AKT Peerless is committed to providing quality, streamlined, and cost effective environmental due diligence services. We are positioned to support every type of property transaction, throughout the Midwest, from individual property transactions to multi-property portfolio transactions. AKT Peerless understands the needs of our clients and provides them with the information necessary to make an educated investment decision prior to redevelopment, acquisition, or foreclosure.
Phase I ESA
A Phase I Environmental Site Assessment is an important part of the due-diligence process prior to property acquisition, redevelopment, or foreclosure. AKT Peerless identifies and evaluates potential environmental liabilities associated with the current and historical use of property, which if undiscovered could present costly dilemmas for our clients. We present our findings in a concise, factual, and confidential report without speculation. AKT Peerless conducts these assessments to meet or exceed industry standards, federal liability protection, and specific lender requirements.
Our team of Environmental Professionals specialize in providing comprehensive assessments in accordance with (1) ASTM’s “Standard Practice for Environmental Site Assessments,” which define good commercial and customary practice for conducting a Phase I ESA, and establishing “due-diligence,” and (2) the Environmental Protection Agency’s (EPA) “All Appropriate Inquiry (AAI) Rule.
AKT Peerless commonly meets with our clients to present the results of our assessment and re-establish our client’s goals and objectives. Based on the results of the assessment – if necessary and requested – AKT Peerless provides recommendations and costs for additional evaluation of the potential environmental liabilities. If the results of a Phase I ESA indicate that additional investigation of an environmental concern is needed, a Phase II Environmental Site Assessment may be warranted.
Phase II ESA
Our Phase II Environmental Site Assessments are designed to meet our client’s needs and evaluate the materiality of the environmental concern identified during the Phase I Environmental Site Assessment. A typical Phase II investigation includes collecting soil and groundwater samples in the area of most likely impact. More involved investigations may include geophysical surveys to evaluate potential abandoned underground storage tanks and utilities, hydro-geologic evaluations, vapor intrusions investigations, and contaminant migration surveys.
Our team designs comprehensive investigations in accordance with ASTM’s “Standard Practice for Environmental Assessments: Phase II Environmental Site Assessments.” The goal of our investigations is to meet the needs of our client’s, fulfill lender requirements, foster liability protection, and identify potential continuing obligations for every property we assess.
Limited Environmental Reviews
AKT Peerless understands that certain property transactions do not require the full spectrum of environmental assessment in order to be successful. Many lenders utilize a limited evaluation of properties that meet certain criteria (e.g., value of the loan or the NAICS code associated with the use of the property). In these circumstances, a Limited Environmental Review may be appropriate.
AKT Peerless designs specific scopes of service that meet the needs of all parties involved in property transactions. The goal of a Limited Environmental Review is to gather enough information necessary for those parties to make a decision regarding the transaction at a limited cost. The Limited Environmental Review is often used when the known uses of the property are considered “low risk”.
Although Limited Environmental Reviews can be cost-effective tools, this scope of services may not be appropriate for certain property transactions.
Insurance Reviews
We provide our clients with an in-depth understanding of what environmental insurance has to offer, how to work with it, and how to maximize its benefits.
As environmental insurance is increasingly utilized as an additional risk management tool, it is more important than ever to fully understand what protection a policy can offer.
AKT Peerless began providing Insurance Consulting services based on the needs of lenders and private equity firms that have started accepting environmental insurance policy in lieu of an environmental indemnifications as a way to the protect their investment. The service has been extended to our clients that have been asked to obtain a policy.
We provide on your behalf an comprehensive review addressing what is included and maybe excluded under the policy. Letting you know why coverage may have been excluded and then make recommendations’ on how to address these gaps in coverage.
