Larry Schnapf

CMBS Special Servicer May Pursue Guarantor Despite Environmental Policy

CERCLA, Corporate and Real Estate Transactions, Environmental Due Diligence, environmental insurance, Lender Liability, vapor intrusion / By

ORIX Capital Markets, LLC v. Cadlerocks Centennial Drive LLC, 2013 U.S. Dist. LEXIS 6081 (D. Mass. 1/15/13) involved a relatively small commercial loan but offers lots of lessons for borrowers, their counsel and environmental consultants. In this case, Salomon Brothers Realty Corp. (Solomon) extended a ten-year loan in the amount of $1.925MM to Cadlerocks Centennial […]

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Fourth Circuit Affirms Ashley Rulings

Brownfields, CERCLA, Corporate and Real Estate Transactions, Environmental Due Diligence / By

The United States Court of Appeals finally issued its much anticipated ruling in PCS Nitrogen v Ashley II of Charleston, 2013 U.S. App. LEXIS 6815 (4th Cir. 4/4/13) last week. However, the wait turned out to be much ado about nothing. The court affirmed the district court rulings but did not clarify perhaps the most

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Another Client Project Wins Big Apple Brownfield Award

Brownfields / By

For the third straight year, a brownfield project we have worked on has been recognized for one of the Brownfield Awards issued annually by the NYC Brownfield Partnership to promote excellence in brownfield redevelopment. Each year the NYC Brownfield Partnership formally recognizes successful NYC brownfield clean-up and redevelopment projects at the Big Apple Brownfield Awards (BABA)

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Revised ASTM Phase 1 Standard To Be Reviewed by EPA

Brownfields, CERCLA, Environmental Due Diligence / By

The ASTM task group that is responsible for finalizing the E1527 phase 1 standard has completed its final proof-reading and editorial changes. The revised standard will now go to EPA for approval. If EPA blesses the changes( which we believe it will), the E1527-13 will become the equivalent for complying with the All Appropriate Inquiries

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How Affordable Housing Developers Can Use the NYC Brownfield Program To Satisfy NEPA

Brownfields, Environmental Due Diligence, NYC OER / By

All Federal agencies are required to comply with the National Environmental Policy Act (NEPA), 42 U.S.C. 4321 et seq. The federal Department of Housing and Urban Development (HUD) has established regulations implementing NEPA at 24 CFR Part 50 when HUD staff performs environmental reviews and Part 58 when local governments assume HUD responsibility. In New

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NYSDEC To Receive Full Delegation from EPA for RCRA Program

Hazardous Waste, Navigation Law, oil spills, Underground Storage Tanks / By

EPA proposed to approve final authorization to the New York Department of Environmental Conservation (NYSDEC) to administer the state hazardous waste program in lieu of the federal RCRA program. 78 FR 15299 (3/11/13). The authorization will become effective on May 10, 2013 unless EPA receives adverse written comment by April 10, 2013. The NYSDEC hazardous

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EPA PCB Reinterpretation Will Help Facilitate Brownfield Development

Brownfields, Corporate and Real Estate Transactions, Environmental Due Diligence, Hazardous Waste / By

This post is the first installment of a new series discussing common mistakes and best practices for brownfield development. In this piece, we discuss PCBs in building materials. The unexpected presence of PCBs in building materials is a common source of cost overruns in brownfield redevelopment projects are costs and delays. Recently, EPA announced a

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New SBA SOP 50 57 May Establish Best Environmental Practices for Foreclosures

Environmental Due Diligence, Lender Liability / By

SBA has issued a new Standard Operating Procedures (SOP) 50 57 “7(a) Loan Servicing and Liquidation “  that consolidates SBA procedures for administration of 7(a) Loans that are in “regular servicing” and “liquidation” status. The new SOP becomes effective on March 1st. Back in June 2012, SBA had revised its SOP In June 2012, SBA

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Bank Agrees To Reimburse EPA for Post-Foreclosure Removal Action Costs

Brownfields, CERCLA, Hazardous Waste, Lender Liability / By

We have frequently written on the heightened risks that lenders face when foreclosing or taking control of the property of defaulted borrowers. See Ohio Bank to Reimburse EPA. Despite several high-profile enforcement cases such as the HSBC case in New York that illustrate the potential exposure that lenders face when they take control over a borrower’s

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4th Circuit Hears Oral Argument on Ashley II Case

Brownfields, CERCLA, Environmental Due Diligence / By

The United States Court of Appeals for the Fourth Circuit heard oral argument in early December on the appeal of the Ashley II of Charleston v PCS Nitrogen decision, 2010 U.S. Dist. LEXIS 104772 (D.S.C. 9/20/10).  The case involves a 43-acre Columbia Nitrogen Superfund Site in the Upper Peninsula area of Charleston, South Carolina. The

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