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 provided an interest-free Green Predevelopment Loan to Rock Property Management Companies (Rock PMC) for one of their affordable housing properties in Phoenix, New York. This property is being rehabilitated through the US Department of Agriculture (USDA)’s Multifamily Housing program and is receiving additional grant financing through NYSERDA’s RetrofitNY Gap funding program. Rock PMC has committed to retrofitting the property to Net-Zero Energy (NZE) performance in a cost-effective way.
Continue reading
Building type
Multifamily (rental)
Building size
1 Building
41,920 Square Feet
54 Units
Location
Queens, NY
NYCEEC Loan Product
Direct Loan
Project type
Solar PV
Upgrades
Solar PV array
roof insulation
Term
10 Years
Closing Date
October 2022
NYCEEC provided financing for the installation of a 32.4 kW solar energy system installation and a roof overlay with insulation improvements at a multifamily rental building in Forest Hills, Queens. The project represents an investment toward compliance with New York City’s Local Law 97 and will generate renewable power while completing necessary ancillary work with additional efficiency benefits. By timing the solar system installation with the roof work, the borrower capitalized on an opportunity to efficiently realize energy cost savings and minimize disruptions.
Total Project Cost
$332,327
Incentives
$41,040
Borrower Equity
$54,287
NYCEEC Loan
$237,000
Annual Savings
$8,932
NYCEEC’s loan will partially fund the roof replacement and installation of the solar array, providing energy cost savings for the building and supporting the greening of multifamily building stock in NYC.
Note: Projected energy savings based on source savings
Building type
Multifamily
Building size
7 Buildings
2,092,982 Gross Square Feet
2,105 Units
Year Built
1975
Location
New York, NY
NYCEEC Loan Product
Direct Loan
Project type
Incentive Bridge
Upgrades
Steam Trap
Replacement
Term
0.75 Years
Closing Date
November 2022
NYCEEC provided funding to bridge the gap between the costs of completed energy efficiency measures in seven multifamily buildings and the associated incentives through the ConEd Multifamily Energy Efficiency Program incentive program. The customer, Building Efficiency Services, had previously completed the replacement and repair of approximately 5,720 steam traps in the Lenox Terrace and Hudsonview Terrace developments in Manhattan, NY. These developments include affordable housing units.
Incentive payments under the ConEd program, as well as others, often account for a substantial portion of the project budgets and are not often paid upfront. Building Efficiency Services had multiple projects in various stages with associated incentives due to be received.
NYCEEC’s funding provided the customer with the ability to cover upfront operational costs incurred during the execution of these projects.
Total Project Cost
$1,203,367
Incetives
$1,015,598
Property Owner Equity
$189,022
NYCEEC Loan
$750,000
Annual NYCEEC Loan Payment
$60,833
Simple Payback Period
0.75 years
NYCEEC’s loan helped facilitate the customer’s implementation of energy efficiency measures across over 2,100 multifamily units amounting to savings of approximately 978 metric tons of carbon dioxide equivalent per year. This NYCEEC loan product supports the work of energy efficiency upgrades in existing buildings, as well as contractors performing efficiency upgrades in existing buildings, who are critical to expanding implementation.
Note: Projected energy savings based on source savings
Building type
Institutional
Development
Crescent Farms
Building size
2 Buildings
21,725 Square Feet
Year Built
1931
Location
Staten Island, NY
Project type
Solar + Storage
Upgrades
Solar (Phase I)
Battery Storage (Phase II)
NYCEEC Loan Product
ESA/PPA
Term
13.0 Years
Closing Date
July 2022
NYCEEC provided a post-construction term loan to a special purpose entity owned by Crescent Farms Development LLC to fund community solar and battery storage installations at two buildings owned by First Baptist Church in Staten Island. The project is located within a low-to-moderate income community.1 The NYCEEC loan is structured to fund in two tranches: the first tranche will support 116.5 kW DC of installed rooftop solar across two buildings, and the second tranche (which will fund post-construction) will support a 125 kW/ 220 kWh lithium-ion battery storage system. A portion of the labor for the solar installation was sourced through NYSERDA’s Clean Energy Workforce Development program.
1 Also, a disadvantaged community as defined by New York State, see: https://www.nyserda.ny.gov/ny/disadvantaged-communities
Total Project Cost
$676,859
Total Incentives
$23,310
NYCEEC Loan
$345,000
The solar generation will be sold under community solar subscriptions, where 40% of the output will be available to the church itself, and the remainder will be sold to individual households that are patrons of the church. Subscribers are expected to benefit from a 5-10% discount to grid-supplied energy on the generation they purchase. The funding also went to repairing and replacing the community center’s and church’s older rooftops, which will ensure the longevity of the properties. The addition of the storage system (expected to complete by the end of 2022) should boost revenues by enabling the project to participate more optimally in utility-prescribed demand windows, increasing energy availability on the grid during times of peak demand.
NYCEEC provided timely early-stage funding to enable land acquisition for the development of a 3.5-story, 73 affordable housing unit building in Ossining, New York. The units will house seniors making at most 60% of the area median income (AMI).
Continue reading
NYCEEC provided timely early-stage funding to enable land acquisition for the development of a 3.5-story, 73 affordable housing unit building in Ossining, New York. The units will house seniors making at most 60% of the area median income (AMI).
Continue reading
NYCEEC provided timely early-stage funding to enable land acquisition for the development of a 3.5-story, 73 affordable housing unit building in Ossining, New York. The units will house seniors making at most 60% of the area median income (AMI).
Continue reading
NYCEEC provided early construction funding for Geneva Solar Village, a 75-unit affordable multifamily rental building in Geneva, NY, that is a winner of NYSERDA’s Buildings of Excellence Award. The Project, which employs modular construction, will be built to Net Zero Energy standards, incorporates solar and storage technologies, and will use excess solar generation for electric vehicle charging.
Continue reading
NYCEEC provided early construction funding for Geneva Solar Village, a 75-unit affordable multifamily rental building in Geneva, NY, that is a winner of NYSERDA’s Buildings of Excellence Award. The Project, which employs modular construction, will be built to Net Zero Energy standards, incorporates solar and storage technologies, and will use excess solar generation for electric vehicle charging.
Continue reading