Phase I Environmental Site Assessments

Phase I Environmental Site Assessments (ESA)

Phase I ESAs are an integral part of the due diligence and decision-making process for lending and property purchase decisions. A Phase I ESA includes a site visit and a historical and regulatory review that is designed to identify environmental issues such as current and historic environmental conditions that 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 ESA in order to satisfy requirements of the "innocent landowner defense" or other available defenses to environmental liability under CERCLA.

AEI’s Phase I Environmental Site Assessment (ESA) meets the most current ASTM Standard for Phase I ESAs, 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)

AEI’s reports 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 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 will also customize your Phase I 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