ENVIRONMENTAL SITE ASSESSMENT – Phase I and II

The primary objective of the Phase 1 Environmental Site Assessment is to determine whether the present and past uses of the property under investigation have had a negative impact onthe soil or groundwater beneath it, posing a threat to the environment and/or human health. If these problems are found, a potential liability for the lender and/or owner arises, in addition to affecting the value of the property.

If identified, a Recognized Environmental Condition (REC) indicates known contamination or the possibility that the subsurface has been impacted by contamination (from the subject property or possibly from an off-site source). Identification of a REC will often include a recommendation for a Phase II environmental site assessment to collect soil, groundwater, and/or soil vapor samples from the subsurface to analyse the presence of contamination.

The main issues that Greenwich analyses to uncover potential RECs are:

• Current and past conditions and uses of the property and adjacent properties;
• Information on: underground storage tanks (USTs), above-ground storage tanks (ASTs), known or suspected releases, the storage of hazardous substances and disposal of hazardous wastes, including petroleum products, and institutional and engineering controls;
• Historical records, such as historic aerial photographs, historic city directories, and historic topographic maps;
• Records of state and local agencies, including but not limited to state environmental agencies, building departments, fire departments, and health departments;
• Interviews with current and former property owners, operators, and occupants or other persons familiar with the property.