Providing coverage for the purchase of a property with 80+ years of industrial operations; resulting in volatile organic compound impacts beneath the building.
Desired future use: open floor plan industrial office space (upper floors) and retail/commercial space at grade.
Purchaser’s concerns: environmental liability and ability to obtain financing.
Facilitates future transactions (e.g., sale or sale-lease back).
Overall, putting in place the right policy enabled the Purchaser to meet their short-term objectives of obtaining financing to close while ensuring compliance with government agency regulations.