replacement work are both necessary and
sensible. "The loan term should mirror
the life expectancy of the work being
financed," Churchill says, and the comprehensive solutions SPS recommends
can be designed to last 30 years or more.
The detailed analysis of the community and careful planning the company
emphasizes address concerns about the
possibility that premature failure may
create unexpected problems requiring
additional expenditures, Churchill says.
"You don't go into a building envelope replacement project thinking you
34
CONDOMEDIA
are going to have premature failure,"
he says. Investing the time and effort
required to identify "the right solution," he contends, "provides a level of
comfort" for the community and for the
lender that the comprehensive renovations will last as long as anticipated.
Critics question whether this doeverything-at-once approach is necessary or advisable, but Churchill says
he is hard-pressed to understand why
communities would approach the care
of their properties any other way. "The
building envelope is a large, complex,
integrated asset. Doesn't it deserve a
comprehensive evaluation and a longterm solution?" he asks.
While few banks are willing to
consider 30-year condominium loans,
Churchill acknowledges, some are making them, and he thinks the number will
increase over time. "Some banks are
less comfortable than others operating
in uncharted waters, and 30 years is
"If condominium owners can't afford to maintain the property, they
can't afford to own it."
-Wesley Blair,
Senior Vice President,
Brookline Bank
a big jump for them," he agrees. "But
there is nothing magical about 30," he
insists. For many projects, "a 15- or
20-year loan term could be plenty," and
many banks are comfortable with loan
terms up to 20 years.
Some lenders are put off by the
extensive analysis and implied risk
associated with longer term loans-an
issue Churchill also recognizes. The
rigorous planning process is essential,
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Condo Media - August 2016
Table of Contents for the Digital Edition of Condo Media - August 2016
Table of Contents
Condo Media - August 2016 - Cover1
Condo Media - August 2016 - Cover2
Condo Media - August 2016 - Table of Contents
Condo Media - August 2016 - 2
Condo Media - August 2016 - 3
Condo Media - August 2016 - 4
Condo Media - August 2016 - 5
Condo Media - August 2016 - 6
Condo Media - August 2016 - 7
Condo Media - August 2016 - 8
Condo Media - August 2016 - 9
Condo Media - August 2016 - 10
Condo Media - August 2016 - 11
Condo Media - August 2016 - 12
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Condo Media - August 2016 - 15
Condo Media - August 2016 - 16
Condo Media - August 2016 - 17
Condo Media - August 2016 - 18
Condo Media - August 2016 - 19
Condo Media - August 2016 - 20
Condo Media - August 2016 - 21
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Condo Media - August 2016 - 24
Condo Media - August 2016 - 25
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Condo Media - August 2016 - 27
Condo Media - August 2016 - 28
Condo Media - August 2016 - 29
Condo Media - August 2016 - 30
Condo Media - August 2016 - 31
Condo Media - August 2016 - 32
Condo Media - August 2016 - 33
Condo Media - August 2016 - 34
Condo Media - August 2016 - 35
Condo Media - August 2016 - 36
Condo Media - August 2016 - 37
Condo Media - August 2016 - 38
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Condo Media - August 2016 - 40
Condo Media - August 2016 - 41
Condo Media - August 2016 - 42
Condo Media - August 2016 - 43
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Condo Media - August 2016 - 55
Condo Media - August 2016 - 56
Condo Media - August 2016 - Cover3
Condo Media - August 2016 - Cover4
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