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A Financial Navigation Guide to Brownfield Redevelopment

In a perfect world, business models for brownfield projects would be one-size-fits-all. Dream on, say brownfield financing experts, as the industry faces a perfect financial storm of tight credit, the stagnant real estate market and a recession to boot. Whatever economic models brownfield developers used to use for assessing contaminated sites, “they threw away,” says Craig Carbrey, president and co-founder of EnviroFinance Group in Sacramento, Calif. “We have our own internal loan economics model, and we have to modify it all the time—everything’s too variable anymore.” "We can start to see layering of all the various [financial] incentives out there, which really add up..." Scott Beckerman, Senior Vice President, Comerica Bank, Detroit “The over-supply [of real estate] in the market, combined with depressed values, makes all deals rather difficult to do. [Being a] brownfield, unfortunately, layers another bit of complexity on top of it,” adds Scott Beckerman, senior vice president…Log In to Read Full Article

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