Client: National Financial Institution
Project: Phase I Assessment and Remediation of Marina
Location: New Jersey
Description: A national financial institution was interested in foreclosing on the owner of a marina who was in default on his loan. Before undertaking the foreclosure proceedings, they retained EWMA to conduct a Phase I Environmental Site Assessment of the property. EWMA was also asked to identify to what extent the environmental conditions at the property would have an affect on its value. During the initial assessment of the property, EWMA revealed the presence of underground storage tanks (USTs) that were not previously known to exist. Additionally, EWMA identified extensive soil and ground water contamination associated with an active above ground storage tank (AST) and a former underground storage tank system.
Through EWMA’s diligence, the financial institution was able to determine that the use of the property made it a viable candidate for foreclosure and resale; despite the extensive amount of environmental problems that were identified.
In order to proceed with the foreclosure, the financial institution required a quick resolution to the soil and ground water problems. To remove the source area, EWMA excavated over 1,000 tons of petroleum-contaminated soil and transported the soil to a thermal recycling facility. To address the ground water problem, EWMA conducted ground water monitoring and aquifer testing. The results of the monitoring and tests would allow EWMA to convince the New Jersey Department of Environmental Protection (NJDEP) to reclassify the aquifer and provide the client with a “No Further Action” letter.
Because of EWMA’s experience, we were able to complete the project in an expedited manner, and eliminate the need for long-term ground water monitoring and/or remediation. As a result, the client was able to:
-
Foreclose on the property within a reasonable time frame;
-
Obtain a “No Further Action” letter from the NJDEP; and
-
Sell the property to recover their losses.