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Deal Spotlight

Design and Planning for Passive House New Construction

$ 0
NYCEEC Predevelopment Loan Amount
$ 0
Estimated Total Construction Cost
0 Tonnes
Projected GHG Savings

The Building

Building type
Affordable Multifamily

Building size
342,659 square feet
310 units

Location
Brooklyn, NY

Project type
Predevelopment, High-Performance Buildings

Upgrades
Increased insulation, air sealing, air source heat pumps, energy recovery ventilators, triple-pane windows, solar PV

NYCEEC loan product
Green Predevelopment Loan

Term
2 years

Closing date
February 2021

The Project

The redevelopment of the Greenpoint Hospital campus, in East Williamsburg, Brooklyn, will include apartments for extremely low-income and very low-income residents and seniors, a new 200-bed homeless shelter, a community facility, and a network of new open spaces to connect the campus to the surrounding neighborhood. A partnership between St. Nick’s Alliance, Project Renewal, and Hudson Companies was designated by New York City to redevelop the site, which has been primarily vacant since 1982 when the Greenpoint Hospital was closed. The redevelopment project is the culmination of years of advocacy by a consortium of neighborhood-based organizations, including St. Nick’s Alliance, for affordable and senior housing in northern Brooklyn.

NYCEEC’s Green Predevelopment Loan supported the construction of a new 310-unit residential apartment building on an unused portion of the site. The building is expected to achieve Passive House certification by the Passive House Institute. As part of its low carbon footprint design, it will use only electricity for heating, cooling, hot-water production, and cooking, and draw power from a roof-mounted solar photovoltaic array. Other energy efficiency measures include LED lighting with occupancy sensors, continuous exterior insulation, and energy-star appliances.

The Green Predevelopment Loan will pay for energy modeling, feasibility analysis, design drawings, and land-use approvals. NYCEEC funded 50% of the loan and is the lead lender, with Calvert Impact Capital also funding 50% of the loan. Partnering with co-lenders allows NYCEEC to significantly increase its impact per dollar invested, and help meaningful projects access a wider network of capital providers. During the predevelopment phase, NYCEEC will make disbursements as progress is made toward obtaining land use approvals, completing design milestones, and securing construction financing.

Estimated total project cost

$177,800,000

NYCEEC loan

$5,619,000

Affordable housing units greened

Estimated greenhouse gas emissions saved over project lifetime (compared with conventional construction)

310

 

125,000 Mtonnes

The Results

The completed building will provide high-quality, permanently affordable housing to families earning less than 50% of Area Median Income (AMI). Moreover, the building will set an important precedent for future projects seeking to implement Passive House measures – savings in greenhouse gas emissions compared to conventional construction are projected to be 2,500 metric tonnes of carbon dioxide equivalent per year. The Director of Housing for St. Nick’s Alliance acknowledged that NYCEEC’s early-stage support was critical in moving the project forward in a timely manner.