1. Case Study: Brownfield Redevelopment and Receivership Support Services<br />Capmark Finance Inc. (Capmark) is a long-term client of EBI Consulting and in 2009 turned to us to assist with a particularly difficult issue related to a non-performing loan. In 2007, Capmark had provided a construction loan to assist its borrower in the remediation and Brownfield redevelopment of a large, vacant commercial/industrial tract in Queens, NY. The property, known as Waterpointe – Whitestone, is on the East River and had multiple uses over the years which resulted in wide spread contamination throughout its 12.5 acres. Required remedial actions include soil and groundwater monitoring, soil removal, contaminated concrete removal and storm water monitoring. The property is slated for redevelopment for commercial, retail and residential uses. Residential use environmental easements are required.<br />When Capmark’s borrower went into default in late 2008, Capmark was faced with a potentially long foreclosure process. Capmark did not want lose the benefit of the ongoing remediation work and desired to complete the remediation as quickly as possible to facilitate eventual sale of the property. Capmark and EBI convinced the Supreme Court of New York to appoint EBI as the Receiver to accomplish these goals. Upon Court approval of this unusual relationship, EBI, as Receiver, assumed the role of overseer for the ongoing remediation, site management and implementation of the NYSDEC Brownfield Cleanup Program (BCP) agreement. EBI’s many tasks have included the following:<br />Review field work and reporting submittals for the ongoing remediation activities, including the Remedial Work Plan and Site Management Plan, and provide construction administration draw request reviews and technical reviews of all remedial activities.<br />Retain and manage site management, general contracting, demolition, storm water, security, safety, legal and air monitoring subcontractors.<br />Prepare and submit all required filings for the BCP agreement, including the draft environmental easement.<br />Obtain and assure compliance with all related New York City building and local construction permits.<br />Prepare and submit Court required progress reports and filings.<br />EBI’s work has extended through 2009, 2010 and into 2011 and represents a significant example of how EBI combines its project management and regulatory compliance skills with its technical expertise to streamline a complicated Brownfield redevelopment project.<br />Reference:<br />Chris Nielsen<br />Vice President<br />Capmark Finance Inc., Debtor in Possession<br />485 Madison Avenue, 21st Floor<br />New York, NY 10022<br />Phone: 212-214-0186<br />For more information about EBI Consulting and how we can be of service to you, please contact Michael McGeehan, Senior Program Director, mmcgeehan@ebiconsulting.com or (203) 438-4120 or Chuck Losinger, Principal Consultant, closinger@ebiconsulting.com or 617-715-1831. Visit us at www.ebiconsulting.com. <br />