Spencer Place is a 5-unit rental brownstone in Brooklyn.
The owner sought to improve building performance, increase tenant comfort and save money by implementing measures recommended in its NYSERDA energy survey, including a #2 oil to natural gas conversion, lighting, heating controls and insulation.
NYCEEC provided an $55k loan to cover the project costs not covered by NYSERDA incentives, enabling construction to start.
- Project type: Energy efficiency and fuel conversion
- Total project cost: $56,985
- Financial product: Equipment loan
- NYCEEC role: $56,985 loan
THE CLIENT CHALLENGE
The building owner sought to save money and improve building performance by implementing energy upgrades recommended in its NYSERDA energy audit.
The client sought flexible financing that could accommodate her needs and qualify for NYSERDA incentives. NYCEEC’s financing solution was optimal compared to other commercial lenders’ solutions.
THE NYCEEC SOLUTION
NYCEEC’s team assisted the building owner from both a technical engineering perspective and financial standpoint. NYCEEC’s engineers helped the building owner prioritize the upgrades recommended in the NYSERDA energy audit.
NYCEEC partnered and worked with NYSERDA’s Green Jobs Green New York Multifamily Financing program to help the owner receive NYSERDA’s 0% loan funds. NYCEEC did not require any additional requirements above NYSERDA’s incentive program. NYCEEC was able to finance 100% of the project costs, allowing the building owner to start construction at no
Oil to natural gas conversion, lighting, heating controls, insulation, high efficiency boilers and windows
Spencer Place is upgrading its building systems at no initial cost.
- Increased tenant comfort with minimal disruption
- Cleaner, better-performing and healthier building
- Energy cost savings will be used to repay loan
- Began construction at no upfront costs
- Fast turnaround on NYCEEC loan and NYSERDA incentive
“NYCEEC bridged the financing gap that enabled us to start our building upgrades.”
– Natasha Harsh | Building Owner, Brooklyn, NY 11216