The presence of a gasoline service station on the property in the 1950s and 1960s was an issue of environmental concern. Farallon assisted the group in its application for funding to finance the necessary additional investigation. Farallon conducted the additional investigation, which included use of ground-penetrating radar to ascertain whether the property contained abandoned underground storage tanks. When the ground-penetrating radar detected a subsurface anomaly, Farallon negotiated a discounted rate with a local excavator, and advanced test pits in the location indicated by the radar, but found no evidence of tanks or contamination. With Farallon’s help, the investment group was able to qualify for loans and purchase the property.
According to Brittany Train, Project Environmental Scientist and the Project Manager, “We were honored to assist the coalition of nonprofit and neighborhood groups in performing their due diligence when taking a large financial risk to purchase this property. Now that the purchase is complete, we are excited to see the property’s transformation into a development that will benefit neighborhood residents.”
