Caltha LLP Project Summary
Project: Transaction Screen & Phase 1 ESA For Historic Industrial Property
Client: SBA Lender
Key Elements: Transaction Screen, Phase 1 ESA meeting SBA environmental requirements
Overview: Caltha was retained by this Wisconsin Small Business Administration (SBA) lender to conduct environmental investigations required under SBA Environmental Policy SOP 50 10 5(C)- Lender and Development Company Loan Programs. The property qualified for a lower level of environmental review, which prescribed conducting a Transaction Screen using ASTM Method E-1528-08. The Transaction Screen identified past uses of the property as industrial and past spills and leaking tanks on adjoining properties. Therefore the next level of environmental review, consisting of a Phase 1 ESA using ASTM Method E-1527-05 was required. Based on the detailed environmental review, it was determined that past spills and other releases on and near the property had been adequately addressed, and were classified as “historic recognized conditions” only and no further investigation was required. The Phase 1 report was reviewed and accepted by SBA and a low-interest loan guaranteed through the SBA was obtained.
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