posted on November 24, 2010 17:22
PM Environmental, Inc. (PM) was retained by a multi-national industrial manufacturing company to perform environmental due diligence services associated with a multi-location portfolio with a major financial institution. This transaction was a participation loan with several banks reviewing and relying on PM’s environmental reports. PM also worked closely with the borrower’s environmental attorneys during the duration of these projects.
The properties were located in Michigan, Ohio, South Carolina, Texas, Missouri, Washington, and Eastern and Western Canada. Phase I Environmental Site Assessments (ESAs) were completed on all of the properties to identify Recognized Environmental Conditions (RECs) and to provide general information on the environmental compliance status of on-going operations. Based upon the results of the Phase I ESAs, the bank required limited Phase II ESA investigations to determine the environmental condition of certain properties.
Because of the property locations, a thorough understanding of different State and Canadian Environmental Rules and Regulations was required for the completion of these projects.
The information contained in PM’s reports was thoroughly reviewed by the bank’s environmental department, as well as the borrower’s attorneys and the loan was successfully closed.