Want to know how all of our current partners are faring in their projects? Here is an update to bring you up to speed on all of our “dirty work.”

RECAP: Campus Bay - Richmond, CA
EnviroFinance Group, LLC provided $42 million in financing to Cherokee Simeon Ventures I, LLC (CSV) for the remediation, entitlement and redevelopment of a former 84-acre chemical manufacturing plant. The facility had been in operation for over 90 years and has been contaminated with metals, volatile organic compounds, pesticides and PCBs in soil, groundwater and wetland areas. The borrowers have successfully completed new regulatory requirements that will lead to a final site-wide remedy in preparation for redevelopment of the site. Remediation and entitlements are projected to be completed in the next two years for the development of a mixed use commercial, retail and residential property.

UPDATE
Remedial investigations and health risk assessments for the upland portions of the site have been completed and approved by the California Department of Toxics Substances Control (DTSC). The borrower is on track to receive approval from the DTSC for a final remedial action plan for the majority of the site during the first quarter of 2009.

RECAP: Liberty Harbor – Jersey City, NJ

Image: Liberty Harbor Project – Rendering

The Liberty Harbor North parcel was previously home to a manufacturing plant for the Flinktote Company. The site contains contaminated historic fill as a result of the plant’s production of asbestos-laden shingles. EnviroFinance Group provided the borrower, Statue of Liberty Harbor North Redevelopment Urban Renewal LLC, $27.5 million in financing for the acquisition and environmental clean-up of this 2.7 acre waterfront land parcel in Jersey City, NJ.

The borrower’s plan is to remediate the land and develop a 564,000-square-foot hotel/residential property featuring a 313-room luxury Conrad Hilton hotel and 470 for-sale and for-rent condominium units. The development, which is slated for completion in 2012, will be Jersey City’s first luxury hotel and will serve as a cornerstone of the city’s extensive redevelopment plan for the downtown area with access to New York City.

UPDATE
Remediation has not begun on the land parcel, however the Remedial Action Work Plan has been submitted and approval is imminent. Once approval is granted, the remediation is slated to begin in the Spring of 2009. Entailing the full removal of asbestos-contaminated soil and debris, remediation is projected to be completed in less than one year. The borrower has received approval for the HUD funds requested to be used towards the remediation and site work. The hotel/residential property is schedule for completion in 2012.

RECAP: Vallejo – Vallejo, CA

Image: Vallejo Project - Streetscape


Image: Vallejo Project - Administration Site

EnviroFinance Group provided $7.25 million in financing for the acquisition of four separate, land parcels encompassing approximately 15 acres in Vallejo, Calif. The four parcels served as school sites and as the administration and corporation yard for the Vallejo Unified School District. Two of the four sites had underground contamination from storage tanks once containing petroleum. The borrower, Vallejo Unified Brook, LLC along with Calif.-based developer Brook Street will take the site through remediation/clean-up and re-entitlement for residential and mixed-use development.

EFG’s expertise in financing brownfield properties allowed them to financially support all phases of the project despite the slowdown in the residential market and tightening of lending standards.

UPDATE
The remediation project, which will yield a residential development, is well on schedule.
The borrowers are near completion in resolving the environmental issues with authorities.

Applications for the tentative map of the corporation yard and the administration site have been submitted and preliminary architecture of the site is completed. All applications are expected to be completed by the end of 2009 and the property placed on the market by the end of 2010.

RECAP: Hawaii – Honolulu, HI

Image: Hawaii Project – 616 Iwilei Rd.

EnviroFinance Group had provided $11 million in financing for the remediation, infrastructure and site development of a 174,240-square-foot land parcel which housed a former manufactured gas plant in Honolulu, Hawaii. The facility is contaminated with high concentrations of benzene resulting from over 70 years of industrial operations. The borrower, Weston Solutions, Inc. is investigating the use of an innovative in-situ chemical oxidation process to clean-up the site as part of their extensive environmental remediation of the contaminated parcel.

UPDATE
Remedial investigation has been completed and Weston is working closely with state authorities to find a remediation process for the property, in addition to teaming up with city and other commercial owners in the area to resolve traffic issues surrounding the site. The development is slated to be completed in the Fall of 2010 and will likely house an expansive retail center.