Advantage Engineers completed a Phase I Environmental Site Assessment (ESA) for the financing of a multi-family residential property on behalf of a leading national bank. The property consisted of a 4.81-acre parcel comprised of seven 3-story apartment buildings and one apartment building with garage units.
Advantage worked with the client to coordinate site reconnaissance visits undisruptive to the current tenants. Additionally, in order to accommodate the client’s time sensitive schedule, Advantage completed the due diligence investigation within two weeks, allowing for no delays during closing.
Advantage performed the Phase I ESA in accordance with the scope and limitations of ASTM 1527-13. The Advantage team also completed the ESA to meet the requirements of the U.S. Small Business Administration (SBA), which included the preparation of an SBA reliance letter. The results of the ESA concluded there were no Recognized Environmental Conditions (RECs) associated with the property. Advantage completed work in June 2015.