Location
Troy
, NY
Project Overview
Lender:
Community Preservation Corporation (CPC)
Lender Type:
CDFI
Property Type:
Subsidized
Property Ownership:
Non-profit
Deal Overview:
In 2013, this historic building underwent a substantial rehabilitation, which included replacement of the electric baseboard heating system with a new, efficient ground source heat pump system, among other major upgrades. This investment saw a significant return as both resident comfort and cash flow greatly improved.
Metering Configuration:
Hot water, water & sewer utilities paid by owner
Improvements Covered:
Energy efficiency, Water efficiency
Type of Project:
Retrofit/Renovation
Buildings:
1
Total Units:
89
Financing Details
Financing Type:
HUD loan, Mini-Permanent/Permanent
Total Delivery Cost:
$2,419,746
Tax Equity:
$15,000
Loan 1 Amount:
$1,651,123
Loan 1 Term:
30
Loan 1 Repayment Source:
Utility and operations savings; rental income
Loan 2 Amount:
$619,766
Loan 2 Term:
40
Loan 2 Repayment Source:
Utility and operations savings; rental income
Incentives/Rebates:
$133,857
Completion Status:
Completed
Underwriting Considerations
Security:
Secured
Recourse:
Full recourse
Expected Annual Income:
Historical NOI is $191,919, but income with energy savings (adjusted NOI) is $205,358. This unlocked an additional $267,352 in available loan proceeds.
Debt Service Coverage Ratio:
1.61
Percentage Projected Energy Savings Discounted for Use in Underwriting :
50%