The Ellis is a 316-unit garden-style multifamily project in the Daytona Beach submarket, adjacent to the rapidly growing Tomoka Town Center and the many projects centered around it. The site is currently vacant land. The proposed loan will fund the construction of seven, four-story, residential multifamily apartment buildings which will include surface parking along with seven, seven-car garages (49 total garage spaces), and 601 total surface parking spaces. The project will include 316 apartment units, consisting of 120 one-bedroom, 160 two-bedroom, and 36 three-bedroom units.

The Phase I ESAs main objective was to identify recognized environmental conditions in connection with the Subject Property, defined in ASTM E 1527-13, as the presence or likely presence of any hazardous substances or petroleum products that indicate an existing release, a past release, or a material threat of a release. The ESA also included a preliminary evaluation of certain potential environmental conditions that are outside of the scope of ASTM E 1527-13. The report was completed in accordance with portions of the U.S. Department of Housing and Urban Development (HUD) Multifamily Accelerated Processing (MAP) Guide, Chapter 9, and assessed hazardous substances, petroleum products, waste generation, storage tanks, PCBs, off-site sources, asbestos, lead, mold, radon, and vapor encroachment, among other characteristics.

Additionally, EBI performed additional tasks to support the HUD MAP requirement to ensure due diligence requirements were met. The following HUD services include HUD 8-Step Process Report, Section 106 Consultation, Species Review, Noise Assessment, Tier I Vapor Encroachment Survey and Floodplain / Wetland Review.