Deal Spotlight
Financing for Electrification at a Leading Nonprofit Arts Academy
The Project
Building Type
Institutional
Building Size
1 Building
24,000 Sq Feet
Year Built
1906
Location
New York, NY
Project Type
Electrification
Upgrades
Variable Refrigerant Flow (VRF) HVAC System,
Hot Water Heat Pumps
NYCEEC
Loan Product
Direct Loan
Term
12 Years
Closing Date
May 2024
NYCEEC provided an approximately $1.2M construction-to-term loan to the American Academy of Dramatic Arts (AADA), a leading acting conservatory established in 1884. The loan proceeds will finance a building electrification retrofit project that will convert AADA’s New York City campus from an oil burning heating and cooling system to an all-electric variable refrigerant flow (VRF) HVAC system. The upgrades will also include a hot water heat pump.
NYCEEC Loan
$1,190,000
Incentives
$380,000
Borrower Equity
$130,000
Total Projects Cost
$1,700,000
The Results
NYCEEC’s loan will provide financing for a building electrification project that will transition an early 20th century building away from its current fossil fuel burning systems. The project is also expected to qualify for $380,000 in incentives from ConEd. In total, the installation of the VRF HVAC system and hot water heat pump should save approximately 3,300 Mtons of carbon dioxide equivalent from being released into the atmosphere.