Deal Spotlight
Green Bank/CDFI Collaboration to Finance a County’s Largest Multifamily Rooftop Solar Project
0
kWh
Projected Energy Savings
0
Mtons CO2e
Projected Annual GHG Savings
The Building
Building type
Multifamily Rental
Building size
58 Buildings
737,362 Square Feet
684 Units
626 Affordable Units
Location
Gaithersburg, MD
Year Built
1972
NYCEEC Loan Product
Direct Loan
Project type
Predevelopment;
Electrification
Upgrades
Solar PV and
Roof Replacement
Term
5 Years
Closing Date
January 2023
The Project
NYCEEC participated in a $5,000,000 loan to facilitate the implementation of 2.18MW of rooftop solar and energy efficient roof replacements across a 58-building affordable multifamily development in Gaithersburg, Maryland. The Project was financed by the Montgomery County Green Bank working with NYCEEC and Virginia Community Capital. Montgomery County Green Bank (MCGB) was the lead lender on the transaction.
NYCEEC Loan
$950,000
Annual Savings
$300,000
Anticipated Energy Savings
2,583,535 kWh
The Results
The solar array and energy efficient roof replacements will benefit 684 rental units in Gaithersburg, MD and should save approximately 2,000 Mtons of CO2e annually. The project is the largest rooftop solar project on a multifamily property in Montgomery County, MD.