title bar

Nova’s Equity Markets Group Meets Your Needs and Goals with Custom Scopes

I am excited to join Nova Consulting as the Equity Group Manager and to expand the Equity platform here at Nova. Acknowledging that there is no “one size fits all,” our group is committed to providing Nova clients with customized solutions at all points in the real estate cycle. This starts with understanding the scope of a project. We advise in areas such as acquisition, disposition, pre/mid/post-lease, and capital planning. In this article, we will introduce some of the Equity Markets ... Read more

ASTM Update on New Seismic Requirements

The American Society of the International Association for Testing and Materials (ASTM) has recently adopted new standards for seismic risk assessments. The old standards, ASTM E2026-07: Standard Guide for Seismic Risk Assessment of Buildings and ASTM E2557-07: Standard Practice for Probable Maximum Loss (PML) Evaluations for Earthquake Due-Diligence Assessments, have been replaced with ASTM E2026-16a: Standard Guide for Seismic Risk Assessment of Buildings (“Guide”) and E2557-16a: Standard Practice for Probable Maximum Loss (PML) Evaluations for Earthquake Due-Diligence Assessments (“Practice”). The new ... Read more

Petroleum Vapor Intrusion: What you need to know

This white paper was created by Nova Consulting Group, Inc. (Nova), for environmental due diligence users and environmental risk managers as a tool to assess petroleum vapor intrusion (PVI) risk to buildings that overlie or are near petroleum-contaminated soil and/or groundwater. In June 2015, the EPA produced a document titled Technical Guide For Addressing Petroleum Vapor Intrusion At Leaking Underground Storage Tank Sites (EPA PVI Guide – EPA 510-R). This document states that  “in contrast to chlorinated solvents, petroleum hydrocarbons generally biodegrade ... Read more

Red Flags That Can Impact Your Real Estate Deal

Nova works directly with banks and real estate investors to provide Environmental Site Assessments, Property Condition Assessments, and Seismic Reports that meet their needs during an acquisition or sale or to satisfy agency regulations. It is our goal to provide our clients with a dedicated deal team that works closely with all parties to help the due diligence process go smoothly. However, properties have a history, and it is our job to uncover that history so that there are no (expensive) ... Read more

New Freddie Mac PCR Requirements Released

In Nova’s March newsletter, Greg Murphy, Vice President of Nova’s Capital Markets Group, commented on the recent changes at Fannie Mae and Freddie Mac.  Since that time, the new Freddie Mac PCR requirements (Freddie Mac Multifamily Seller/Servicer Guide, Chapter 14) were released on April 30th, 2015.  Of significance are a new repair category, revisions to electrical system requirements, and a new Form 1105. These are further discussed below. New Priority Repair Category A new category of Priority Repair was introduced, PR-90.  Any Priority ... Read more

Overview of Recent Changes at Fannie Mae and Freddie Mac

For both Fannie Mae and Freddie Mac, 2014 was a banner year in terms of loan origination. In terms of total volume of loan dollars, the two government-sponsored enterprises (GSE) were neck and neck to the finish, with Fannie Mae providing $28.9 billion in financing to the multifamily market during the year and Freddie Mac providing $28.3 billion. In the past year, Nova prepared 450 Fannie Mae-scope Physical Needs Assessments and 360 Freddie Mac-scope Property Condition Reports, as well as commensurate ... Read more

EPA Updates AAI Rule

On October 6, 2014, the EPA announced an amendment to AAI rule 40 CFR Part 312, updating the standards and practices for conducting all appropriate inquiries under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) to remove the reference to ASTM International’s E1527-05 “Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process.” The rule will now include standard ASTM E1527-13.  This 2013 standard is the currently recognized industry consensus-based standard to conduct all appropriate inquiries as provided ... Read more

Reviewing the Transition to ASTM E1527-13 Standard for Environmental Site Assessment

A number of clients continue to ask about how the transition to the new ASTM E1527 Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Processis progressing.  Before we address this question, let’s first review the changes or “clarifications” that the updated standard delivered.  Other than some editorial changes geared towards simplifying or clarifying the E1527-05 standard’s intent and process, the primary areas of change included the following: the addition of the definition of a Controlled Recognized Environmental Condition (CREC), the ... Read more