55 West 39th St, 14N | New York, NY 10010 info@velocityconsulting.com (212) 629-0690

Projects

Velocity Consulting has conducted property condition surveys, environmental site assessments, third party report reviews and other due diligence analysis for properties of all types, sizes, and complexities including:

  • Commercial Properties
  • Office Buildings
  • Retail Stores
  • Industrial Buildings
  • High-Rise Apartment Complexes
  • Multi-Family Dwellings
  • Assisted Living Apartments
  • Mobile Homes
Project 1 – Industrial

Location: San Diego, CA
Project Type: Industrial
Scope of Work: Inspect and assess 5 sprawling light industrial complexes to meet short due diligence period deadlines.
Issues: A West Coast client required a property assessment on five sprawling light industry complexes in the San Diego area.

The client needed to make a fast but well-informed decision as they had a very short due diligence period.

Velocity’s Approach: Velocity’s environmental and engineering staff worked on-site through the weekend to inspect and assess the five industrial complexes. All reports were written, reviewed and sent to the client within 8 days.

Resolution: The client satisfied all due diligence requirements within the specified timeframe and closed the deal.

Project 2 – Mobile Home Park

Location: Buffalo, NY
Project Type: Mobile Home Park
Scope of Work:

  • Review previous Phase I Environmental Site Assessment.
  • Analyze Phase II recommendations.
  • Resolve open issues.

Issues: A Connecticut-based subsidiary of a major European bank required the review of a completed Phase I Environmental Site Assessment (ESA) on a 32-acre, 281-unit mobile home community in Buffalo, NY.

The initial Phase I ESA recommended that a large-scale Phase II investigation be conducted at an estimated cost of $30,000 as the property had been owned by the Union Carbide chemical company in the 1950s and was in proximity to a hazardous waste landfill.

Velocity’s Approach: Velocity reviewed the report for adequate data support and conformity to ASTM E1527-00 Standards. Additional research was undertaken to determine the use of the property by Union Carbide, including a 75-year chain of title and contacting corporate representatives, landfill owner and the NYSDEC case officer for information pertaining to use of the property.

Resolution: Velocity’s additional research determined that the property had never been used as a waste landfill and that contamination in the adjacent landfill had not migrated onto the property.

The results of our research proved that no further action at the property was required, saving the client over $30,000 and enabling the deal to close on time and without any further complications

Project 3 – High Rise Apartment Complex

Location: New York, NY
Project Type: High-Rise Apartment Complex
Scope of Work: Phase I Environmental Site Assessment to address Freddie Mac’s concerns with the property’s environmental condition.
Issues: A San Antonio-based mortgage company required a Phase I
Environmental Site Assessment on a 7-building, 1,236-unit high-rise
apartment complex in lower Manhattan to comply with a Freddie Mac scope
of work requirements.

The property had a confirmed environmental issue as two 40,000-gallon
underground fuel oil storage tanks had been leaking over an estimated
five-year period. A remediation system was in place during Velocity’s
inspection of the property.

Velocity’s Approach: Velocity conducted a Phase I ESA consistent with
Freddie Mac’s requirements, and assessed the current status of the ongoing
remediation effort, including a review of remediation data (soil and
groundwater reports, well data) and correspondence from the remediation
company, the NYSDEC, and the environmental consultant performing the
remedial work.

Following the issuance of the Phase I report, Velocity wrote a series of
addendum letters that summarized the remediation efforts and addressed
the specific concerns raised by the client and Freddie Mac.

Resolution: Velocity’s research satisfied all open concerns of the Freddie
Mac loan officers and they agreed to fund the transaction.

Project 4 – Assisted Living Apartment Complex

Location: San Francisco California
Project Type: Assisted Living Apartment Complex
Scope of Work: Inspect and assess an apartment complex’s property
condition to meet a strict 10-day deadline for refinancing.
Issues: A client based in Northern California required a property assessment
on five large assisted living apartment buildings.

The inspection and Phase I Assessment Reports required an almost
immediate turnaround in order to meet strict refinancing agreement deadlines.

