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PROJECT
TYPE |
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Phase I Environmental Site Assessment |
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PROJECT
LOCATION |
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New York, New York |
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CLIENT
REQUEST |
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High-Rise Apartment Complex |
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SCOPE
OF WORK |
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Conduct environmental site assessment,
facilitate the closing of the deal with Freddie Mac. |
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| ISSUES |
| American Property Financial
required a Phase I Environmental Site Assessment (Phase I ESA) on
a 7-building, 1,236-unit high-rise apartment complex in lower Manhattan.
A known environmental issue regarding the subject property's heating
system existed. Two 40,000-gallon underground fuel oil storage tanks
(USTs) had been leaking over an estimated five-year period. A remediation
system was in place during Velocity's inspection of the property. |
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| VELOCITY's
APPROACH |
Velocity conducted a Phase
I ESA consistent with the Freddie Mac scope of work and assessed the
current status of the on-going remediation effort, and raise Freddie
Mac's comfort level with the environmental situation.
Velocity reviewed numerous remediation data, including soil and groundwater
reports, monitoring well data and correspondence between the remediation
company and the New York State Department of Environmental Conservation
(NYSDEC). Velocity contacted the NYSDEC case manager responsible for
oversight of the remediation effort and the environmental consultant
performing the remedial work. Following the issuance of the Phase
I report, Velocity wrote a series of addendum letters summarizing
updates to the remediation efforts and addressed specific concerns
raised by APF and Freddie Mac. |
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| RESOLUTION |
| Velocity's research and
continual communication with the NYSDEC and the remediation firm satisfied
open concerns of the Freddie Mac loan officers and they agreed to
fund the transaction. |
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