Varsity Place at University of New Hampshire
The Virginia-based investment group, Varsity Capital Advisors, was in the process of selling three of the apartment buildings they owned in Durham, NH when they were asked to provide underground tank testing reports for each building. Most real estate transactions are stopped by this roadblock because the owners are not aware that underground oil tanks need to be tested before a bank will provide a loan.
Varsity Capital Advisors called CommTank to perform tightness tests on the underground tanks that were located at each of their properties on the UNH campus. Because the closing was being held up, the underground tank test had to be done immediately. CommTank mobilized a crew and attempted to test the tanks but we found problems with two of the underground tanks. After evaluating the tanks we recommended replacing the supply and return lines on one tank and replacing shutoff valves at the furnace and hot water heater of the other. Once the customer approved the repair changes, we were able to repair the lines and valves, and retest all three underground tanks. All the tanks passed and we provided a report that would satisfy the buyer’s bank.