Velocity’s Approach: Velocity was able to send engineering inspection staff
from our Los Angeles office to the area within a matter of days.

Resolution: In just 10 days, Velocity was able to conduct the inspection and
to complete, review and deliver all reports to the client.

All due diligence requirements were satisfied within the specified timeframe
and the client was able to complete their refinancing agreement.

Project 5 – Multiple Industrial Properties

Location: Multiple States
Project Type: Industrial Properties
Scope of Work: Address a series of potential environmental concerns for lenders, investors, sellers and regulatory agencies to close the deal within a 30-day window..
Issues: A client was having difficulty meeting the strict 30-day deadline for a deal involving 23 industrial properties with complex environmental problems, located in several states

Velocity’s Approach: Velocity addressed all potential environmental concerns through a combination review and revision of ESA reports; research of public records, seller indemnities and insurance policies; and preparation of a worst case scenario cost analyses.

Velocity maintained constant communication with the lender, seller, potential investors, consultants and regulatory agencies.

Resolution: Velocity was successful in creating a comfort level with the transaction for all parties involved and helped the client close the deal within the required 30-day window.

Project 6 – Retail Shopping Center

Location: Patterson, NJ
Project Type: Retail Shopping Center
Scope of Work: Resolve issues related to past use of property to be
incorporated into a revised Phase I ESA and marketed to potential investors.
Issues: A retail shopping center wanted to resolve issues relating to the past use of the property by a dry cleaning company, including the use of several underground storage tanks.

Velocity’s Approach: After completing a Phase I ESA, Velocity worked with the client and the lender to clear up concerns about environmental and other issues about the property’s past usage. .

Resolution: Velocity worked with the client’s consultant to devise an appropriate Phase II Scope of Work. The results were incorporated into a revised Phase I ESA and was marketed successfully to investors.

Project 7 – Residential Property

Location: Norwalk, CT
Project Type: Residential Property
Scope of Work: Determine if an apartment building on a USEPA NPL site presented a health hazard and if the owner is the responsible party.
Issues: A client in Norwalk, CT was having difficulty securing funding and Freddie Mac approval for a multiple-unit apartment building they owned that was situated on an area of groundwater contamination from a USEPA NPL Site.

Velocity’s Approach: Velocity completed a Phase I ESA and, after thoroughly researching public records, determined that the groundwater did not present a health issue to the property inhabitants and that the property owner was not a responsible party for the contamination.

Resolution: Velocity was successful in making all parties involved—including the lender, legal counsel, and officials at Freddie Mac—comfortable with the transaction and the deal was completed in a timely fashion without the need for a costly Phase II and even costlier remediation.

Project 8 – High-Rise Residential Complex

Location: New York, New York
Project Type: High-Rise Residential Complex
Scope of Work: Phase I Environmental Site Assessment to address Freddie Mac’s, HUD’s, and NYS Senate’s concerns with the property’s environmental condition.
Issues: One of the four largest national banks required a Phase I Environmental Site Assessment on Spring Creek Apartments (formerly known as Starrett City), a 153-acre, 46-building, 5,881-unit high-rise apartment complex in Brooklyn, New York, the largest federally-assisted rental property in the United States. The site contained active and inactive petroleum underground storage tanks, an active quarter million gallon petroleum aboveground storage tank, historic landfilling activities, an on-site power plant, and an active dry cleaner with possible subsurface impacts.

Velocity’s Approach: In order to complete the Phase I ESA, Velocity had to research public records, environmental reports, and site remediation costs. Velocity also had to contact State and City regulatory officials to determine if the environmental investigative and cleanup work completed on-site was to the satisfaction of the officials, and to make sure that the remaining investigative and cleanup work was property quantified.

Resolution: Velocity’s Phase I ESA provided detailed recommendations along with reasonable cost estimates to address ongoing environmental concerns at the site. This allowed for all parties involved—including the lender, the New York State Senate, and officials at Freddie Mac— to be comfortable with the transaction and the deal was completed in a timely fashion.