The ESAs and PCAs helped facilitate HUD loan and financing of the below referenced properties for our Client’s acquisition purposes. The properties ranged from 36-120 units across four cities.
Each Property Condition Assessment was performed in general conformance with the American Society for Testing and Materials (ASTM) Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process E 2018-15. The objective of the Property Condition Report was to identify customary Immediate Repairs and Replacement of Capital Items at the Subject Properties.
Each ESA was performed in general conformance with the American Society for Testing and Materials (ASTM) Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process E 1527-13. The objective of the Environmental Site Assessment was to identify recognized environmental conditions (RECs) and certain environmental conditions outside the scope of ASTM Practice E 1527-13 in connection with the property at the time of the property survey.
EBI’s field staff surveyed approximately 10% of the unit interiors. The actual areas surveyed were at the discretion of EBI and depended upon the observed variability in construction materials, operational activities, property history and condition, and the size of the property. Further, the visual survey of the Subject Property included areas that were readily observable, easily accessible or made accessible by the Subject Property contact.
Additionally, the assessment included review of historical, municipal and regulatory information that was, as defined/cited in ASTM E 1527, reasonably ascertainable and practically reviewable, and could be obtained within reasonable time and cost constraints. Moreover, at EBI’s discretion, interviews with owners, agents, occupants, or other appropriate persons involved with the Subject Property, and applicable municipal and regulatory personnel were attempted. The findings, conclusions, and recommendations included in the report were based upon EBI’s assessment of the data. The data was then used by the client to obtain HUD-backed financing for the portfolio.