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NJ DOT Bus Storage and Maintenance Facility, Wayne, New Jersey
Surety Consulting and Support
New Construction
$40,000,000
300,000 s.f. building plus surrounding site
The New Jersey Department of Transportation contracted a joint-venture to construct a new state-of-the-art bus storage and maintenance facility on top of a reclaimed landfill. In addition to the 300,000 s.f. building, the site is surrounded by 1,000,000 square feet of ancillary storage area, erosion control systems, and access bridges and roads. The facility includes a complete bus interior cleaning and exterior washing station, as well as an exterior painting facility and ten commercial hydraulic lifts for repair and maintenance of the vehicles.
When the project was 50% complete, one of the joint-venture entities declared bankruptcy. As a result, its surety hired GREYHAWK to provide extended consulting services. GREYHAWK’s staff arranged for the surety’s principal (the remaining joint-venture partner) to complete the facility and, together with the principal, resolved all of the claims asserted against the bonds.
Additionally, GREYHAWK administered and disbursed all of the contract and surety-financed funds, via discreet escrow accounts throughout the project until completion. GREYHAWK professionals prepared and prevailed on various claims asserted by the surety and its principal against the Obligee, resulting in a total recovery of more than $5 million for the surety and its principal.
- The Wayne Bus Storage and Maintenance Facility is one of the largest facilities of its type in New Jersey
- GREYHAWK resolved more than 75 payment bond claims from subcontractors and suppliers outright, or during the completion process
- GREYHAWK managed and disbursed funds via escrow accounts totaling more than $20 million
- The surety recovered all of its direct costs and financing costs subsequent to project completion
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