Current Project

Palmetto Bay Environmental Loan

This loan was brought to the group by Michael Goldstein's client.

Representing the owner, Goldstein's first step was to identify the cause and extent of the property's contamination. It was quickly determined that the contamination on site stemmed from Deltamethrin, a chemical used in pest control applications and is common on sites formerly occupied by pest control operators. The property was enrolled in the BSRA, which provides various protections against environmental liability to the property owner and complete statutory liability protection to any lenders. Since this enrollment, a remediation plan was approved, however the owners required a loan from GKE in order to complete the clean-up. The site is currently under contract with O'Reilly Auto Parts; contingent on the remediation's successful completion.

Palmetto Bay, Florida
Original Property Use
Pest Control/Marine Dealer
Loan Date
April 2020
2 Years
Loan Amount
Land Value (assessed)
Loan to Value (LTV)
Balloon mortgage with first years interest paid at closing, and second years interest paid monthly.
Former Pest Control Facility >>

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