Solving a Contaminated Property Problem
After agreeing to buy a parcel of commercial real estate, a Socius client discovered that the property was contaminated with metals, petroleum hydrocarbons and chlorinated solvents. Because of the contamination, the buyer’s lender initially refused to provide financing. Socius lawyers, working with environmental consultants and government regulators, developed a proposal which included the seller’s commitment to complete a predetermined portion of the overall cleanup and a holdback of sale proceeds to fund long-term remediation. The proposal was accepted by the seller and the lender, and the transaction closed on schedule.