Freddie Mac Property Condition Report

September 4, 2013

Freddie Mac and its DUS Lenders have specific requirements for their version of the Property Condition Report. The Freddie Mac Property Condition Report scope of work, as specified in the Freddie Mac Multifamily Seller/Servicer Guide and Chapter 15 Engineering and Property Condition Requirements, is similar to an ASTM E2018 Property Condition Assessment, but also has distinct differences.

The DUS Guide currently requires the Lender to provide a termite inspection report or a termite bond or other evidence of adequate coverage. The Lender is not required to submit a termite inspection report or bond if the project construction is steel or concrete and the Lender provides documentation of such fact. If the project construction is not steel or concrete, then in lieu of a termite report or bond the Lender must submit one of the following: –

-A letter from the current pest control company providing regular service to the Property, stating that the Property has been regularly treated to prevent termite and other wood boring insect infestation and, to its knowledge, there is no current infestation, or

-A letter from a qualified engineer (which must be the same engineer performing the physical needs assessment) indicating that there is no evidence of termite or wood boring insect infestation. In order to be a “qualified” engineer, such engineer must have completed termite inspection training and certification and must provide evidence of such.

– See more at: http://www.partneresi.com/fannie-mae-freddie-mac.php

 

See more at: http://www.partneresi.com/fannie-mae-freddie-mac.php


Due Diligence in Minnesota

February 21, 2013

The Partner Minneapolis office provides Phase I Environmental Site Assessments, Phase II Environmental testing, Property Condition Assessments, and Asbestos Surveys in support of commercial real estate transactions for multiple national clients. Our Minneapolis staff is familiar with the diverse geology of Minnesota, from the Canadian Shield in the North to the Driftless Zone in the Southeast.

Partner is the national leader in Phase I Environmental Site Assessments by volume. Most reports are performed to meet the standards of ASTM E1527-05. Partner often customizes reports to meet individual client or agency lender’s (Fannie MaeFreddie Mac) requirements.

Partner provides Property Condition Assessments and Commercial Building Inspections for a wide variety of clients, including CMBS lenders, Fannie Mae/Freddie Mac lenders, and equity clients.

Partner performs Phase II Environmental Testing either in support of a financing decision or to meet the requirements of the Minnesota Pollution Control Agency (MPCA). Most of our reports are performed to meet the standards set by ASTM E2018-08 guidelines.

Partner has the experience of over 280 projects in Minnesota since 2010. Some recent projects and experience that provide insight into our Minnesota consulting practice include:

Partner completed Property Condition Reports for a 17 site portfolio across Minnesota (Lake Elmo, Mendota and Eagan) and the country.

Nine Phase I Environmental Site Assessments were completed by Partner for a portfolio of industrial warehouses across Minnesota (St. Paul, Savage, and Rogers) and Ohio.

 

For more on recent projects Partner has performed in or near Minneapolis visit http://www.partneresi.com/city/minneapolis.php


Phase I ESA in Dallas

February 19, 2013

An environmental professional who understands the unique attributes of Texas, including up to date UST regulations and oil gas wells Petroleum Storage Tank (PST) regulations, and the particulars that can come with land previously used for cattle ranching, is pertinent to commercial real estate due diligence in Texas. The Partner Dallas office provides Phase I Environmental Site Assessments, Phase II Environmental testing, Property Condition Assessments, and Asbestos Surveys in support of commercial real estate transactions

Most of Partner’s reports are performed to meet the standards of ASTM E1527-05. Partner often customizes reports to meet individual client or agency lender’s (Fannie MaeFreddie Mac) requirements.

Partner performs Phase II Environmental Testing either in support of a financing decision or to meet the requirements of the Texas Commission on Environmental Quality (TCEQ). Most of our reports are performed to meet the standards set by ASTM E1903-27(2002). Partner Dallas professionals are familiar with the diverse geology and topography of Texas as well as state programs, such as the Dry Cleaner Remediation Fund (DRRP).

Partner has completed engineering assessments on all types of commercial real estate including office, retail, multi-family, industrial, and hospitality. Some recent projects and experience that provide insight into our Dallas consulting practice include:

Partner completed $56K worth of work, including A Phase I Environmental Site Assessment with a sub-specialist inspection for MEP (Mechanical, Electrical, and Plumbing), and a Property Condition Report for an airport in Addison, Texas.

Partner completed Phase I Environmental Site Assessments for a 175 property portfolio across the country. Fifty-three of those projects were in Texas with 11 of them in Dallas.

For more on recent projects Partner has performed in or near Dallas, visit http://www.partneresi.com/city/dallas.php


Houston: Phase I Environmental Site Assessments and Beyond

February 12, 2013

Partner has a strong presence in Houston, Texas. The Partner Houston office provides Phase I Environmental Site Assessments, Phase II Environmental testing, Property Condition Assessments, and Asbestos Surveys in support of commercial real estate transactions. Partner is the national leader in Phase I Environmental Site Assessments by volume. Most reports are performed to meet the standards of ASTM E1527-05. Partner often customizes reports to meet individual client or agency lender’s (Fannie MaeFreddie Mac) requirements while taking the widely varying geology and topography of Texas into consideration.

Partner performs Phase II Environmental Testing either in support of a financing decision or to meet the requirements of the Texas Commission on Environmental Quality (TCEQ). Most of our reports are performed to meet the standards set by ASTM E1903-27(2002). The Partner Houston staff is experienced with attributes particular to Texas including oil gas wells and state Petroleum Storage Tank (PST) regulations, and the particulars that can come with land previously used for cattle ranching.

Partner has the experience of nearly 450 projects in Houston alone since 2010. The following are brief summaries of a few:

Partner completed a twenty-eight site portfolio of Phase I Environmental Site Assessments and Phase I Environmental Site Assessment updates across Texas (Dallas, El Paso, Fort Worth, Laredo and Irving) and several other states.

Partner accomplished 45 Phase I Environmental Site Assessments, over half of them in Houston, for a portfolio extending across Texas, New Mexico, Colorado, Kansas and Utah.

For more on recent projects Partner has performed in or near Houston visit http://www.partneresi.com/city/houston.php


Due Diligence in San Diego

January 22, 2013

 

The Partner San Diego staff is familiar with the diverse geographical as well as the geological characteristics that are particular to San Diego. The Partner San Diego office provides Phase I Environmental Site Assessments, Phase II Environmental testing, Property Condition Assessments, and Asbestos Surveys in support of commercial real estate transactions.

In addition to providing Phase I ESAs, Partner provides Property Condition Assessments and Commercial Building Inspections for a wide variety of clients; including, CMBS lenders, Fannie Mae/Freddie Mac lenders, and equity clients. Most of our reports are performed to meet the standards set within ASTM E2018-08 guidelines.

While Partner offers Probable Maximum Loss Reports (PMLs) to every seismic zone in the United States, those that do commercial or multifamily transactions in San Diego truly understand the importance of an accurate PML report

Partner performs Phase II Environmental Testing either in support of a financing decision or to meet the requirements of the San Diego Regional Water Quality Control Board. Most of our reports are performed to meet the standards set by ASTM E1903-27(2002).

A zoning report is a necessary part of many real property transactions because the current owner is responsible for existing zoning violations. Partner’s Zoning Reports take usage regulations, San Diego and municipality provisions into consideration as well as other regulations; such as the Americans with Disabilities Act.

Some recent projects and experience that provide insight into our robust Southern California consulting practice can be found at: http://www.partneresi.com/city/san-diego.php


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