Series 11 – Refinancing the Contaminated Property
This is the eleventh in a series of light, short and visual talks on taking control of environmental-risk concerns that haunt otherwise lucrative transactions in commercial and industrial properties, and even residences.
The wise say that getting the pearl takes diving and…, holding the breath long, that risks should be taken but…, calculated. The devil, they say, is in the details.
Here is a case of a commercial plaza that needed refinancing and the lender declined because groundwater underneath was contaminated with dry-cleaning solvents emanating far across a long intersection. It took some doing to demonstrate clear separation between past activities on the property and the contamination underneath.
Presenting a well-tested technology of remediation of volatile organic compounds from groundwater.
Remediation is not an absolute term. In the environmental-risk lingo it means the reduction of the intensity of the contamination to such levels that will be accepted by the regulatory authorities.
Time and money are connected and it behooves us to outline time schedules when engaged in the Phase I and II environmental site assessments.