Environmental Due Diligence

Ct Rules Indiana Real Property Transfer Law May Be Triggered By Historic Uses

Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence /

What started out as a toxic tort lawsuit has evolved into a precedent-setting case involving the Indiana Real Property Transfer Law (RPTL) with a potentially fascinating Racketeer Influenced and Corrupt Practices Act (RICO) ruling waiting in the wings. The legal trade press focused much of its attention on the RCRA 7002 rulings handed down by […]

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NYC OER Issuing Comfort Letters To Facilitate Real Estate Transactions

Brownfields, Environmental Due Diligence, Lender Liability, Navigation Law, New York Brownfield Cleanup Program, NYC OER, Underground Storage Tanks, vapor intrusion /

EPA and some state environmental agencies may occasionally issue “comfort letters” to facilitate a particular brownfield project to assuage concerns of developers or lenders about their potential liability. However, regulators have made it clear that they do not have the resources to review conclusions in phase 1 or phase 2 reports generated during routine real

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4th Circuit Allows Landlord Cost Recovery To Proceed

CERCLA, Environmental Due Diligence /

Last year, we criticized the ruling in Stratford Holdings LLC v Fog Cap Retail Investors LLC where the district court for the southern district court of Georgia appeared to conflate reporting obligation of section 103 of CERCLA with the cost recovery and contribution provisions of CERCLA when the court granted a motion to dismiss by the defendant

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Buyer Relies on Seller/Lender Phase 1 To Detriment

Corporate and Real Estate Transactions, Environmental Due Diligence /

We have previously discussed why borrowers and purchasers should independently evaluate environmental conditions at their properties and simply rely on phase 1 reports prepared by their lenders or sellers.  Click Here. Borrowers typically believe that a site is “clean” if a bank determines that a Phase 1 is acceptable. However, what many purchasers or do

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CMBS Special Servicer May Pursue Guarantor Despite Environmental Policy

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

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 /

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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Revised ASTM Phase 1 Standard To Be Reviewed by EPA

Brownfields, CERCLA, Environmental Due Diligence /

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 /

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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EPA PCB Reinterpretation Will Help Facilitate Brownfield Development

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

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 /

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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