BROWNFIELDS

ENVIRONMENTAL CLEANUP

 

 

 

 

NEWS:  NEW YORK, Dec. 18 /PRNewswire/ -- SPG Partners, LLC, a New York-based private equity firm, announced the acquisition and capitalization of Continental Environmental Redevelopment Financial, LLC ("CERF"). The capital commitment from SPG and co-investors will enable CERF to originate in excess of $500 million in loans for the development of brownfield properties. The equity investor group also includes affiliates of Citigroup Global Markets and Credit Suisse.

 

CERF is a pioneering effort to increase private - sector financing for the cleanup of environmentally contaminated lands. By recycling underdeveloped or underutilized urban land, these prototype programs will achieve environmental cleanup on a significant scale, spur economic revitalization in disadvantaged areas, and promote smart growth principles. The lack of private sector financing has been among the biggest roadblocks to redevelopment of these contaminated lands. The availability of financing for site characterization and remediation continues to be limited. These initiatives provide financially sound investment vehicles for the restoration of blighted lands on a large scale.

CERF, which was sponsored by the Federal Reserve Bank of San Francisco, the Bay Area Council, and the Los Angeles Area Chamber of Commerce, launched operations in July 2001. For further information, please contact:

Peter Hollingworth, President & CEO
Telephone: +1 (916) 326-5225, ext 102

or


Craig J. Carbrey, Senior Vice President &
Chief Credit Officer
Telephone: +1 (916) 326-5225, ext. 103



California Environmental Redevelopment Fund LLC (CERF)
520 Capitol Mall, Ste. 200
Sacramento, CA 95814
 Facsimile: +1 (916) 326-5226)

http://www.ca-cerf.com/