Peer Review of Environmental and Engineering Reports

Due Diligence Division Headquarters, Union, New Jersey

Service Focus: Peer Review of Environmental and Engineering Reports

Location: New York Metropolitan Area

Hillmann was retained by a confidential client to perform peer review of environmental and engineering due diligence reports for a 59 property portfolio.

Our client was providing financing to a borrower for a portfolio of mobile home parks. The deal involved over 120 properties and multiple lenders. Hillmann was requested to review Phase I Environmental Site Assessment, Property Condition Assessment, Seismic Risk Assessment and Phase II Site Assessment due diligence reports procured by a third party for 59 properties. The purpose of the review was to determine the adequacy of the reports for meeting ASTM and industry standards; and to summarize potential environmental and engineering liabilities identified by the reports.

The Hillmann staff reviewed the reports and provided a list of comments and questions to the due diligence consultant to clarify potential unresolved issues. Hillmann interacted with the client and worked with the consultant to obtain revised reports, procure additional environmental investigation (Phase II) and documentation necessary to resolve all identified concerns. During the course of the project, Hillmann provided the client with timely information and summaries necessary for their internal decision making process. Hillmann was able to provide a tabulation summarizing the environmental and engineering related costs associated with the properties. The client and borrower successfully closed on the portfolio.

Project Profiles