Deal Spotlight
Multifamily Express Green (MEG) Loan for Solar PV at Residential Co-op in Queens
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NYCEEC Loan Size
0
Number of Housing Units
kW
Size of system
The Project
Project Type
Multifamily Cooperative
Project Size
6 Buildings
395,940 Square Feet (total)
Year Built
1958
Location
Jackson Heights, Queens, NY
Upgrades/Technology
Solar PV roof-mounted system
NYCEEC Loan Product
MEG Loan
Loan Term
10.75 years
Closing Date
September 2025
NYCEEC provided an $800,000 construction-to-term Multifamily Express Green (MEG) loan to Southridge Cooperative Section I, Inc., a 360-unit residential cooperative in the Jackson Heights neighborhood of Queens. The project includes the installation of a 384.34 kW DC Solar PV roof-mounted system across six buildings. As part of the NYC CoolRoofs initiative in 2024, the buildings’ roofs were upgraded and coated with a white silicone membrane to improve energy efficiency and extend the lifespan of the roof.
Southridge Cooperative Section I is part of a Nationally Occurring Retirement Community (NORC), supporting “aging-in-place” for long-term residents that have grown older in the housing they moved into as young adults. Additionally, the complex falls within a Disadvantaged Community, as defined by New York State.
The Project Numbers
NYCEEC Loan
$800,000
NYSERDA Rebate
$230,600
Additional Sources
$116,200
Total Project Cost
$1,146,800
The Results
When completed, the solar installation should offset approximately 30% of the buildings’ total electricity consumption, lower electricity costs, and help the co-op comply with New York City’s Local Law 97 which regulates building emissions. The installation of the solar PV system is expected to save the building approximately 440,000 kWh in the first year, amounting to $80,000 in utility savings.