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Partner Forms HUD Due Diligence Practice

RAMSEY, NJ-'More borrowers are seeking long-term loans for recently constructed or substantially rehabilitated, self-sustaining properties under the HUD's Multifamily Accelerated Processing program,' says the firm's Romeo.

By Alyson Grala | Updated on April 19, 2010

RAMSEY, NJ-Partner Engineering and Science has established a national HUD Due Diligence group under the direction of Frank Romeo, which will be headquartered here in the firm’s Tri State operations.

Due diligence requirements for the purchase or refinancing of a variety of multifamily projects under HUD’s Multifamily Accelerated Processing program require an additional level of expertise as well as familiarity with HUD requirements, according to Romeo. “Inspection requirements are much more stringent and the review process is longer and more detailed,” he tells GlobeSt.com. “A HUD Phase I Environmental Site Assessment requires an evaluation of surrounding properties not only for typical environmental concerns but also for historic preservation, proximity of floodplain, noise impact to the property from nearby roadways, airports or railroads, evaluation of coastal management zones and endangered wildlife,” he adds.

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