In this episode of Built Different, we examine counterparty risk concentration in modular construction. Katerra's 2021 collapse left developers scrambling. Other factories have failed more quietly. Size and institutional backing aren't protection against failure—but structural deal protections can reduce exposure.

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Who this episode is for: Developers structuring modular contracts, construction attorneys negotiating factory agreements, lenders assessing counterparty exposure, and investors conducting factory due diligence.

Key takeaway: The question isn't whether your factory could fail. It's whether you've structured the deal to survive if they do. Payment terms, bonds, and WIP ownership provisions reduce the severity of a factory failure.

Built Different is produced by Spring Street Management Group. New episodes on modular construction risk, off-site building contracts, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we examine schedule risk transformation in modular construction. Traditional construction distributes schedule risk across many activities. Modular concentrates it at critical convergence points with zero slack—and the post-set completion phase is consistently underestimated.

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Who this episode is for: Project managers scheduling modular construction, developers modeling delivery timelines, general contractors coordinating factory and site work, and lenders underwriting modular construction schedules.

Key takeaway: Model realistic factory production timelines—not the optimistic ones in the sales pitch. Build foundation schedules with buffer. Budget adequate time for post-set completion. The schedule advantage is real, but only if you don't give it back.

Built Different is produced by Spring Street Management Group. New episodes on modular construction schedules, off-site building timelines, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we examine design liability fragmentation in modular construction. Traditional construction has relatively clear responsibility chains. Modular fragments design across multiple parties with contracts that often fail to clarify who owns what—and insurance policies that may not respond when claims arise.

Topics covered:

Who this episode is for: Developers negotiating modular contracts, architects working on modular projects, factory engineering teams, construction attorneys, and insurance professionals covering modular construction.

Key takeaway: Before you sign contracts, map design responsibility explicitly. Who owns connection details? Who certifies structural adequacy? Who is responsible for code compliance? Ambiguity is cheap until there's a claim.

Built Different is produced by Spring Street Management Group. New episodes on modular construction liability, off-site building contracts, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we examine factory labor risk in modular construction. Factory labor markets compete with manufacturing, warehousing, and distribution for workers. When a factory loses experienced workers, production slows and defect rates rise—and you're exposed to that risk even though you never see the factory floor.

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Who this episode is for: Developers conducting factory due diligence, HR leaders at modular factories, general contractors managing factory relationships, and investors evaluating modular factory operations.

Key takeaway: Visit the factory and observe the workforce. Are workers engaged and experienced, or does it look like a revolving door? The answers tell you something about production reliability.

Built Different is produced by Spring Street Management Group. New episodes on modular construction labor, off-site building workforce, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we examine how modular concentrates supply chain risk at the factory. The COVID years exposed this vulnerability when factories couldn't get steel, appliances, windows, or MEP components. Lead times stretched from weeks to months while developers watched helplessly.

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Who this episode is for: Developers evaluating factory partnerships, procurement managers at modular factories, general contractors managing modular schedules, and risk managers assessing supply chain exposure.

Key takeaway: The real protection is selecting factories with supply chain resilience—sophisticated procurement, buffer inventory, multiple suppliers—and building schedule contingency into your project plan.

Built Different is produced by Spring Street Management Group. New episodes on modular construction risk, off-site building supply chain, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we examine how modular construction affects disposition and refinance. Appraisal comparable challenges in markets with limited modular inventory, buyer perception variations by sophistication level, and the documentation that makes exits easier.

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Who this episode is for: Developers planning modular project exits, investment sales brokers marketing modular assets, permanent lenders evaluating modular refinance requests, and appraisers valuing modular buildings.

Key takeaway: The best exit strategy is building quality. A modular building that performs well operationally will find buyers and lenders. Construction method becomes a footnote, not a headline.

Built Different is produced by Spring Street Management Group. New episodes on modular construction exits, off-site building disposition, and volumetric construction investment drop every weekday at 6 AM Pacific.

In this episode of Built Different, we break down the tax implications of modular construction. Sales tax treatment of modules as tangible goods vs. construction services, property tax assessment timing, and depreciation opportunities through cost segregation studies.

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Who this episode is for: Real estate developers structuring modular deals, tax advisors serving construction clients, CFOs modeling project economics, and accountants specializing in real estate development.

Key takeaway: Get tax advice early. The structuring decisions you make at contract signing affect tax outcomes at project completion. Retrofitting tax efficiency into documented deals is expensive if possible at all.

Built Different is produced by Spring Street Management Group. New episodes on modular construction tax implications, off-site building economics, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we map the insurance gaps in modular construction projects. From builder's risk exclusions for off-site fabrication to transit coverage holes and installation handoff disputes, the fragmented nature of modular creates exposure that traditional construction doesn't have.

Topics covered:

Who this episode is for: Developers managing construction risk, insurance brokers serving the construction industry, risk managers at modular factories, and general contractors coordinating modular projects.

Key takeaway: Map every phase of production, transport, and installation. Verify coverage exists for each phase with no gaps. It's tedious work, but it beats discovering a hole when you have a claim.

Built Different is produced by Spring Street Management Group. New episodes on modular construction risk, off-site building insurance, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we examine the factory financing problem that limits modular construction scale. Construction lenders finance site work. Equipment lenders finance machinery. But modules in production occupy an awkward middle ground—assets that exist but aren't attached to your real estate yet.

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Who this episode is for: Developers scaling modular programs, construction lenders evaluating modular deals, factory operators managing production financing, and capital markets professionals exploring modular lending products.

Key takeaway: Solve your factory financing strategy before your site financing strategy. It's the binding constraint most developers don't see coming.

Built Different is produced by Spring Street Management Group. New episodes on modular construction financing, off-site building economics, and volumetric construction drop every weekday at 6 AM Pacific.

In this episode of Built Different, we break down the capital stack implications of modular construction. Factory deposits due before groundbreaking, progress payments tied to production schedules instead of site work, and the collateral challenges that make lenders hesitant to fund at normal advance rates. When modules sitting in an Indiana factory don't count as California real property improvements, equity fills the gap.

Topics covered:

Who this episode is for: Real estate developers evaluating modular construction, equity investors analyzing modular deal structures, capital partners structuring construction financing, and CFOs modeling project returns.

Key takeaway: Projects that pencil with traditional construction capital stacks might not pencil when you adjust for modular's front-loaded equity requirements. Structure accordingly.

Built Different is produced by Spring Street Management Group. New episodes on modular construction, off-site building, and volumetric construction drop every weekday at 6 AM Pacific.