Phase I Environmental Site Assessments are an integral part of the due diligence and decision-making process for lending and property purchase decisions. A Phase I Environmental Site Assessment includes a site visit as well as a historical and regulatory review that is designed to identify environmental issues such as current and historic environmental conditions. These conditions may affect property values, pose a financial liability to the purchaser or lender, or affect the ability of a borrower to repay a loan obligation. Clients may also obtain a Phase I Environmental Site Assessments in order to satisfy requirements of the “innocent landowner defense” or other available defenses to environmental liability under CERCLA.
Phase I Environmental Site Assessments (ESA) from AEI Consultants meet the most current ASTM Standard for Phase I Environmental Site Assessments, and involves the following activities:
- Site inspection
- Adjacent/surrounding reconnaissance
- A review of historical documentation (i.e. fire insurance maps, city directories and aerial photographs)
- A review of hazardous material and petroleum product storage, spill and disposal records
- Local, regional and state agency file review
- Interviews with the property owner, tenants and property managers
- A preparation of a report documenting the findings, conclusions and recommendations
- Asbestos, lead and mold evaluation (on request)
Reports from AEI Consultants are designed to be clear and concise. Our Phase I Environmental Site Assessment (ESA) reports are an essential part to many commercial and industrial real estate transactions and are conducted in accordance with the most current ASTM E 1527 Standard Practice for Environmental Site Assessments.
Additions to our Phase I Environmental Site Assessments reports can include:
- Wetlands review
- Flood Zone
- Evaluation for mold, asbestos, lead-based paint, and/or radon
- Environmental lien search and Chain of Title review
AEI Consultants will also customize your Phase I Environmental Site Assessments report upon request. Some customizations include:
- Client-specific scopes of work
- Local and Government agencies/reviews
- Standard and Poor’s protocols
- Housing & Urban Development (HUD) requirements
- Small Business Administration (SBA) requirements
- Freddie Mac and Fannie Mae requirements
