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August 16, 2011

Environmental Risk In CMBS 2.0: Know Your Options

By Charles Tallinger, LEED AP

When A Phase 1 Environmental Report Identifies An Environmental Concern…

…sometimes the recommendation is a Phase 2 Subsurface Investigation but that is not the only option. For commercial mortgage backed securities (CMBS) lenders and borrowers alike, the environmental due diligence process is often little more than a formality. The best case scenario is that the Phase 1 Environmental Site Assessment (Phase 1 ESA) is completed, no environmental issues or recognized environmental conditions are identified, and the Phase I becomes just another document in the underwriting file. The other potential outcome is one that elevates the environmental due diligence process from file-filler to potential deal-killer.

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About the Authors

Charles Tallinger, LEED AP

Relationship Manager

Charles Tallinger joined Partner Engineering and Science, Inc. as a Principal in 2010 and has over 21 years of experience in the commercial real estate due diligence industry. He began his career as a project manager focusing on Phase II subsurface investigations and Phase III remediation projects. He has consulted on over 10,000 real estate transactions throughout his career. His core focus at Partner is to provide real estate lenders, investors, and equity owners with the advice they need to quantify hard asset risk (Environmental/Engineering/Construction/Seismic) in order for them to make informed real estate business decisions. Based in New York City, Mr. Tallinger is an industry leader with particular expertise in capital market-related transactions.

Get in Touch

Charles Tallinger, LEED AP
(646) 794-5975
[email protected]

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