Remediating contamination at your property may not be as scaryas you once thought. Yes, it can hit the checkbook hard oreven squash the loan or refinance you were hoping would comethrough. But there are steps you can take to reduce theheadache of achieving regulatory compliance.

Let's say you've completed a Phase I ESA followed by a Phase IIsubsurface investigation, all to learn that you have a more seriousissue and the property needs more work in order to satisfy theregulatory agency in the state. The "more work" is environmentalremediation (which is also referred to assite characterization or a Phase IIIEnvironmental Site Assessment), but you don't have the slightestclue what steps need to be taken. Well, before you startpoking holes every 25-feet here are a few thoughts toconsider:

Reporting to Regulatory Agencies

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Janet Annan

Janet Annan is the Technical Director of SBA Services at Partner Engineering and Science, Inc. She has over 13 years of experience in the environmental due diligence service industry, specifically providing technical expertise and senior review for ASTM, AAI, and SBA requirements on RSRAs, TSAs, ESAs, and Phase II ESAs. She is a technical expert on all aspects of environmental due diligence required for SBA loans. Ms. Annan has a BA in geology from the University of Kansas, and her certifications include AHERA Asbestos Inspector registrations in Kansas and Missouri, as well as Underground Storage Tank Operation.