We recently contributed an article to CRE Finance World‘s summer edition detailing the analysis of a study on missed RECs for non-Phase I ESA due diligence products in multifamily properties. The Phase I Environmental Site Assessment (ESA), adhering to the ASTM E1527-13 guidelines, is considered the gold standard due diligence for adhering to the Environmental Protection Agency’s All Appropriate Inquiry (AAI) rule and satisfying the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) requirement. However, many lower-risk sites, such as multifamily properties, choose to perform lesser scopes of environmental due diligence, such as a Transaction Screen Assessment (TSA). What are the risks of this strategy? How many recognized environmental conditions (RECs) can be missed? Our analysis reveals significant findings and a very interesting story.

March 24, 2026
As PFAS continue to reshape the construction risk landscape, lenders that proactively integrate PFAS considerations into underwriting, due diligence, and loan structuring are better positioned to manage uncertainty and protect collateral value.

March 11, 2026
In this Globe St. article, Brett Hayes discusses how sellers who complete due diligence before going to market can reduce re-trades and keep deals moving forward.

October 22, 2025
For commercial real estate professionals, California Assembly Bill 130 (AB 130 Housing) represents a tangible win for project efficiency and investment confidence. By streamlining the California Environmental Quality Act (CEQA) process, the legislation helps remove long-standing entitlement delays that have historically slowed housing development and constrained capital deployment. The result is faster approvals, clearer timelines, and greater predictability in project execution — key advantages for developers, lenders, and investors delivering much needed housing stock in the region.




