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Predevelopment Loans for Partial Electrificationin Supportive Housing in Upper Manhattan

Gema Hall - Partial Electrification in Supportive Housing in Upper Manhattan

NYCEEC provided five low-cost Predevelopment Loans totaling $750,000, each $150,000, to five separate borrowers affiliated with Sisters of Charity Housing Development Corporation (SCHDC). SCHDC is a non-profit organization that operates and develops permanent affordable homes for the elderly, the formerly homeless, and housing-insecure families. The six buildings will have a total of 281 affordable units upon completion of the substantial rehabilitation. At one of the buildings, 90 of the existing single-room occupancy units (SROs) will be converted to 55 studio apartments to better support the formerly homeless population, which will reduce vacancies and support the property’s long-term financial stability.

Predevelopment Financing for Passive House Affordable Multifamily Housing in East Harlem

NYCEEC provided a $2,350,000 Predevelopment Loan to support the
development of Timbale Terrace, a 100% affordable housing project in East
Harlem. The project is being co-developed by Mega Group Development
and Lantern Community Services. NYCEEC served as lead lender, funding
50% of the loan, with TruFund Financial Services, Inc. funding the remaining
50%. Partnering with co-lenders allows NYCEEC to significantly increase its
impact per dollar invested and broaden the network of capital support
available to impactful projects.

Predevelopment Financing for Affordable Multifamily Rehabilitation in The Bronx

NYCEEC provided a $2,700,000 Green Predevelopment Loan to Settlement Housing Fund (SHF) to support the rehabilitation of 242 affordable units across four multifamily buildings in the Bronx. NYCEEC’s loan will fund early-stage architectural, engineering, environmental, and sustainability services, along with relocation expenses necessary for the renovation process. SHF is committed to fully electrifying one building, while the other three will undergo partial electrification, focusing on heating and cooling systems, which should allow for greater adoption of clean energy over time.

Predevelopment Loan for Electrification in Permanent Supportive Housing in the Bronx

NYCEEC provided a predevelopment loan to Silverleaf Apartments, a
118-unit supportive housing building in the Bronx, New York. The borrower
is affiliated with The Lantern Organization, a non-profit organization that
provides innovative services to help New Yorkers who are formerly
homeless or have recently aged out of foster care.

C-PACE Financing for Solar Installation at a Family-Owned Restaurant in Rhode Island

NYCEEC provided a Commercial Property Assessed Clean Energy (C-PACE) Loan to finance the installation of rooftop and ground-mount solar installations at a family-owned pizza restaurant outside of Providence, Rhode Island. The project will be installed at Angelo’s Palace Pizza on a 2.3-acre commercial property and is anticipated to provide nearly 300 kW DC power.

Community Solar Serving LMI Subscribers in Upstate New York

NYCEEC provided an $8 million bridge loan converting to a $5.8 million permanent loan to finance two ground-mounted solar PV installations with a combined capacity of 13.66MW DC. 100% of the energy generated by the project will be subscribed to low- to moderate-income residents in the National Grid service territory. NYCEEC funded 20% of the loan as the lead lender, with Nonprofit Finance Fund funding the remaining 80%. Partnering with co-lenders allows NYCEEC to significantly increase its impact per dollar invested and broaden the network of capital support available to impactful projects.

Multifamily Express Green (MEG) Loan for Solar PV and Electrification of Hot Water Heating in Upper Manhattan Affordable Co-Op

NYCEEC provided a $236,000 construction-to-term Multifamily Express Green (MEG) loan to Residencia Esperanza, a 25-unit affordable residential cooperative building in the Hamilton Heights neighborhood of Upper Manhattan. The project scope includes the installation of an 82.215 kW DC Solar PV roof-mounted system, a related roof replacement, and the installation of electric heat pumps for domestic hot water production. NYCEEC’s MEG Loan offers a cost-effective, expedited closing process, with project funding available in as little as 6 weeks for green building projects.

Multifamily Express Green (MEG) Loan for Co-op Solar PV in Brooklyn

The Foster Arms, a 52-unit residential cooperative building in Brooklyn

NYCEEC provided a $178,000 construction-to-term Multifamily
Express Green (MEG) loan to The Foster Arms, a 52-unit residential
cooperative building in Brooklyn. The project scope includes the
installation of a 34.9 kW DC Solar PV roof-mounted system and related
roof replacements. NYCEEC’s MEG Loan offers a cost-effective,
expedited closing process, with project funding available in as little
as 6 weeks for green building projects.

Financing for Electrification at a Leading Nonprofit Arts Academy

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.

Community Solar Serving LMI Subscribers in Queens

NYCEEC provided a $1,566,000 construction-to-term loan to UGE International, a developer, owner and operator of commercial solar and battery storage projects. This is the second loan NYCEEC has provided to UGE International.

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